General Liability vs. Business Owner’s Policy

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.

How can life insurance protect someone in Connecticut?

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. 

What is Commercial Property Insurance?

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.

How Often Should You Update Your Home Insurance Policy?

Updating a home insurance policy isn’t something most people think about. They get their insurance, and then they keep it active so they can protect their home the right way. But there’s more to the story than just having a policy. When life changes, you make updates to your home, or there are other factors that come into play, updating the policy can be very important. If you’re in the Monroe, CT area and are concerned about updating your homeowner’s coverage, Fida Insurance Group can help you get the support you need and get your questions answered.

In most cases, it’s good to review your home coverage at least once per year. Of course, you may need to review it more often if you have substantial changes in your home. Adding onto your structure, for example, or doing a large remodel, could mean needing an update. You may also need to update if you have more people in the home, get a dog or an exotic pet, or purchase an unattached structure for the property or an item that might not typically be covered, such as a grand piano. If you’re in doubt at all, asking your agent can put your mind at ease. 

By reaching out to Fida Insurance Group today, you can get any questions answered and updates made to your home insurance policy. Anyone in or around the Monroe, CT area can get in touch with us and our agents will be happy to address their policy concerns. Because a house is such a large and important asset, it’s very important to make sure it has the right type and level of protection. Then you won’t have to worry about it and can get back to living your life and enjoying your home to the fullest.

Who should have basic auto insurance

Basic auto insurance is the least amount of insurance allowed by law. In Connecticut, the basic amount of auto insurance required is 25/50/25. That means $25,000 for a single person for injuries in an accident with a top amount of $50,000 for each accident. $25,000 for property damage. The uninsured and underinsured amount must be equal to the injury coverage. This is the must-have amount, not the should have amount. At Fida Insurance Group in Monroe, CT, we take the mystery out of buying auto insurance with clear and concise information. We look at your needs and make sure your insurance coverage keeps you safe. 

When it comes to who should have basic auto insurance, everyone who drives in the state of Connecticut must have at least basic auto insurance. Whether it is right for you will be determined by several factors. Do you have any assets? If you own a home, likely, the minimum amount of liability will not be adequate to protect your home from the results of a lawsuit. Discuss this figure with your trusted independent agent to come up with the amount that will provide the safety net you need. 

If you have a car loan, you will need to carry collision and comprehensive coverage. Even if you don’t have a loan if you have a vehicle with more value than about $1000, it is probably worth your while to have comprehensive and collision coverage. Car repairs or replacements are expensive and if it is not an amount you can easily pay for with your savings or out of your packet, then the coverage will give you peace of mind. Having your car when you need it is vital for most people. 

Contact  Fida Insurance Group in Monroe, CT  to discuss your auto insurance coverage. We have the knowledge and experience to make sure you have the coverage you need. 

How Does a Whole Life Insurance Policy Work?

Life Insurance

Most people need life insurance to cover their final expenses and to help those who depended on the insured. It could be important to your family’s financial future to become insured and stay insured. That’s where a whole life policy comes in. If you’re interested in a policy, call us at Fida Insurance Group in Monroe, CT to talk to an agent.

Whole Life Coverage

This type of policy is referred to as "whole life" because it keeps you insured for the rest of your life. If you keep paying the premiums as agreed, your policy can’t be canceled by the insurance company. When you die and are insured by this policy, your beneficiaries will have the death benefit amount as stipulated in your contract. 

Cash Value

As you continue paying your premiums, your insurance policy will build a cash value. This value is a part of your premiums that is invested. As the cash value grows, you can borrow it against your death benefit. With this arrangement, the amount that you borrow is deducted from the death benefit if you should die before repaying the borrowed funds. If you die without any of this amount being borrowed, your beneficiaries get the death benefit- not the accrued cash value. 

The cash value that you can borrow is one of the biggest selling points of the whole life policy. It will be there in case you have a sudden financial need such as an accident, layoffs, college expenses, etc. 

Get Your Whole Life Policy

If you are interested in a whole life policy, call us at Fida Insurance Group in Monroe, CT to learn more about how these policies work. Make an appointment to talk with an agent about how a whole life policy could benefit you and your family. 

What is included with commercial insurance?

Owning a company in the Monroe, CT area continues to be a dream for a lot of people. If you are going to own a company here, there is going to be a lot of potentials to be successful. When you are looking to start a company in this area, you do need to make sure that you protect it as well as you can. One great way that you can do this is by getting a commercial insurance policy. This form of insurance offers several forms of coverage for your business. 

Protection Against Liability Risk

One of the benefits of a commercial insurance policy is that it can protect against liability risk. When you do get a commercial insurance policy, it will contain a provision that will cover you and your business if you are found liable for damages to another party. Given the number of interactions that some businesses have with customers on a daily basis, this could be extremely valuable and offer peace of mind.

Coverage for Business Assets

You will also want to get commercial insurance if you have invested in assets for your business. Many companies will purchase equipment, inventory, and other core assets that are needed to grow and develop the organization. If you do purchase these assets, it is important to protect them as well as you can. A commercial insurance policy will have a provision that could replace these items if they are damaged, destroyed, or stolen.

As you are shopping for a new commercial insurance policy in the Monroe, CT area, it would be a good idea to call the Fida Insurance Group. When you work with the Fida Insurance Group you will know that you are in good hands. The team here can help you find the insurance you need to protect your organization. 

3 Ways to Protect Your Home from a Fire if You Have a Fireplace

When the temperature drops, there is nothing cozier than a warm fire in the fireplace. Residents in Monroe, CT can turn to the agents of Fida Insurance Group to help them choose a homeowners’ policy that provides them with the coverage they need. It’s important to have the right type of coverage in place to ensure that you have sufficient coverage, especially if you have a fireplace or woodburning stove. 

Use a Fireplace Screen

A firescreen sets in front of your fireplace and works to prevent embers and sparks from finding their way onto the floor or other flammable surfaces. Fireplace screens do not block the heat, only the sparks and hot embers. Fireplace screens can be found that are very basic or extremely decorative. 

Keep Flammables Away From the Fireplace

Most resources advise homeowners to keep any flammable materials at least six feet away from your fireplace when a fire is burning. This includes rugs, furniture, curtains, clothing, home decor, or kindling. 

Keep a Fire Extinguisher Handy

Having a fire extinguisher handy is also a good idea. This will allow you to take control of a situation that does occur. Being able to put a fire out quickly is the best way to prevent extensive damage to your home. It only takes a few seconds for a fire to get out of control.

The agents of Fida Insurance Group offer Monroe, CT residents the best possible service when it comes to quality homeowners’ insurance policies. Each agent has the experience that residents can rely on. If you are looking for the best possible insurance coverage, call the office of Fida Insurance Group. The agents can provide you with the information you are looking for.

Tips For Getting the Perfect Auto Insurance Policy

Though many people think of auto insurance as merely a legal obligation, it is a useful investment that you make to protect yourself, your family, and your future from the unexpected. It is not easy to pick the right auto insurance, especially if you have never done it before. There are many considerations that should go into choosing a good auto insurance policy. In order to help you, Fida Insurance Group serving Monroe, CT has prepared some tips for getting the perfect coverage for your vehicle: 

Choose the right deductible

There is often a give-and-take between premium and deductible. If you choose a higher deductible, then you get a lower premium. Figure out what you can afford and consider such important factors as your own risk tolerance and driving record. Discuss other factors with your insurance agent and see how they can impact your premium. 

Consider limits of liability 

The state of Connecticut has the minimum liability requirements for auto insurance. Higher limits mean more coverage when you may need it most (after an accident for example). Instead of starting at the bottom and working up to higher limits, it is better to start with higher limits in the beginning and then work the way down. 

Compare at least several policies

One of the best ways to find a perfect auto insurance policy is by comparison. Take your time and shop around by comparing offers from at least three different insurance companies. Even though it may take you some time, you will be able to save money in the future. 

If you are a resident from Monroe, CT or any other surrounding community and you are looking for a reliable insurance company to insure your vehicle, Fida Insurance Group is ready to assist you. Our experienced agents will do their best to help you chose a policy based on your budget and insurance needs. Give us a call today to talk to one of our experienced agents. 

A Guide To Help Connecticut Residents Find The Right Life Insurance Policy

Fida Insurance Group assists the Monroe, CT community by offering them multiple insurance policies. We are committed to helping our clients protect their assets.

Life Insurance

It’s hard to predict the future. None of us know where life may take us in five years. That’s why it is important to have protection. Life insurance allows you to have a plan in place in the event of unforeseen circumstances. Life insurance gives your family security so that they do not have to worry once you have passed. Here is a guide to assist you as you research different policies.

Term Life Insurance

 Term life insurance covers you for a specified number of years. The policy will likely include renewal language as the end of the term approaches. Term life is a common policy for people who have young children or are in the midst of a long career.

Whole Life Insurance

Whole life insurance provides coverage throughout your entire lifetime. Whole Life insurance policies include several differences from term life policies, including the ability to invest.

Universal Life Insurance

Universal Life insurance provides you with some flexibility. You have control over the length of your policy, as well as the terms.

Sit down with your family and discuss the type of life insurance policy that you believe would be the best fit. This is one of the biggest decisions that you’ll make during your life. Do not wait until you are in your 40s to decide on a policy; start planning today.

Fida Insurance Group Can Help

We can help you prepare for the future by discussing your policy options. Stop by our office in Monroe, CT and we will help you find the right life insurance policy for your situation.