Life insurance is an essential type of investment you make for your family. Although everyone should consider purchasing life insurance, there is certainly not a one-size-fits-all solution for everyone. At Goodman Insurance Inc., serving Shelton, CT, we want to help clients make the smartest insurance choices. Keep reading to learn more about how much life insurance you should purchase.

Lifestyle Considerations

One of the significant factors determining how much life insurance you should purchase will be the lifestyle and standard of living that you and your family enjoy. Life insurance aims to help ensure that your family will be able to maintain their standard of living and lifestyle even if you pass on and they no longer have your income coming in. You should plan to sit down with an insurance specialist to discuss your standard of living and goals for life insurance. They will be able to help you determine a good amount to purchase.

Life Insurance Goals

Some families have bigger goals than simply maintaining the current lifestyle. Many people hope a life insurance policy can also provide for their children’s college education, mortgage payments, or other financial ambitions. You will need to have some conversations with your partner and your family concerning what if any, other goals will be met with the insurance money. These details will significantly influence the amount of insurance you purchase. 

The Size of Your Budget

A life insurance purchase also needs to fit into your current budget. You will need to consider what you can afford as far as a monthly premium is concerned. 

If you would like to learn more about life insurance, please get in touch with us at Goodman Insurance Inc., serving Shelton, CT, and the surrounding areas. 

Every business has its own set of risks. Not every company faces the same risks, but some are universal. At Goodman Insurance Inc. in Shelton, CT, our team knows commercial insurance to ensure your business gets the coverage it needs and nothing more. 

Liability coverage

One of the most significant risks all businesses face, no matter their size, is being sued. It happens to about 30% of all businesses every year. If you don’t have liability insurance, a judgment against you and the legal fees that go with it could force your business to close. No company should knowingly take that risk. It would be best to have as much liability insurance as you can afford to carry and consider adding an umbrella to give you even more. 

Property coverage

Commercial property insurance is much more than just building coverage; it is also content coverage. If you rent the building, you still need it to pay for what you have in it. It covers tools or inventory, machinery, or office equipment. It can help you return to business quicker after being hit by a covered peril. 

Workers Compensation

In Connecticut, you must either have workers’ compensation insurance or self-insure. It is required if you have one or more employees, even part-time ones.   

Business interruption insurance

When your business is damaged or forced to close for another reason, you will not make any money. Your expenses, however, will not decrease. To pay your bills and rent etc., you need money. Business interruption insurance provides that income if it is a covered peril. 

Contact Goodman Insurance Inc. in Shelton, CT on the phone, on our website, or visit our office when you are ready to discuss your commercial insurance needs. 

When you think of life insurance, you’re probably likely to view it as something you’ll buy when you get older or have children. However, you may think of it as something you don’t need when you’re only in your twenties. But that couldn’t be further from the truth. While it isn’t required by law in Connecticut, life insurance is still essential, even for young people. Our agents at Goodman Insurance Inc., serving Shelton, CT, could show you why you may need a plan.

Premiums are Inexpensive

Your life insurance monthly premiums are usually cheaper if you’re a young adult in good health. It could be a wise financial decision for a young adult to purchase one. Getting life insurance early could help you cover large debts such as student loans, even if you’re not planning on starting a family.

Cash Value can be Used.

When you purchase a whole life insurance policy, accumulating cash value can be used while you are alive. This compounds over time as dividends are created. You can also borrow against this money. It makes more sense to obtain whole life insurance than term life when doing this.

Easy Chance of Coverage Approval

Getting life insurance in your twenties allows you to get approved more easily than if you were older. You’ll unlikely have health problems or other contributing factors preventing you from getting approved. According to LIMRA, an insurance industry research center, the number of people under 25 who have purchased life insurance has increased significantly in 2020. No matter how young you are, having life insurance gives you peace of mind.

As you can see, having life insurance in your twenties allows you to pay less for monthly premiums, accumulate a cash value that can be used while you’re still alive, and have an easier chance of getting approved. Contact our Goodman Insurance Inc. agents today to find your plan options.

There are many different things that businesses have to do to keep their businesses running. One of these things that a business owner should do is have insurance to protect their finances, property, employees, and the public in case stuff happens. This is where commercial insurance comes in. There are several different types of commercial insurance coverage to choose from for your business insurance needs.

General liability

General liability covers if something happens to a customer or employee. It helps cover the costs if someone is injured or their belongings are damaged due to the company’s fault. It also helps protect you financially if you end up with a lawsuit against your business.

Property insurance

Property insurance protects against property damage.

Business interruption insurance

This covers your potential financial loss if something interrupts your business and potential income.

Worker’s compensation

Worker’s compensation protects workers if they get injured on the job.

Commercial auto insurance

Commercial auto insurance covers vehicles that are company owned or used for the work of the business.

Employment practices liability insurance

This covers the business if an employee does something that reflects poorly on the company and affects customers.

Cyber insurance

This helps cover losses from cyber crimes. There are limits to cyber insurance coverage and strict guidelines that you need to follow, such as having high cyber security measures in place.

Crime insurance

If a crime occurs, commercial insurance can help cover the losses and damages that happen to the business.

Contact Goodman Insurance Inc.

If you have a business in Shelton, CT, and are looking for commercial insurance coverage, look no further than Goodman Insurance Inc.

Business owners in the greater Shelton, CT area can rely on the Goodman Insurance Inc. team for all their commercial insurance needs. We understand the importance of protecting your hard work. Call to schedule a consultation today.

Heavy machinery purchases could mean changes to your commercial insurance

Firms that operate heavy machinery have a lot of insurance needs that many other types of companies may not have to deal with. Operating heavy machinery involves the risk of injury in addition to the possibility of material damage. This can mean that a firm will need liability insurance and worker’s compensation protection.

The cost of heavy machinery can be pretty substantial, so protecting the company’s investment is also important. Before making a large purchase of heavy machinery, it makes sense to take the time to review the company’s current commercial policy. This is also an excellent time to sit down with an insurance professional to review all insurance policies thoroughly. 

It may be time to upgrade to a comprehensive commercial policy or add an umbrella policy to the company’s insurance portfolio. With such significant equipment investments, obtaining a professional outlook is worthwhile. Don’t be caught without the necessary insurance to protect your equipment, employees, and the overall health of the company’s bottom line. 

We are here to help with all of your insurance needs

Goodman Insurance Inc. is proud to serve the Shelton, CT business community. Our team is dedicated to helping community business owners protect their hard work. If you have questions about your commercial insurance or are planning to start a business in the future, we are here for you. Contact our office today!

You might be tempted to skip business insurance when you first start your business. The cost of coverage can seem prohibitive for new companies. But as your business grows and requires more protection, you’ll want to add business insurance even if you are the only one working for your business.

Goodman Insurance Inc. has the expertise to help Shelton, CT business owners protect their business with the right insurance coverage. We understand the unique challenges of small businesses and the importance of having the proper protection in place.

Insurance You Are Legally Required to Have

The state only has two laws that require you to have insurance. The first is for worker’s compensation, which only applies if you have employees. The second is for commercial auto insurance, which only applies if you have a vehicle used for business purposes.

If you use a vehicle exclusively for business purposes, you must insure it against a minimum amount of coverage. These coverages include liability for bodily injury and property damage and uninsured/underinsured motorist coverage.

Note: You aren’t required to insure a personal vehicle used for work purposes with a commercial auto policy. However, it’s good to have hired and non-owned auto coverage (HNOA), like your personal auto policy, which may not cover damages incurred during business use.

Insurance You Should Have for Your Businesses’ Protection

If your business has property such as computers, inventory, office equipment, etc., that would be expensive to replace if damaged or stolen; then you need a commercial insurance policy. Likewise, suppose you are worried about your business being sued for damages due to an accident involving a customer or in the event of a data breach. In that case, commercial insurance is a good idea.

Business insurance can offer protection for:

• Property
• Liability
• Vehicles
• Identity Theft
• And more…

Contact Goodman Insurance Inc. today to discover what commercial insurance is available for you in Shelton, CT.