When Should You Get Life Insurance?

Technically, the best time to get life insurance is right after a child is born, since life insurance gets more expensive as each year passes. However, chances are most people don’t have life insurance policies as they are born, so the answer to when you should get life insurance in Frederick, MD can depend on your financial situation. Age does play a role in when you should get life insurance, but you need life insurance when people will rely on your income.

Since life insurance provides money after death, whatever age you have people depending on your income is when you should get life insurance. There are plenty of common examples to demonstrate when life insurance is good. If you are 30 but still single, then you likely don’t need to purchase life insurance. If you are 25, married, and you have a newborn, then you should get life insurance. If you are 28 and both your spouse and you work then you may not need life insurance, but now is the time to begin thinking about it. In many cases, as soon as you start a family you need life insurance. Life insurance is not about you but instead helps provide for the family. If you don’t have a family, there are some other instances where life insurance makes sense. If you are single but a parent has cosigned a mortgage or student loan, then a life insurance policy can help pay for their share if something does happen to you. Even if you don’t have children yet, many married couples rely on both incomes to pay the bills, so it’s something to consider. An agent at Wellspring Insurance Network Inc. can help you determine if your circumstances mean you have time to wait on life insurance.

Contact Wellspring Insurance Network Inc. serving Frederick, MD, to get a quote on life insurance. 

 

Commercial Insurance For Your Ecommerce Store: What It Is And Why You Need It

When it comes to protecting your E-commerce business, insurance can be a tricky topic. However, commercial insurance coverage is an essential way to protect your online business. In the event that you are facing a claim, commercial insurance can be the difference between a minor situation and a total disaster. 

Do I Need Commercial Insurance?  

If you are an eCommerce business owner and have revenue coming in from selling products or providing services, you should think about commercial insurance. Even if you work out of your Frederick, MD home, coverage is essential, because your homeowner’s policy is not likely to cover any business lawsuits. 

What Are The Most Common Types of Ecommerce Insurance 

Wellspring Insurance Network Inc. recommends three basic types of insurance you need to consider for your Ecommerce business: 

Liability Insurance – Liability insurance protects you in the event a third party is injured by your product or service. For example, if a child is injured by a toy you sold their parents online. 

Property Insurance – If you sell products, you need to insure them. Property insurance covers more than inventory, it also provides replacement costs and protection against loss, theft, or damage to your inventory, equipment, and business property – which your Frederick, MD homeowners policy will not cover. 

Transit Insurance – Also called inland marine insurance, when you send or receive large batches inventory through suppliers, warehouses or distributors. this policy protects against loss or damage during the shipping process. 

Smart Business Planning 

There will always be some risks involved in running an E-commerce business, but worrying loss due to lack of insurance coverage shouldn’t be one of them. Working to identify the perfect commercial insurance for your E-commerce business with an informed broker can help you take those worries off your plate. For more information about how to protect your E-commerce business, call Wellspring Insurance Network Inc. today.

How Homeowner’s Helps after Disasters

An unfortunate reality of owning a home is the need for constant disaster preparation. Severe weather and other unforeseen events are the biggest and most likely risk for significant damages to a piece of property. Wellspring Insurance Network Inc. serves Frederick, MD and the surrounding areas, giving personalized coverage that factors local issues and regulations into homeowner’s insurance policies. 

The best form of protection against a disaster is the right kind of homeowner’s insurance. This particular kind of coverage will factor the value of your home along with a deductible to cover expenses in the event of various kinds of structural damage. This is especially important because features such as the roof, windows, and the exterior of the house are often the most commonly damaged items from severe weather, yet they can also be costly to cover out of pocket. Once the cost is verified by an adjuster, an insurance company will give a check that covers the amount of damage beyond your personal deductible. The state of Maryland has more specific information about local coverage laws. They also recommend being prepared for specific threats to the state such as wind damage and hail, which tend to happen regularly.  Consumers can also check for information about what factors tend to cause rates to change or how to compare different kinds of coverage.   

For more information about protecting your home from a disaster, please contact Wellspring Insurance Network Inc. Experienced professionals who are familiar with the Frederick, MD area are ready to explain coverage options and offer a personalized plan for your home that will keep your investment safe and provide financial help if necessary.  

What Happens to Auto Insurance When You Move?

If you have recently moved into the Frederick, MD area, or if you’re considering a move out to another state, you have all sorts of things on your mind. One of the last might be auto insurance. After all, you already have car insurance so there’s no need to worry, right? Not exactly. There are different variables at play when it comes to auto insurance, so whether you currently have Wellspring Insurance Network Inc. coverage or you’re considering auto insurance from another provider, you need to know what happens to auto insurance when you move. 

Where Your Vehicle Is Parked

Where you live changes your insurance coverage. This is because where you park your vehicle while at home will either increase or decrease the chance of damage, theft, or another problem altogether. So knowing your new home address is important. 

Driving Statistics

Different local driving statistics go into determining your monthly rates as well. In some regions, other drivers might be less likely to have auto insurance, or you might not drive as much. It is important to give you the correct coverage for your vehicle wherever you are living. This is true even if you are moving across town or into a neighboring community. So make sure to let your insurance provider know.

The biggest concern when you move is where your vehicle will be on most evenings and when you’re at home. Will the vehicle be parked in a garage, on a busy street, or inside your garage? Additionally, the kind of traffic and accident potential goes into considering your auto insurance. So whether you currently use Wellspring Insurance Network Inc. in Frederick, MD or you’re moving into the area, you need to let your insurance provider know about your move. 

Why You Need Life Insurance No Matter What Your Age

Life insurance is a necessity that everyone needs. Unfortunately, accidental deaths are real and no one is immune from this reality. What we all have are our loved ones who will be forced to tend to our matters after we are gone. Wellspring Insurance Network Inc. in Frederick, MD has a life insurance policy for you.

Funeral Coverage,

No matter what our final arrangements should be, they all come with costs that will fall onto family members if no life insurance policy is available. Protect your family members and ease the mourning process by having secure funding to cover your final expenses. With family and friends grieving your loss, 

Estate Taxes and Fees

Anytime an estate is left behind, expect taxes and lawyer fees to begin piling up. If you have gone through this personally, you know this is not something that you want to leave your family with. When planning your policy, ensure that the estate you leave behind to your family is more a gift than a burden.

Erasing Debt

Do you still owe money on your mortgage? Although you may no longer be here, your debt will be. You may be planning to leave your estate to your loved ones, but if your debt is outstanding and there is no life insurance policy, your family may have no choice but to sell your estate to settle your debt. 

Providing for Family

Life insurance policies can give you peace of mind, as well. If you would like to leave an inheritance for your family that will help them with their own debt and future college plans, a life insurance policy is a great way to provide this inheritance. 

Being prepared for unthinkable is responsible when you consider the burden that can be left on your loved ones. Located in Frederick, MD, come by the office of contact Wellspring Insurance Network Inc here today to schedule a consultation. 

What Is Business Interruption Insurance, And Why Does My Company Need It?

If you own a business, you are at risk of failing if you experience a catastrophe and don’t have business interruption insurance in place. Business interruption insurance helps by replacing lost income and paying for extra expenses if your Frederick, MD business suffers a covered peril. 

Why Do I Need Business Interruption Insurance? 

This type of insurance will protect you in the event that your business experiences a loss of income due to perils listed in your business owner’s policy. Common perils include fire, wind, theft, lightning, and falling objects. 

For example, if your business experiences a fire that leaves your building unfit for business, destroying your merchandise, you can be reimbursed for: 

Lost Income – For merchandise destroyed minus expenses such as shipping 

Extra Expenses – If you have to pay for rent on a temporary location 

If you own the building, your Wellspring Insurance Network Inc. property coverage insurance policy will pay to repair the property. 

How Much Business Interruption Insurance Coverage Do I Need?  

There are coverage limits to business interruption insurance, based on your policy. Financial losses above and beyond that coverage are your responsibility, so it is important to choose the coverage that is appropriate for your specific business needs. When choosing the amount of business interruption coverage for your Frederick, MD business, here are some things to consider: 

  • How long will it take to get your business back up and running after an event? 
  • Are your sprinklers up to date and functioning? 
  • If you rent, is your building protected against perils? 
  • How soon would you be able to find alternative space in your area? 

It would be wise to think about the potential time frame you’ll need to restore your business to a functioning status after a loss. This time frame will determine how much profit your business might stand to lose and can vary depending on the severity of your business loss. For example, while a small fire may only require a month-long restoration period, a major regional event like a hurricane may require months of restoration. 

Are you considering buying an insurance policy with business interruption coverage? Call Wellspring Insurance Network Inc. today for information about how business interruption coverage can give you peace of mind.

4 Home Improvement Projects That Positively Impact Your Insurance Rates

Renovations make your home more comfortable while increasing its resale value. But did you know they can also lower your monthly insurance bill? Here are some remodeling projects homeowners in the Frederick, MD area can use to positively impact their homeowner’s insurance rates.

  • Working on your roof has a huge impact on your insurance liability. The roof is the most common source of moisture damage. Insurance providers are willing to cut you a deal for taking good care of your roof. Repairing or replacing your roof reduces the likelihood that you’ll need to make a claim in the first place.
  • Upgrade your plumbing to see some monthly insurance savings. Older homes with degrading water and septic systems are a hazard waiting to happen. Modernizing your waterworks lowers the possibility of catastrophe. Insurance companies show their appreciation by making you pay less for homeowner’s coverage.
  • Work from home to consolidate coverage costs. Self-employed persons and entrepreneurs who rent separate office space can save an extra monthly premium by creating a workspace in their home. Take note that inventory, equipment, and business supplies may not be covered by your existing homeowner’s policy. Talk to an agent at Wellspring Insurance Network Inc. for more information.
  • Another way to prolong the life of your home while lowering your insurance costs is to refurbish your electrical systems. Upgrading your electrical system reduces the chance of accidental fires. Insurance companies offer special perks and premiums to those willing to invest in new panels, wiring, and lighting.

Wellspring Insurance Network Inc. serves the insurance needs of residents and businesses in the Frederick, MD area. Contact us for more ways to reduce your monthly homeowner insurance premiums.

What Happens If Your Auto Insurance Lapses?

You always want to avoid any lapses in your auto insurance policy. Here at Wellspring Insurance Network Inc. serving the greater Frederick, MD area, we have found that many people do not fully understand what it means to have an auto insurance lapse and why this is a bad thing. Here is what you need to know about auto insurance lapses. 

What is an Auto Insurance Lapse?

An auto insurance lapse, also called an auto insurance gap, means that you did not have auto insurance coverage. Some people fail to pay their auto insurance policy and experience a lapse, while other people simply do not renew their policy or obtain a new one. A lapse can be a short period of time, such as a  day or a week, or a prolonged period of time, such as months or years. 

What Happens if Your Auto Insurance Lapses?

If your auto insurance lapses, you do not have any auto insurance coverage. By law, you are not legally allowed to be driving around with auto insurance. Your registration may also be revoked or suspended if your auto insurance lapses. 

In the long term, your auto insurance rates may increase if you have a lapse in your auto insurance coverage. You often get a discount for continuously having auto insurance coverage, so you lose this discount due to a lapse. 

Don’t let your auto insurance lapse. If your current auto insurance policy in the Frederick, MD area is set to be canceled, contact Wellspring Insurance Network Inc. today. We can help you to quickly get a new auto insurance policy so you do not have a lapse in auto insurance. 

Designating Life Insurance Beneficiaries: Who Gets the Money?

The beautiful thing about purchasing a whole or term life insurance policy from the Wellspring Insurance Network Inc. is that you have the power to decide who will receive the benefit of your foresight. Whether your family lives in Frederick, MD near you or across the globe, it is entirely up to you to make this decision.

Keeping It Simple with the One You Love

Many people do the simple thing and designate the beneficiary of their policy as their spouse or longtime roommate. This certainly speeds up the process of distributing funds upon your death, but in reality, choosing only one person is the easiest decision. It will enable that person to handle your final affairs with fewer distractions, but it can mean they are left to sort out the arguing relatives. You do have other choices.

Choose More than One

Maybe your kids are now in college or just starting out on their own. You want to help them with debt reduction or a down payment for a home. You can select multiple beneficiaries for your policy where each child gets a stipulated amount and the rest is left to your spouse. You can send the money to a trust and have it paid out over years or in a lump sum. You can send it to your military buddy that served with you.

Update Your Policy as Time Goes By

Once everybody is all grown up, you may be thinking about the next generation. Remember to revisit your life insurance policy after major life events such as retirement, promotions, graduations, marriages, and births.  Your agent at Wellspring Insurance Network Inc. is available to help you with the details, ensuring that all your life’s work in the Frederick, MD area leaves behind a positive legacy for your most valued people.

 

How to Avoid Common Problems with Commercial Insurance

It helps if business owners understand the common problems that arise with commercial insurance so that they can avoid them. Working with your agent at Wellspring Insurance Network Inc., serving Frederick, MD and the surrounding area, uncovers these problems with a commercial insurance review to make sure there is adequate coverage for the business.

Here are the common problems to consider:

  • Undervaluation of Property:  Adequate coverage for property uses the replacement value instead of the purchase price, depreciated price, or value if sold. For example, a ten-year-old piece of equipment may not be worth nearly as much as a new piece of the same equipment. Using the historical purchase price, the value after depreciation, or estimates of what it can be sold for, does not adequately protect the business if it needs this equipment to operate. It is better to use replacement value at a current price.
  • Not Covering Special Risks: Businesses may have unique risks because of how they operate, who their customers are, or what industry sector that they work in. In addition to general liability coverage, these special risks also need insurance coverage.
  • Misunderstanding Coverage: Business owners do not always have a clear understanding of the things that are covered by insurance. Reading insurance policies carefully is helpful as well as asking your agent questions about the coverage if you do not understand the policy terms.
  • Failure to Plan for the Worst-Case Scenario: Business owners need to think about the worst-case scenario in order to make sure the business does not fail when suffering a major setback. For example, cybersecurity insurance, insurance against the risk of terrorism, and business interruption insurance should be in place for most businesses.

Once each year, and at any time when businesses circumstances change, it is important to have a commercial insurance review with your agent from Wellspring Insurance Network Inc. in Frederick, MD to make sure coverage is adequate. Take this opportunity now to think about insurance coverage and give them a call to set up an appointment for an insurance review.