Do You Need to Adjust Commercial Insurance Annually?

Posted on May 30, 2025May 19, 2025 by agentinsure

The business landscape is ever-evolving. There may be periods when your business thrives, leading to higher profits and opportunities for investment and growth. Conversely, there may be times when your business faces challenges, requiring you to be more strategic with your resources. Given these constant changes, it’s logical to ask: Should your insurance adapt too? More specifically, should you adjust your commercial insurance annually? Here’s why doing so can be beneficial, and how you can ensure you have the appropriate coverage with our assistance at Phil Klein Insurance Group in West Bloomfield, MI!

Is Annual Adjustment of Your Commercial Insurance Necessary?

Like every other aspect of your business, you should evaluate and adjust your commercial insurance annually. The reality is that things can change rapidly within a business, and you could easily find yourself either overpaying for coverage or underinsured because you’ve acquired new assets or hired new employees. For instance, you might be downsizing yet still paying to insure a larger building. Conversely, you might be underinsured if you’ve expanded operations and purchased a new location. Regardless of the changes that occur in your business over a year, reviewing and adjusting your commercial insurance annually provides the reassurance that you’re adequately covered and paying a fair amount for that coverage.

Secure Your Business With Phil Klein Insurance Group

Do you still need to shop for commercial insurance? If you’re looking to cross that task off your to-do list, start here with Phil Klein Insurance Group in West Bloomfield, MI! We make finding and comparing policies straightforward. Compare quotes with our assistance today!

Protect Your Biggest Investments: Three Home Insurance Add-Ons to Consider

Posted on April 30, 2025April 15, 2025 by agentinsure

When was the last time you looked at your home insurance policy? If you are like most West Bloomfield, MI homeowners, you probably haven’t looked at it since you chose your original policy. Hopefully, you didn’t ignore the possible add-ons to your insurance policy that could have helped you down the road. If you did, you can always add them later. At Phil Klein Insurance Group, we want to help each of our customers get the perfect level of coverage for their home. This means considering the following three add-ons.

1. Ordinance Coverage

Construction codes for homes change all the time. The good thing is, you don’t have to update your home to match the zoning or local code once it is already built. If you decide to update or repair your home after damage, you do have to follow building codes. This could be costly, so adding ordinance coverage to your home insurance policy is a good idea if you are concerned this might happen to you.

2. Home Business Coverage

You may need additional coverage if you run a business from your home. Most insurance policies have a maximum payout for claims for a home business. It’s usually around $2,500. Almost every business on Earth will need a bigger payout than this if they lose their home business thanks to a natural disaster or fire destroying their home. Anyone who owns a business and works from home should get this endorsement for their policy.

3. Sinkhole Coverage

Sinkholes can happen anywhere. You should be protected if this is something that concerns you because it could result in the total loss of your home. Do some research to see how at-risk your home is of getting swallowed by a sinkhole.

At Phil Klein Insurance Group, we are the West Bloomfield, MI, area’s experts in home insurance. Residents who are concerned about their level of coverage should call us today.

Why Life Insurance is a Smart Investment for West Bloomfield, MI Families

Posted on March 28, 2025March 14, 2025 by agentinsure

Life is sweet in West Bloomfield, MI, and it’s important that we always make the most of it. Life insurance is sometimes overlooked because people assume they either don’t need it, can’t afford it, or will get it later. Unfortunately, there isn’t always a "later." At Phil Klein Insurance Group, we are here to help.

Understanding Life Insurance

There are all sorts of different life insurance policies—term, whole, universal, and the list goes on. Choosing the wrong life insurance policy can be costly, so you should be working with a professional and knowledgeable insurance agent.

The cost of life insurance may be more affordable than you might think. Your age, health, and more will be taken into consideration.

You will also want to get sufficient policy coverage. Policies can be $10,000, $100,000, $1 million, and more. It can cover funeral expenses, the remainder of your mortgage, tuition for all of your kids, and all sorts of other expenses that you may want to consider in the event of losing a loved one.

Securing the Necessary Coverage

How much coverage is enough? That’s up to you and your family. However, in order for it to be a truly smart investment, you have to consider the financial loss of a particular family member, even if that’s you. It’s all about income as well as debt.

Your policy coverage should be carefully calculated, so you should work with an agent who can talk to you about the many options.

Discuss Your Life Insurance Options Today

Discussing your life insurance needs doesn’t have to be complicated. Call Phil Klein Insurance today in West Bloomfield, MI, and let us help you find a policy that provides peace of mind.

Renting a Stand-Alone Commercial Property vs. a Subsidized Unit

Posted on February 28, 2025February 13, 2025 by agentinsure

As a business owner, you’ll encounter two different commercial property types when looking for a place to rent. You can choose between a stand-alone property or a unit within a shopping mall. Both options have their pros and cons.

Maintenance Requirements

If you own a stand-alone property, you are responsible for maintaining the parking lot, lawn, and building you rent. However, if you rent a unit within a shopping mall, you share a parking lot, parts of the building, and other areas, which is the landlord’s responsibility. This can ease the burden of your maintenance needs and be an excellent option for a new business.

Reputation Concerns

When you rent a unit in a shopping mall, you may have reputation concerns if a business in the mall has poor clientele or questionable business practices. Your reputation as a location and mall can either deter clients or attract them if a popular business is located in the same area. It’s a risk you take with units within a shopping mall, but it can sometimes be beneficial.

With a stand-alone business, you can create your own reputation and manage your space so that you don’t have unwanted guests lingering in the area and bringing in unwanted attention.

Rent/Leasing

The cost of a stand-alone commercial property is usually much more than a unit within a shopping mall. If you have an established business and can afford this type of rent, it’s the ideal way to go. For small and new businesses, cheaper rent with units within a shopping mall is probably the best place to start until you can build up your clientele.

If you need more information on commercial insurance in the surrounding areas of West Bloomfield, MI, contact our agents at Phil Klein Insurance Group. We can get a quote for your business on the policy you need today.

Is It Beneficial to Purchase Disability Insurance During Your Working Career?

Posted on January 24, 2025January 16, 2025 by agentinsure

Overview of Purchasing Disability Insurance While Working

Preparing for the future is sometimes not at the top of the list of things to do, but in reality, making sure you have taken steps to ensure your future lifestyle in West Bloomfield, MI should be a priority, as unexpected situations can happen at any time. When you speak with one of our agents at Phil Klein Insurance Group, you will have useful information that can help you put into play a plan of action.

Benefits of Disability Insurance in West Bloomfield, MI

In today’s world, many, if not the majority, of most people plan to have a working career until they are eligible to retire. Even then, people still continue to work after reaching retirement age. An option to ensure your financial stability in the event of an illness, injury, or accident during your working career that results in you no longer being able to work is purchasing long-term disability insurance.

There are two types of disability insurance: short-term and long-term policies. Short-term is for a set number of weeks and, for some policies, up to a year.

For those wanting to protect their financial stability, long-term disability policies provide coverage for many years or for life.

Pros

Protects having an income.
When purchased privately, benefits are tax-free.
You decide how the payments received are spent.
Supports keeping financial obligations current. It helps avoid accruing debt and possible bankruptcy.
Provides peace of mind.

Cons

Premiums increase in price as you get older.
Premiums can be expensive for jobs deemed dangerous.
Pre-existing conditions may not be covered.
The waiting period for coverage varies (days to years).
Benefits are paid only for disability situations.

Contact Our Agents in Michigan

Learn about disability insurance and speak with one of our professional agents at Phil Klein Insurance Group. One of our goals is to help you choose a policy that will support your future. Contact us today, and let’s get started on a plan that suits your needs.

What Kinds of Businesses Need Commercial Insurance?

Posted on December 16, 2024December 13, 2024 by agentinsure

If you’re in the West Bloomfield, MI area and operating or planning to start a business, Phil Klein Insurance Group is here to help. We know you probably have many questions about commercial insurance, and we want to ensure you’re getting the right policy for your needs. Whether you already have one and need to make changes, or you’re planning to get one and don’t know where to start, our agents are here for you.

Finding the Right Policy for Your Business

There are many different types of businesses that don’t all need the same kinds of commercial policies. You might not need a commercial policy if you have a home-based business that doesn’t see clients or customers in person. For most companies, though, commercial coverage is the right choice. Our agents will help you find the best protection for your needs by ensuring you get a policy that fits your business and its goals.

It’s Important to Review and Update

Reviewing and updating your policy matters and working with an agent makes that much easier. You don’t have to guess whether your policy is the right one or whether you have a level of coverage that fits. We’ll ask the right questions and make valuable suggestions so you can keep your business on track.

Get in Touch With Us Today

Contact us at Phil Klein Insurance Group today if you’re in the West Bloomfield, MI area and looking for commercial insurance. Our agents are happy to help you find a new policy, update your current one, or review it to make sure you have what you need. We’ll answer your questions and ensure you’re getting the right support, so you can build and grow your business confidently.

Insurance Coverage for New Residential Construction

Posted on November 15, 2024November 13, 2024 by agentinsure

Are you planning a new residential construction project? If so, now is the time to consider the insurance protection your property needs.

Home Insurance Coverage

Home insurance protects a homeowner from a series of unforeseen events. A policy may cover you if you need to have your home repaired. It may also provide financial relief if you are sued due to an injury or damage that occurs on your property.

Possession Protection

Consider the items that you will be moving into your new home. Determine the risk associated with an item being stolen or damaged. Items of value should be prioritized and added to your home insurance policy.

Prepare a list highlighting the items you want to add to your home insurance policy. Record vital details that could assist with filing a home insurance claim in the future.

The make and model of your possessions and the current value of your items may need to be reported when filing an insurance claim.

Home Construction Considerations

Evaluate the layout of your new home and the types of materials that are being used to construct it. The layout of your home could reflect upon the amount of insurance coverage you need.

If you have decided to purchase liability coverage, determine which parts of your new home pose the most risk. During the evaluation, assess staircases, uneven surfaces, and unique design elements.

Keep track of the cost of materials that are used to construct your home. You can add these materials to your home insurance policy.

Contact an Agent Who Serves West Bloomfield, MI

Schedule an appointment to consult with an agent from Phil Klein Insurance Group. An agent will assist with your home insurance policy.

Does Auto Insurance Cover Theft?

Posted on October 21, 2024October 14, 2024 by agentinsure

If your car is stolen, the coverage provided by your auto insurance policy depends on your insurance type. There are several types of auto insurance, but not all cover theft.

The professionals at Phil Klein Insurance Group, servicing West Bloomfield, MI, can help you find an auto insurance policy that includes theft coverage. If car theft is a common issue in your area, or if your car model is at high risk of theft, you may need insurance that provides this specific coverage.

Which Type of Auto Insurance Covers Theft?

Among the various types of auto insurance, only comprehensive coverage includes theft. Comprehensive coverage is the highest level of auto insurance and offers extensive coverage.

Besides theft, comprehensive coverage also pays for repairs to the other driver’s vehicle if you cause a collision. If your vehicle is damaged in a collision, comprehensive auto coverage will pay for your vehicle’s repair, even if you’re at fault. Moreover, comprehensive auto insurance covers events not caused by a collision, such as damage from fire.

Do I Need Theft Coverage?

If you financed your vehicle with a car loan, you would likely need to get comprehensive auto coverage, as most lenders require it. Even without a car loan, it’s wise to opt for comprehensive coverage if you’re concerned about car theft. Comprehensive auto coverage offers the highest level of financial protection and can be beneficial for high-value, brand-new vehicles.

Interested in learning more about insurance that covers theft? Talk to Phil Klein Insurance Group professionals, servicing West Bloomfield, MI. We’re here to answer your questions!

Why Should I Get More Life Insurance Than My Job Offers?

Posted on September 23, 2024September 17, 2024 by agentinsure

Navigating through Life Insurance: Employer-Provided vs Personal Policy

Employees often receive life insurance as part of their benefits package, while some individuals access group life insurance policies through professional societies, unions, or other associations. While these policies bring about benefits, they rarely provide the substantial coverage that households require. Additionally, life insurance obtained via an employer typically doesn’t extend to family members. If you’re uncertain about your family’s life insurance needs, consult the Phil Klein Insurance Group serving West Bloomfield, MI. We’ll work with you to structure robust life coverage that suits your family’s needs.

Perks of Employer-Provided Life Insurance

In most cases, employer-provided life insurance has several advantages, essentially because it often comes free, with options to purchase more. Moreover, these group-based policies make it easy for employees with pre-existing conditions to secure life insurance they might otherwise not be eligible for. Acquiring employer-based life insurance requires minimal effort on the employee’s part, making the process nearly automatic.

Limitations of Employer-Provided Life Insurance

Despite the benefits, employer-provided life insurance typically has drawbacks:

It isn’t transferable. Employees generally lose their coverage upon switching employers.
Few benefit packages offer substantial insurance for spouses or children.
Most crucially, employers rarely provide coverage in the amount a primary provider needs to shield their families entirely.

Therefore, while employer-provided life insurance is beneficial, it tends to fall short for most families. Hence, purchasing additional life insurance is advisable for most households.

Engaging with Phil Klein Insurance Group

If you reside in the West Bloomfield, MI, area and wish to discuss your life and other insurance needs, feel free to drop by or call us at (248) 682-7445 to engage with the Phil Klein Insurance Group. We’ll help you locate the right plan for your needs.

Do I Need Commercial Vehicle Insurance If I Put A Company Sign on My Truck?

Posted on August 30, 2024August 20, 2024 by agentinsure

Insuring your work vehicles adequately is a sound business practice that considerably reduces risk. Unfortunately, some business owners erroneously believe that their own or their employees’ auto insurance provides coverage for work-related accidents. This misperception can expose them to significant risk. Therefore, it’s crucial to thoroughly understand when you need commercial vehicle coverage, such as when vehicles display company signage. If you own a business and want to understand your commercial insurance options better, our Phil Klein Insurance Group team is available to guide you. We are based in West Bloomfield, MI.

Distinguishing Between Business and Personal Vehicle Use

Michigan companies that use vehicles for business need to ensure they have the right insurance coverage. In addition to work trucks, a company’s vehicle must carry commercial vehicle insurance. Additionally, vehicles may also need coverage beyond a standard personal policy if any of the following apply:

Transporting work-related goods
Visiting a client or a job site
Carrying work tools or equipment
Transporting employees or clients
Displaying business signage, either temporarily or permanently

If you or an employee carries out any of these actions and causes an accident, liability may fall on both the driver and your business. We often recommend acquiring Hired and Non-Owned Auto Insurance (HNOA) to safeguard your business in such situations. This kind of policy covers personal, leased, and rented vehicles used for business purposes. It’s also essential to remember that many individual auto policies specifically exclude coverage for vehicles displaying business signage. In such cases, a commercial vehicle policy becomes a necessity.

Collaborating with the Phil Klein Insurance Group

The Phil Klein Insurance Group caters to the personal and business insurance needs of business owners in the West Bloomfield, MI, area. Call us today at (248) 682-7445 to design an insurance plan that best protects your business and personal assets.

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