Name: Phil Klein Insurance Group
Address: 7125 Orchard Lake Road, Suite 302, West Bloomfield, MI, 48322
Telephone: 248-682-7445

3 Reasons To Update Your Commercial Insurance.

Posted on July 25, 2019July 25, 2019 by agentinsure

Phil Klein Insurance Group serves people in and around West Bloomfield, MI with the best in insurance services. We want our local businesses to be protected no matter what may come. One way to protect your business is by having the best commercial policy possible. Here are three tips for making sure you have the best policy for your situation.

Three Reasons to Update Your Commercial Insurance Policy Today:

A commercial policy is not like an auto insurance policy, it is very personalized to your business. if your business has gone through any changes over the past year it is important to update your policy by reporting these changes and protecting your assets.
You may have a new risk and need umbrella coverage. It is easy to just assume that you are covered enough, but if your business has just reached the public eye in a big way you have a risk of litigation that was not so high before. If your business has grown to new areas you are susceptible risks unique to that area, there are many reasons to discuss further coverage occasionally.
If you have changes in your personal life, it may affect your commercial policy. You want to update all policies when any big changes occur. Whether you are married and want to add your spouse to business documents, you adopted another dependent, or even move homes, report changes to your agent to see if it affects your policy.

Contact us a Phil Klein Insurance Group for all of your insurance needs in Bloomfield, MI. Do not let the asset that supports your lifestyle be at risk for a single moment this year.

3 Best Ways to Compare Home Insurance Policies

Posted on June 18, 2019June 18, 2019 by agentinsure

A typical homeowners insurance will cover damage to your property or it can also cover damages that occur on your property. Sorting through all the differences in what is covered can feel overwhelming and complicated. There are some ways to narrow down choices when you are shopping for insurance. Comparing things like costs, premiums, and what is covered is a good way to compare policies.

If you are looking for insurance for your home, Phil Klein Insurance Group in West Bloomfield, MI can help.

Premium vs deductible

Deductibles are simply the amount of money that is deducted from your insured losses. The premium is paid each month or year to maintain coverage. These are usually balanced in a way that if one is higher in cost, the other is lower. It is important to discuss how these two factors are calculated and affected by large natural disaster events.
Coverage

Based on where you live and specific policies available in your area, there are many options for types of coverage. Standard homeowners insurance may not cover certain events and separate policies may be required to make sure you are covered. Natural disasters, vandalism, and home plumbing emergencies are just a few typical occurrences that may or may not be covered.

Liability limit

Liability is part of homeowners insurance that covers damages or injuries to others on your property. This can vary between policies based on the exclusion of certain scenarios and events. This is one of the fine print details that can be good to look at when comparing policies.

It can feel a bit challenging when comparing home insurance policies. There is a lot of fine print, but researching what policies are available in your area can help you make good decisions. Phil Klein Insurance Group in West Bloomfield, MI can help with your home insurance needs. Agents will be happy to discuss the details of what is most important to you as far as coverage and cost.

What is Recreational Insurance?

Posted on May 16, 2019May 16, 2019 by agentinsure

If you love the outdoors of West Bloomfield MI, chances are you have one or more recreational toys that needs to be insured – or you’re thinking about getting some. At Phil Klein Insurance Group we help customers find the right policy at the right price, tailored to your specific recreational needs. So what exactly is recreational insurance and what does it cover? Read on to find out.

Recreational Vehicles

From motor homes to travel trailers and everything in between (teardrop trailers, pop up trailers, etc…) protect your vacation asset with the right insurance policy. Recreational insurance also covers all-terrain vehicles and snowmobiles. With the right policy, your toy will be covered from theft and damage. Also, if you cause an accident with your recreational vehicle, your insurance will kick to protect your liability.

Watercraft

Do you love going fishing or out on the lake for the day with family and friends? Having a boat is often a dream come true for many people. Protect this asset with recreational insurance that fits your watercraft, whether that be a fishing boat, sailboat, speed boat, seedoos, and more. An insurance policy will protect your watercraft from theft, fire, damage, and liability. In the long run, it gives you peace of mind and helps you save money if anything were to happen.

Antique Cars

Are antique cars your passion? If so, they need their own insurance policy. Oftentimes, these classic cars qualify for amazing rates so there’s no reason not to insure it, and if you plan to drive it on the road, insurance is required by law.

To learn more about purchasing recreational insurance in West Bloomfield, MI, contact the Phil Klein Insurance Group who serves this area. Our trained, knowledgeable, and friendly staff will answer all of your questions and concerns and help you compare quotes to find the right policy for your recreational vehicle, boat, or classic car. You can contact us today at 248-682-7445.

Does Commercial Insurance Cover Business Interruption?

Posted on January 21, 2019January 21, 2019 by agentinsure

Commercial insurance policies are a must for any business owner in the in West Bloomfield, MI area. Phil Klein Insurance Group is more than happy to provide them. However, there are a wide range of frequently asked questions when it comes to policies of this nature.

One of these questions is usually centered around the concept of remaining protected during a business interruption. Any business owner who is adept at reading the tea leaves knows that there are bound to be interruptions along the way.

If you have already purchased commercial property insurance, you will have the coverage that you need. Making sure that this insurance covers any potential interruptions in full is the next step. Each business is going to have its own separate requirements and policies must be tailored to them.

Some businesses may be able to weather an interruption in service more easily than others can. The amount of coverage that is going to be needed will depend on a few different factors. What level of profit loss is going to take place? What about mortgage and rent payments?

Utilities, taxes and payroll obligations must also be considered when these policies are being purchased. Physical damages that take place are also covered with these policies and Michigan business owners would do well to remember that.

Keeping a business protected is about more than buying a simple commercial insurance policy. While these policies cover business interruption, a business must make sure that they are able to cover any losses that take place….or risk long term consequences.

Business interruptions are never a good thing. That is why business owners in West Bloomfield, MI must schedule a consultation meeting with the good folks at Phil Klein Insurance Group as soon as possible. We have all the answers that you need.

Am I too young for life insurance?

Posted on August 24, 2018August 24, 2018 by agentinsure

Life insurance is generally regarded as something that you don’t really worry about until your retirement age. There is some truth to that, but the fact is that it has nothing to do with your biological age. Rather, retirement is usually the age people are at when they have something worth protecting with life insurance, and the means to invest in a good policy. We are not trying to say that the people in West Bloomfield, MI should wait to call Phil Klein Insurance Group for life insurance, and it should have nothing to do with how many gray hairs you have on your head, but more to do with who you’re trying to support when you are gone.

If you have dependents, a wife, children, or family members that you look after, then life insurance will ensure that they are taken care of should something happen to you. That’s all life insurance is about. It has nothing to do with physical age.

This applies to many people who are fairly young. If you already have a family in your twenties and you want to make sure that they are provided for, life insurance can help. In fact, it may be wiser to invest while your children are young. When they’re able to get jobs of their own, they might not need the support. Life insurance can also help to cover funeral expenses and education. So, keep all these factors in mind.

It is up to you to take the responsibility of researching and reaching out to a trusted agency like Phil Klein Insurance Group. Life insurance can protect you from unforeseen financial troubles in the future. Contact our agency to speak with a representative and to get a quote.

How Commercial Insurance Can Protect from Legal Costs in West Bloomfield, MI

Posted on July 31, 2018August 2, 2018 by agentinsure

If someone is hurt, injured, or experiences property damage while in your business, you could be financially responsible. The same goes for any issues involved while you perform work outside the business location. You worked hard to build your business, don’t let one court case threaten your assets. Business liability insurance is the answer, and your Phil Klein Insurance Group agent can help ensure your West Bloomfield, MI business has the right coverage. Meanwhile, here’s some basic information about a commercial policy.

How Does it Work?

Liability insurance protects you if someone sues your business. Make sure your coverage is enough to cover the risk for your particular type of business. If you are performing a business service, such as drywalling someone’s home, and you accidentally damage expensive flooring, your business insurance pays for the damages provided it’s an insured event.

Business liability covers legal and court costs, as well as judgments found against you. Protect yourself and your customers from liability and accidents that could occur at any time.

Other Business Insurance

You can also get coverage specific to the risks associated with your type of business. Every business can benefit from insurance for property damage, medical costs, bodily injury, and other insurance coverage like loss due to bodily injury, defending attorneys, property damage, libel, slander, and others.

What Coverage is Right for You?

If you manufacture, distribute, or retail a product, consider product liability for protection against a defective product that causes bodily harm. CPAs and doctors need professional liability insurance to cover errors and omissions that arise in the normal course of business. If you have a steady stream of customers, you have a successful business, but that means you need to have adequate coverage against injuries and property damages that occur during business.

Contact your Phil Klein Insurance Group agent in West Bloomfield, MI today to set up an appointment for a quote on commercial coverage and other insurance policies today.

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.

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.

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.