Do You Need Business Interruption Coverage?

If a fire or natural disaster caused your small business in Sandy, UT to temporarily close, would you have the financial resources to carry on? Business interruption coverage can provide the funds you need to maintain your business while your premises are under repairs. At Smart Way Insurance Agency, we encourage small business owners to consider what business interruption coverage has to offer.

Lost Income

A temporary shutdown can have a devastating effect on a company’s revenues. If your business has to close temporarily due to damages sustained in a fire or other covered peril, loss of income could cause a serious blow to your finances.

Business interruption compensates your business for lost income and operating expenses such as power and water, even if business activities have stopped. When deciding on coverage limits, take into account how long it might take you to re-open so you can obtain sufficient coverage to protect your assets during the time you are “down.”  

Rental or Lease Payments

If you’re renting or leasing a property that requires payment, whether it’s being used or not, business interruption insurance will cover this cost. If you decide to relocate temporarily, the business interruption will cover the cost of moving and renting a new location until repairs on your building are done.  

Employee Wages

Business interruption coverage will help cover your payroll during your downtime, so you don’t lose valuable employees.

Loan Payments and Taxes

Taxes and loan payments are also covered under a business interruption policy, protecting your interests when your company is down.

When you own a business, you need to be prepared for any eventuality. With ample insurance protection, you can have the confidence to make financial investments that will help your business grow.

To learn more about business interruption coverage and costs, contact Smart Way Insurance Agency, Sandy, UT. 

Is It Time for a New Life Insurance Policy?

Chances are that when you purchased a life insurance policy back when the first kids arrived or bought your Sandy, UT house, you weren’t thinking beyond the first twenty years. Now that the children have left the nest and your first policy expired, you are wondering if you really need a new life insurance policy from Smart Way Insurance Agency. Chances are good that you do.

Baby Boomers are Living Longer

As the science of medicine continues to discover new ways to help us live longer and more productive lives, the old system of protecting your assets until you reach the age of 65 or so simply isn’t wise anymore. Many Boomers are facing twenty years of retirement while paying exorbitant fees for medical care. Those decades of living off retirement plans and pensions can seriously deplete your assets. How will your spouse cover the costs of laying you to rest or providing for themselves without you? A term life insurance policy can help provide stability for the future in uncertain times.

Protect Your Children’s Inheritance

If your original plan included leaving the Sandy, UT house and your portfolio to your children and grandchildren, investing in a new life insurance policy can help you and your spouse protect their future. Eliminate the need to sell the family properties in order to cover taxes and extra expenses with life insurance designed to meet your budget and lifestyle. Instead of leaving behind a legacy filled with squabbling over the division of dwindling assets, you will ensure that more of your estate remains intact.

The fact is that a lot has happened over the years, and now that you and your children have found financial stability, talking to an agent at Smart Way Insurance Agency regarding a new life insurance policy can provide all the reassurance your family will ever need.

Does Your Boat Insurance Cover Damages If Someone Borrows Your Watercraft in Sandy UT?

Residents who live in Sandy, UT can count on the agents at Smart Way Insurance Agency to provide them with the information they need concerning different types of boat and watercraft insurance. Boating is a favorite past time of many Utah residents and knowing that you’re fully insured, both on the water and off, is extremely important. It’s also important to know just exactly what your insurance policy covers.

Letting Someone Borrow Your Boat

It’s your choice to let someone borrow y our boat. It’s in your best interest to make sure they know how to properly handle the watercraft, as well as have a working knowledge of the laws that are in place for operating a boat or other watercraft in public waters. If you feel comfortable with letting them borrow your boat, make sure you have a contingency plan in place, if they have an accident or cause any type of damage.

Who’s Responsible?

If you let a friend borrow your boat and they have an accident, who’s responsible. In most cases, you are. It’s important to make sure your insurance policy covers other people using your watercraft. This type of coverage may require an additional fee, but it’s better to be safe than sorry. 

It’s extremely important that you protect your interests at all times. If you and your friends go boating often, you need to understand both the laws and the insurance policy you have in place that protects you from financial loss. In Sandy, UT, contact the agents of Smart Way Insurance Agency if you have any questions about the limits of your boat insurance coverage and to find out what they can do to make sure you’re covered no matter what the circumstances.

Life Insurance Will Help to Ease Your Family’s Burden, Let Smart Way Insurance Show You How

Smart Way Insurance Agency of Sandy, UT understands that life insurance can be a difficult topic to discuss. Our agents are trained to have these conversations in a productive and respectful manner where the end goal is getting your family the appropriate amount of coverage to sustain their lifestyle in the event of your untimely passing. If you are in the Sandy, UT area and would like to have your life insurance policy reviewed to ensure that it will provide adequate coverage the team at Smart Way Insurance Agency can help with that too.

LIFESTYLE CONTINUATION

Many families face an economic reality that requires both parents to work. In this situation as well as households where there is one main breadwinner, life insurance can help to keep the family in the same house and at the same lifestyle level as before. Children need stability, especially after the death of a parent, and having life go on as much as it can as before is very helpful. Having to sell the family home due to the death of a spouse is a decision that no one should have to make. Life insurance is an effective tool in helping your family.

FUTURE EDUCATIONAL NEEDS

We are all concerned with how we will meet the needs of our children’s secondary education levels and with one parent, this situation can become even more challenging. The proper life insurance policy can help to meet these financial obligations and allow your children to reach their educational goals with as little student loan debt as possible. 

Give us a call today to learn more about how the Smart Way Insurance Agency can help you meet all of your family’s life insurance needs.

Don’t Make This Mistake: Why You Need Insurance For Your ATV

Recreational vehicles are so much fun! Campers, boats, jet skis and and ATV’s can make for fun weekends and great memories. The downside to this fun is that people often overlook the necessity of insurance coverage. For Sandy, UT residents, there are so many opportunities for fun and recreation, but don’t forget that you need protection, too.

It happens every year. A family sets out for a weekend camping adventure with their new ATV. They are having a great time, then the unthinkable happens. An accident. There are injuries and a helicopter ride out to the hospital. Fortunately, it ends well. Unfortunately, the medical costs are outrageous. Without specific coverage for the ATV, there is simply not enough to cover the costs of hospital, doctor and transportation bills. The financial hit for the family is severe.

Other problems occur when friends use the ATV, or when the ATV is involved in property damage. You have to have coverage for these instances, no matter how rare they may seem. 

All recreational vehicles, whether they be for water or land, should be covered. This includes ATV’s. While you may only use them occasionally, and in controlled circumstances, it’s still important to have them covered. Your homeowner’s insurance or other personal insurance may not cover these accidents at all, or perhaps only minimally.

If you have recreational vehicles, such as an ATV, it’s a good idea to sit down with your Smart Way Insurance Agency today to talk about insurance coverage options. Get the right amount of coverage. A one-time incident can set you back financially for years. Don’t take chances, get covered today.

Why Do I Need General Liability Insurance?

General liability insurance is not mandated by law for residents of Sandy, UT, however, it is something that most business owners choose to purchase. This is because general liability insurance can protect your financial assets, giving you peace of mind. 

Situations Covered by General Liability Insurance

Your insurance policy can cover medical bills and legal expenses that may arise when a client or visitor is injured while on your property. It can also cover the damage that you cause to property belonging to someone else, and it can protect you against situations where you have made a mistake in your advertising content. When doing business, there is the chance you could run into disagreements with clients or customers or with people from whom you are renting property, and in the event of a lawsuit, your general liability insurance will kick in.

Copyright infringement is a real concern in today’s world, and you want to be protected against any problems that may arise. Lawsuits can also happen if you make a deleterious claim against another business or brand that results in hurting their reputation. It is important to remember that specific coverages can vary and that you must talk to your agent to discuss particulars. 

Smart Way Insurance Agency is Here to Help You 

We at the Smart Way Insurance Agency are experienced in helping those in and around Sandy, UT with their various insurance requirements. We invite you to use the free research tool we’ve made available on our website to find a fast and easy quote on homeowners and automobile insurance. For all your other needs, including general liability insurance, please call us, or make an appointment to meet with our knowledgeable staff, and we will work hard to find the right package for you. 

 

Umbrella Insurance for Your Home: Ways it Protects You

Umbrella insurance provides extra liability insurance in addition to what a home owner regularly carries on their home owners policy. There are several ways that Umbrella Insurance protects you and your home. 

Additional Liability Coverage

Home insurance policies generally includes liability insurance for injuries to individuals or their property that occurs on your home premises. Once your home policy has been depleted. Umbrella insurance will cover any claims made for injury or damage. It is important to contact your home insurance carrier to discuss what your resent liability insurance covers and how an Umbrella policy can further protect you and your home. 

Other Coverage

Umbrella policies also cover other situations that may not be included in a homeowner’s policy. If an individual tries to sue a homeowner for injuries, damage to property or any other issue, an Umbrella policy adds to protection. Those who rent property are also covered by any injury that might occur on the rental property. It also covers thee owner of the property if an injury occurs to an individual visiting a renter.

 Protects Against Financial Loss

This type of additional coverage not only covers financial issues that may occur due to injury or damage, but it leave a homeowner with peace of mind. Imagine having to not only worry about someone’s injuries, but also carry concern about a possible lawsuit  or financial commitments that your  home owners doesn’t cover.  Having the correct coverage takes some of the worry from homeowners, knowing that their home, property and anyone working on their home or visiting is covered in the event of an injury.

Contact Smart Way Insurance agency today in Sandy, UT to verify if Umbrella Insurance is right for you. The experts will be glad to help!

 

 

When You Should Start Thinking About Acquiring Life Insurance

If you are considering registering for life insurance in Sandy, UT, there are some important things to consider before you take that step. Read on to find out when it is a good idea to get life insurance.

Adding to the Family

Is your family expecting your first child? Even if it is your second or even fifth child, it is crucial to put some serious thought into the future of your family. After all, it is no surprise that you will not be around forever. In the unfortunate event of something happening to you or your spouse while your children are young, life insurance can provide them with a sense of financial security. It is advisable for a couple to take out life insurance policies for each of them in such an instance. Term insurance may be a better option, if you are interested in avoiding high premiums.

On the other hand, many experts state that it is not advisable to acquire life insurance if you are young and single, since the future is uncertain and you do not know how many children you will have. However, it can be of benefit to buy some form of life insurance at this point, since the cost would be low and you can get a term of 30 years that will be in place by the time you have kids.

During the Golden Years

If you are over middle-age or entering your “golden years”, you may want to consider getting a life insurance policy. The death benefit of a whole-life policy will allow your heirs to have the ability to pay the estate-tax when you pass. The policy would be best if held by a trust, so that it is not counted as part of your estate.

When you are ready to begin the discussion about your own life insurance, reach out to Smart Way Insurance Agency, which serves Sandy, UT and the surrounding areas. 

How Should I Choose a Commercial Insurance Policy in Sandy?

Combing through a commercial insurance policy likely doesn’t sound like very much fun, which is how a lot of business owners end up making their decisions based on price alone. Smart Way Insurance Agency can certainly tell you that this is not the best way to protect your business. Here are a few tips to keep in mind when it comes to choosing a commercial insurance policy. 

Remember: One Size Does Not Fit All 

You already know that a major corporation in Sandy UT will need a different policy from the small mom-and-pop stores that dot the town. But there’s a lot more to it than that. Companies who deal with more hazardous conditions need to prepare for everything that could go wrong — either with their employees or with their customers. You can tailor your insurance policy so that it addresses the more likely events that can threaten your business. 

Keep Injuries in Mind

People can be hurt at any hour of the day for any reason, and whether or not you’re directly responsible, your business is likely to come under attack. By having insurance that will not only cover medical and other direct costs but also lawsuits should the happen to be filed against you, your company can better prepare for hard times ahead. 

Talk to Someone Who Knows 

This is by far the best way to choose a commercial insurance policy unless you’re planning to study commercial insurance law. Smart Way Insurance Agency helps the people of Sandy, UT navigate through even the most complicated of clauses, explaining how it works in plain English. If you’re in the midst of trying to decide which policy is right for you, then give us a call to discuss your company with us. 

I Do Not Have a Permanent Residence. How Does This Affect My Auto Insurance Rate?

There are a number of reasons why you may not have a permanent address. You may be between houses, couch surfing on your friend’s couch, or could be evicted while you are between cars. Regardless, you are supposed to inform your auto insurance company of any changes to your address and where your car is housed. This may leave you wondering what to do if you find yourself in this situation.

When you do not have a permanent address, an insurance company will ask you to list the addresses where the car is often housed or garaged. This may be at your friend’s place or the part of town where you often crash with family. If you have this information, this will be the address used to generate your quote.

If you are transient and don’t have an address, an insurance company may do one of two things. They may use an average price for numerous zip codes to determine your price or price you based on the most expensive zip codes in the area. Ultimately, it is up to the insurance company to decide what to do in such a situation. As such, it important to get quotes from various companies to ensure you find the one that is fair and reasonably priced for you.

If you are looking to insure a vehicle, yet don’t have a permanent address, let Smart Way Insurance Agency in Sandy, UT help. We can help determine the average cost for zip codes in the area, giving you a fair and reasonable price quote until you have a permanent address.