When is Umbrella Insurance Right for Your Business?

Here at The Select Insurance Agency, serving the greater Coppell, TX area, we are often asked when umbrella insurance is right for a business. We strongly recommend that every business, including small businesses and large businesses, purchase umbrella insurance. Here is what you need to know about umbrella insurance. 

What is Umbrella Insurance?

Umbrella insurance helps to provide additional coverages beyond what regular liability and commercial insurance providers. This helps to protect the financial future of both the business and the business owner. It is a type of insurance that is an add-on to your liability and commercial insurance. 

Why Do You Need Umbrella Insurance?

Umbrella insurance extends the coverages you already have in case of a major event. For example, if a client slips and falls in your building, they may sustain major injuries. They can sue you for their medical expenses and pain and suffering. Your commercial insurance policy will kick in and cover up to your coverage limits. But if your coverage limits do not cover the full legal costs, you can be on the hook for the difference, which can financially destroy you and your business. Umbrella insurance is designed to kick in in these situations and provide you with the extra insurance you need for major, unexpected events, such as this. This can help you to keep your business afloat and your financial future stable. 

Are you ready to get started on buying an umbrella insurance policy? Then let The Select Insurance Agency, serving the greater Coppell, TX area help you. Give us a call today for a free quote or to get started on your policy today. 

What’s the Difference Between Term Life and Whole Life Insurance?

Life comes at you fast and being prepared can mean a world of difference for your loved ones when you’re gone. Investing in a life insurance policy gives your family a financial safety net they can depend on during those trying times. For those new to buying life insurance, choosing the right type in Coppell, TX can be frustrating. Fortunately, the agents at The Select Insurance Agency will work with you to find the right policy that meets your needs.

Life insurance is divided into term life and whole life insurance. Both have their unique set of benefits that make them ideal for your specific insurance needs.

Term Life Insurance

Just as the name implies, term life insurance offers a policy plan that remains in effect for a specific term. These terms can range anywhere from a year to 30 years or more. Once your term ends, so does your coverage unless you opt to extend your coverage or convert your term life insurance into a whole life policy.

Unlike whole life insurance, a term life insurance policy has no cash value until you pass away. This aspect of term life insurance makes it more affordable to purchase, although your premiums may increase as you age.

Whole Life Insurance

Also known as “permanent life insurance,” whole life insurance offers coverage that lasts throughout your entire life. In addition, your whole life policy also builds cash value that you can use for other things. If you need extra money for retirement or a quick loan for a purchase, you can borrow against that cash value once it accumulates.

These benefits often make whole life insurance policies more expensive to purchase than their term life counterparts. Most providers also require that you undergo a medical exam before receiving coverage.

If you need life insurance in the Coppell, TX area, you can count on The Select Insurance Agency to be there for you.