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Renters’ Insurance and Back to School: Protecting Student Belongings

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As students head back to college campuses and dorm rooms fill with laptops, textbooks, and tech gear, one essential protection can be overlooked: renters’ insurance. While dorm life is exciting and new, it’s not without risks. From theft and fire to accidental water damage, your student’s belongings may be more vulnerable than you think. Here’s why renters’ insurance is a smart move before the semester begins.

The Risks of Dorm Life

College housing often involves shared living spaces, communal laundry rooms, and limited security, all of which can increase the chance of personal property damage or loss. A moment of distraction can lead to a stolen backpack, a spilled drink can damage electronics, and a cooking mishap down the hall could result in smoke or water damage. The value of everything your student brings to school can quickly add up and should not be left unprotected.

What Renters’ Insurance Actually Covers

Renters’ insurance typically covers personal property against risks such as theft, fire, vandalism, and specific types of water damage. It may also include liability protection in case your student accidentally causes damage to a dorm, or their actions injure another person, as well as loss-of-use coverage if their dorm room becomes uninhabitable. Some policies even cover belongings stolen from a vehicle or from off-campus housing.

Parents’ Policies vs. Student Policies: Know the Difference

Depending on your homeowners’ insurance policy, your student’s belongings might be partially covered while they live in a dorm. But there are limitations:

  • Coverage is often capped at 10% of your total personal property limit.
  • Off-campus apartments typically aren’t covered in standard policies.
  • Your homeowners’ policy deductible may be higher than the value of the items lost.

A separate renters’ policy is often the safer and more cost-effective option, especially for students who live off-campus.

Common Claims: Theft, Fire, and Water Damage

According to data from the Insurance Information Institute, theft remains one of the most common claims filed by college students. Dorms are high-traffic areas with frequent visitors, and unlocked doors or unattended items create easy opportunities for theft. Fires, whether caused by overloaded outlets or microwave mishaps, can also result in significant losses. Even a sprinkler system activated by a small fire can lead to thousands of dollars in water damage. Renters’ insurance steps in to help you recover the cost.

Easy Steps to Get Covered Before the Semester Starts

Securing coverage is quick, easy, and surprisingly affordable. Most renters’ insurance policies for students cost less than $20 per month. To get started:

  • Create an inventory of the belongings your student will be bringing to the campus.
  • Get a quote from an insurance agency specifying whether your student lives on- or off-campus.
  • Review coverage limits and consider adding replacement cost coverage to your policy.

Don’t Wait for a Loss: Secure Your Student’s Belongings Today

While college is about learning, growing, and gaining independence, it is also a time to learn about avoiding financial losses. Renters’ insurance provides peace of mind for both students and parents by protecting the items that matter most. Our friendly agents at Trail’s End Risk can help you explore affordable personal insurance solutions to safeguard your student’s property during their years away at college.

Back to School, Back on the Road: Auto Insurance Tips for Teen Drivers

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For many families in Oklahoma, the back-to-school season marks a time when teens get behind the wheel for the first time. Whether your teen is getting a permit, a first car, or driving to school events, having the right auto insurance is essential. Find out what every parent and teen driver should know about auto insurance.

First Car, First Policy: What You Need to Know

Getting a first car is a major life milestone. But with that freedom comes responsibility and, of course, risks. Most insurance companies require a teen driver to be listed on a parent’s policy or to carry a separate policy if they own the vehicle themselves. If your teen is using a family car, you must notify your insurance provider to ensure they are covered. If they have a car, ensure the title and insurance match the primary driver; this helps avoid potential claim disputes later.

Teen Risk Factors and Why They Matter to Insurers

Teen drivers have the highest crash rates among any age group, according to the CDC. Inexperience, distracted driving, and risk-taking behavior all contribute to higher accident rates. That’s why insurance companies charge more to cover teen drivers; statistically, they’re more likely to file a claim. Factors such as good grades, a clean driving record, and driver education can help lower premiums with some providers.

Tips for Lowering Teen Driver Premiums

While teen driver insurance is typically costly, there are steps parents can take to reduce the financial burden:

  • Good student discounts: Many insurers reward teens who maintain a B average or higher.
  • Defensive driving courses: These courses teach teens critical safety skills and can lower premiums.
  • Safe vehicles: Cars with high safety ratings, airbags, and anti-lock brakes typically cost less to insure than sports cars or older model vehicles that have fewer safety features.
  • Consider usage-based insurance: Programs that track driving habits through apps or devices may offer discounts for safe driving behavior.

Monitoring Apps and Safety Features

New technologies bring powerful tools for both parents and teens. Apps like Life360 or built-in features from insurance providers can help monitor speed, location, and driving habits. Many vehicles now include crash avoidance features, blind spot monitoring, and automatic emergency braking; these features not only improve safety but may reduce insurance costs.

How Parents Influence Teen Driving

Parents play a crucial role in shaping their children’s driving habits. Studies show that teens whose parents model safe driving behaviors are more likely to adopt those habits. Establish clear expectations regarding phone use, passenger behavior, curfews, and seatbelt usage. Consider creating a teen driving contract to encourage accountability.

Call Today for the Right Auto Policy

Whether your teen is a cautious first-timer or a confident senior on the move, the right policy can help bring you peace of mind. The staff at Trail’s End Risk can help you explore affordable personal insurance options and ensure your coverage fits your teen’s needs. Reach out at  to schedule some time to review your policy and get your family road-ready for the school year.

Life Insurance’s Role: Adapting Your Coverage to Big Changes

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As life changes, so do your financial needs, and life insurance should match your current situation. While many people buy a policy and forget about it, your coverage should evolve with each major life event. From tying the knot to expanding your family or launching a business, staying protected means regularly reviewing your policy and making adjustments if needed.

Why Getting Married or Having Kids Changes Everything

When you get married, your financial responsibilities grow. Your loved ones may rely on your income to cover bills, housing, and savings. Add children to the picture, and the stakes are even higher. A parent’s sudden death could leave the surviving spouse overwhelmed with expenses for childcare, schooling, and the basic costs of living.

If your current policy was purchased when you were single, it’s likely that it no longer provides sufficient protection. Updating your coverage to match these life events ensures your loved ones will have the financial support they need.

What Buying a Home or Starting a Business Means for Your Policy

A mortgage is often the largest long-term debt most people take on. Life insurance can help you ensure that this debt doesn’t fall on your spouse if an unexpected death, severe illness, or other health condition occurs. The same applies to business ventures. If you have taken out a loan or invested personal income, your policy should reflect your new financial risk.

In some cases, your business partners may choose to put life insurance policies in place to ensure continuity should an owner, partner, or key employee pass away. Life insurance can provide the funds needed to buy out a deceased partner’s shares or keep the business running during the transition.

Don’t Let Your Coverage Fall Behind

It’s wise to review your life insurance annually, even if you have not experienced a major change. A quick review can help you update beneficiaries, increase coverage limits, or ensure you are not overpaying. It’s also an opportunity to evaluate whether your current type of policy (term or permanent) still makes sense.

Even a small increase in income, a move to a new home, or the decision to start saving for your children’s college education can shift your needs regarding life insurance.

Understanding Term and Whole Life Options

If you’re in the early stages of your career, term life insurance is usually the most affordable way to get coverage. It’s ideal for covering debts such as a mortgage or the costs of raising children. Whole life or other permanent insurance products offer coverage for your lifetime and build up a cash value that grows over time, becoming a valuable asset.

As your financial profile becomes more complex, many people choose to layer policies, maintaining a term life policy while adding a smaller whole life policy to address their long-term needs.

Life Insurance as a Financial Planning Tool

Beyond protection, life insurance can serve strategic purposes. Do you want to leave a legacy, fund a trust, or ensure a child with special needs is cared for after you’re gone? A customized policy helps make that possible. With the right plan in place, life insurance can support retirement planning, wealth transfer, and charitable giving.

Let’s Make Sure You’re Covered for What’s Next

Every chapter of life brings new opportunities and new responsibilities. Don’t let an outdated life insurance policy fall short when your family needs it most. Call to schedule time with one of our agents to help you review your options and adjust your coverage to align with your life, goals, and future.

Secure for the Holidays: A Cybersecurity Refresh for Increased Online Activity

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The holiday season isn’t just busy for retailers; it’s also prime time for cybercriminals. With the rise of online shopping, increased email traffic, and a huge surge in digital transactions, businesses have become increasingly vulnerable to data breaches or cyberattacks. Now is the perfect time to refresh your cybersecurity practices and ensure your business insurance includes cyber liability protection.

Seasonal Sales, Seasonal Scams: Why Cyber Risk Spikes

Hackers know when businesses are busiest and most vulnerable to distraction. During the holidays, many businesses see a surge in online traffic, credit card processing, and digital promotions. This increased activity provides more opportunities for phishing emails, fake websites, and malware attacks to slip through. A single employee clicking a suspicious link can compromise your entire security system.

Employee Training for Safer Holidays

Your employees are your first line of defense. Invest in refresher trainings before the holiday rush begins. Remind staff to:

  • Avoid clicking on unknown links or attachments
  • Use strong, unique passwords and enable multi-factor authentication
  • Recognize common signs of phishing emails
  • Report suspicious activity immediately

Even basic reminders about logging out of accounts and avoiding public Wi-Fi while working remotely can dramatically reduce risk.

Data Breach Preparedness

A data breach can expose sensitive client information, damage your reputation, and lead to costly legal cases. Prepare in advance by:

  • Backing up critical business data securely
  • Encrypting stored data and communications
  • Ensuring all antivirus and security software is updated
  • Creating an incident response plan that includes contact info for your IT team, legal counsel, and your insurer

Preparation can significantly reduce downtime and help your business recover more quickly.

The Role of Cyber Liability Insurance

Even with the best cybersecurity practices in place, no system is completely immune. Cyber liability insurance helps your business recover from a breach by covering costs such as:

  • Notifying affected customers
  • Restoring compromised data
  • Legal defense and regulatory fines
  • Business interruption losses

If you haven’t reviewed your business insurance recently, now is the time to see if cyber liability coverage is included, or if a standalone policy is the best option.

Tools, Tips, and Tech to Bolster Your Defenses

Modern cybersecurity tools can do more than ever before. Firewalls, intrusion detection systems, and endpoint protection software help detect and prevent attacks. Cloud-based storage with built-in encryption and automatic backups offers an added layer of security. And cybersecurity audits, conducted either internally or through a third party, can reveal blind spots.

E-Commerce and Remote Work: A Double Risk Factor

If your business operates an online store or has employees working remotely, your risk is even higher. Home networks are typically less secure, and remote workers may use personal devices that lack enterprise-grade protections. Meanwhile, e-commerce platforms can be targeted through fake logins, payment skimming, and DDoS attacks. Ensuring your employees understand your company’s cybersecurity protocols and regularly updating your e-commerce platform are both critical steps in keeping your business safe during the holiday rush.

Protect Your Data and Your Dollars With Cyber Coverage

Cyber threats aren’t going away, and during the holidays, the risks are higher than ever. A little preparation now can prevent major headaches in the future. Give us a call at  to talk about how we can help you safeguard your business with smart cybersecurity practices and the right business insurance solutions, including cyber liability coverage. Don’t leave a digital storefront unguarded. Connect with us today (918) 770-4391.

Back to School: Why Life Insurance is a Must-Have

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As the back-to-school season begins, most families are focused on supplies, arranging carpools, and returning to the school day rhythms of daily life. Behind the flurry of paperwork and school lunches lies a bigger question: Are you protecting your family’s financial future? Life insurance may not be on your school shopping list, but for growing families, it’s one of the most important investments to make.

New School Year, New Responsibilities

With each passing school year, your responsibilities as a parent increase. From paying tuition and organizing transportation to managing childcare and extracurricular activities, your family depends on your income and guidance every day. But what would happen if you were no longer there and able to provide it?

Life insurance ensures that your children can continue their education, stay in the home, and access resources in the wake of tragedy. It provides critical financial support during the most challenging moments of life, so your family isn’t left scrambling to survive.

How Life Insurance Supports Long-Term Goals

It’s easy to think of life insurance as something that only matters in a worst-case scenario. But in reality, life insurance plays a central role in long-term financial planning. A properly structured policy can:

  • Replace lost income, helping your family cover the cost of bills and living expenses
  • Cover education expenses like private school tuition or future college costs
  • Pay off debts, including a mortgage, car loan, and student loans
  • Fund major life milestones like weddings or the purchase of a first home

Permanent life insurance policies build cash value over time, money you can borrow later when the cash value has built up. In short, life insurance isn’t just about protection. It’s about creating long-term financial stability.

Protecting Children’s Futures Beyond the Classroom

Education is only one part of a child’s future. Whether it’s providing a sense of security, avoiding financial hardship, or helping your children thrive long-term, life insurance offers the foundation your family will need to move forward if unexpected death or severe illness occurs.

Without life insurance, your spouse or co-parent may be forced to take on multiple jobs, owe expensive taxes, may be forced to move homes, or rely on their extended family to get by. With the right policy in place, your spouse and children can focus on the future without severe financial stress.

Affordable Options for Growing Families

Many families assume life insurance is too expensive or only for older adults. In truth, the younger you are when you buy, the more affordable it is. Term life insurance is especially attractive for parents, as it offers high coverage amounts for a relatively low monthly premium.

Depending on your age and health, a basic term life policy can cost less than your monthly streaming subscriptions. It’s a small investment that provides peace of mind. Life insurance pays out quickly, without the wait associated with probating an estate, and is generally not subject to taxation.

Don’t Wait for “Later”: Why Now Is the Time

Delaying life insurance is taking a gamble. An unexpected health diagnosis could make you uninsurable or lock you into much higher premiums. Buying life insurance when you’re healthy ensures you are eligible for the best rates and coverage. Additionally, many policies permit future conversion to permanent life insurance or increases in the value of the payout as your career advances.

Get a Quote with Us Today to Secure Their Tomorrow

As your children head back to school, give them more than laptops, pencils, pens, and notebooks; offer them a real foundation for the future. Life insurance protects your family’s goals, dreams, and financial well-being. Trail’s End Risk can help you explore affordable life insurance solutions for your family’s unique needs and your budget. We can help you ensure you are covered today, tomorrow, and that your family is protected for the long term.

Weathering the Storm: How Businesses Can Prepare for Natural Disasters

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Natural disasters can strike without warning: floods, hurricanes, wildfires, earthquakes, and winter storms are all part of doing business in our unpredictable climate. For business owners, these events aren’t just an inconvenience; they pose a significant financial threat. Without proper preparation and insurance, a single disaster can force a business to close its doors permanently. Is your business ready to weather the storm?

Disaster Can Strike Anywhere

While some areas are more prone to certain risks, no region is completely immune to disaster. Floods have occurred in all 50 states. Wildfires have expanded beyond traditionally dry regions. Winter storms and high winds can impact businesses even in mild climates. According to FEMA, nearly 40% of small businesses are unable to reopen after a disaster. That number jumps significantly if the business lacks a continuity plan or adequate insurance coverage.

Creating a Business Continuity Plan

A business continuity plan outlines how your company will operate during and after a disaster. It should include:

  • Emergency contact protocols for employees and clients
  • Data backup and off-site storage strategies
  • Alternate suppliers or vendors if your normal supply chain is disrupted
  • Contingency plans for remote work or temporary relocation

With these elements in place, business owners can reduce downtime and enable the enterprise to recover more quickly, minimizing losses and preserving customer trust.

Insuring for Impact: Key Policies That Matter Most

General property insurance is a start, but it may not be enough. To stay truly protected, your business may need:

  • Business interruption insurance: Covers lost income and operating expenses if your business is forced to shut down temporarily.
  • Flood insurance: This critical type of insurance is not included in most standard policies but is essential in flood-prone zones.
  • Equipment breakdown coverage: Protects against damage to critical machinery and systems.
  • Extra expense coverage: Helps cover the cost of setting up a temporary location to keep operations open and running.

Reviewing and updating your business insurance regularly ensures that your coverage aligns with your business’s current risk profile.

What to Do Before, During, and After a Storm

Preparation is key. Before a predicted big storm, secure all outdoor signage and equipment, back up all digital data, and ensure you have access to emergency cash reserves or lines of credit. During the storm, prioritize safety; shut down operations early if needed and follow local emergency guidance. Afterward, document all damages with photos, save receipts for any costs incurred, and contact your insurer promptly to file claims and initiate the first step in the recovery.

Recovery Takes Planning: Learn from Businesses That Survived

Many businesses that survived disasters credit their recovery to proactive planning and the right coverage. Those with continuity plans in place and adequate insurance often recover more quickly, avoid costly delays, and retain their customer base. Learning from their successes can offer insight into what works, and what to avoid.

Get Started by Safeguarding Your Business

Don’t wait until the skies darken to protect what you’ve built. With the right business insurance and disaster planning, you can face the unexpected with confidence. Trail’s End Risk can help you review your current coverage, identify the gaps, and put a plan in place to keep your business moving forward, even when the weather turns against you. Reach out today to prepare for tomorrow.

6 Factors that Determine the Cost of Your Life Insurance Premiums

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Life insurance serves as a financial safety net, providing comfort and protection for loved ones in the event of the policyholder’s death. Term life insurance offers coverage for a specified period, while whole life provides lifelong protection with a cash value component. Universal life offers flexibility in premiums and death benefits, and variable life allows investment options within the policy. Choosing the right type depends on various factors, including financial goals, budget, and risk tolerance, ensuring adequate coverage tailored to individual needs.

How Insurance Premiums Are Determined

Insurance premiums are determined based on several issues, including age, health, lifestyle, and coverage amount. Traditional underwriting involves medical exams and extensive risk assessment, while no-exam policies offer faster approval without medical tests. Examples of no-exam life insurance options include simplified issue and guaranteed issue policies. Though premiums for no-exam policies may be higher, they provide convenience and accessibility for individuals with health concerns or those seeking quick coverage.

Traditional underwriting for life insurance will examine factors such as:

1. Age

Age significantly impacts life insurance premiums due to its correlation with life expectancy. Younger individuals typically pay lower premiums as they pose lower mortality risks. Term policies are more readily available and affordable for younger applicants, while older individuals may face higher premiums or limited options, particularly cash-value policies.

2. Gender

Gender-based differences in life expectancy influence life insurance premiums, with women generally living longer than men. Consequently, women often receive lower insurance rates due to their lower mortality risk. Insurers adjust rates accordingly, reflecting the statistical likelihood of a longer lifespan for female policyholders compared to males.

3. Health

Health significantly impacts life insurance premiums as insurers assess risk based on an applicant’s health status. Pre-existing health conditions can affect insurability and lead to higher premiums. Insurers evaluate factors like medical history, lifestyle habits, and current health status to determine the appropriate coverage and premium rates for applicants.

4. Smoking

Smoking and nicotine use increase life insurance premiums due to higher health risks associated with tobacco-related illnesses. Insurers categorize smokers into higher-risk groups, resulting in elevated rates. For marijuana users, premiums vary based on frequency and method of consumption, with occasional users possibly qualifying for non-smoker rates with regular tobacco users typically facing higher premiums or specialized policies.

5. Driving Record

Driving history impacts life insurance premiums, with a clean record typically resulting in lower rates. Infractions such as DUIs or reckless driving can negatively impact insurability, leading to higher premiums or even denial of coverage. Insurers assess driving habits to gauge the risk of accidents and mortality associated with reckless behavior.

6. Family Medical History

Genetically inherited diseases include cancer, heart disease, diabetes, and Alzheimer’s disease. These conditions impact insurance premiums due to the increased likelihood of developing health complications, leading to higher mortality risk. Insurers consider genetic predispositions when assessing an applicant’s risk profile, potentially resulting in higher premiums to offset the elevated risk.

The Vitality of Life Insurance

Life insurance provides financial security and peace of mind for your loved ones in times of need. It is crucial to ensure that your loved ones are financially protected after you pass away or are incapacitated. Don’t leave their future to chance. Secure their well-being with the right life insurance policy. Our agents understand your unique needs and can guide you toward the right coverage. Contact your local agent today for personalized assistance with your insurance questions.

What can I do to make life insurance more affordable?

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Life insurance is a key part of any sound financial plan, offering comfort that your loved ones will be financially secure in the event of your death. However, many people hesitate to purchase life insurance due to concerns about cost. The good news is that there are several ways to make life insurance more affordable without sacrificing the necessary coverage. Following a few key strategies can allow you to secure a policy that fits your budget and protects your family’s future.

Tips to Make Life Insurance More Affordable

1. Shop Around

One of the best ways to ensure you get the most affordable life insurance is to shop around and compare quotes from multiple providers. Insurance companies use different formulas to assess risk, so the price for the same amount of coverage can vary significantly. Take the time to gather quotes from several companies, and don’t be afraid to ask questions or negotiate for a better rate. Many online platforms allow you to compare life insurance quotes easily, helping you find the best deal.

2. Options to Pay Upfront

When choosing between term and whole life insurance, it’s essential to understand the cost differences. Term life insurance is generally much more affordable because it only covers a specific period (e.g., 10, 20, or 30 years). Whole-life policies, on the other hand, are more expensive because they offer lifelong coverage and build cash value over time. If you’re primarily concerned about keeping costs low, opting for a term life policy can save you money while providing essential protection.

3. Buy Life Insurance When You’re Younger

Age is one of the most significant factors that influence life insurance premiums. The younger and healthier you are when you buy life insurance, the lower your rates will be. By purchasing a policy early in life, you can lock in a lower premium, which will remain the same throughout your policy term. Waiting until you’re older could result in much higher premiums due to increased health risks that come with age.

4. Maintain a Healthy Lifestyle

Your health plays a major role in determining your life insurance premiums. Many insurance providers offer lower rates to individuals who maintain a healthy lifestyle. Quitting smoking, managing your weight, and staying active are all ways to demonstrate good health and lower your risk in the eyes of insurers. Improving your overall wellness could reduce premiums over time if you have existing health conditions.

5. Bundle Policies

Many insurance companies offer discounts to customers who bundle multiple policies, such as life, auto, and home insurance. If you already have policies with one provider, ask about bundling life insurance to take advantage of possible savings. Bundling can effectively reduce costs while simplifying your insurance management by keeping everything under one company.

Additional Considerations

Regularly reviewing your life insurance policy is vital. A review will ensure it meets your needs as your financial situation changes. Adjusting your coverage as needed can help you avoid paying for more insurance than necessary. Additionally, avoid purchasing unnecessary riders or additional features that can increase costs without adding significant value to your policy.

Take Control of Your Life Insurance Costs

Life insurance doesn’t have to be expensive, and several ways exist to make it more affordable. By shopping around, choosing term life insurance, buying early, maintaining a healthy lifestyle, and bundling policies, you can reduce the cost of life insurance without compromising on coverage. Regularly reviewing your policy and adjusting as needed ensures you stay protected at a price that fits your budget. Call one of our knowledgeable local insurance agents today for personalized guidance to explore affordable life insurance options.

Your Business Insurance Inventory Checklist

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We typically don’t give much thought to insurance until something goes wrong. Having suitable coverage in a business can play a key role in safeguarding against potential losses. Understanding what is covered and what should be covered is key to preparing for the unexpected. Our business insurance inventory checklist is a no-nonsense guide to ensure you are not left in the dark if disaster strikes.

What to Include in Your Business Insurance Inventory

An insurance inventory for business owners is straightforward and typically includes the following types of coverage:

Commercial Property Insurance

This coverage helps protect the building and equipment you use to operate your business, whether it is owned or rented. It is vital to keep an up-to-date inventory of everything, including office furniture, computers, and machinery, complete with serial numbers, descriptions, and photos.

Liability Insurance

General liability insurance protects your enterprise from the losses of bodily injury claims and from property damage. Accidents can happen, and if a product or service of your business injures a person or damages someone else’s property, a general liability policy can help cover costly lawsuits. Also known as E&O (errors and omissions), professional liability insurance covers claims related to mistakes in the professional services your business renders. It is advisable to regularly review contracts with clients and suppliers to ensure your liability coverage matches your current exposure.

Cyber Liability Insurance

Data is everything in the business world, and a breach could destroy a healthy company. Cyber liability insurance helps your business respond to a data breach in which personally identifiable customer information or proprietary business strategies are lost or stolen. This type of coverage is the modern-day “fire extinguisher” for digital threats. If your company handles sensitive information, you need a security plan beyond paying for insurance. Assessing your internal systems, encryption practices, and data storage is a critical task.

Workers’ Compensation Insurance

Workers’ comp coverage is a legal requirement in most states and an essential safeguard for the health of your team and the future of your business. Workplace injuries can lead to expensive medical bills, lost productivity, and lawsuits. Business owners should thoroughly review employee roles, physical working conditions, and the risks they face while on the job. Include remote and part-time employees in your assessment.

Commercial Auto Insurance

If your business relies on vehicles, personal auto insurance policies are insufficient. Commercial auto insurance is specifically designed to cover accidents, damage, and theft while driving for work purposes. Ensure all persons driving for business purposes are listed on your policy.

Business Interruption Insurance

If a fire, a natural disaster, or even a pandemic stops your business in its tracks, business interruption insurance can help bridge the gap while you are getting back on your feet by covering lost income and operating expenses. To help you gauge how much coverage is adequate, review your operations and determine what expenses would continue during downtime.

Each business has its own unique insurance needs. Our agents are licensed professionals who can help you obtain the right coverage at the best available rates.

5 Common Life Insurance Mistakes & How to Avoid Them

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Life insurance is vital to having comfort and financial security. Doing it right the first time is critical, considering a life insurance policy is a long-term investment. Avoiding these common mistakes if you are planning to buy a life insurance policy:

1. Not Purchasing Insurance Soon Enough

While you might think that you don’t need life insurance now because you are young and healthy—that’s precisely why you shouldn’t wait! Premiums and coverage are much less expensive when you are younger. If you are generally healthy, you can invest in an excellent policy with considerably lower premiums than buying one later in life.

The moral of the story? Don’t wait to get life insurance coverage. If you are married, have children, are planning to have children, or own a home, buying life insurance in your younger years is far more affordable and can keep your premiums lower for the long term.

2. Not Enough Coverage

One of the most common mistakes is buying insurance but underestimating the right amount of coverage. For example, buying the cheapest option available at age 25, only to discover that the term insurance you purchased ends when you reach age 55 and you still plan to work until 65, but leaves you without protection. Term life insurance does not allow you to gain cash value in the policy, which you may need in your senior years. If you search for a new policy at 55, the premiums will be significantly higher, and benefits paid lower than what you could have purchased at 25 or even 35.

The solution? Meet with an insurance agent to ensure you are covered for as long as you need. Rather than choosing the cheapest option, choose a policy that will cover your financial needs with the option to borrow to pay a mortgage, college tuition, or to pay off debt should you need to. A good rule of thumb is insurance coverage for at least ten times your annual income.

3. Relying on Employer-Provided Insurance

Many employers offer group life insurance. Depending on the policy, this strategy could leave you underinsured, especially if you change jobs or in the unfortunate event that you find yourself being let go.

What to do instead? Consider employer-based life insurance as a supplemental benefit. Consider an individual policy that will stick with you regardless of your employment situation. You also have a better ability to customize your life insurance, which will help you achieve your financial goals and have a greater sense of security.

4. Not Reviewing Your Policy Regularly

Life insurance is not a “set it and forget it” situation. Life insurance is an investment, and if treated properly, it can contribute to a much brighter financial future for you and your loved ones.

How to get the most out of it? Have your life insurance policies reviewed yearly to ensure they meet your current situation, adding beneficiaries, such as new children, as needed. After major life milestones, like marriage, divorce, birth, or death, it is necessary to reevaluate your current policies, and we can help.

5. Underestimating the Power of Policy Riders and Add-Ons

Policy riders make your policy unique. They protect what you care about and provide for any eventuality so that you can have peace of mind. Overlooking these options leaves you with a cookie-cutter policy that could better suit your situation.

What is the best way to use riders and add-ons? Please speak with one of our agents about what you want your policy to do for you. Tailored coverage can be drawn up to match your situation. Examples of often overlooked add-ons to ask for:

  • Child term: These policies insure a child up to a specified age (e.g., age 25) with an option for the child to convert it to being their own later.
  • Return of premium: If you outlive your policy, this rider guarantees you will receive the total cash value of the premiums paid.
  • Spousal: Adds coverage for a spouse under the same policy, usually for a reduced price compared to buying a new policy.

Make the Most of Your Coverage

By following these helpful tips, you can make the most of your policy and get the coverage you need. Contact one of our agents today if you want to discuss other ways to improve your existing coverage or look over a new policy. Your financial well-being and future are in your hands, and we’re here to help.