Commercial insurance that makes sense for your small business

Small business owners in the greater Frederick, MD area need commercial insurance that makes sense for their business. The team at Wellspring Insurance Network Inc. is here to provide the knowledge and guidance necessary to choose the commercial insurance policy that best meets your needs. Our team is dedicated to providing our clients with the protection that they need for their small businesses.  We are here to provide assistance throughout the life of your commercial policy.

Commercial Insurance for Small Businesses

There are many ways that small businesses differ from their larger counterparts. And if you are a business owner, you understand how small businesses rely on hands-on leadership from their owners. You likely have to wear many different hats during your workday, and insurance procurer is one of them. When you work with a full-service insurance provider you can rest assured that you have someone in your corner. 

From helping you find an appropriate policy, to working with you during a claim process, our team makes sure that you have the assistance you need. There are a lot of different policies available to small business owners and it can be a confusing process to find the one that’s right for your company. Our team will be with you throughout the selection process and will stay by your side as your company grows. Commercial insurance is a vital part of protecting your hard work, building, inventory, and equipment and choosing your policy is a task that should be done with a lot of thought and care. 

Are you a small business owner who wants to make sure that their hard work is protected? If you are in the greater Frederick, MD area call or stop by Wellspring Insurance Network Inc. today. 

When is a Fence Covered By Home Insurance?

Replacing a fence can be costly. This is why it is so important to know whether you are responsible for replacing your fence or whether your homeowner’s insurance will cover any damage or a possible fence replacement. At Wellspring Insurance Network Inc. serving Frederick, MD, we want to help you understand when a fence may be covered by home insurance. Here are three scenarios in which a fence would be covered. 

Due to a Falling Tree

If your neighbor’s tree falls on your fence, or if a tree from your yard falls unexpectedly, the damage done to the fence or the cost to replace the fence may be covered by your homeowner’s insurance policy. The only time damage from a tree is not covered is if the tree collapsed or damaged the fence due to your neglect, such as failing to trim back your tree. 

Thanks to a Storm

Another common event that can damage your fence is a storm. Heavy rains or strong wind gusts can knock a fence over. If your fence topples due to a storm that has passed through, and your fence was otherwise in relatively good shape, homeowners insurance may pay for repairs or the cost to replace the fence. 

When Vandalism Is Involved

The final reason a fence may be covered by home insurance is due to vandalism. If someone spray paints your fence, the repair, cleaning or replacement costs may be covered by your homeowner’s insurance policy. 

Many homeowners do not realize everything that their homeowner’s policy may or may not cover. Here at Wellspring Insurance Network Inc. serving the greater Frederick, MD area, we are committed to helping homeowners understand the ins and outs of their homeowner’s insurance policies. Call us now with any questions you may have or to obtain a price quote for a new policy. 

How You Store Your Vehicle Affects Your Auto Insurance

Residents of Frederick MD Your Lives Just Got Easier!

The agents of Wellspring Insurance Network Inc. will be your insurance resource. 

Whoever thought there were so many things you had to know about automobile insurance? Well, the good thing is that you don’t have to you can trust us with your automobile insurance needs. All you have to do is relax and drive.

STORAGE MATTERS

One of the things you might not have thought about is that it does matter where you store/park your car. If you park your car in your driveway or if your place of employment has a parking garage these are items that you want to let your insurance agent know. You may not have noticed when you are sitting down to write your policy your agent will ask you where the car is parked. The primary reason is that depending upon your neighborhood or where your employment is located, safety measures of the area come into play. Basically, if your car is at a greater risk of theft it may affect your insurance rate.

There is a never-ending source of wellness at our agency. At Wellspring Insurance Network Inc. we want to make certain that you don’t encounter unnecessary problems when it comes to an auto insurance claim. Make certain to contact us today by stopping in our office in Frederick, MD. If you prefer, you can contact us by telephone. This way you’ll be able to find out if your question can be answered or if you need to come in instead. The telephone number is 240-848-0355. In addition to automobile insurance, we also can answer questions about home insurance, commercial insurance, life insurance as well as specialty insurance products. 

  

The Benefits of Making an Inventory for Renters Insurance

There are many advantages to having a full inventory of personal property, which include making sure the renters’ insurance coverage is adequate, to have an accurate valuation of the property, and proof of ownership, which helps with recovery efforts if anything is stolen.

How to Make an Inventory

Making an inventory is a three-step process, which includes:

  1. Make a list of everything with its brand, model, and serial number (if any).
  2. Collect all the receipts or look for a similar item online to determine the value of each item.
  3. Make a videotape of everything.

Some may feel it is easier to reverse the order of these steps. Making the videotape is really a good idea. Simply walk around the apartment and videotape everything. If you have an assistant to help you, it can be easier because they can hold up the smaller, individual items.

Describe the item and zoom in on each item to get a clear shot of it. Describe the model number and name the brand. If the item has a serial number on it and you can zoom in to capture the number on the video that is a great idea.

If an item has special significance that is not obvious by looking at it, such as a valuable autographed photo or is a family heirloom, describe this on the video.

Make two copies of everything including the video. Keep one copy somewhere that is not in the apartment, such as in the trunk of a car or at the office. The reason for this is if the apartment is destroyed, the inventory information will not be destroyed as well when it is kept elsewhere.

Give the extra copy to your agent at Wellspring Insurance Network Inc. serving Frederick, MD and the nearby area.

Renters Insurance Review

Your agent will conduct an insurance review and make a recommendation of the renter’s insurance that is adequate for your needs. Have this insurance review at least once each year and at any time that something significant changes, such as when you buy a new, expensive item.

Get a quote for renters insurance by contacting your agent at Wellspring Insurance Network Inc. in Frederick, MD by calling 240-848-0355.

Tips On Finding The Right Health Insurance

Finding the right health insurance is a personal matter for you and your family. What is right for you may not always be what’s right for the next house over. However, if you live in the greater Frederick, MD area the team at Wellspring Insurance Network Inc. can help you find the right health insurance that meets the needs of your family. 

What Type Of Plan Is Right For You?

If you already have a primary care physician you need to talk to them and find out what sort of insurance plan they accept. Unless you’re open to switching medical care providers you will want to opt into insurance coverage they work with. 

Some of the different kinds of plans are HMO, EPO, PPO, and POS. If you’re not sure what the difference is between these kinds of insurance plans are you’ll want to talk it over with the insurance provider. 

What Can You Afford

Naturally, you don’t want to overextend yourself. If you can’t afford a certain policy you can’t afford it. Don’t try to spend on a policy you don’t have the money for. Instead, go over your budget and look at what you can afford. From there you’ll be able to comb through the plans that fit into this budget. 

Out-of-Pocket Costs

Different plans will have different kinds of out-of-pocket costs. If you rarely visit your doctor this may not be much of an issue. However, if you see your doctor on a regular basis you’ll want to go for a service that has lower out-of-pocket costs for the medical service you use (such as seeing your doctor, if you often need emergency care, or if you’re expecting a baby). 

When looking for the right health insurance it is important to shop around and compare all the options. Wellspring Insurance Network Inc. can help you with this. So, if you live in greater Frederick, MD you should give the team at Wellspring Insurance Network Inc. a call to see how they can help. 

What Type of Insurance Is Best for a Small Business?

If you own and operate a small business, at a minimum you will need general liability. It is likely some form of property insurance is needed as well. Other factors like employees and operating commercial autos, may require some other types of insurance coverage.

Running a small business can bring added levels of insurance that may be optional or necessary. The type and size of your business will determine how much and what kinds of insurance you may need. There are several different coverages to be considered.

Small Business Insurance

Small business insurance is a standard type of coverage that usually comes as a package policy. It can help your business through the tough times. Property damage and liability claims are part of this kind of coverage.

General Liability Insurance

This type of coverage can help with property damage or injuries customers may experience. Claims against your business may be covered with general liability. This is a standard insurance that many small businesses are required or voluntarily have.  

Professional Liability Insurance

This is a more specific type of insurance that covers errors made in clerical or errors in services provided. If a product is misrepresented or the wrong service is provided, professional liability can help cover claims. This type of insurance may not be a requirement but could be useful in unique circumstances.

Workers’ Comp Insurance

If you have employees, Workers’ Comp Insurance is something you will likely need. Commercial Auto Insurance will be needed for vehicles involved in a business.

If you own a small business and you are in the market for insurance, contact Wellspring Insurance Network Inc in Frederick, MD,. An agent will be happy to assist you with all your insurance needs.

The Important Role of Life Insurance in Financial Planning

Life insurance agents sometimes get an undeserved negative stereotype. In the movie Ground Hog Day, actor Bill Murray, who plays the lead, faces the same day over and over. Every time he wakes up it is the same calendar day reoccurring. One hilarious moment is when he runs into a man who went to high school with him and now is an insurance agent. This is a cringe-worthy chance encounter with the insurance salesman who greets Murray in an over-the-top, pushy way.

Most insurance agents do not act like that. They are thoughtful, intelligent, kind, considerate, and looking out for the best interests of their clients.

The real underlying resistance to the concept of life insurance is a fear of death and not wanting to think about it. That is a common attitude but should not stop you from have proper life insurance. We do not get home insurance only because we are afraid of fires. We get it to protect our loved ones and our valuable assets. With life insurance, the valuable asset is you.

Financial Planning

Life insurance, when considered from a more accurate perspective, becomes one of the tools that are effective for better financial planning. Start with a life insurance review and financial consultation with your agent at Wellspring Insurance Network Inc. serving Frederick, MD and the surrounding area to get recommendations.

The benefits of obtaining life insurance include these five important considerations:

  1. Death Benefits: This money is allocated to support surviving family members with ongoing expenses and major life expenses, such as college tuition for the children.
  2. Investment: Life insurance premiums for whole life policies and other types that build value over time are preplanned incremental investments. They build net worth automatically.
  3. Tax Benefits: This may include reducing income and lowering estate taxes.
  4. Cash Value: This is a source of funds that can be accessed when the need is high later in life.
  5. Key Person Insurance: This provides the money for buy/sell agreements that are used for small businesses. These agreements are made between partners who own a business together. When one of them becomes permanently disabled or dies, key person insurance pays for their ownership interest. Then, the surviving partner can continue to operate the business.

Conclusion

Make life insurance an important part of your financial planning. Call us or use the convenient online form to get a quote for life insurance. Talk over the specifics with your agent at Wellspring Insurance Network Inc. in Frederick, MD to understand how different types of life insurance can be used to protect you and your family.

How to Save Big with Home Contents Insurance

Things happen, they just do. 

Unanticipated events are a part of life that possesses the potential to bleed one’s savings dry.  Whether it is a rusted water-heater in the home or a Nor’easter blowing through Frederick, MD, unexpected disasters can cause significant damage to furniture, knickknacks and even irreplaceable keepsakes.  Is there a way to protect one’s home’s contents before the accident/disaster occurs?

The reality is, there is the insurance product — home contents insurance — that can be purchased from the respected insurance professionals at Wellspring Insurance Network Inc. for those living in the Frederick, MD vicinity and surrounding areas. 

When considering the purchase of home contents insurance, it is important to determine just how much it will cost to replace the items that can be taken from a home when one moves. This would include:

  • Clothing and Jewelry
  • Electrical and Entertainment Equipment
  • Kitchen Furnishings
  • Furniture
  • Curtains, bedding, and towels

The list adds up quickly, and the cost to replace the contents will likely total in the tens of thousands of dollars. The best way to accurately anticipate the replacement cost of one’s home contents is to keep a written record of any item that cost more than $500, or so. Work from room-to-room to ensure all items are included in the total estimate.

Most contents insurance policies include a ‘wear and tear’ clause to account for an item’s true cost at the time of the unexpected event. However, home contents insurance is generally an affordable option for those who seek to protect their prized possessions. 

Home contents insurance is not required by a third party, like a mortgage lender. Home contents insurance is strictly optional, but a really levelheaded idea. Reach out to the insurance professionals at Wellspring Insurance Network Inc. by email, or phone (240-848-0355) to meet all your insurance needs.

What is Comprehensive Coverage and Why Do You Need It?

Do you know what comprehensive coverage does or why you even need it? For many Frederick residents, this is a question that they cannot answer.

Thankfully, our Wellspring Insurance Network Inc. team has put together a short post to help you understand. Here is what you need to know about comprehensive coverage and why you need it.

What is Comprehensive Coverage?

It is important to understand what your car insurance’s comprehensive section covers in the event of a claim. In most cases, it protects you against so-called “acts of nature” including fire, storm damage, and weather-related events. Theft and vandalism are also listed perils under your comprehensive coverage. Should you experience a comprehensive loss, all you would have to pay to fix your vehicle or replace a stolen vehicle is your deductible.

Why Do You Need Comprehensive Coverage?

Comprehensive coverage is important in that it protects you from having to pay for damage to your vehicle due to incidents that are largely out of your control. If your vehicle is newer or you’re concerned about having to pay out-of-pocket to repair or replace your vehicle if it is stolen or damaged by weather, you should consider adding comprehensive coverage to your policy.

Are You Required to Carry Comprehensive Coverage?

In most cases, you are not required to carry comprehensive coverage on your auto insurance policy. However, there is an exception. If you have a loan or lease on your car, you’ll need to discuss with your lender whether they require you to purchase this type of protection.

Wellspring Insurance Network Inc. is proud to help residents of Frederick, MD and surrounding areas with all of their auto insurance needs. Please contact us today for a no-obligation coverage review.

 

3 things you should know about life insurance

Life insurance is something that you should not go without in Frederick, MD. Not only does an assurance policy of this sort help you plan for the future, but a life insurance plan also gives your family a sense of peace.

You can speak with an agent at Wellspring Insurance Network Inc. for details regarding life assurance. Read on to learn three basic concepts about having a plan!

1. Life insurance has nothing to do with placing a monetary value on your life

Human life is priceless. Life assurance is not an entity that seeks to place value on a person’s existence. Instead, an indemnity plan works to assure that final expenses and remaining bills are paid after a person passes away.

Life insurance is especially crucial for breadwinners in this regard. Many individuals who are the head of a household have the responsibility of paying the mortgage. Family members who are left behind after an untimely death may not have the means to pay for shelter while maintaining the same lifestyle. It is during such dilemmas that a life insurance plan can serve as a sort of saving grace.

2. There are three types of life assurance

Term life insurance is the cheapest in terms of premiums. The buyer agrees to pay a certain amount per month for a specified period. It is during such time (usually between 10 and 30 years) that the purchaser is covered in the instance of death. You have to find a new policy once your term runs out or run the risk of going uninsured.

Whole and universal life insurance policies, on the other hand, are typically unlimited and come with other perks. There are instances where policyholders can cash out the interest attached to their plans and use the money for expenses. Whole and universal life insurance tends to be more expensive than term assurance.

3. Life insurance comes with stipulations

As with any indemnity plan, there are certain rules that you must follow in order to keep your life assurance plan active in Frederick, MD. Contacting an agent at Wellspring Insurance Network Inc. is the best way to ensure that you get the most out of your policy. Call today for a quote!