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.