Do I Need Business Insurance if I Have No Employees?

You might be tempted to skip business insurance when you first start your business. The cost of coverage can seem prohibitive for new companies. But as your business grows and requires more protection, you’ll want to add business insurance even if you are the only one working for your business.

Goodman Insurance Inc. has the expertise to help Shelton, CT business owners protect their business with the right insurance coverage. We understand the unique challenges of small businesses and the importance of having the proper protection in place.

Insurance You Are Legally Required to Have

The state only has two laws that require you to have insurance. The first is for worker’s compensation, which only applies if you have employees. The second is for commercial auto insurance, which only applies if you have a vehicle used for business purposes.

If you use a vehicle exclusively for business purposes, you must insure it against a minimum amount of coverage. These coverages include liability for bodily injury and property damage and uninsured/underinsured motorist coverage.

Note: You aren’t required to insure a personal vehicle used for work purposes with a commercial auto policy. However, it’s good to have hired and non-owned auto coverage (HNOA), like your personal auto policy, which may not cover damages incurred during business use.

Insurance You Should Have for Your Businesses’ Protection

If your business has property such as computers, inventory, office equipment, etc., that would be expensive to replace if damaged or stolen; then you need a commercial insurance policy. Likewise, suppose you are worried about your business being sued for damages due to an accident involving a customer or in the event of a data breach. In that case, commercial insurance is a good idea.

Business insurance can offer protection for:

  • Property
  • Liability
  • Vehicles
  • Identity Theft
  • And more…

Contact Goodman Insurance Inc. today to discover what commercial insurance is available for you in Shelton, CT.

Required Commercial Insurance in Connecticut

When you own a Connecticut business, there may be certain commercial insurance policies that you are required to have. Not having the required insurance policies can lead to fines and fees that your business would be better without. These insurance policies also protect your business from a number of costs and lawsuits in the event of an accident. If you need commercial insurance in Connecticut, give us a call at Goodman Insurance Inc. in Shelton, CT to find out more. 

Workers’ Compensation Coverage

If your business has any number of employees, even just one, you are required by law to have workers’ compensation insurance for them. Part-time and seasonal employees as well as regular, full-time workers are included in this mandate. Household employees who work 26 hours or more each week also have this stipulation. If they work less than this amount, they don’t have to be covered. This kind of insurance pays for the costs that result from an injury at work including lost wages and medical bills.

Commercial Auto Coverage

If your business owns a vehicle of any type, your business must have a commercial auto insurance policy on it. If the vehicle were to be in an accident that was the fault of you or your employee, this insurance policy pays for the ensuing medical bills as well as property damage costs. This policy must include a specific minimum amount of coverage for bodily injury for a single person injured and another amount for all of the parties injured in the accident. There is another amount required for the damage to the other person’s property. In addition, there is coverage mandated for underinsured and uninsured motorists with one amount needed for one person who was injured and another amount for all of those who were injured. 

Get Your Business Covered

If your business needs commercial coverage, call us today at Goodman Insurance Inc. in Shelton, CT.

Life Insurance: Four Things That Could Impact Your Rates

When you get life insurance in Shelton, CT, there are numerous factors that must be taken into consideration before an insurer like Goodman Insurance Inc. will offer you coverage. This may include anything from family history to your current health. Here is a closer look at some of the most common lifestyle factors that will play a role in your life insurance coverage rates.

Drinking Habits

If you regularly consume an excessive amount of alcohol, you are predisposed to a number of health conditions, such as hypertension, gastritis, and even seizures. Since these health conditions can have a considerable impact on your well-being and future health, you can expect your drinking habits to be considered when determining whether to offer you life insurance coverage and at what rate. Lowering or stopping your alcohol consumption may benefit you and your policy premiums.

Tobacco Use

You have always been told that it is bad for your health to smoke, so it probably comes as no surprise that an insurance company will take your tobacco usage into consideration for a life insurance policy. This includes anything from cigarettes and vapes to pipe smoking and chewing tobacco. Stopping smoking can reduce your risk of developing heart disease, cancer, and other health conditions later in life, which may have an impact on your rates.

Hobbies

It may be hard to believe, but your physical lifestyle can play a role in your life insurance rates. This is because there are certain activities that are considered risky, such as sky diving, mountain climbing, scuba diving, and auto racing.

Got questions? Contact Goodman Insurance Inc., serving the Shelton, CT area, to find out more about life insurance and what you can do to control your rates.

3 Reasons Your Connecticut Commercial Insurance Needs Errors and Omissions Insurance

When you run a business in Connecticut, you have a lot of worries and concerns on your mind. Liabilities are going to be on your mind every day. You can’t afford to make a single mistake.

At Goodman Insurance Inc., we want Shelton, CT business owners to be aware, and protected, for every liability.  Errors and Omissions insurance is an important part of your Connecticut commercial insurance policy.

Learn the three main reasons why errors and omissions insurance is important today. 

Protects Your Mistakes

You may be a superhero in your business world, but you are also a human there too sometimes. E & O insurance is there to undo your mistakes by protecting them from costing you in a large financial way.  
You are going to make mistakes. You try to avoid these ones, but this insurance will back you up if they end up actually costing you.

Covers Legal Costs

Errors and omissions insurance is liability insurance in the event that you make an error or an omission during the course of your professional service. You could get sued for that error or omission. This liability insurance will cover your legal costs.

It often covers court costs, and settlements, and other fees incurred during an E & O lawsuit. Legal fees in these lawsuits can be extraordinary. You will want E & O for that alone.

Protects You From Internal Problems

When you run a business, your employees are liabilities as well. E & O insurance will protect you from any problems that they may cause. It won’t protect you from a temporary employee or contractor problems. It also won’t cover any work that was done before your policy came into effect. 

You worry about your employees making errors or omissions in the course of their work. This insurance could protect you.

Update Your Commercial Insurance Policy

When you are running a business, there is a chance you could make a mistake. That is what errors and omissions insurance is for. At Goodman Insurance Inc., we help Shelton, CT business owners build the commercial insurance policy they need to keep their mistakes protected financially. Call us for a quote today or to update your Connecticut commercial insurance policy.

What Is Whole Life Insurance?

If you have a family, you likely want to have some life insurance. It’s important to have a way for your loved ones to pay your final expenses as well as to handle the loss of your income. Many people choose to get a whole life policy for its many benefits. If you are interested in life insurance, give us a call today at Goodman Insurance, Inc., in Shelton, CT.

Term and Whole Life

Both term life and whole life are helpful to those who want insurance protection, but term life is only good for one specific term, or time period, and whole life is good for the rest of your life. It’s called whole life because that’s how long it can last. If you keep up with paying the premiums, the policy cannot be canceled- not even by the insurance company that issued the policy. Many people like that they won’t have to reapply after a term is over and that they can keep the policy no matter how old they get. 

Cash Value

Another important advantage to getting a whole life policy is that it will build a cash value over time. Policyholders can borrow against the amount of the policy’s cash values when they need to. This can help protect you against a financial emergency that requires a quick influx of cash. It takes a few years for the policy to start building up its cash value, but when it does, it continues to grow. Once you borrow against that amount, you pay it back just like any other loan. If you are to pass away before the amount is paid back, that amount is simply deducted from the death benefit.

Get Whole Life Insurance

If you are interested in a whole life policy, call us at Goodman Insurance, Inc., in Shelton, CT.

Connecticut Commercial Insurance – What You Need To Know About Commercial Insurance

Protecting your business is paramount to continued success and unforeseen incidents that could curtail that success.  Commercial Insurance is one of the biggest ways to protect yourself and your business from these hidden circumstances that could arise at any point during the day-to-day running of the business.  Goodman Insurance Inc. in Shelton, CT has many years of experience in commercial insurance and they can help protect your business and assets.

Commercial Insurance

New England is known for its harsh winters and long cold snaps that blanket the region with snow and ice.  Every business tries its very best to keep a handle on snow and ice removal from the premises either through their own employees or through a snowplow service.  You can have the very best of intentions to keep sidewalks, parking lots, and entryways clear, but even then, accidents may still happen.  This is primarily what the function of commercial insurance covers, these accidents that could or may happen during periods of inclement weather.

Liability 

Liability coverage is included in most commercial insurance policies or it can be purchased as an add-on.  Liability covers damages and injuries that could happen in a slip and fall event or other events that could injure or incapacitate a patron or visitor to the business.  Having Liability coverage is a no-brainer for any business, no matter if it’s a front-facing retail business or not. 

Fire and Theft

Commercial Insurance also protects the business from fire damages and property damage due to weather or other issues.  Break-ins and burglaries are also protected by commercial insurance and will cover the business in the amount of the theft.  

More Information

You can learn more about commercial insurance by contacting Goodman Insurance Inc. in Shelton, CT today!

Why Every Homeowner Needs Home Insurance

Since home insurance isn’t mandatory in Connecticut, most homeowners might see it as an unnecessary expense. Unfortunately, homeowners without home insurance discover the importance of home insurance when it’s too late. Perhaps after a fire has consumed their dwelling or after thieves have struck and made away with their valuables. But should you learn the hard way to establish the criticality of home insurance? 

 If you have been thinking of overlooking home insurance, think again. Goodman Insurance Inc. of Shelton, CT shares reasons why every homeowner should invest in home insurance.

It may be required

If you are purchasing your home through a mortgage, your lender may insist you purchase home insurance. Why do they care? Home insurance cushions the lender’s investment (your home) from damage. And if you hesitate to buy home insurance, they may procure a forced coverage policy, which is usually expensive. 

Protects you from lawsuits

Since we live in a litigious society, you are better off with home insurance to save you when lawsuits come calling. If someone is injured in your premises, for instance, by your dog, home insurance can save the day by paying for the ensuing medical expenses and legal costs.

Similarly, if you or your family member causes property damage to your neighbor, home insurance covers the damage costs and the possible legal suits.

It protects your most expensive asset

Whether you have built or bought your home, you have put numerous resources into it. Unfortunately, it takes only a few minutes for your investment to go down the drain if some catastrophes were to strike. Fortunately, you can avoid going this route by investing in home insurance. 

For peace of mind

Who doesn’t like peace of mind? Home insurance provides precisely that. With home insurance, you don’t have to keep worrying about a tornado ripping your roof into shreds or a tree falling on your house. While these perils are unavoidable, home insurance covers you when they happen. 

Would you like to cover your Shelton, CT with home insurance? Don’t hesitate to get in touch with Goodman Insurance Inc. for an affordable quote. 

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. 

Useful home insurance Tips for New Homeowners

Buying or owning a new home in Shelton, CT can be one of the most exciting times of your life. Regardless of whether you have built or bought a new home in Shelton, CT it’s imperative to purchase home insurance that will safeguard your precious asset and your possessions against theft and damage. The premiums you pay for your home insurance vary by hundreds of dollars depending on the insurer you purchase your policy from. If you are interested in acquiring more information about home insurance policy, connect with us at Goodman Insurance Inc.Additionally, if you are a new homeowner, our agents will educate you on the helpful home insurance tips, including:

Shopping around for the best value

 Shopping around Shelton, CT, is the best way to find affordable home insurance premiums. Contact at least three reputable insurance companies and compare various coverages. But keep in mind that the cheapest policy doesn’t always offer the best value.

Bundling your insurance policies

If you are looking towards saving money on your home insurance policy by getting affordable premiums, it’s prudent to consolidate various insurance policies. Inquire from your insurer how much you can save from buying more than one product, like home and auto insurance policies.

Raising your deductible

The lower the amount of deductible you pay, the higher your insurance premium. Higher deductibles payable to an insurance company are tried and tested to save money on all kinds of insurance policies, including home insurance.

Understanding what is covered 

Mother nature has demonstrated a tendency to wreak havoc on homes. This vulnerability to disasters makes insurance companies not cover many disasters under home insurance. Standard policies typically have exclusions for earthquakes, floods, landslides, and damage from tornadoes in high-risk areas that may not get covered.

Determining the right amount of policy for your home

It’s vital to insure your home at replacement value rather than market value. To get the right coverage, you must establish how much it would cost to repair the property or contact your insurer, who can accurately assess its coverage needs.

Undertaking early shopping and asking questions in Shelton, CT about home insurance is the ultimate way of getting the best deal. Contact us at Goodman Insurance Inc. for more information and queries.