Understanding Auto Insurance

Auto insurance is the service we need to protect ourselves and others if we’re in an accident. Because accidents can happen unexpectedly, you need to cover yourself before it happens. The auto insurance agents at Phil Klein Insurance Group, in West Bloomfield, MI, are available and want you to understand the basics of auto coverage and why you need it.

No-Fault Coverage

One of the main types of coverage that most states require is liability insurance. In Michigan, you’re required to have no-fault coverage. With no-fault insurance, you won’t be sued if you’re involved in an accident that is deemed to be your fault. There are certain situations that are excluded.

  • If you cause an accident that results in someone being seriously injured or killed.
  • If you hit someone who is a non-resident and their vehicle is not registered in Michigan.
  • If you get into an accident outside of the state.

In these conditions, having no-fault insurance would cover some or all of the cost of medical bills, car repairs, and lost wages.

Three-Part Insurance System

In Michigan, the no-fault policy is made up of 3 parts.

  • Personal Injury Protection (PIP) – pays for medically necessary expenses for you if you are injured in an accident. PIP has no maximum limits, except when it comes to missed wages or death payouts. The maximum for death payouts or missed wages is 3 years and is based on your possible earnings.
  • Bodily Injury – helps pay for the medical costs if you cause an accident that injures someone else.
  • Property Damage – covers you from having to pay for damage to physical property, such as parked cars or fences.

If you need to adjust your coverage and you’re in the West Bloomfield, MI area, stop by Phil Klein Insurance Group to speak with an agent.

Do I Need Life Insurance If I Am Single?

You probably know that the main idea of life insurance is to protect your family and dependants in case of your untimely death. However, does it mean that single people, who do not have partners and kids, do not really need life insurance? No, it is not true. There are many reasons why you still should get a life insurance policy even if you are single, and Phil Klein Insurance Group serving West Bloomfield, MI has prepared the list of few of them: 

Life Insurance is Cheaper When You Are Young

If you are young and single, it is actually a perfect time to get a life insurance policy. The younger you are, the lower premium is due to quite a low risk of you dying. Therefore, instead of waiting until you buy the first house, get married, and have kids, it is more cost-efficient for you to get life insurance now. 

It Will Support Your Dependants

You may have no children or spouse, but you probably have your parents. Getting life insurance is a guarantee that they will not be left in need after your death. 

Life Insurance Will Cover Your Mortage Debts

If you are paying a mortgage, getting a life insurance policy is a great idea. In this case, if you die, the remaining mortgage balance will be transferred to one of your relatives. That relative will be able to continue making payments by using your life insurance payout. 

If you have any questions about life insurance or you are thinking of getting a policy and you need some assistance, Phil Klein Insurance Group serving West Bloomfield, MI and other surrounding towns is ready to help you and provide you with all the necessary information. Do not hesitate to give us a call to talk to one of our experienced and highly qualified agents. 

Importance of Commercial Liability Coverage for Your Small Business

Small businesses need well-balanced commercial coverage to protect their interests. Commercial liability is an important part of that coverage. Commercial liability insurance protects your small business against accidental injuries that may occur on your business property. Here’s why liability coverage from Phil Klein Insurance Group is so important to your small business.

Protection against Liability Claims

If your company is open to receiving customers or clients, there’s always the risk of someone having an accident while visiting your business site. If you’re found responsible for the accident, your business may have to pay for medical costs. General liability insurance covers these expenses so they don’t come from your business assets.

Accidents can cause all manner of injuries ranging from cuts and lacerations to broken bones, back injuries, concussions, and more. General liability helps pay for doctor bills, hospital bills, medications, and therapy, if needed, to help an accident victim recover.

Protection against Lawsuit

In today’s business world, lawsuits are extremely common. If an accident in your small business leads to a lawsuit, it could cost you a substantial amount of money in legal fees alone, not to mention a settlement if you lost. General liability insurance protects your business against a lawsuit by covering your legal fees and settlement, if you lose, up to the limits of your policy.

Product & Professional Liability

If your company produces or sells products, product liability is a must. This coverage protects your assets if your product causes customers injury or harm. If you provide a professional service, professional liability insurance can protect you against claims of negligence in the services you provide.

To learn more about commercial liability coverage or to purchase liability coverage for your small business in West Bloomfield, MI, contact Phil Klein Insurance Group today.

Will Home Insurance Cover Building Materials?

If you’re doing some renovations in your home, your home insurance policy may offer some limited protection for lost building materials, but it’s unlikely that you’re going to take the time to add every 2×4 and box of screws to your inventory for small projects, and even less likely that you’re going to be willing to file a home insurance claim on thirty dollars worth of lumber you were using to rebuild a window frame.

What you’re going to want to consider instead is asking your home insurer about renovation insurance, or "dwelling under construction insurance." This is an additional policy that you can buy from the insurance provider that will protect you against many of the risks you’re going to face as a homeowner while remodeling your home. That’s going to include common hazards that can take place during construction, as well as any building materials and tools that may be lost or damaged over the course of the project.

Of course, insurance always comes down to what you’re comfortable replacing yourself. If you’re doing small renovations, it might be wiser to simply not worry about it. It’s not hard for most homeowners to replace a single window and some hand tools out of pocket. When you have a much larger project though, adding a whole new bedroom, completely remodeling the bathroom, that’s when you’re going to be glad that you invested in renovation insurance.

If you’re looking to get covered in West Bloomfield, MI, get in touch with Phil Klein Insurance Group. At Phil Klein Insurance Group we can compare quotes from several insurance companies to get West Bloomfield, MI homeowners the protection they need.

Life Insurance Coverage Options for West Bloomfield, MI Residents

Having an active life insurance policy is important for different reasons. As a Bloomfield, MI resident, you have the option of term life insurance and permanent life insurance. Here are the facts regarding both types of life insurance and the benefits they offer.

Term Life Insurance

Term life insurance is temporary and can last anywhere from 10 to 30 years. After this time, you can renew your life insurance policy. This type of life insurance can benefit everyone, especially if you are:

  • Young parents
  • Newlyweds
  • Homeowners

Term life insurance provides a specific amount of time, but it’s enough time for you to reach retirement or for your children to become adults. This type of life insurance is more flexible than permanent life insurance options. You can switch to permanent life insurance coverage and you have the choice of having policies that pay out-of-pocket in a lump sum or monthly intervals.

Permanent Life Insurance

Permanent life insurance includes:

  • Whole life insurance
  • Universal life insurance
  • Variable universal life insurance

Whole Life Insurance

Whole life insurance is ideal for individuals who are retired or getting ready to retire and want to leave funds to their loved ones. This type of insurance can accumulate interest and be used in other ways. Whole life insurance offers fixed premium payments over time.

Universal Life Insurance

Universal life insurance is ideal for individuals who are interested in lifelong coverage and want a cash value that accumulates over time. This type of life insurance is flexible and allows you to adjust your plan over time.

Variable Universal Life Insurance

Variable universal life insurance offers excellent coverage for individuals who are investment-savvy. This life insurance gives individuals the freedom to choose where they invest their funds. The beneficial funds of this policy can be used for retirement or other needs.

Here at Phil Klein Insurance Group, we know there are different insurance types available from various companies. We are a trustworthy insurance agency that looks forward to helping you find one or multiple insurance policies that suit your needs. Contact us now so we can discuss your insurance options.

Commercial Insurance Options To Consider

Your business is the culmination of hard work, determination, and the investment of time and money. It represents so much more than a way to earn a living. It is a reflection of yourself. With so much poured into your company, it is important to do what you can to protect it. One of the best ways to do this is with a form of commercial insurance. However, there are all kinds of commercial insurance options and add-ons. With so many options to choose from you’ll need some help selecting the right insurance for your commercial business. At Phil Klein Insurance Group, if your business is located near West Bloomfield, MI the staff here is ready to help you find the right insurance coverage for your company. 

Property Insurance

Even if you don’t own the facility your business is in you should consider property insurance. This will protect the equipment that is found within the building. This way, if there is a fire or other kind of damage, your equipment will be protected. 

Worker’s Compensation

This is a valuable form of insurance to take out if you have employees who are a potential risk of injury. Paying for their medical bills out of pocket is especially expensive. Worker’s compensation will help cover this. 

Protect Your Business With Commercial Insurance

It doesn’t matter if your business is run out of a garage or a hundred thousand square foot warehouse. With so many different variables at play, you need to do what you can to protect it. That is why there are all kinds of commercial insurance options to choose from. So, if your business is based out of West Bloomfield, MI and you’re in search of commercial insurance coverage, our staff here at Phil Klein Insurance Group is ready and waiting to help. Give us a call today. 

Spring cleaning? Be sure to review your homeowner’s policy too!

Spring is the perfect time to give your home a vigorous cleaning, get organized, and discard or donate unused items. Once you have your home in great shape, it’s time to take a look at your insurance policy. We recommend that clients of the Phil Klein Insurance Group in the greater West Bloomfield MI area review their homeowner’s policies on a regular basis.

Your Insurance Needs Change – It’s Important that Your Insurance Policy Keeps Up

  • Changes in the value of your home – as the value of your home changes, so do does your coverage requirements. If there is a catastrophic event that makes your home uninhabitable, you will need the proper coverage to rebuild or relocate your family. Make sure that your policy levels are sufficient to cover the needs of your family.
  • The purchase of high ticket items and electronics – personal belongings can add up to a significant amount, especially when you consider all of the devices that every member of the family has. Be sure that these items are covered in the event of loss or damage. 
  • Updates and remodels to your home – when you have a major overhaul to your home, such as updating the kitchen and bathrooms or putting on an addition, your current policy will need to be updated to reflect this work. 

Our homes are an important part of our lives, and likely the largest investment that we will make in our lifetimes. Be sure that yours has the protection that is necessary to protect your family!

Don’t wait until it’s too late to find out that your homeowner’s insurance policy is no longer adequate for your needs. Call the Phil Klein Insurance Group today and make sure that your West Bloomfield, MI home has the protection it needs!

Why It’s Best to Start Thinking About Life Insurance at a Young Age

Thoughts of life insurance and the associations that come along with it might make you shudder. This is particularly the case if you’re a young adult. You think you’ll be around for many years and won’t have to worry about your family experiencing financial troubles, along with their grief if something were to happen to you. The discussion with an insurance agent is likely to be a difficult one, but Phil Klein Insurance Group of the greater West Bloomfield, MI area makes it a little easier.

Less of an Expense

Life insurance tends to cost a lower amount depending on your age. It’s almost certain you’ll have higher premiums if you wait until you’re in your 30’s or older to sign up for this type of insurance.

Removing Debt from Co-Signors

If you took out a school loan and had your parents or someone else co-signs for it, the responsibility to pay it back may fall on them if you were to pass away. With a life insurance policy, the amount may be covered and the person(s) wouldn’t have any obligation to pay any of the rest of the debt.

Conduct Some Research

As with nearly anything else that’s complicated and frankly, a big deal, it’s key that you do some research on types of life insurance and the amount of coverage. You’ll want to think about what you can afford and how long you’d like to have the insurance coverage.

A knowledgeable and compassionate agent at Phil Klein Insurance Group, serving the West Bloomfield, MI area, can talk over your options for life insurance. Reach out to learn more and see if life insurance is right for you.

When is commercial insurance needed in Michigan?

If you are in the West Bloomfield MI area and are looking for a new career path, starting your own business could be a great option. When you have a business here, you can benefit a lot from a good local economy and a growing population. If you do want to start a company here, you need to carefully consider all of your commercial insurance needs. There are several situations when you may need commercial insurance in this area. 

When Staff is Hired

One situation when you are going to need to have commercial insurance is when you have employees working for you. Those that have employees on their payroll are required by the state to have workers compensation insurance, which ensures someone is covered if they are hurt while working. Those that have employees and do not provide this insurance could face serious penalization. 

Lenders and Stakeholders

Many businesses need to get commercial insurance because of requirements set forth by their lenders and other stakeholders. Having commercial insurance can help to ensure a company remains solvent during some challenging times. Due to this, a lender will require that a business carry this insurance as it will help to protect their investment. Most lenders will also escrow for annual payments. 

Those that have a business in the West Bloomfield MI area need to take their commercial insurance needs seriously. When you are looking for this form of insurance, it would be beneficial to reach out to the Phil Klein Insurance Group. The insurance team at the Phil Klein Insurance Group knows very well how important it is for a business owner to get a commercial insurance policy. They can review your situation and risks and help you to get into an appropriate insurance policy. 

Disability Insurance: Secure your future

Disability Insurance is not given the importance that it should be given as it is often neglected. One reason is that most people think they will never need it. However, it serves a very important purpose in replacing a portion of your salary if you get disabled due to any reason such as an injury at work. To secure your future and avoid being completely out of income options, you must consider disability insurance.

You might think that you need disability insurance if your job is physically dangerous such a construction worker but many health issues that can cause you to be disabled such a stroke can happen to anyone at any time. If you have family, your income might also be supporting them and any unfortunate event to you might be devastating for the entire family.

Anyone who contributes to social security does that some disability insurance but that usually is too less amount for it to replace a substantial portion of your salary. Another reason that disability insurance is not that common is because of the high costs. With a smaller pool of people getting this type of insurance and the fact the policy provider might be making payments for decades, this type of insurance is expensive but as the number of policyholders increase, it is getting better.

The best way to guidance on this issue is to get in touch with experts on disability insurance. One such expert is Phil Klein Insurance Group of West Bloomfield, MI. Their highly trained agents will guide you to the best policy for your specific needs. In fact, at Phil Klein Insurance Group West Bloomfield MI you will get to know of any pitfalls to avoid. You can visit their website for contact information.