When is Umbrella Insurance Right for Your Business?

Posted on by AgentInsure

Here at The Select Insurance Agency, serving the greater Coppell, TX area, we are often asked when umbrella insurance is right for a business. We strongly recommend that every business, including small businesses and large businesses, purchase umbrella insurance. Here is what you need to know about umbrella insurance. 

What is Umbrella Insurance?

Umbrella insurance helps to provide additional coverages beyond what regular liability and commercial insurance providers. This helps to protect the financial future of both the business and the business owner. It is a type of insurance that is an add-on to your liability and commercial insurance. 

Why Do You Need Umbrella Insurance?

Umbrella insurance extends the coverages you already have in case of a major event. For example, if a client slips and falls in your building, they may sustain major injuries. They can sue you for their medical expenses and pain and suffering. Your commercial insurance policy will kick in and cover up to your coverage limits. But if your coverage limits do not cover the full legal costs, you can be on the hook for the difference, which can financially destroy you and your business. Umbrella insurance is designed to kick in in these situations and provide you with the extra insurance you need for major, unexpected events, such as this. This can help you to keep your business afloat and your financial future stable. 

Are you ready to get started on buying an umbrella insurance policy? Then let The Select Insurance Agency, serving the greater Coppell, TX area help you. Give us a call today for a free quote or to get started on your policy today. 

What’s the Difference Between Term Life and Whole Life Insurance?

Posted on by AgentInsure

Life comes at you fast and being prepared can mean a world of difference for your loved ones when you’re gone. Investing in a life insurance policy gives your family a financial safety net they can depend on during those trying times. For those new to buying life insurance, choosing the right type in Coppell, TX can be frustrating. Fortunately, the agents at The Select Insurance Agency will work with you to find the right policy that meets your needs.

Life insurance is divided into term life and whole life insurance. Both have their unique set of benefits that make them ideal for your specific insurance needs.

Term Life Insurance

Just as the name implies, term life insurance offers a policy plan that remains in effect for a specific term. These terms can range anywhere from a year to 30 years or more. Once your term ends, so does your coverage unless you opt to extend your coverage or convert your term life insurance into a whole life policy.

Unlike whole life insurance, a term life insurance policy has no cash value until you pass away. This aspect of term life insurance makes it more affordable to purchase, although your premiums may increase as you age.

Whole Life Insurance

Also known as “permanent life insurance,” whole life insurance offers coverage that lasts throughout your entire life. In addition, your whole life policy also builds cash value that you can use for other things. If you need extra money for retirement or a quick loan for a purchase, you can borrow against that cash value once it accumulates.

These benefits often make whole life insurance policies more expensive to purchase than their term life counterparts. Most providers also require that you undergo a medical exam before receiving coverage.

If you need life insurance in the Coppell, TX area, you can count on The Select Insurance Agency to be there for you.

What is Property Insurance

Posted on by AgentInsure

As you finish college and you start to purchase property, you’ll need to start looking for insurance to protect yourself. You may want to buy a home, rent a condo, or start your own business. All of these items will need to be insured. Talk with the professional team in Coppell, TX at The Select Insurance Agency when you need to know more about property insurance.

What is Property Insurance?

Property insurance gives you coverage for property that you own or are renting. If you are buying a home, most lenders will require you to have at least the minimum amount of coverage. Property insurance usually covers damage due to fires, theft, explosions, and other unexpected damages. According to your policy, you’ll be reimbursed for expenses that you’ll need for repairs or to rebuild your property.

Types of Property Insurance

There are several different types of property insurance. Usually, property insurance is tied to liability and casualty insurance, which gives you maximum protection for your needs. Here are a few examples of property insurance.

  • Homeowners insurance
  • Auto insurance
  • Renters insurance for condos and single-family homes.
  • Landlord insurance
  • Mobile or manufactured home insurance
  • Commercial or business insurance

Limitations of Property Insurance

Property insurance can cover a variety of mishaps and perils, but not all insurance covers every disaster. Most insurance has a list of exclusions within the policy. Some can include instances of damage during wartime, earthquakes, or nuclear meltdowns. Don’t be discouraged, you can contact your authorized insurance agent in Coppell, TX at The Select Insurance Agency and find out the exact limits of your property insurance policy. You can always see if you can add these perils to your contract. These agents are available to help you with your existing policy or start a new one.

Preventing Theft in Your Business

Posted on by AgentInsure

From small home businesses to large box stores, every business needs to take steps to prevent theft. If you own a business in or around Coppell, TX, The Select Insurance Agency wants to help you keep it safe and free of theft.

One of the first things most people think about when they want to stop theft is to install cameras and a security system, and that is a great place to start. When picking out a security system, make sure the cameras produce good quality pictures. There has been a recent trend for police departments to post security camera footage on social media so the public can help identify criminals. In the unfortunate event, someone does steal from your business, you want to make sure it is easy to identify them.

A security system is also essential to prevent break-ins after hours. By posting that there are cameras and security equipment on site, that alone might turn away potential burglars. In addition to this, keeping your business lit at night is a relatively inexpensive way to prevent theft.

Another unfortunate type of theft that you need to think about is employee theft. Cameras, especially those on cash registers, are a great way to combat this type of theft as well. However, depending on your type of business this may not be enough. Some other tips include creating individual access cards instead of keys and giving each employee an individual login to computers and cash registers.

It can feel like a huge punch in the gut to experience theft and be taken advantage of. By using these tips in your Coppell, TX business, hopefully, you will never have to deal with theft.  Contact The Select Insurance Agency for commercial insurance that will protect you no matter what your business faces.

How much auto insurance do you need in Dallas?

Posted on by AgentInsure

The state of Texas is experiencing quite the population boom, which has some people wondering about car insurance. How much auto assurance do you need to be covered in the Lone Star state? Are there specific requirements for insurance of which every Dallas, TX resident should be aware? The Select Insurance Agency is here to answer your questions.

Texas Auto Insurance Insurance Requirements

The Lone Star state requires all drivers to have insurance to operate a vehicle in the region. An adequate policy, according to the law, is one that provides payment of up to $30,000 per injured person and at least $60,000 for damages per accident. You must also have coverage for property damage that amounts to at least $25,000 per incident.

You do not need to have uninsured or underinsured motorist coverage to operate a vehicle in the state of Texas. It is never a bad idea, though, to explore the benefits of such addition to your policy.

Providing Proof Of Insurance

Residents driving through Dallas, TX and other parts of the state must have proof of insurance at all times. You must furnish such proof of indemnity coverage when requested to do so by a police officer or face the risk of being cited for failing to show evidence of assurance. Showing proof of insurance is also necessary when you are involved in a car accident. Such is especially true if you are the driver at fault. You will need to furnish evidence of your having an indemnity policy during your vehicle’s annual inspection.

Let A Professional Help

The world of auto insurance can be daunting for the average consumer. Many drivers often find that minimum policy limits as set forth by the state are not enough to protect them from financial turmoil in the instance of a car accident. You need to contact the representatives at The Select Insurance Agency to find the plan that best suits your needs.

The Importance of Liability Coverage in a Home Insurance Policy

Posted on by AgentInsure

You have a home insurance policy that you know will protect you and your family from a wide variety of threats such as fire, theft and storm damage but you should also understand the liability coverage that your policy contains.  This is an important piece that will protect you financially should an accident occur where you are found liable.  Simply put, if someone has an accident or there is damage where you are at fault, the liability coverage will go to work to pay for medical expenses for the injured party.  Should they decide to sue you, it can help with legal expenses, as well.  Medical and legal expenses are very costly so understating the coverage is important.  In the Coppell, TX area, the team at The Select Insurance Agency can help you get the right coverage so that your family is always protected. 

With liability coverage, the bodily injury piece covers medical expenses such as x-rays, doctor visits, ambulance and hospital stays.  Again, these situations can include a variety of situations such as a dog bite, a slip or fall or a cut.  For instance, if someone comes to your home and develops food poisoning, this policy will cover their care.  If you damage someone else’s property such as breaking a window, the policy will also address that situation. 

Liability coverage will pay out to certain limits.  Should an injured party decide to sue, the policy will cover the expenses and judgment up to a certain level.  While it may not cover everything, it is still an important financial protection.  At The Select Insurance Agency, the agents work with homeowners through the Coppell, TX area to help them understand liability coverage and have the appropriate amounts of coverage.  Call today!

What Does Umbrella Insurance Cover?

Posted on by AgentInsure

Life is unpredictable, and if you have a lot of at-risk assets or you regularly take on high-liability activities, it is advisable to consider purchasing a personal umbrella policy. In other words, people with significantly valuable assets are prime targets of lawsuits, and having umbrella insurance is a great way of protecting yourself financially. The Select Insurance Agency in Coppell, TX can help you protect your assets in different scenarios through umbrella insurance coverage.

What does umbrella insurance cover?

It is vital to remember that umbrella insurance policy only offers you secondary coverage. Meaning that you need to have a primary insurance policy and exhaust its limits before the umbrella insurance coverage kicks in for additional protection. For example, if a guest gets injured on your property during an open house party and he or she successfully manages to sue you for $800,000 in damages but your homeowners insurance liability coverage limit is $300,000, the $300,000 has to be paid out first before the umbrella insurance pays the remaining $500,000. Without the umbrella insurance, you will have to pay the $500,000 out-of-pocket.

The work of umbrella insurance is to provide you with additional protection by protecting you from liability in the event that you cause injuries to other people or damage to their properties. Personal Umbrella Policy (PUP) is a form of liability that is not only cheap but also allows for increments of $1 million. Umbrella insurance from the Select Insurance Agency in Coppell TX can protect you in the following scenarios:

  • If you are involved in a car accident and you are determined to be at least at fault
  • When someone falls or gets injured while on your property
  • Your dog bites a neighbor
  • Flooding in your bathroom causes water damage to your neighbor downstairs
  • If you are found guilty in a defamation case

If you have worked so hard in your life to buy assets, you need to be wise in protecting your hard-earned wealth by purchasing a PUP. Contact us at The Select Agency in Coppell, TX, and our friendly staff will guide in buying the right coverage suitable for your specific needs.

 

What Does Property Insurance Cover?

Posted on by AgentInsure

Buying a home in the Coppell, TX area is a big investment. When you are looking for a new home, getting property insurance is very important. Property insurance can protect you and your home several different ways.

Structure of Property

The most important type of coverage you will receive when you get property insurance is insurance for the structure of your home. When you have a property insurance policy in place, it will cover your home in the event of a fire, natural disaster, or other casualties. This could be very beneficial if something very damaging happens to your home.

Personal Belongings

If your home is damaged, there is also a chance that everything that you own underneath the roof is also at risk. When you have a property insurance policy in place, you will receive coverage for these items. You generally will have a policy that will declare how much coverage you will receive for your personal belongings. This generally does not include coverage for more expensive valuable items, such as jewelry or art.

Valuables

If you have a lot of personal items that are also expensive and valuable, you also should consider getting additional property insurance riders added to your policy. A property insurance rider will provide you with coverage up to the appraised amount of individual items. This is ideal if you have a variety of different types of collectibles.

For those that own a home in the Coppell, TX area, going to The Select Insurance Agency for a property insurance consultation could be a great option. When you go to The Select Insurance Agency, you will receive more insight into what type of coverage you should get. The company will also help to ensure you get all the coverage that you need.

Life Insurance Coverage Considerations for the Stages of Life

Posted on by AgentInsure

The needs for life insurance change over the course of a person’s life. The agents at The Select Insurance Agency, serving Coppell, TX and the surrounding area, offer this guide showing how to get the benefits from life insurance for the different stages of life.

Youth (infants to 18 years old)

Is there life insurance for babies and children? Yes, there is. Parents who get life insurance for their children usually do so because whole life insurance is an investment that increases in cash value over time. The investment in life insurance is very modest for children and it makes a nice present to give them on their birthday when they turn 18.

Millennials (age 18 to 30)

These young adults are starting out in life with opportunities to make good financial decisions. Those who get life insurance at a young adult age reap the benefits much sooner than others who wait until later. If they choose a whole life or universal life insurance policy, it can be fully paid up within 15 to 20 years. This means the cash value will exceed the total amount of insurance premiums paid at that time providing a nice asset that can be borrowed against or cashed in.

If they choose a term insurance policy or one of the many other insurance variations available, which provides insurance coverage but does not accrue cash value, they will pay lower premiums for the coverage they need. For many young adults who are on a tight budget and those that get married and have children, these life insurance solutions are a good choice.

Mature Adults (age 30 to 65)

During this stage of life, life insurance becomes an effective tool for retirement planning, estate planning, and protection of family members.

Elderly (65+)

Wise people who reach this age with paid-up whole life insurance will be very satisfied with the asset they created. The value in the life insurance can be used for retirement, healthcare expenses, vacations, or become part of an estate left to heirs. Term life insurance is also available in many variations, depending on the needs and goals.

Conclusion

At every stage in life, having life insurance is a good idea. Consult with an agent at The Select Insurance Agency in Coppell, TX to learn more about how to get the benefits from life insurance during the different stages of your life.

How Do You Know if You Have the Right Commercial Insurance?

Posted on by AgentInsure

Choosing the right commercial insurance in Coppell, TX can be difficult, and there are a lot of factors that can play into finding the right policy. An agent at The Select Insurance Agency can help and it’s a good idea to discuss all policies with your agent to find the right one.

Figure Out Coverage Needs

Remember coverage will be based on what type of business you have. For example, a tech company will require different types of policies then a lawyer. If you have employees you will need workers compensation coverage, and a tech company may want to consider cyber liability coverage. To help figure out coverage needs, make a list of things that could pose a risk to the survival of your business. This should include anything from natural disasters to cyber attacks. This will help narrow down policies that you will need.

Compare Policies

Don’t just look at the premiums in order to choose your coverage. Compare policies in order to figure out which one will best suit the needs of your business. It’s not always clear what is covered in each policy, so make sure you get clarification in order to properly compare policies.

Don’t Overlook Different Coverage

Even if coverage is not required for your business, it doesn’t mean that you should overlook it. Business interruption coverage can save you a lot of money if you have to file a claim.

Review Coverage Yearly

As your business grows, it’s a good idea to review coverage and see if you need to update your coverage options to suit the needs of your growing business. Review at least once a year to make sure you still have enough coverage to cover your risk, or if you need additional coverage.

Contact the Select Insurance Agency serving Coppell, TX to get a quote on commercial insurance.

Categories

Archives