Common Commercial Insurance Mistakes

When you are trying to choose the right commercial insurance, it’s normal to be unsure about exactly what you need. After all, insurance companies offer so many different policies and add-ons that it may feel like you are confronted with choice after choice.

Goodman Insurance Inc. understands the common mistakes people make in Shelton, CT when they shop for commercial insurance. When you know what to look for, you can avoid the most common problems.

Mistake: Not Knowing Your Coverage

One of the first things you need to do is acquaint yourself with your insurance policy. You need to know exactly what is covered by your plan and what is not. When you do not know what your policy includes, it’s very likely you will miss something that should be covered.

Mistake: Forgetting Income Loss

While everybody hopes their business will grow, it is often common for a major issue to cause serious income loss. Did you know you could get insurance for income loss? This could save your business in the wake of an unforeseen circumstance.

Mistake: Not Adjusting Insurance Regularly

As your business changes over the years, it is important that you stay up to date with your insurance needs. Reevaluate your policy and coverage add-ons as needed to avoid missing something important.

Mistake: Choosing the First Policy You Find

While you may want to get commercial insurance quickly, it is important to take some time to find the right policy for you. Speaking with an insurance agent can help you weigh your options so you can make an informed decision. If you live in Shelton, CT, Goodman Insurance Inc. can help you find a good insurance policy for your business.

Shelton, CT Life Insurance Options for Heads of Household

If you are the primary breadwinner of your home, you are considered the "head of household." This means you are responsible for making most of the decisions regarding your finances and income. You have people relying on you for all of their needs, including food, shelter, clothing, and security.

Part of that security is in knowing that, should something happen to you, the primary breadwinner, they would not go without help. Life insurance is one of the surest ways you can prepare ahead in the event of your death without cutting into the larger savings and investment money you worked so hard to build.

Goodman Insurance Inc.

Goodman Insurance Inc. serves the Shelton, CT area and they encourage you to take account of your current expenses, household income, and assets so that you will be able to put in place options that will allow your family to survive financially in the event of your death.

Where do I start?

Life insurance is confusing to many people. Wealthy people, who have a lot of other assets, are sometimes the most confused. They feel that they have enough wealth to take care of their family and don’t feel there is a need for life insurance. But investments, savings, CDs and other assets are meant to be there for long-term security, not to pay off debts and end-of-life debts. If they have to use savings and investments to take care of these final bills, they are cutting into their main line of security.

Life insurance is meant to handle final expenses, but also to provide for at least a few months of income during the time your family is getting used to living without your income.

Visit Goodman Insurance Inc. to learn more about how you can protect your family as the head of household and insure their future today, while you can still do something about it. 

Why should I get commercial insurance in Shelton?

The Shelton, CT area is a popular place for people to move to and visit. This population and local demand can make it a great place for someone to start and own a business. As you are looking to run a business in this part of the state, getting the right insurance is important. You should get commercial insurance for your business for a few different reasons.

Coverage Protects Business Assets

An important reason to have commercial insurance here is so you can protect your assets. Company assets are necessary to build and grow your organization. If you incur a loss of an asset due to damage or theft, knowing that you have commercial insurance by your side to help replace the assets is very helpful. This can help you avoid major financial setbacks that can come with replacing these assets.

Liability Mitigation

A business owner in this state should always take their liability risks seriously. If you are going to try and grow a business here, finding ways to mitigate your risks of liability is important. The most effective way that this can be done is with commercial insurance. A full commercial insurance plan is going to include a variety of forms of coverage that will help you manage liability claims and even cover settlements or liability judgments. 

Those that are in the Shelton, CT area and would like to have the right insurance in place for their business should speak with Goodman Insurance Inc. When you are looking for commercial coverage, you could find that there are a lot of choices that need to be made. The team with Goodman Insurance Inc. can offer a lot of support to ensure you understand your business insurance needs and options which will help ensure your organization is properly covered. 

Why Is Term Life Often Called “Temporary” Insurance?

Temporary insurance, commonly known as short-term coverage, refers to a policy offered by Goodman Insurance Inc., located in Shelton, CT, during the underwriting process. 

If you die before the final policy has been approved, your beneficiaries will receive the payout from the insurer. 

Therefore, it’s worth noting that the coverage offered by a temporary policy only applies during the waiting period. Connecticut residents can’t purchase it separately!

Can You Apply for Short Term Coverage?

Traditionally, when Goodman Insurance Inc. gives you this policy, it implies that specific preset terms and conditions will guide coverage. The criteria used relies on factors like:

  • Your medical history
  • Questions related to your health condition
  • Current age

Although every insurer operates using a set of requirements set by their team, coverage for Shelton, CT residents is considered varied if the person being insured is older than fifteen days.

However, there’s a maximum age limit of sixty-five years. 

The Way It Works 

As noted above, your medical history, including certain medical conditions you could be suffering from, can disqualify you from being covered by the short-term policy.

But this doesn’t mean that the same would apply when dealing with the primary plan. If you were to die when using this policy, the death benefits would equal the amount indicated in your coverage. 

Connecticut insurers will pay this and may go as high as one million dollars. The short-term coverage becomes operational the moment a receipt for the same gets issued to you. 

Under this policy, coverage will come to an end if any of the following events come to pass:

  • After sixty to ninety days have passed since you submitted your application for coverage
  • If you choose to terminate the policy or ask for a refund from the insurance company
  • Once the policy goes into force
  • If you get disqualified for any reason

There are many reasons why you should consider investing in a temporary insurance policy. Contact us today to learn more about what the policy can do for you and your dependents.

Is Life Insurance Right for Me?

Goodman Insurance Inc. is a leading insurance company in Shelton, CT, that has been helping the community to get the right insurance policies. Life insurance remains to be one of the major products that the company has been selling to its customers. So, here are some of the primary reasons why life insurance is right for you if you don’t have one.

Paying Final Costs

You don’t want to leave your family suffering after your death due to unpaid bills. Having a life insurance policy can be the best strategy you can use to pay the final costs such as funeral expenses and medical bills not covered by health insurance, cremation expenses. It can also be used to pay estate costs and any other unpaid obligations that you will be leaving behind. 

For Inheritance Purposes

You can use your life insurance benefits as an inheritance for your loved one. However, you must make sure that you name the person who should receive the benefits after you pass on. There have been very many legal cases that have arisen in recent years, where many people did not name the rightful beneficiaries in their life insurance policies.

Charitable Contributions

You can create a life insurance policy while at the same time naming your favorite charity as the ultimate beneficiary. The benefits will be provided to your charity of choice. This is an essential strategy that philanthropic individuals are using to ensure that their charitable activities continue to operate long after they are gone. 

Do You Need Life Insurance?

As you can see, you will always benefit from having life insurance. However, the process of picking this cover is complicated, and you need an experienced hand to help you out. At Goodman Insurance Inc., we’re dedicated to helping people living in Shelton, CT, and the neighboring communities. You can call our experts for more specific details on life insurance.

Why Commercial Liability Insurance Is An Asset For Connecticut Business Owners

 Based in Shelton, CT, Goodman Insurance Inc. serves the community by offering residents different types of insurance coverage. We enjoy helping our clients locate the policies they need to protect their assets. We have partnerships with several insurance carriers on the East Coast. 

Why Commercial Liability Insurance Is An Asset

As a Shelton, CT business owner, commercial insurance is an asset that helps you take care of your investment. The policy protects your business’ physical property if it is vandalized or damaged due to a natural disaster. The policy also covers any damage to your equipment as well as the total loss of your inventory due to theft or a natural disaster. However, one of the most important parts of the policy is commercial liability coverage.

Commercial liability insurance covers your business if you are involved in a serious liability dispute. The policy primarily covers your business in the event of a serious injury to your employees or one of your customers. You will be protected if one of your employees is injured in the workplace or if one of your patrons suffers an accidental injury while visiting your business. The policy also protects your business if someone suffers damages due to your business’s defective equipment.

If you use commercial vehicles, you can amend your policy to protect your assets if you or one of your employees are involved in a collision with another vehicle or object. You’ll also be covered if your vehicles are damaged or stolen. If you operate a technology-based business, you can amend your policy to cover you if you are involved in a liability dispute due to slander or copyright allegations.

Goodman Insurance Inc. Will Help You Protect Your Investment

Visit our website to learn more information on commercial insurance.

3 Tips for Buying Life Insurance in Shelton CT

If you want to protect the future of your loved ones, you need life insurance. This policy will make sure that after you’re gone, your family will be financially taken care of for many years to come. If you don’t already have a life insurance policy or are considering buying a new one or upgrading an existing one, read on to learn about three tips to help you get started.

1. Work with a Reputable Agent

Your first step toward acquiring life insurance is to connect with a reputable insurance agent serving Shelton, CT. This agent will ask you a few questions to determine how much coverage you need. From here, he or she can find a few quotes for you to compare. This is a great time to ask questions to make sure you understand the difference in coverage and cost. 

2. Compare Many Quotes

It’s important to compare more than one life insurance quote when looking to purchase a policy. Not only policies in Shelton, CT are the same and although you may get excited about the first quote you get, but there could also still be a better one out there. Your reputable insurance agent at Goodman Insurance Inc. will help you with this. 

3. Bundle Your Policies

It’s highly probable you already have some insurance policies, such as home and auto, two of the more common to have. When you bundle your policies under one carrier, you can save on your premiums. Ask your reputable insurance agent to help you do this. 

To learn more about purchasing a life insurance policy to protect your loved ones, contact the team at Goodman Insurance Inc. Our friendly team of reputable agents are standing by to take your call and help your purchase a new life insurance policy. 

Why do I need commercial insurance in Shelton?

Shelton, CT continues to be a great place for anyone to own and operate a business. There is a great local economy, a strong population base, and other factors that can help a small business thrive. Those that do own a company here need to make sure they are protecting it as well as possible. There are several reasons why a company here may need commercial insurance. 

Business Requirement

One reason that you may need to get a commercial insurance policy is that it could be a requirement for your business. Many businesses today are obligated by law, investors, landlords and lenders to carry insurance. These entities and stakeholders know the value that commercial insurance provides and they then will want to ensure you have the coverage necessary to protect their investment or capital in your company. 

To Protect Organization

Even if it is not a requirement for you, you also will want to get commercial insurance because it can protect your organization. A full commercial insurance policy will give you a variety of forms of protection that can mitigate risks. Some forms of protection that are included are liability risk protection and property damage protection. In the event that something bad happens, this coverage could help to keep your company solvent.

Anyone that is going to start a business in the Shelton, CT area is going to be taking on a lot of different risks. To mitigate these properly, you should reach out to the team at Goodman Insurance Inc. Since it can be hard to choose a policy that is right for your situation, Goodman Insurance Inc. can make it easier for you. They can answer the questions that you have and give advice that is curtailed for your business needs. 

Do I need life insurance in Connecticut?

The average person in the Shelton, CT area will have a variety of personal insurance requirements and needs. One form of insurance that nobody in this area should overlook is life insurance. When you get this form of insurance, you will benefit in several different ways. There are several reasons why you should get a life insurance policy. 

Need to Protect Dependents

One reason that you may need to get a life insurance policy is that you need to protect your dependents. If you have people that rely on you and your income, it is important that you ensure they have financial protection if you were to pass away. When you get a new life insurance policy, you are going to be providing this protection to ensure that your dependents and loved ones are cared for. 

Need to Add to Investment Portfolio

While the primary benefit of life insurance is that it will give you financial protection to your dependants, it can also be a good addition to your personal investment plan. When you get a whole life insurance policy, the premium payments can seem more expensive than with a term life policy. However, a portion of your life insurance policy with whole life will build in an account that you can liquidate in the future. This will also accrue in interest, which can make it a conservative investment option.

As you are shopping for life insurance in the Shelton, CT area, you should spend time considering your insurance needs and options with Goodman Insurance Inc. When you call the insurance team at Goodman Insurance Inc. you can learn a lot more about how life insurance can help you protect your loved ones and achieve your financial goals. They can also help you pick a policy that meets your needs. 

Is Your Business Safe from Natural Disasters?

As a business owner in Shelton, CT, you’re responsible for protecting your enterprise against disasters. Connecticut is prone to severe thunderstorms, hurricanes, tornadoes, and other natural disasters that can affect your business operations. By planning ahead, you can be prepared for any eventuality. These tips from Goodman Insurance Inc. can be helpful in preparing your business for disasters.

Develop a Disaster Plan  

Develop a plan for what to do in the event of an emergency or natural disaster. Make sure all employees are aware of the plan and know the role they are to play during and after a disaster. Your plan should include a clearly established chain of command, a means of communicating with customers and employees, safe evacuation plans of the business site, and a means of continuing business operations if your location is compromised by disaster damage.

Make Sure Your Important Data is Backed Up in a Secure Site

Back up your important data to include customer and employee information, financial accounts, payroll, tax forms, and other essential documents and store it safely in a separate site to prevent loss in a disaster. Safeguarding essential data will make it easier for you to recover from a disaster.

Make Sure Your Commercial Insurance Coverage is Up to Date

Review your commercial insurance policy regularly to ensure your coverage is up to date and relevant in protecting you against disasters. Your commercial property coverage should be sufficient to cover repairs of your business location or replacement of business equipment and inventory if they are totally destroyed in a disaster. You should also consider business interruption insurance to cover lost revenue, payroll, and other business expenses if your Shelton, CT business has to close temporarily for disaster repairs. 

To learn more about commercial insurance protection against disasters, contact Goodman Insurance Inc. today.