As a business owner, it is usually best to obtain a commercial general liability insurance policy to protect the assets of your company from potential losses. Although liability protection in Albany, New York may not seem necessary, it ensures that you will not face financial hardships when accidents occur on company property.

Basic Coverage

The details of any liability protection plan can vary based on the type of business that you own, so the specific coverage can differ between insurers and policies. Regardless of the situation, a basic plan will usually provide protection against accidents that may take place on company property or against injuries from defective products.

A variety of options are available based on the needs of your company. In some cases, the plan may focus on products that you produce while other businesses may focus on potential accidents on company property due to the higher risk of potential accidents.

Finding the Right Plan For Your Business

The best general liability policy for your company depends on your specific concerns and the potential problems that your business may face. You may be held responsible for slip and fall accidents, injuries related to improper use of products if you did not have a warning label, defective products or similar situations that cause injuries.

The right plan for your company will depend on the situations that you may face. Every business has different needs and requirements, but the protection plan ensures that you will not pay for accidents and injuries by selling company property.

Taking responsibility for the injuries that your products, employees or services cause is essential for any company. Contact NY Twin Bridges Insurance Agency to talk to an independent agent to learn more about your plan and what is covered.

When it comes to your employment there is nothing more critical than getting your retirement in order before the time comes to call it quits. The big problem that some people have is that they do not stay at one job long enough to qualify for any kind of retirement benefits. Here are some things that you can do if you find that you do not have any retirement benefits in Albany, New York.

Your Retirement Options When You Leave Your Job

• Just because you leave a job with no pension does not mean you do not have options. One of the first things you can do is participate in the 401k program. Most companies have a matching plan that you can have to save money for retirement.
• Look into whether you are eligible to buy company stock. Some companies allow their people to buy general stock at a discounted rate.
• Get a life insurance policy that builds cash value. This can give your family and yourself the peace of mind knowing that your funeral expenses are taken care of.
• You can also look into opening an IRA account for future retirement expenses. An IRA gives you a pretax contribution option to grow your money.

There are a lot of things that you can do in order to build for your retirement once you have left your job. If you have any questions about your insurance needs, then you need to contact your independent agent today. As your agent we can help answer your questions and help you get the coverage you need for when you are ready to retire from being in the work force.

Just like your auto insurance company in Albany, New York must provide you with notice before they can cancel or choose not to renew your policy, the same holds true for your commercial insurance policy. If you have a business in Saratoga Springs or Schenectady and buy commercial insurance, you can not be denied renewal, or canceled, without first receiving proper notice.

The notification requirements for cancelation are different that the notification requirements for non-renewal of your commercial insurance policy. With cancellation, there are different requirements for policies that have been in effect for 60 days or less and for those policies that have been in effect for more than 60 days.

If your policy has been in effect for 60 days or less, your insurance provider must give you at least 30 days notice before the effective date of cancellation. In certain cases, proper notice may be 15 days or more.

The time may be reduced for notice of cancelation to only 15 days if the reason for cancelation is that you did not pay your premium. Before canceling your policy, your insurer must first notify you that there is a balance due on your premium payment. A second reason for the reduction in the notice time can be if you are convicted of a crime that changes the hazard that you are insured against. You can also be subject to a shorter notification period if fraud or material misrepresentation is discovered either while obtaining a policy or filing a claim on the policy.

For policies in effect for more than 60 days, the general rule is that your insurance provider must give you at least 15 days of notice.

Non-Renewal notification requirements are at least as long or longer than they are when your insurance is canceled. Notice must be at least 60 days, but not longer than 120 days before the expiration date of your policy.

If you would like to learn more about the reasons that your policy can be canceled or proper notification requirements, please give us a call. An independent agent can go over your individual situation and help you acquire, keep and maintain the coverage you need for your business.

There are insurance plans that will pay off a mortgage when one of the insured dies. Usually your life insurance plan will take care of this type of expense. When you are purchasing a life insurance policy, if this is important to you, make sure that you have enough coverage to take care of the mortgage and leave your loved ones without the burden of that large payment.

If you or your significant other die, it may be difficult to pay all of the bills. If you have a large mortgage payment, you will want to make sure you have an insurance plan that takes care of this expense in the event of a death. Your independent agent can help you determine how much insurance coverage you need and what type of plan will work best in your situation. In Saratoga Springs and Schenectady, life insurance is essential. If the primary wage earner should die, the rest of the family may not be able to make up the difference in the income.

As an independent agent, we can help you calculate the amount of insurance you need and compare quotes to find you an affordable rate. As your family grows in Albany New York, you may need more insurance coverage. If you move to a larger home, you may need to increase your policy. Your independent agent is here to help you plan ahead for your family’s needs and give you peace of mind. You can call us today and we will be happy to discuss your options and answer your questions.

When you purchase business insurance in Albany, New York, you may worry about when a commercial insurance provider will audit your protection plan. The insurer may order an audit in specific situations, but it does not usually occur at the beginning of a policy or when you have a long period of time remaining before your policy expires.

Cancelling a Policy

If you cancel your commercial insurance policy, then the insurer may order an audit on your policy. The reason is primarily related to verification. It verifies that you cancelled your insurance and that it was not cancelled by a third party. By auditing your policy, the insurer is able to ensure that identity theft did not occur and that you made the decision because you decided to work with a different company or as a result of losses in your business.

End of the Policy

In many cases, insurers will audit your policy when the current contract has expired. Even if you decide to renew your contract and continue working with the same insurer, auditing occurs to ensure that you are still eligible for continued coverage and that the policy is appropriate for your business.

The amount of time before an audit occurs can vary between companies, but in many cases it will take roughly 15 days before the results are available. If you decide to continue working with the same company, then you may be allowed to renew your contract before it expires.

Every company has a different policy and method of handling audits. Although many insurers will audit at specific times, the exact time period and the specific details of a policy may vary. Talk to an independent agent today to learn more about the auditing process.

When most people in Albany, New York think about saving for retirement, they think about contributing to a 401-K plan through their employer or maybe setting up a Roth IRA account. While those are two good options, there are also ways to build a solid retirement policy by purchasing an annuity or a whole-life insurance policy through an independent agent.

You buy life insurance or establish a retirement policy because you care about someone else and want to make sure that they are well provided for if you are not around to help support them. Whatever type of retirement policy or life insurance policy you may own, or contemplate buying, will have a question asking you to name one or more beneficiaries.

In New York, there is no specification as to whom you can list as a beneficiary on a retirement policy. Usually, people name their spouse, children, relatives or close friends as beneficiaries. You might name your sister in Saratoga Springs or your grown son who resides in Schenectady. You can name just one beneficiary or several beneficiaries. The choice is up to you.

There are two categories of beneficiaries. A primary beneficiary will receive the proceeds of your retirement policy upon your passing. If there are several primary beneficiaries named, each beneficiary will receive an equal share of the proceeds unless you specified a percentage that each individual should get.

If all primary beneficiaries that you named pre-decease you, the next eligible group to benefit from your retirement policy are any contingent beneficiaries that you may have named on your policy. If there are no beneficiaries, the balance in your account will become part of your estate that will need to be settled.

As your independent agent, we want to make sure that you have the right type and amount of coverage so your beneficiaries will be well taken care of for the rest of their lives. Give us a call and we can answer any questions you may have about insurance and planning for the future.

As a real estate agent working in New York, it is usually a good idea to have the appropriate business coverage to meet your needs and keep your company as safe as possible. The key to determining how much insurance you need in Albany or the surrounding areas of Saratoga Springs or Schenectady depends on whether you own the agency or you are working as an agent for another company.

Working for a Company

If you work for an agency, then you will not need as much insurance protection as the owner of an agency. The reason is simple: you have a lower amount of liability than the owner.

Although working for a company means that your policy is limited, you should consider some basic commercial insurance coverage to keep your personal assets as safe as possible. A real estate agent is still responsible for personal actions because the method of managing each agent is based on commissions.

Working Individually

If you own the company or you are working independently, then you may need to take out a larger amount of commercial insurance to protect your business from financial losses. Your level of responsibility and liability increases with the number of risks you may face. Depending on your particular situation and how you run your business, the amount of protection that you need will vary. In most cases, you will want to have a basic coverage plan or additional protection to keep your business from facing financial challenges if a client is injured on the property.

Protecting your reputation and your business requires the right type of policy to keep your company running. To learn more about keeping your business or assets safe, contact us to talk to an independent agent.

When you got divorced from a former spouse, you may assume that the individual is no longer eligible for a survivor benefit on your retirement insurance plan. The problem is that the situation ultimately determines whether that is a true fact or not.

Length of Marriage

The length of the marriage plays a significant role in whether your ex-husband or wife is eligible for survivor benefit on your retirement insurance plan. If you were married for at least 10 years, then he or she may qualify for the benefit in Albany, New York. If you were only married for a year or two, then he or she may not qualify.

The length of the marriage plays a significant role in the determination of benefits because a long-term marriage will usually allow that individual to obtain certain benefits, even if you remarry in the future.

Marriage of the Other Party

If your ex-spouse remarried, then he or she may not qualify for a survivor benefit. A remarriage will tie his or her finances to the new spouse, which allows you to remove the individual from your plan. To qualify for survivor benefits, he or she cannot be currently married at the time it is possible to make withdrawals.

The same is not necessarily true if you are remarried. He or she may still be eligible for a survivor benefit if you were married long enough according to the specific details of your policy and if he or she is still single when it is possible to make withdrawals.

A divorce does not necessarily mean that your coverage does not apply to your ex-spouse. The circumstances surrounding the situation in Saratoga Springs, Schenectady or similar areas within New York will determine the possibilities. To learn more about benefits your ex-spouse may obtain, contact us to speak to an independent agent.

Life insurance rates are calculated with advanced mathematical formulas that take into account a wealth of information. The insurance companies in Albany, New York draw upon statistics from national databases and use their own local experience to determine rates. They must take into account the mortality (or morbidity) rate, assets and liabilities, market trends and coverage, as well as other factors when performing risk analysis.

Mortality Rate

The mortality rate, or morbidity rate, is actually only a small portion of the overall picture that life insurance companies must consider. They use statistics to determine how long an individual will live, on average. This part of the formula must take into account personal health, occupational hazards, life expectancy in Albany and more.

Assets and Liabilities

Life insurance companies also must consider their own assets and liabilities before issuing a policy. For, companies that are positioned conservatively might be willing to take on more risk, but companies that have many liabilities and few assets might have to curtail the policies they offer. Insurance companies must keep a specific ratio of these, by law.

Market Trends

The premiums life insurance companies do not just sit under a giant mattress. After paying administrative costs and paying out claims, insurance companies invest these premiums. Therefore, insurance companies must be able to forecast market trends and predict how their investments will fare.

Coverage

Finally, the coverage of a policy directly affects its premium. Insurance companies take on additional risk when you select higher levels of coverage… The premiums must cover this additional risk.

If you would like more information about life insurance, contact us. As an independent agent, we are able to shop around and find the best policy for you.

If you own a business in New York, you’ll definitely need adequate insurance that offers yourself and your business protection from bodily injury or property damage claims. For this purpose, you’ve probably thought about purchasing a Business Owner’s Policy (BOP), but should you also opt for commercial property insurance coverage as well?

What is a Business Owner’s Policy?

In addition to coverage for your property, your Albany-based business should also have protection against third-party claims and coverage for both company vehicles and non-business vehicles used by employees. A Business Owner’s Policy (BOP) combines property and liability policies into a single, simplified package. The average BOP policy can also be tailored to suit your business’s needs.

BOPs include a wide spectrum of coverage options for companies, but the most common forms of coverage involve general liability and property insurance:

• Property insurance under a BOP provides coverage for personal property, permanently attached equipment and structures that you own or lease for your business. It also includes coverage against business interruptions due to a natural disaster.
• General liability insurance provides protection against third-party claims due to property damage or bodily injury that occurs on your premises or as a result of your operations.

BOP or Commercial Property Insurance: Which One Should I Choose?

Commercial property insurance simply covers your business’ leased and owned physical property and the property of your clients and customers whereas, a BOP covers not just your building and other property, but it also provides general liability and other forms of coverage.

Since a BOP already includes commercial property coverage, you’re better off having the comprehensive protections afforded by one. In addition, you’ll also save money by having all the coverage your company needs in one package. Contact us to get in touch with an independent agent in Albany to further discuss your options.