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
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.
PKIG Winter Driving Tips
Severe weather can be both frightening and dangerous for travelers. Winter storms, bad weather and sloppy road conditions are a factor in nearly half a million crashes and more than 2,000 road deaths every winter, according to research by the AAA Foundation for Traffic Safety. Drivers should know the safety rules for dealing with winter road emergencies. PKIG urges drivers to be cautious while driving in adverse weather.
PKIG & AAA recommends the following tips while driving in snowy and icy conditions:
Cold Weather Driving Tips
•Keep a bundle of cold-weather gear in your car, such as extra food and water, warm clothing, a flashlight, a glass scraper, blankets, medications, and more. Stop in to our office for a scraper or car emergency tool.
•Make certain your tires are properly inflated and have plenty of tread.
•Keep at least half a tank of fuel in your vehicle at all times.
•Never warm up a vehicle in an enclosed area, such as a garage.
•Do not use cruise control when driving on any slippery surface, such as on ice and snow.
Tips for Driving in the Snow
•Stay home if you can and only go out if necessary. Even if you can drive well in bad weather, it’s better to avoid taking unnecessary risks by venturing out.
•Drive slowly. Always adjust your speed down to account for lower traction when driving on snow or ice.
•Accelerate and decelerate slowly. Apply the gas slowly to regain traction and avoid skids. Don’t try to get moving in a hurry and take time to slow down for a stoplight. Remember: It takes longer to slow down on icy roads.
•Increase your following distance to five to six seconds. This increased margin of safety will provide the longer distance needed if you have to stop.
•Know your brakes. Whether you have anti-lock brakes or not, keep the heel of your foot on the floor and use the ball of your foot to apply firm, steady pressure on the brake pedal.
•Don’t stop if you can avoid it. There’s a big difference in the amount of inertia it takes to start moving from a full stop versus how much it takes to get moving while still rolling. If you can slow down enough to keep rolling until a traffic light changes, do it.
•Don’t power up hills. Applying extra gas on snow-covered roads will just make your wheels spin. Try to get a little inertia going before you reach the hill and let that inertia carry you to the top. As you reach the crest of the hill, reduce your speed and proceed downhill slowly.
•Don’t stop going up a hill. There’s nothing worse than trying to get moving up a hill on an icy road. Get some inertia going on a flat roadway before you take on the hill.
Tips for Long-Distance Winter Trips
•Be Prepared: Have your vehicle checked by a AAA Approved Auto Repair facility before hitting the road.
•Check the Weather: Check the weather along your route and when possible, delay your trip if bad weather is expected.
•Stay Connected: Before hitting the road, notify others and let them know your route, destination and estimated time of arrival.
If you get stuck in the snow:
•Stay with your vehicle: Your vehicle provides temporary shelter and makes it easier for rescuers to locate you. Do not try to walk in a severe storm. It is easy to lose sight of your vehicle in blowing snow and become lost.
•Don’t over exert yourself: When digging out your vehicle, listen to your body and stop if you become tired.
•Be Visible: Tie a brightly colored cloth to the antenna of your vehicle or place a cloth at the top of a rolled up window to signal distress. At night, keep the dome light on if possible. It only uses a small amount of electricity and will make it easier for rescuers to find you.
•Clear the Exhaust Pipe: Make sure the exhaust pipe is not clogged with snow, ice or mud. A blocked exhaust pipe can cause deadly carbon monoxide gas to leak into the passenger compartment of the vehicle while the engine is running.
•Stay Warm: Use whatever is available to insulate your body from the cold. This could include floor mats, newspapers or paper maps. Pre-pack blankets and heavy clothing to use in case of an emergency.
•Conserve Fuel: If possible, only run the engine and heater long enough to remove the chill. This will help to conserve fuel.
Who Can I Name as a Beneficiary on My West Bloomfield, MI Life Insurance Policy
The beneficiary of your Phil Klein Insurance Group life insurance policy is the person who will receive the policy’s payout in the event of your death. That payout is often partly used to cover any financial needs associated with your death (i.e. final medical expenses and funeral arrangements) and may partly be used to help the beneficiary move forward. While many have an idea of who will be beneficiary on their life insurance policies, understandably many more have questions about it.
The Basics of Naming a Beneficiary On Your West Bloomfield, MI Life Insurance Policy
When establishing your West Bloomfield MI life insurance policy, you’ll be asked to name two or more people as beneficiaries and then to outline what percentage of each policy payout would each named beneficiary receives. If you only have one person in mind to be a beneficiary, such as an only child, then you may be asked to add what’s called a contingent beneficiary who will only receive the policy’s payout if your sole beneficiary is unable to.
Who you choose to name as your beneficiary or beneficiaries will largely depend upon your own unique life circumstances. In general, however, we recommend choosing someone who would be most impacted by you leaving and no longer able to support them. In many cases, this will be a partner who will need financial assistance to help pay things like the mortgage or a child who has not yet established themselves financially.
However, while spouses and children are frequently the beneficiaries of life insurance policies, this isn’t always true. Some established adults with and without children will choose instead to name a charity they love, sibling, or close friend as their beneficiary.
Contact Phil Klein Insurance Group for more information or for help in establishing who to name as your beneficiary.
Michigan Auto Insurance Reform Update
Some Michigan auto insurance reform changes have already gone into effect. Others start in July 2020. With so many drivers unaware of the impact of the new law on their current car insurance policy, now is the time to review coverage. To help identify potential coverage gaps, please consider these questions:
• Are there drivers listed on your policy that do not reside with the named insured?
• Are there residents in the home that are not family members?
• Are there resident family members of driving age that are not listed on your policy?
• Is any vehicle on the policy owned by someone other than the named insured(s), spouse or resident family member?
• Does any driver not listed on the policy have regular use of one of the vehicles?
• Are any vehicles used for business purposes such as Uber or Lyft?
If the answer to any of these questions is “yes,” your existing policy may have a gap in coverage and needs to be reviewed immediately. Please call us at 248-682-7445 to begin your policy review today.
Why Commercial Insurance Is Necessary For Your Business
When a West Bloomfield, MI business is looking to become established, they will need to meet with Phil Klein Insurance Group to learn more about the necessity of commercial insurance. There are few investments that are more important when a new company is being started.
That’s why the top businesses in the region will always take the time to obtain commercial insurance. For starters, the establishment must ensure that they are protected from all of the usual losses that take place in these instances.
Whether the business experiences theft, employee injury or property damage, the commercial insurance policy offers the proper coverage. When a business has already obtained the correct insurance policy, they are able to receive the compensation that they need to move on from the losses that they sustain.
Without commercial insurance coverage, the company is taking a major risk. When theft, employee injury or property damage takes place, the company is placing themselves in serious jeopardy. In many instances, the business will no longer be operational. All it takes is one lawsuit to put a business out of commission for good.
When it comes to commercial insurance, there are three types for a client to consider: workers’ compensation, property insurance and liability coverage. All three forms of coverage are needed if the company is going to survive over the long haul. There are also additional forms of coverage that are more specialized in nature and an experienced agent will be glad to explain each of them to a West Bloomfield, MI client.
That’s what makes the assistance of skilled insurance agents so important. A client that is looking to learn more about the options that they have available to them from a commercial insurance standpoint will definitely want to take the time to visit the Phil Klein Insurance Group website as soon as possible.
Michigan’s Overhauled No-Fault Insurance Laws Take Effect July 1, 2020
On May 30, 2019, Michigan Gov. Gretchen Whitmer signed into law a bill that will bring sweeping changes to the state’s no-fault auto insurance laws. The primary goal of the new legislation is to reduce auto insurance premiums, as Michigan has some of the highest auto insurance rates in the nation.
Though the new legislation provides numerous changes to the auto insurance industry in Michigan, the following are the key takeaways:
•Drivers will no longer be required to purchase unlimited no-fault personal injury protection (PIP) benefits, which guarantee lifetime medical benefits for catastrophic crash injuries. After July 1, 2020, and through July 1, 2028, drivers may select their own no-fault PIP coverage. Under the new law, drivers may choose between $50,000 coverage (if enrolled in Medicaid or Medicare), $250,000 coverage, $500,000 coverage or unlimited PIP coverage.
•Once the new legislation takes effect, drivers could enjoy an auto insurance premium cost reduction depending on which PIP coverage they select. Note that all savings are limited only to the no-fault portion of a driver’s auto insurance bill (typically around 40% of the total premium), not the entire bill. Furthermore, the legislation does not address what the insurance providers may charge on other portions of insurance bills.
•A no-fault fee schedule was established to regulate the rates charged by medical care providers (e.g., doctors and hospitals) regarding medical care associated with auto accidents. Note that the fee schedule will not apply for the entirety of the first year the law is in effect.
•Drivers who choose any PIP coverage lower than unlimited will pay reduced fees to the Michigan Catastrophic Claims Association (MCCA), an entity that bears responsibility to pay catastrophic injury benefits.
•Insurance providers will be prohibited from considering “non-driving factors” when determining insurance rates. Those factors typically include sex, marital status, educational level and occupation. However, providers can still set rates based on “territories” of the state. For example, providers could set higher rates for those who live in a region in which there are heightened instances of accidents or car thefts.
We will continue to provide information as it becomes available.
Please contact us at (248) 682-7445 or info@philkleininsurance.com for more information.
Things home insurance doesn’t cover
When you own a home it comes with a lot of risks. Things happen and some of them are not good. Home insurance gives you peace of mind that if bad things happen you will be able to repair or replace what was lost. But, and this is a big but, not all things are covered by home insurance. In West Bloomfield, MI, the Phil Klein Insurance Group is there to help give you the information you need.
Wear and tear
Things wear out, your home insurance does not cover or replace things like your appliances, furnace or air conditioner when they wear out. It also doesn’t cover your 25-year-old roof that needs to be replaced.
Moving earth
Earthquakes and mudslides caused by earthquakes are not covered. Sinkholes are also not covered. You can buy a separate policy or an endorsement on your basic home policy to cover these.
Floods
According to FEMA, floods are the most common natural disaster in the United States. They can be caused by so many different things, including hurricanes, tornados, Nor’easters, spring thaw, and storms. 26% of homeowners will experience some sort of flooding during a 30 year mortgage period compared to only 4% with fire damage. Home insurance does not cover flooding. You need to purchase National Flood Insurance.
Expensive jewelry and electronics
Homeowner’s insurance has set limits on the amount it will pay for jewelry and electronics. If you have items above the coverage limit the insurance will not give you the value of your items. You need to add a special rider.
If you think your coverage may be inadequate or you are a new homeowner, Phil Klein Insurance Group in West Bloomfield, MI is happy to talk to you about your coverage and what you may need to add to it. Give them a call or stop by their office for a no-obligation quote.
