Importance of Commercial Liability Coverage for Your Small Business

Posted on August 31, 2020September 1, 2020 by agentinsure

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?

Posted on July 31, 2020August 2, 2020 by agentinsure

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

Posted on June 22, 2020June 17, 2020 by agentinsure

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.

Protecting Your Business During Civil Unrest & Riots

Posted on June 3, 2020June 3, 2020 by Owen Rosen

Civil unrest can create unique challenges for Michigan businesses. Specifically, business owners face the risk of vandalism, stolen or damaged goods and extensive property damage. With this in mind, it’s crucial to take steps to mitigate the risk of potential damages to your business during periods of civil unrest.
Review the following guidance to help keep your business protected in these situations.

Stay Informed
First and foremost, make sure you stay informed via local Detroit or Grand Rapids authorities, news outlets and social media on potential events or issues that could lead to civil unrest within your community. This practice will allow you to be more aware of when civil unrest is most likely to occur and take a proactive approach to protecting your business.
Assess Property Vulnerabilities
Next, it’s important to assess your business property for potential vulnerabilities. In doing so, you will be able to better determine where to focus your mitigation efforts.
Be sure to conduct a thorough inspection of both your own property and the surrounding area—including neighboring businesses, parking lots, alleys and streets—for specific risk management issues (e.g., gaps in security measures, potential traffic or crowding concerns, the type of property at risk and concerns for employee and customer safety).
Protect Your Property
After assessing potential vulnerabilities, make sure you implement adequate security measures to help keep your business fully protected. Potential security practices to consider include:
• Utilizing security cameras
• Implementing an intruder alarm system
• Boarding up property windows and doors
• Ensuring proper locks on all windows and doors
• Installing motion-sensing external lighting and glass break sensors
• Hiring security guards
Remove Valuables
Try to remove as much cash, merchandise and high-value supplies or equipment from your property as possible. In particular, if your business utilizes a fleet of vehicles, consider moving them to a temporary, secure storage location. This way, you will be able to proactively minimize your losses in the event that your business is targeted.
Further, consider utilizing signage to communicate that money and high-value items have been removed from the premises to help deter potential thieves.
Alter Business Hours
If you suspect that that civil unrest could take place near your property, consider temporarily altering your business hours (e.g., opening or closing earlier than normal) to avoid putting your employees and customers in a dangerous situation. However, make sure you properly communicate these changes with your staff and customers to prevent any confusion. In some cases, it may make sense to temporarily close your business.
Avoid Unnecessary Conflict
In the event that civil unrest takes place while your business doors are open, it’s crucial to educate your staff on how to respond appropriately and avoid unnecessary conflict. Establish an evacuation plan that allows for employees and customers to safely leave the area during a dangerous situation. Designate specific staff to be responsible for securing the property (e.g., locking doors and boarding up windows) before evacuating.
If a potentially dangerous individual confronts any of your employees before an evacuation can occur, encourage them to react calmly and avoid using violence or responding aggressively. Designate specific staff to be responsible for contacting the local authorities or emergency services, if necessary. If the individual attempts to loot or rob your business, allow them to do so—no items are worth the risk of an employee injury or fatality.
Consult Local Authorities
Be sure to express any concerns you have regarding civil unrest in your community with local authorities—including the police department, fire department and government officials—and utilize any resources or guidance that they provide. Consider requesting additional police presence or temporary street closures near your business if you are particularly concerned about the threat of civil unrest.
Secure Proper Insurance
Apart from these loss control methods, you can ensure ultimate protection during periods of civil unrest by securing proper commercial insurance coverage. For additional risk management guidance and insurance solutions, contact PKIG today.

Commercial Insurance Options To Consider

Posted on May 31, 2020May 31, 2020 by agentinsure

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!

Posted on April 30, 2020April 30, 2020 by agentinsure

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!

COVID-19 Paycheck Protection Program: What You Need To Know Now

Posted on April 10, 2020April 10, 2020 by Owen Rosen

Through the Paycheck Protection Program (PPP), the U.S. Treasury Department has established a $349 billion fund that is available to help small businesses and the millions of small business employees across Michigan and the United States. The goal is to keep as many people employed during the pandemic shutdowns as possible. The program provides forgivable loans of up to $10 million, through approved lenders, to companies with less than 500 employees.

Take Advantage Today

Any small business that affirms that “current economic uncertainty” makes the aid necessary to support their “ongoing operations” is eligible.
Aid will be given on a first-come, first-serve basis until the fund is exhausted – the application window opened on April 3rd and loans are already being disbursed, but there’s still time! It’s also possible the fund will be supplemented by further government action.
The loans are forgivable and will allow small business owners to pay for up to eight (8) weeks of payroll costs if they use the money to retain workers or hire back positions they had to cut. Other expenses like your mortgage interest, rent, and utilities are also eligible for forgiveness. Some restrictions apply so make sure to check out the resources below and confirm the terms of forgiveness with your lender. Many of the usual requirements for these loans have been cut to streamline the process. There is still quite a bit of paperwork but we think it’s more than worth it for this unique offer.

How to Get Started

You have to apply through a bank or other lender, so contact yours today and mention the Paycheck Protection Program or do an online search for their application.
If your current bank is not an eligible lender, contact a nearby eligible bank using this search tool. More key information on who can and how to apply can be found here.
Gather your documents—each lender will have their own application, but you should begin collecting records of payroll, rent, and utilities.

Here is a short video our own Christina Welch with more information.

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

Posted on March 31, 2020April 1, 2020 by agentinsure

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?

Posted on February 28, 2020March 1, 2020 by agentinsure

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

Posted on January 31, 2020February 1, 2020 by agentinsure

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.

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