The Ins and Outs of General Liability Coverage: What’s Covered – And What’s Not

Posted on June 14, 2018 by Owen Rosen

As a small business owner, you have a lot on your plate. From accounting, to marketing and sales, to product development and inventory — the to-do list can seem never ending. That’s why it’s no surprise that details like liability insurance can so easily slip through the cracks, leaving your business financially vulnerable.

Unfortunately, nearly anyone your business interacts with can make claims against you. And without the right insurance protection, these claims could cripple your operation.

What General Liability Insurance Covers

General liability (GL) coverage can be part of a standalone policy or can be part of a business owner’s policy (BOP). This coverage safeguards your business’ finances and reputation in the event a customer or third party takes legal action against you or your employees.

The following are types of claims covered by a GL policy:

Bodily injury: If a third party is injured at your place of business (or as a result of work performed away from your business), your GL policy would cover costs, including medical expenses, lost wages, and any court-awarded compensation or out-of-court settlements.

Property: If your business’s actions result in damage to someone else’s property, your GL policy will cover costs to repair the damage. This applies to real estate, equipment, and supplies, as well as compensation for loss of use during the time it takes for the damaged property to be repaired or replaced.

Personal and advertising injury: If your business causes nonphysical damage to a third party through advertising tactics or other activities, your GL policy will cover these damages. However, coverage does not apply if your business intentionally makes a false statement knowing it will cause harm.

Additionally, if a lawsuit is filed against your business for a covered loss, your GL policy will also cover the legal costs to defend you in addition to your policy limits, including attorney fees and court costs.

GL coverage safeguards your business’s finances and reputation in the event a customer or third party takes legal action against you or your employees.

What General Liability Insurance Doesn’t Cover

GL coverage does have limits — both in dollar amounts and types of situations covered. This depends on a number of factors, including your specific industry and your business’s exposure to visitors and clients.

However, there are a few limits that apply to businesses across the board. GL does not cover the following types of damages:

Workplace injuries: GL normally doesn’t cover workplace injuries to employees. Instead, you’ll need workers compensation coverage, which is legally required by most states.

Damage to your own property: GL covers damages to other parties’ property, but it doesn’t cover your business’s property. Instead, you’ll need a business owner’s, inland marine, or commercial property policy.
Intentional damage: Damage done purposefully or maliciously is not covered under a GL policy.

Damage to client property in your care: GL does not cover damage to a customer’s property while it is in your care. Inland marine and other property coverages can provide this type of protection.

Professional mistakes: Mistakes resulting in a loss aren’t covered by GL. For instance, if your business misprints 10,000 books, general liability coverage won’t reimburse you for the cost of reprints. However, many insurers offer separate policies for businesses that require professional liability protection.

Damage to vehicles: This protection requires a commercial auto policy.

While general liability insurance won’t cover every incident and expense your business might face, it can protect your business from claims brought against you by third parties — and it’s a relatively inexpensive way to create peace of mind.

How Can Life Insurance Help Me with Estate Planning in West Bloomfield Michigan

Posted on May 25, 2018June 12, 2018 by agentinsure

If you are planning your estate in West Bloomfield, MI, life insurance can protect your large assets and help safeguard your wealth. Life insurance provides a payout that helps your family keep your home or business after you are gone. Ask your Phil Klein Insurance Group agent how to start a policy.

Planning Achievements Accomplished through Insurance

Use life insurance in your estate plan to increase your liquidity and cover payment of your remaining debts. Life insurance provides income replacement for your family and safeguards the wealth you have accumulated over a lifetime.

There are numerous policies to consider, and you can also customize your policy to meet the needs of your family. Ask your agent for details on flexible life insurance for estate planning.

How to Use Life Insurance to Provide for Survivors

Nearly all estate plans include some life policy. That’s because it’s one of the easiest and most secure ways to provide income for spousal support, education expenses, and business transitions. Some policies provide income to fund your retirement.

For large estates, life insurance helps cover the cost of burial and death taxes. In this case, insurance ownership is a significant tax-savings device. Note that it’s important to consider how well your beneficiaries are protected by the chosen insurance policy.

Larger estates exceeding the federal tax exclusion require life insurance to minimize or eliminate probate costs.

Types of Life Insurance

There are two types of life insurance, referred to as trusts, as follows.

Revocable Life Insurance Trust

In this type of life insurance, the policy owner sets up a trust and names it as the beneficiary of the policy. The policyholder can revoke, or remove, the trust and related ownership rights. This trust is recommended for young families with few assets but large life insurance coverage.

Irrevocable Life Insurance Trust

This arrangement puts the distribution of life insurance proceeds in the hands of a trustee. A trustee can be a lawyer, trusted friend, or family member.

Contact your Phil Klein Insurance Group agent in West Bloomfield, MI today to set up an appointment and to get a quote.

How Much Commercial Insurance Does Your Company Need?

Posted on April 30, 2018April 30, 2018 by agentinsure

The amount of commercial insurance you carry on your business depends on the size of your business and the total assets on the property. There are a few tips you can follow to help you make a decision, but it is important to realize that every business has different needs. Consult a professional before you make a final decision.

How Much Is Enough?

If you are a small business owner, it is common for most to carry around $1 million in commercial insurance. This factors in liability and covers office equipment, and other items outlined in the policy. If you expand or incorporate additional items of value into your company inventory, you need to adjust your insurance immediately to avoid gaps in coverage.

Get A Professional Opinion

People who work in the insurance industry are a wealth of knowledge when it comes to helping you decide what type, and how much commercial insurance coverage you need. Finding an experienced provider to assist you with the process of finding the right coverage can secure your business’ financial future. A reputable company that can give you the information you need to make the right choice for businesses in and around the West Bloomfield, MI area is Phil Klein Insurance Group.

If you own a business in or around the West Bloomfield, MI area, and want to get the right commercial insurance coverage, you should contact Phil Klein Insurance Group. Call or stop by for answers to your questions and assistance making an informed insurance coverage decision. Don’t leave your company’s financial future to chance, get a consultation today and protect your future tomorrow.

What Does Home Insurance Cover and Not Cover?

Posted on March 28, 2018March 28, 2018 by agentinsure

Home insurance, also known as homeowners’ insurance, is a type of coverage purchased by anyone who owns a home, whether that is a single-family residence, townhouse, condominium, or any other home ownership situation. A home insurance policy typically has certain things it covers and others that it doesn’t cover. Here is some basic information you need to know about that, courtesy of Phil Klein Insurance Group in the West Bloomfield, MI area.

Covered

Home insurance is a necessity for any homeowner, and it covers issues affecting housing structures, such as the house itself, garage, and other structures. It covers damage to belongings resulting from natural disasters like hail and wildfires as well as catastrophic events like house fires. It also covers issues like theft. It includes various belongings like furniture, lighting fixtures, appliances, electronics, and more.

Not Covered

There are many things that home insurance covers, but there are also some things it doesn’t cover. This includes disasters like floods and hurricanes, which many home insurance policies require special insurance to cover. Many policies also do not cover mold. It is possible that your insurance offers the option to add coverage for those types of problems, so ask when you are setting up your policy. Home insurance does not cover damage caused by the owner or a guest, such as a window or a garage door that is damaged through carelessness. Although a home insurance policy provides coverage for belongings, it might not provide enough benefits for high-dollar valuables, such as fur coats and jewelry. In that type of scenario, it’s wise to consider purchasing extra coverage.

What home insurance will cover and doesn’t cover varies from policy to policy. Do you have questions or need help with getting home insurance? We’re only a phone call away. Feel free to contact Phil Klein Insurance Group, serving the West Bloomfield, MI area, when you’re ready to explore options.

Can You Take Out a Life Insurance Policy on a Roommate?

Posted on February 26, 2018February 26, 2018 by agentinsure

When you rent a home with a roommate, you may find yourself reliant on your roommate to pay their portion of the rent. If they are unable to pay rent for any reason, you may be unable to afford the place you call home. As such, you may find yourself wondering if you can take out a life insurance policy on a roommate. While this is not a common question, we, at Phil Klein Insurance Group, serving the West Bloomfield, MI area, are occasionally asked this question.

Your Roommate and Life Insurance

In order to take out life insurance on someone, you must have an insurable interest in them. In order to have an insurable interest in them, you must prove that you would suffer financial loss if they were to pass away. As such, you can take out a life insurance policy on a roommate who is paying a portion of the rent and the bills.

To take out a life insurance policy on another adult, they must sign an affidavit acknowledging that you are taking out a life insurance policy on them and agreeing to it. If your roommate does not want you to take out a life insurance policy on their life and they will not sign the affidavit, then you will not be able to take out the policy, even with an insurable interest in them.

If you are looking to take out a life insurance policy for yourself or someone else, such as a roommate in the greater West Bloomfield, MI area, contact Phil Klein Insurance Group. We can help you find the right life insurance policies for your needs and get the policy all set up. Call us now to start the process and get a quote.

Coverage to Look for When Choosing Your Commercial Insurance Policy

Posted on January 24, 2018January 23, 2018 by agentinsure

Owning a business can be an incredibly rewarding experience, both financially and emotionally, but it is not without its headaches and pitfalls. The proper commercial insurance coverage can help to potentially limit the negatives and allow you to focus on the business at hand. If you are in the market for commercial insurance, would like to receive a review of your current coverage, or need to expand or contract your protection, the team at Phil Klein Insurance Group is prepared to meet all of your commercial insurance needs in the greater Birmingham and West Bloomfield, MI area.

What to Look for in Your Commercial Insurance Coverage

Commercial insurance can be an effective financial tool that protects you from many losses due to events such as the death of a business partner or other key personnel and loss of income due to a disruption to your business for which you are not at fault. The four items below represent some of the coverage types to look for:

Business Interruption can protect you from a loss in the event that you have an interruption to your regular course of business.
Key-Person Coverage is vital if you rely on a business partner or other team member whose death would create a negative effect on the company.
Auto Coverage for staff on company business will provide protection even when they are driving their own vehicle.
Loss of Income coverage may reimburse you up to a certain amount.

If you want to make sure that you have the commercial coverage that you need, please give us a call or stop by the Phil Klein Insurance Group office today. We are dedicated to meeting the comprehensive insurance needs of our clients in the greater Birmingham and West Bloomfield, MI area.

Is Your Home Ready for the Cold Weather?

Posted on December 21, 2017December 20, 2017 by agentinsure

Cold weather will be here before you know it in West Bloomfield, MI. You do not want it to take you by surprise and allow it to cost you money for repairs and other losses along the way. Before it gets too cold, consider implementing some of these tips from Phil Klein Insurance Group.

Get your heater checked. The last thing you are going to want to deal with this winter is a heater that does not work with freezing temperatures outside. You can avoid this from occurring in your home by getting your heater checked now. Have a professional come out to give it a tune-up and ensure that it is working properly before it gets cold outside.
Prep your pipes. There is no doubt that the temperature will get below freezing at some point this winter. You should make sure that all of your exposed pipes, both inside and outside of your home, have some protective covering to help prevent them from freezing. You can get some good covers from your local hardware store and install these yourself.
Check your windows and doors for leaks. Unless you want to help heat up the outside, you should check for any places your heat can leak out. You should consider caulking your windows as well as checking your doors for any gaps. If you find any, get them fixed so you can save on your heating bills.

Winters in West Bloomfield, MI can be brutal, but you can keep your home safe and protected with these tips and more. Another thing to do is get a great home insurance policy to help protect you from the things that you cannot predict. Contact Phil Klein Insurance Group to get started on your quote today or try our online rating tool.

Should You and Your Spouse Have the Same Amount of Life Insurance?

Posted on November 15, 2017November 14, 2017 by agentinsure

If you have recently gotten married or had a baby, you may be looking into purchasing life insurance for both yourself and your spouse or partner. One of the questions that we at Phil Klein Insurance Group are often asked about life insurance in the greater West Bloomfield, MI area, is whether spouses should have the same amount of life insurance coverage. In most cases, they need different amounts. Here are a few of the factors that are looked at when determining how much life insurance each spouse needs.

How Much Each Spouse Makes

One of the factors that determine how much life insurance each person should acquire is by determining how much they earn. If you make more than your spouse, you will need more in life insurance than your spouse does. This helps to make up for your lost income should you pass away.

The Amount Of Debt for Each Spouse

In addition to your current salary, you should also look at how much debt each person has. If you have student loans or other types of debt, you need more life insurance. This allows your spouse or partner to pay down the debt without the burden of having to cover your debts themselves.

What Household Chores Each Spouse Performs

The last factor that should be considered is what household chores each spouse performs. If these chores would be a burden for your partner, you want to have enough life insurance to cover the cost of hiring someone. For example, you may watch your kids while your wife works. If you were to pass away, she would need to hire childcare. Likewise, you may do all of the yard work and car maintenance. If you were to pass away, she may need to hire someone to complete these tasks, which should be accounted for in the amount of life insurance you have.

If you are looking to purchase a new life insurance policy for you and your spouse or partner in the greater West Bloomfield, MI area, turn to Phil Klein Insurance Group. Call us now to have your questions answered and to get a quote on your insurance policy.

3 Common Questions about Commercial Insurance

Posted on October 16, 2017October 12, 2017 by agentinsure

Whether you have just opened, inherited, or realized that your business is growing, one of the most important things you can do to protect your livelihood is to have commercial insurance in West Bloomfield, MI. Commercial insurance covers an array of situations and scenarios, some of which you may not have even thought about. From freak storms of nature to theft and employee safety, commercial insurance is a must-have if you own a business. Read on to discover three common questions people ask when looking for a commercial insurance policy for their West Bloomfield, MI business.

How Do I Select the Right Coverage Amount?

That depends on the size of your business, as well as what you feel comfortable paying as a deductible or premium. Essentially, you want to cover what your business is worth and then some. A reputable insurance agent at Phil Klein Insurance Group can help you make this decision.

What Kind of Coverage is Needed?

You will want to make sure every part of your business is covered. For example, if your business sees customers coming in and out of your store, you’ll want to make sure you’re covered just in case of a slip and fall or some other kind of accident that results in a lawsuit. Depending on the type of business you run, policies and coverage will vary.

How Do I Choose the Right Deductible?

To choose the right deductible, you will need to consider whether you want to pay a higher premium or a higher deductible. If you feel more comfortable paying a larger premium on your monthly or quarterly insurance bill, then you might be able to have a smaller deductible.

To learn more about the commercial insurance coverage for your business, contact the friendly agents at Phil Klein Insurance Group in West Bloomfield, MI today.

Why Now is a Great Time to Repair Your Roof

Posted on September 19, 2017September 18, 2017 by agentinsure

As a homeowner, you are responsible for maintaining your home and the structures on your property. Part of this includes making needed repairs to your roof. At Phil Klein Insurance Group, serving the greater West Bloomfield, MI area, we try to remind homeowners that a home insurance claim can be denied if you fail to maintain the premises and the claim is a result of this negligence. If your roof is in need of repair, the end of summer and fall months are a great time to make these repairs. Here is why:

The Weather is Optimal for Repairs

The biggest benefit to having roof repairs done in late summer and early fall is that the weather is optimal for repairs. Making repairs in wet conditions or freezing temperatures is not ideal. Having the repairs done now helps to keep the roofer safe and ensures the repairs are not negatively affected by inclement weather. The heat will also be less apparent since it is not directly taking place in the mid-summer months.

Prepares Your Home for the Wet Season

The other benefit to having repairs done to your roof now is that it prepares your home for the wet season. If you fail to have repairs done before the wet and rainy season hits, your roof may leak. Minor cracks can quickly turn into major leaks when left unrepaired. Repairing the damage now helps to prevent it from worsening, allowing you to prepare your roof and home for the rain and snow that will hit during the winter months.

Maintenance is important to your home insurance policy. If you are in the market for a new home insurance policy in the greater West Bloomfield, MI area, call Phil Klein Insurance Group. We would love to answer your questions and help you find a policy that fits your needs.