Monthly Archives: June 2017

Understanding the Benefits of Life Insurance

If you’ve never considered taking out a life insurance policy before, now would be a good time to evaluate your options. Life insurance can contribute to your family’s financial security once you pass on. By discussing life insurance options with a representative from Colling Insurance Services Inc. in Lakewood, CO you can get a better understanding of all that life insurance has to offer.

Debt and Final Expenses

The benefits from a life insurance policy can help pay off outstanding debts you may leave behind upon your demise. This could include unpaid medical bills, credit card debts, estate fees, and funeral costs. Life insurance benefits can even go towards paying off the mortgage on your Lakewood, CO home. Your family will not have to assume the financial burden of paying for these expenses after you’re gone.

Replacement Income

Life insurance benefits can serve as replacement income to sustain your family once you are gone. If you’re the main source of income in your family, you understand the importance of securing your family’s financial future. By obtaining life insurance, you can have greater peace of mind that your family will be taken care of after you’re gone. The funds from your policy will reduce financial pressure, giving your family the time they need to plan their future and move on.

Inheritance

A life insurance policy can serve as an inheritance to your spouse or children after you die. Depending on your policy, your loved ones could receive a substantial sum of money to improve the quality of their lives.

Life insurance offers a number of financial perks and possibilities that are worth exploring for the benefit of your family. For greater insight into all that life insurance has to offer, give us a call at Colling Insurance Services Inc. in Lakewood, CO. 

Reasons Why You Might Need Commercial Insurance and Not Know It

The experts at Colling Insurance Services Inc. in Lakewood, CO can answer any of your questions about commercial insurance.

If you have a home office, your home insurance is adequate coverage, right? Not necessarily. If you regularly sell at public events, like art fairs, farmer’s markets, or at flea market do you need commercial insurance? Probably. Here are the reasons why having commercial insurance is important.

Innovative Business Models

Entrepreneurial efforts, especially by the age group of millennials are creating a massive expansion in business efforts that are not tied to a specific location. They may work from home-based offices or from shared workspaces.

Just because the work is done in a virtual way, does not necessarily mean that there is no need for commercial insurance.

Let’s take the example of a small manufacturer that sells products on the Internet and display items at the local flea market or farmer’s market to sell them directly to consumers. The order fulfillment for Internet orders is done in the garage of the home of the business owner and one part-time worker is hired to help out. Having a single worker who is not an owner of the company and is paid wages, triggers the need to have worker’s compensation insurance.

The home-based business could also benefit from having product liability insurance and commercial property insurance to cover the equipment and supplies used in the garage for packing and shipping, plus any inventory stored on the property.

Most home insurance policies have exclusions for business uses of the property, so without commercial insurance, if the house burns down and the entire valuable inventory is lost, the insurance would probably cover the home and the personal property, but not cover the cost of the inventory used for commercial purposes. Every policy is different, so check with your insurance agent to understand the specifics.

Any type of commercial operation, even a very small home-based business can benefit from having commercial insurance. Contact the helpful agents at Colling Insurance Services Inc. in Lakewood, CO, to learn more about commercial insurance for your small business.