Business Insurance – an Investment in Your Future

Owning a business is a large investment of time, money and the future of your small business could rely on securing the right insurance. There is more to running a small business than daily business transactions, as many new business owners discover only too late.

This realization usually occurs when a sudden natural disaster destroys a small business's equipment, data, office, and furnishings. It may also occur in small businesses that have unrecognized liabilities, such as employee injuries or fatalities.

Be Prepared with Comprehensive Auto, Home, and Business Insurance Plan

To determine the actual cost of loss or liability, small business owners usually need the help of a professional insurance agent.

The logical action to take is to choose an insurance professional with substantial experience in your line of work.  Pulling from past client experience, your agent will be familiar with potential problems that may result in costly liability.

Five Tips to Insurance Your Small Business

There are five essential tips to consider when insuring your small business. These include:
1. Identifying potential liability
2. Evaluating actual business property coverage
3. Choosing the most cost-effective workers' compensation policy
4. Ability to add on insurance features that result from changes to business practices
5. Specifying insurance coverage for performance and financial loss

Identifying Potential Liability

During the day to day operation of a small business, the owners may not always see details in areas of their business that may be a source of liability. An experienced insurance agent has the knowledge and skill to pinpoint areas that require insurance coverage.

Evaluating Actual Business Property Coverage
For a small business with a storefront, their real property can be a large part of the value of their daily business operations; it is advisable to allow an insurance agent to evaluate the coverage you will need in the event of loss of use.

Choose the Most Cost-Effective Workers Compensation Policy

Workers compensation for business owners with a staff that has a storefront to conduct business should be discussed and reviewed to ensure coverage is adequate to cover medical, burial and death benefits, as well as lost wages.

Ability to Add-On Insurance Features

Small business owners may need the assurance that a claim of liability filed against the business, owners' home, auto, and business insurance policies are adequate to avert financial disaster.

A small business insurance policy should be flexible enough to allow for add-ons that result from changes to business practices. For example, a business owner expands the reach of his target market of customers requiring him to increase the number of employees.

A small business owner may also need commercial auto insurance should they offer delivery service using company vehicles.

Specify Insurance Coverage for Performance and Financial Loss

Most small business owners endeavor to reach 100 percent customer satisfaction. However, from time to time they may encounter a customer complaint regarding business performance.  Professional liability insurance, also known as errors and omission insurance, can cover a professional who makes a living off of their expertise.

There is also the potential for financial loss from non-payment by suppliers and customers. It is important to discuss these possibilities and the types of insurance coverage that provides optimal security and confidence to a business owner.

The "Go To" Insurance Expert

Kelly Lee Insurance TWFG has earned the trust of its small business insurance clients, as well as its property and casualty insurance clients. Kelly Lee Insurance provides Auto, Home, Life, and Business Insurance as part of a broad range of insurance coverage. For more information, contact us today.

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​It’s the law in Louisiana to have insurance on your vehicle.  In some geographic areas, it’s a must in Louisiana to have flood insurance on your home.  People don’t bat an eye when it comes to insuring home and automobiles, but the thought of life insurance sometimes brings about questions. 
 
Life insurance is protection and investment for the events that occur in the course or span in individuals’ lives.  This type of insurance pays out a sum of money either at the death of the individual or after a set amount of time or term.
 
There are two primary types of life insurance.  These two types are term and permanent.  Term life insurance is for a defined or specific amount of time.  Permanent life insurance is for your entire life or time of your death.
 
Premium payments on life insurance, the amount of money you pay to be insured, will be different depending on if you have term or permanent life insurance.  Term life insurance premiums are normally lower than permanent life insurance premiums.
 
Two types of permanent life insurance are whole life insurance and universal life insurance.  Whole life insurance premiums are usually set coverage amounts for the entire time you have the policy.  Universal life insurance commonly allows you flexibility to change your premium and coverage amounts throughout your lifetime.
 
 A similarity for both types of life insurance involves taxes.  Death benefits payable for all types of life insurance are usually income tax free.
 
When looking at the different types of life insurance it is important to note what is being insured or what the policy benefits would pay for upon the holder’s death.  Term Life Insurance replaces or pays income during working years. Universal Life Insurance helps meet the need of wealth transfer, protects your income, and possibly can focus on tax-deferred wealth accumulation.  Whole life insurance is designed for wealth transfer, preservation, and tax-deferred wealth accumulation.
 
Wealth transfer is how your assets, that can include wills, estate planning, and trusts, are paid to or transferred to your beneficiaries in a tax efficient way.  Tax-deferred wealth accumulation can allow lower tax rates while earning a higher investment rate.  These permanent life insurance categories and/or plans are usually lower risk when speaking in relation to traditional investments.
 
The premiums paid for these plans will depend on risk-related categories.  Those categories include things like your family medical history, lifestyle choices (like whether you use tobacco products), and your overall health.  The higher the risks, the higher the premiums.
 
Educating yourself about life insurance is not a difficult thing to do in the Lake Area.  The reason it isn’t a difficult thing to do is because there are local companies like Kelly Lee Insurance TWFG Insurance Service were their policy is caring.  That means they will sit down and explain what the different type of life insurance policies can do for your children, spouse, parents, or older siblings whose future you want to secure when the time of your death comes.
 
Just about anyone who earns income owes it to their loved ones and themselves to consider having a conversation for a complimentary quote on premiums. For all types of life insurance with the coverage you need at a price you can afford, Kelly Lee Insurance has access to over 50 independent insurance carriers.  

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