Millions of people call New York their home. There are many large cities and even smaller ones that offer a quieter way of life. Regardless of what city or town you call your home, it’s important to know how to shop for life insurance.

There are several terms you want to familiarize yourself with in order to know more about the insurance.

Award: The amount of the life insurance policy when it is paid to a beneficiary

Term life: Survivor benefits are paid for a specific term

Whole life: Survivor benefits are paid regardless of a term and there is a cash value

Term life policies are the least expensive and there is no cash value if you stop making the payments. The term is only valid for a certain number of years and this is a term that you have to identify early on.

If you choose whole life (or universal), you will have the protection for life as long as you can maintain the payments.

There’s a lot to decide and when you get online quotes; it can help you understand the costs as well as make some comparisons. You have to decide between term and whole life insurance in New York and decide on the company to go with as well.

We have insurance agents to help you with all of these decisions. You want to have a policy that is able to protect your loved ones. In the event of your death, you want to make sure you have the financial protection to cover them.

Let us help you get online quotes so that you can make comparisons and weigh the pros and cons between the different types of insurance that is available.

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Many businesses approach cyber security in a nonchalant manner in Albany, New York, mostly because managers think that the likelihood of getting hacked is slim to none, so they think they don’t need this type of business insurance. The truth is data breaches are common and the costs are phenomenal. Price Waterhouse Coopers estimates that companies average about 135 incidents each year, but they surveyed many companies that were not aware of a breach until notified by the FBI. Data incidents are happening more frequently, and some businesses are not aware of the threats.

How Data Breaches Impact Your Business
Data breaches reach beyond the IT department in many companies; the potential for risks are increased. If you consider the fact that networks allow users to access information on your network, the problem grows larger. Data breaches, even those resulting from minor operations disruptions, result in costs associated with:

•    Loss in productivity
•    Rebuilding your brand 
•    Fees for failing to comply with government regulations
•    Forensics used to track and remove the threat

In fact, Price Waterhouse Coopers estimates that the average cost to a company recovering from a cyber-attack is about $415,000. Fortunately, purchasing data breach insurance will help your organization save money when it comes to getting your business back operational.

Protect Your Business by Aligning with an Independent Agent
Independent agents offer a vastly different service from captive insurance agents, or agents who typically represent one company and offer limited services. If your business is concerned about the potential for cyber threats, contacting our local office is your first step to taking the necessary measures to ensure you are protected. After a thorough assessment of your business needs, our agents may be able to help you protect your business from cyber threats, threats to your property due to weather, and car accident in Albany, New York.

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Whether you operate a small business or a large organization, getting the most for your money is always important. Since your business needs business insurance, it makes sense to understand what options you have available when you purchase business insurance, primarily whether to purchase your insurance from an independent agent or a captive agent.

Understanding the Difference between an Independent and a Captive Agent
Many people do not recognize a difference between the companies they choose to purchase their business insurance from within Watervliet, New York. An independent insurance agent works for an agency that sells insurance products for many different insurance companies. A captive insurance agent sells limited products and services associated with only their brand. 

You Get Competitive Rates by Working with an Independent Agent
As a result of captive agents selling products and services created and priced by their business exclusively, your business doesn’t always get the best rate when you request insurance quotes. The quote you get is the established rate the company determined was fair for the product. 
Fortunately, with an independent insurance agent you get a competitive rate. Independent agents search the market for the best value for your business based on your needs. 

You Get Excellent Customer Service with an Independent Agent
For businesses, purchasing insurance means you need a working relationship with your insurance agent. Employee changes, changes affecting policy limits, and adding additional insurance products require communicating with your insurance agent on a regular basis. Independent insurance agents provide quality customer service during the sale and while maintaining your account; you are not simply an account, but a valued customer.

Ensure your business with the variety of insurance products offered by independent agents. By purchasing from them, you can get quotes, competitive rates, and quality service that lasts the duration of your working relationship.

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No business owner in Albany, NY wants to think about insurance, but it is an integral part of their business. After all, without it, they are seriously exposed to major risk. While insurance may not be the most fun and exciting thing in the world, it is an obligation that must be continue to be fulfilled in order your business to remain intact and operate smoothly.

However, once you get that policy in place, you are from done. You still need o review your coverage yearly and make sure that it still covers you sufficiently after any changes that occurred throughout the year. If you aren’t sure what changes may require that you get a new business insurance quote, here are five:

1. Employees Are Hired/Fired – When changes are made to your current staff load by any method, then your entire coverage may need to change. If you hire several new employees, then your Workers’ Compensation policy may need to be upped a notch to ensure all employees are protected if injured while working.

2. Business Relocates – If you start off in a small home office or a small office building, you may move to a large space as your business grows. Even if you are currently protected with a BOP, it’s likely that you’ll need more due to changes in security risks, natural disaster exposure, etc.

3. New Equipment – Your rate for Property Insurance will vary depending on the amount and type of equipment that you and your business use. When you purchase new pieces, it’s a good thing to consult with your independent agent to ensure everything is good. If it’s not, get it adjusted immediately.

4. New Products/Services – When you introduce a new product or service, you may need to add to your Professional Liability or General Liability Products and Completed Operations coverage to ensure that you are protected in the event that something goes wrong with your new product/service.

5. Revenue Declines/Increases – This is not by just a few bucks. If your revenue significantly jumps or declines, then you need to talk about your coverage. If you are seeing a decline in revenue, you can probably save money by lowering your premium for things that may no longer be necessary. If you re seeing a boost, then you need to make sure that you are protecting more assets.

If any of these five instances have occurred, then it’s time to give our agents a call so that we can evaluate your current commercial insurance, make the necessary changes and compare it to other available offers before settling on your new policy that will protect your business in the 12203 area.

If you currently own and operate a business, then it’s probably safe to assume that your business in Albany, NY, is properly insured with business insurance. However, have you ever wondered if that coverage was enough? What would happen if you encountered a loss that exceeding the current limits of your business coverage? Although you may think it would never happen to you, you can’t predict the future and the last thing you want is for your successful business to fail. Luckily, you have an option: umbrella coverage.

What Is a Commercial Umbrella Policy?

Essentially, an umbrella policy for your business is designed to provide an extra security blanket in the event that an adversity occurs, such as a lawsuit due to breach of contract, wrongful termination or bodily injury.

Why You May Need Umbrella Coverage

Let’s say that your current business insurance would cover $2 million in a general liability lawsuit. However, the settlement requires that you cough up $5 million. This means that you are left responsible for paying an additional $3 million. If you have an umbrella liability insurance policy, then it will cover that $3 million, assuming that the policy is at least $3 million.

Ultimately, it’s your decision whether you want to spend extra money on a separate umbrella policy to complement your regular insurance coverage. However, if a major loss occurs unexpectedly and you aren’t prepared, you could lose your business. Therefore, you may want to take the time to learn more about umbrella coverage and how it can benefit your business as a whole. For more information, contact our commercial insurance agents who serve the 12203 community in New York and can get you quotes umbrella insurance policy.