Who needs life insurance?

No one really likes to think about why they would need life insurance, but the truth is that this policy is one of the most important things you can invest in to protect your loved ones.  All too often, however, people make the mistake of assuming that if they don’t have kids, they don’t need life insurance.  If any of the following conditions apply to you, you need to consider buying a policy.

  1. You don’t have enough assets to cover your burial.  If your estate can’t cover your final expenses, then they’ll have to be paid by someone else. A small amount of coverage can help  to defray this expense.
  2. You have relatives who depend on you.  Kids, elderly parents, or other relatives that rely on you for some type of support , physical or financial, will be effected by your death.  Life insurance can provide lifelong care and/or someone to take over the tasks you normally do.
  3. Your family needs your income. If you and your spouse need both of your incomes to afford the bills every month, then you need to have a life insurance policy with enough coverage to replace your income after you’re gone.  Make sure that your spouse has a similar policy set up for his or her income as well. Consider your final expenses, including medical costs, and how they will effect the family budget as well.

If any of these conditions apply to your personal circumstances, then you need to talk to one of the agents at Smart Way Insurance Agency. They can help you to find a life insurance policy that will give your family enough protection at a price that you can afford.

Does Commercial Insurance Pay Retail or Wholesale Prices for Theft Claims?

As a business owner, trying to determine how much commercial insurance you need can be tricky. One of the most important factors to consider is the value of the items or merchandise you are storing in your shop. If this merchandise was damaged or stolen, your insurance company will reimburse you for it. However, you may be wondering if they will reimburse you the amount you paid, or the wholesale price of the belongings, or whether they will pay you the price you could have sold it for, or the retail price.

If you incur a loss due to theft or natural disaster, your commercial insurance company will pay you based on the actual cash value of the item that was stolen or recovered. The actual cash value is based on how much other similar items in the area are selling for. So, this is neither the wholesale price or the price you would have marked it at. It’s what other businesses have actually sold the item for. If your item is rare or hard to value, it is recommended that you have it appraised to ensure you receive the fair value of the item. This is especially important when it comes to jewelry, art or rare wines, as these items can vary in value and there may not be similar items sold recently.

Do you have questions about your commercial insurance policy? Are you trying to figure out if your business is properly covered or if you need more coverage? Then give Smart Way Insurance Agency in the greater Sandy, UT area a call. We would love to look over your policy and see if there are any places you should be upping your coverage to ensure your business needs are met in the event of an accident, disaster or emergency.