How to Protect Your Family and Property on the Water

Boating safety is sometimes buried under excitement when people first buy their first watercraft. It’s much easier to picture summer outings and late-night rides than it is to picture conducting emergency drills over and over again until you’re sure everyone knows what to do. But boating accidents and emergencies may not be as uncommon as you think. Phil Klein Insurance Group wants the people of West Bloomfield, MI to be prepared for anything no. 

Seasonal Maintenance 

Ensuring your boat is water-worthy will always be your first priority. From cosmetic concerns to inner mechanics, maintenance can help your boat stay safe on the water. Make sure to wash your boat regularly, change its oil, and check the propeller. If you come across anything questionable, hiring an outside inspector is the best way to catch any potential safety hazards before you take it on the water. 

Drills, Drills, and More Drills 

When emergencies arise, it’s easy for panic to set in. To ensure this doesn’t happen to you or your family, having regular safety drills can make it easier to navigate an already treacherous landscape. These drills should be put into motion so that emergency responses become second nature. This way, no one even has a chance to contemplate their fear (because they’re already too busy springing into action). 

Get the Right Insurance 

Boats are a substantial investment for most people and there’s a lot that can happen when you’re at the mercy of the water. If you want to learn more about how to get the best policy for you, give Phil Klein Insurance Group a call today. We’re here to help the people of West Bloomfield, MI get the coverage they need to safeguard themselves, their property, and their family.

Can Life Insurance Help Expand Your Business?

Whether you’re a newly-minted entrepreneur or you’ve been running your Bloomfield Hills, MI business for years now, you might be interested in life insurance. But what does life insurance have to do with business, you might ask. Primarily, it’s a benefit on a personal level for most people.

For entrepreneurs like you, however, life insurance from Phil Klein Insurance Group can help expand your business.

1. Life Insurance As An Investment. Even though life insurance is meant primarily as a form of financial protection to cover your responsibilities after death, you can use it as a form of investment, too.

You can invest with either term life insurance or permanent insurance. If using permanent insurance, you can invest with the cash value component of your policy. If you buy a term policy instead, you can simply invest the difference.

Either way, you can leverage your business by using your borrowed money to expand it. whether you want to hire more employees, invest in a larger office space, or upgrade your company software, any such investment can be a great business asset.

2. Life Insurance As Collateral. If you don’t want to bother with using your life insurance as a direct investment, you can offer your policy up as collateral for a business loan.

If you use your term coverage as business collateral, this keeps all your tangible assets safe while allowing you to explore your business’s full potential. You no longer have to toy with putting up your home or other property as collateral for a business loan.

Once you pay off your loan, you can then choose to invest your life insurance in a different way. You can also choose to sell the policy and use the money toward your business.

3. Life Insurance As Protection. In its simplest form, life insurance can be a great asset to your business. You can protect your assets by giving your company a financial cushion to fall back on in case of your passing.

In this case, you might like to invest in key person life insurance. This way, your policy is tied to your company, and the company directly profits from the payout.

Are You Interested In Improving Your Business With Life Insurance?

If you’re ready to invest in your business through a life insurance policy in West Bloomfield,┬áMI, call the Phil Klein Insurance Group today. A friendly agent is ready to be at your disposal anytime.

Does Commercial Insurance Cover Business Interruption?

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.

Why You Need Home Insurance

Your home is likely your most valued asset. Even if you are renting, all your valuables are stored within your residence. Still, you may wonder why you actually need a Home insurance policy. Here are a few reasons why you need a home insurance policy.

Lenders Require Home Insurance

If you have a mortgage on your home, your lender will probably require you to have home insurance. This is to protect their investment as well as yours. Phil Klein Insurance Group can help homeowners in West Bloomfield, Michigan determine the homeowner’s coverage that is required by their lender.

Financial Protection

Homes can become damaged due to a myriad of things, from natural disasters to leaky roofs. These damages may well exceed what you can cover out of pocket, even if your home isn’t a total loss. Without homeowners insurance, you would be faced with getting a loan to repair or replace your home. Then there’s the cost of replacing your things, which most loans won’t cover.

Your Possessions are Valuable

If you are renting, you may not see a need for home insurance. However, your possessions are valuable too. Even if your home doesn’t contain priceless valuables, it would require a good deal of money to replace your possessions. Most of us accumulate possessions throughout our lives and don’t really consider how expensive it would be to purchase everything we need for our home at one time.

Protection From Liability

In many cases, if someone is hurt or injured on your property, they can hold you responsible for their medical bills. In some cases, you may be responsible for lost wages or damages as well. Homeowners insurance can protect you from these risks, and pay associated costs in the case of an incident.

Phil Klein Insurance Group is an independent insurance agency in West Bloomfield, MI. This allows us to find the right home policy for your needs.

 

Does Commercial Insurance Cover Damage From a Car Hitting the Building?

So many things can happen to cause a financial loss when you are a business owner. Commercial insurance is designed to help protect the business from loss as a result of a variety of events. Having the right type of insurance and the right coverage amount can prevent those losses and allow you to rest easy knowing that the coverage is in place when you need it. So what happens if there is an event such as a car hitting your building?

Damage to a Structure

Anything can happen at any time when you own a business. Having solid insurance is a way to protect that business from possible devastation. For example, when a car runs into a business and causes damage, the commercial insurance will generally cover the cost of repairs and injury as a result of that accident. Not all insurance policies provide the same amount of coverage, so know what your policy will allow and make any adjustments you deem necessary to protect you and your company.

Insurance Protection for Your Business

One of the most important ways you can protect your company is by selecting and purchasing the right commercial insurance. Always consider the risks you face based on location and other factors. A good insurance company will have agents that can help you figure out the type of coverage you need to prevent losses. If you have a business in or around the West Bloomfield, MI area, you should consult Phil Klein Insurance Group to find out how to adequately protect your investment.

Don’t take chances on your commercial insurance coverage. Call or stop by Phil Klein Insurance Group serving the businesses of West Bloomfield, MI and the surrounding area. Get the coverage you need to have peace of mind. 

Life insurance coverage options

Life can be unpredictable and you never know with certainty what the future holds. With a bright future ahead of you and great plans for your family, the tides can turn upside down with a twinkle of an eye. So, what happens to your loved ones once you’re no more? Life insurance ensures that your beneficiaries continue to live a meaningful life even after you’re no more. With lost income, buying food, paying bills, and footing college fees can be a daunting task for your loved ones, and that’s why life insurance from Phil Klein Insurance Group comes in.

There are several life insurance coverage options to consider in West Bloomfield, MI. Some policies are packaged like an investment plan while others are tailored to provide a lump sum payment upon the demise of the policyholder. Here are the common coverage options to consider:

Term Life Insurance. Everyone immediately thinks of term life insurance whenever life insurance is mentioned. This coverage is often affordable but is also limited in terms of the duration of coverage. It doesn’t accumulate any cash value in the entire duration of coverage but only offers pure death protection.

Whole Life Insurance. This policy lasts the entire lifespan of the policyholder. It has no term limit and covers the insured as long as the premiums are paid. It comes with a cash value benefits and a death benefit as well.

Universal Life Insurance. For those seeking more flexibility, Universal life coverage provides both components of cash value benefits and death benefits. The only difference is that the policyholder gets to choose the coverage limits that go towards each component.

At Phil Klein Insurance Group in West Bloomfield, MI, we offer several other options to consider including Variable Life and Variable Universal Life Coverages. Each policy comes with unique benefits that suit the specific needs of the insured. For more information about our life insurance coverage options, visit our website or give us a call today.

 

 

Extended Family Moving in With You? Does Home Insurance Cover Their Property?

It is becoming more and more common for many members of the same family to live under one roof. Children are living with their parents longer than they ever have before, or are coming back after leaving the nest. And the elderly are starting to live with their children or other members of their family, such as nieces and nephews. You likely know that your home insurance policies cover your personal property in the event of a fire or against theft. Here at Phil Klein Insurance Group, serving the greater West Bloomingfield, MI area, we have noticed that people are asking whether their extended family’s property is covered as well. Here is the answer to that question. 

Every home insurance policy is different. As such, the wording from one policy may vary from that of another policy. However, as a general rule of thumb, if the people moving in with you are actually relatives and related to you, their property is typically covered under your home insurance policy. But, you will want to carefully review your policy and the wording to ensure their property is covered. You should never assume it is. If it is not covered, you may be able to add them to your policy or they may be able to purchase a renters policy to cover their belongings. 

If you have extended family moving in with you, now is the perfect time to review your home insurance policy. If your policy no longer fits your needs, contact Phil Klein Insurance Group, serving the greater West Bloomingfield, MI area today. We can help you find the right policy for your needs. 

Am I too young for life insurance?

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

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.

 

 

Does home insurance cover accidents that occur on my property?

At Phil Klein Insurance Group, we help our clients protect their homes and property so that they and their loved ones can live their lives knowing that if something were to happen, they would be protected. Anyone owning a home in West Bloomfield, MI can purchase a policy that protects against losses caused by events like fire or theft. But many people worry about what would happen if an accident were to occur on their property, and what the consequences to them would be. 

Fortunately, most home insurance policies also protect against basic liability. For instance, someone could come to your home and slip on ice that you had failed to remove from the front walk. They could sue you for the injuries, including the medical bills they had to pay because of the accident. If you didn’t have insurance, you would have to pay for the medical bills, any property that was damaged, and the court costs associated with the lawsuit.

The general liability policy that is a part of your homeowner’s insurance policy will pay those damages as part of a claim. The policy even covers the court costs, including possible attorney costs. The main problem is that if the expenses are significant, they will probably not be covered because your policy will have a general liability limit. If you are worried about the limit, you can discuss it with your agent. You may want to raise your policy limits or get an umbrella policy that covers more significant losses.

If you have a home in West Bloomfield, MI, make sure you’re protected. Contact Phil Klein Insurance Group today so we can discuss your options.