In the Monroe, CT area, there are many insurance options that need to be obtained by the typical resident. One form of insurance all people here should think about getting is life insurance. There are various forms of life insurance to consider, the most common of which are term and whole life. You should carefully consider the features of both options when you are shopping for a new plan in this area.

Whole Life Coverage

A form of life insurance to consider here is whole life coverage. A whole life plan is unique because it will provide you with coverage for as long as payments are made on your policy. Further, some of your monthly payments will build into an account that you can liquidate eventually. This also grows with interest and is a good addition to your personal investment plan.

Term Life Policy

You can also consider a term life insurance policy. If you are going to purchase life insurance, being able to curtail the plan to meet your needs is always helpful. With this term life plan, you are able to personalize your coverage in terms of length, coverage amount, and other factors that can help you build an ideal policy. Further, term life coverage is typically a more affordable option than other policy types. 

Having life insurance in the Monroe, CT area is always a good idea. As you are looking to build a new plan, speaking with Fida Insurance Group can be helpful. Life insurance is a unique form of coverage and no two people will have the same coverage needs.  Fida Insurance Group is able to help by providing personalized guidance and support that will help you build a plan that is ideal for your personal situation. 

Those that are in the Monroe, CT area and have a dream of being their own boss should look into starting their own business. As you are looking to build your business here, getting a proper insurance plan is important. There are a few reasons why you will need to have a commercial insurance plan when starting a business in this area of the state. 

Insurance Required by Investors

A reason that you will need to have commercial insurance at all times is that it will be a requirement. Anyone that wants to grow their company will eventually need to take out a loan or raise money from investors. Any savvy capital provider will want to ensure you are carrying the right insurance at all times. They will likely have specific commercial insurance requirements that need to be maintained as it offers great protection for your business and their investment. 

Insurance Needed to Cover Business

You also need to have a commercial insurance plan to cover your business. A commercial insurance policy offers great protection that can help to secure your business assets. If there is ever a fire or other situation that damages your assets, your insurance plan will give protection. Your insurance plan will also give liability insurance, which will be valuable protection if you are named in a liability lawsuit. 

Business owners in the Monroe, CT area will always want to have the right insurance in place. As you are looking for a plan for your business here, calling the Fida Insurance Group will be helpful. There continue to be a lot of choices to make when looking for this coverage. The Fida Insurance Group can help you by giving the support needed to assess your situation and choose a plan that will protect your business. 

Every small business in Monroe, CT needs to be insured, but do you know the difference between general liability and a business owner’s policy? In this blog post, Fida Insurance Group will discuss what these two types of policies are and how they differ. We will also explore some important factors that can help you decide which one is better suited for your company. Let’s get started!

What is General Liability Insurance?

General liability insurance covers lawsuits that might arise from accidents on your property, mistakes made by employees or contractors working for you, and other incidents where someone could sue you. General liability coverage is a key component of commercial insurance because it deals with more than just protecting people who visit your business — it also protects the company itself.

What is a Business Owner’s Policy? 

A business owner’s policy is a type of commercial insurance that covers you for the same things as general liability coverage, but only when incidents happen on your property. It won’t cover any accidents or injuries caused elsewhere — even if by an employee or contractor working for you.

What Are the Differences Between General Liability and BOP insurance?

General liability insurance is meant to cover specific incidents that occur on a company’s premises, like falls and slips. BOP covers all types of losses, including property damage or theft from the business owner’s personal belongings.

The BOP would cover the business owner themselves and not any other employees/contractors they may have. The general liability coverage can be purchased separately if necessary (which makes it a bit cheaper in some cases), but is often bought along with other commercial policies such as property and casualty insurance policies.

Business owners will typically purchase both so that their personal assets are covered should anything happen to them while carrying out work-related duties.

Get Commercial Insurance Today

If you’d like more information about commercial insurance, contact us today! Fida Insurance Group will help you learn more about our business owner’s policy and general liability coverage options in Monroe, CT! Our team is always available to answer any questions you may have.

Anyone that lives in or around Monroe, CT needs to make sure that they spend carefully assessing all of their personal insurance needs. One type of insurance protection that people here could find to be quite valuable is life insurance. A proper life insurance plan can help protect someone in several ways. 

Provides Financial Protection for Dependents

A way that you can protect someone in this state with life insurance is by providing financial protection. A life insurance plan is built and intended to provide someone with coverage that can help to replace their income if they were to pass away. You are able to build an insurance plan that meets your needs and may incorporate many future expenses that your dependents incur including the expenses related to housing, education, retirement, and general living costs. 

Provides Coverage for End of Life Expenses

Even if you do not have dependents, life insurance can still provide protection to those that you care about. If you were to pass away, there will be some end-of-life expenses you incur including costs of funeral expenses and medical bills. If you have a life insurance plan and name the right beneficiary, they will have the financial resources needed to cover those costs. 

As you are looking to improve your personal insurance plan in the Monroe, CT area there will continue to be a variety of important forms of coverage to get, which includes having proper life insurance. If you are shopping for a life insurance plan here, calling the Fida Insurance Group is a good idea. The team with the Fida Insurance Group understands the value that comes with this type of coverage. They will help you assess your insurance needs and give the support needed to build a plan. 

Do you own a business in Monroe, CT? If so, it is important to make sure you have adequate commercial insurance for your company. That said, one of the most important aspects is commercial property insurance. So, what is this? Our team at Fida Insurance Group has put together this brief guide to help you understand why this type of coverage is so important.

What is Commercial Property Insurance?

If your business is like most, you probably have a lot of stuff. Tools, computers, inventory, and even your signage are all considered a commercial property. What would you do if these items were stolen or damaged in a major event like a storm or a fire? Would you be able to stay in business or keep doing what you do?

Commercial property insurance covers these items and the building you own. In the event of a claim situation, your policy could help replace these items and/or repair your building so that you can continue on with running your business. Note that a leased building is not generally covered under commercial property insurance.

Why is Commercial Property Insurance to Protect Your Business?

Commercial property insurance is important because having to pay for those items out-of-pocket could cost a small fortune. As a small business, having the right coverage to protect your enterprise from the risks of the unknown is vital. 

There are two ways to purchase commercial property insurance. You can either buy a separate policy or you can wrap it into a business owners package (BOP). While the BOP is usually the most cost-effective, it isn’t right for every situation. Your trusted insurance agent will be able to guide you on which one is best for your needs.

Are you ready to discuss purchasing commercial insurance for your Monroe, CT small business? Please contact our team at Fida Insurance Group today to schedule an appointment.