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Fida Insurance Group

244 Monroe Turnpike (Route 111)
Monroe, CT 06468

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Can your life insurance be canceled?

At Fida Insurance Group in Monroe, CT, we are independent insurance agents. As independent agents, we work for our customers, not for one insurance carrier. We have access to multiple carriers, allowing us to shop for our customers to find the best deals for the amount of life insurance they need. 

Nonpayment of premium

The most common reason for life insurance cancelation is the nonpayment of the premium. When times get tough, it may seem like your life insurance may be something you can live without. And yes, you can live without it, but the bigger issue is, can you die without it? If you run into financial difficulties, the first thing to do is to contact the insurance company. Depending on your policy type, they may be able to work with you. You may be able to switch to less coverage. Don’t let your policy lapse without trying to save it. 

Lying on your application

When you apply for a life insurance policy, you will be asked many questions. It is imperative that you answer them truthfully. You may think that no one can find out if you lie, but nowadays, so much information is on the internet that almost nothing is a secret. You don’t want to lose your policy because your lie is discovered or, even worse, have your dependents’ claim denied after you have passed because there is false information on the application. It just isn’t worth it. 

At Fida Insurance Group in Monroe, CT, we want to ensure that all of our customers get and keep the coverage they need. To learn more about life insurance, stop by our office or call us for information. 

Four Tips You Should Know Before Shopping for Commercial Insurance

Your business is not only a source of income but also something that gives a sense of freedom and fulfillment. As such, you need to protect it from the many risks it may be exposed to. Buying the right commercial insurance policy is the best way to protect your business. However, with several available coverage options, choosing the best for your business may be confusing. Fida Insurance Group understands the stress of selecting the right coverage for your business. We’ve, therefore, prepared tips to look out for when shopping for a perfect commercial insurance policy.

Evaluate your business risks

If you want the right policy that adequately protects your business when a disaster strikes, get to know your business risks. Each company is unique and, as such, has specific risks associated with it. For example, a tech business may require cyber liability coverage, while a contractor may need workers’ compensation.

Find out the legal requirements in your state.

Commercial insurance is not optional in most states. For example, the state of Connecticut requires that you have workers’ compensation to operate a business. Other states may require you to have commercial auto insurance or general liability insurance. Do your homework to avoid being on the wrong side of the law.

Compare different quotes

Once you know what you’re looking for, shop around and compare different insurance providers. You may find competitive rates or even get insurance providers specializing in insuring your business type.

Talk to an agent

Agents can help you choose the right coverage that suits your business. With the numerous commercial insurance coverage options, you may not know which is best for your business. An agent will work with you and tailor your coverage to your needs. Additionally, they will answer all your questions about commercial insurance.

Commercial insurance in Connecticut

A responsible business owner will always plan in case of an unfortunate occurrence. While it’s draining to think of your business’s risks, getting commercial insurance gives you peace of mind. Ready to purchase commercial insurance in Monroe, CT? Contact Fida Insurance Group for an affordable quote.

Different Types of Life Insurance. What Works Best for You?

Life’s present and future uncertainties necessitate adequate financial and physical preparations, especially for your dependents. Life insurance prevents your loved ones from having financial insecurities when you pass away. By understanding which type of insurance you need and how to get each, you’ll set a good foundation for your loved ones.  

Types of Life Insurance

Get to know the different life insurance available in Monroe, CT.

Whole Life Insurance

Whole life insurance from Fida Insurance Group covers your life through the regular premiums you’ll pay. Get a cash value benefit from the premium paid into the account, which may accrue some interest while still holding the premium. Though its premiums are slightly higher, its timeless feature makes it an excellent option for those who want a lengthier and continuous policy.

Term Life Policy

Term life policy is for a fixed term where the policy runs at a fixed rate. It suits people with a specific plan for the insurance policy’s period, like getting the policy for your employment years. You get to set the time and amount for the policy period, making it more affordable than other insurance types.

Variable Life Insurance

Variable life insurance offers you coverage as well as cash value. You invest in various accounts that determine how much interest they’ll earn. It’s a medium-risk option as you can lose your premiums, benefits, and cash value.

Factors To Consider When Choosing Your Insurance

To get the best out of a life insurance policy, consider understanding the basics of each insurance. Run the pros and cons of each policy against your goals. For example, get a term life policy if you are more interested in guarding your working years.

Contact us

At Fida Insurance Group in Monroe, CT, we take the time to understand your needs and guide you accordingly on your insurance path. Act now and protect your loved ones with a life insurance cover.

Do I Need More than One Type of Commercial Insurance?

You likely need commercial insurance if you own a business, have customers, or operate in a commercial setting. The insurance protects your business assets, employees, and customers in case of a covered loss. For expert help, confer with Fida Insurance Group. The agency serves in Monroe, CT. 

Always consider property, responsibility, inland marine, commercial liability, and employee benefits. Inland Marine insurance is the most common type of commercial insurance. It covers the risk of transporting goods by land, sea, or air. 

What to Know About Commercial Insurance 

While most businesses are covered by commercial property insurance, it’s important to note that the policy doesn’t protect your business against every risk. For example, if your company manufactures products, you likely need product liability insurance to protect against claims if someone gets sick or injured using your product. If you are contracting with clients, you may also want to consider contractor’s risk insurance to protect your business against claims if something goes wrong on the job site. And if you have employees, you likely need workers’ compensation coverage to protect your company from claims if an employee is injured on the job. 

In today’s ever-changing business landscape, it’s essential to have insurance coverage that addresses any potential risks that your company may face. Depending on your business type and risk profile, you may consider purchasing a combination of commercial insurance policies to protect your company from various risk scenarios. When choosing commercial insurance policies for your company, ensure they offer the coverage you need to protect your business from different risk scenarios. 

Parting Words 

While there might be some overlap between the policies you choose, consider your business needs and the policy that best serves your needs. For example, let’s say you own a landscaping company and want to purchase commercial property and liability insurance to protect your business from risk. 

While both of these policies protect your business, they work differently. Property insurance covers the cost of replacing damaged or destroyed equipment, fixtures, and buildings if your business incurs a covered loss. For inquiries in Monroe, CT, call Fida Insurance Group.

When Should I Update My Life Insurance Plan?

Like most things in life, your life insurance isn’t constant. When situations change in life, you shouldn’t shy off from talking to your insurer to update your policy. But what are the exact reasons I should update my life insurance? Keep scrolling as Fida Insurance Group of Monroe, CT sheds light on when you should update your life insurance.

Getting married

Perhaps you took your life insurance policy when you were single. However, now that you are married, you should take a second look at your policy. Now that you have brought someone else into your life, your financial status has changed. You have someone depending on your income, plus you co-share certain obligations.

Please update your life insurance policy to ensure your spouse doesn’t suffer financially if you suddenly die.

Getting divorced

While no one likes a divorce, it is a reality, and you need to make the necessary life insurance changes when it happens. However, before making changes to your life insurance, consult with your attorney because certain divorce decrees may require you to maintain your spouse as a beneficiary even after divorce.

Having a child

Congratulations on welcoming a young one into your family. Whether it’s through birth or adoption, you should update your life insurance to secure your child’s financial position in the future. Life insurance ensures that your child’s financial obligations are met even in your absence.

Taking a mortgage

Now that you have secured a mortgage for your home, the next thing you need to think about is your loved ones and cosigners when you die. If you have taken a mortgage or car loan, update your life insurance policy to ensure that you don’t burden those you leave behind with unpaid debts.

Still not sure whether you need to update your life insurance plan? No worries. Please contact Fida Insurance Group in Monroe, CT for more guidance.

When Should I Update My Life Insurance Plan?

Like most things in life, your life insurance isn’t constant. When situations change in life, you shouldn’t shy off from talking to your insurer to update your policy. But what are the exact reasons I should update my life insurance? Keep scrolling as Fida Insurance Group of Monroe, CT sheds light on when you should update your life insurance.

Getting married

Perhaps you took your life insurance policy when you were single. However, now that you are married, you should take a second look at your policy. Now that you have brought someone else into your life, your financial status has changed. You have someone depending on your income, plus you co-share certain obligations.

Please update your life insurance policy to ensure your spouse doesn’t suffer financially if you suddenly die.

Getting divorced

While no one likes a divorce, it is a reality, and you need to make the necessary life insurance changes when it happens. However, before making changes to your life insurance, consult with your attorney because certain divorce decrees may require you to maintain your spouse as a beneficiary even after divorce.

Having a child

Congratulations on welcoming a young one into your family. Whether it’s through birth or adoption, you should update your life insurance to secure your child’s financial position in the future. Life insurance ensures that your child’s financial obligations are met even in your absence.

Taking a mortgage

Now that you have secured a mortgage for your home, the next thing you need to think about is your loved ones and cosigners when you die. If you have taken a mortgage or car loan, update your life insurance policy to ensure that you don’t burden those you leave behind with unpaid debts.

Still not sure whether you need to update your life insurance plan? No worries. Please contact Fida Insurance Group in Monroe, CT for more guidance.

How Does Business Insurance Work?

Business insurance is a type of insurance that protects businesses from potential financial losses resulting from events such as property damage, business interruption, or liability claims. In short, it helps businesses to protect themselves against risks that could potentially cripple their operations. But how does business insurance work? Let’s take a closer look.

Generally speaking, there are four types of business insurance:

General Liability Insurance (GLI) – This type of coverage helps protect a business from claims such as bodily injury or property damage that occurs at or around the business premises.

Commercial Auto Insurance – This coverage generally includes car insurance for vehicles used for business purposes or owned by your company.

Workers Compensation Insurance – This type of insurance helps pay medical expenses and lost wages when an employee is injured during work duties.

Business Owners Policy (BOP) – This type of insurance combines liability, property, and other coverage into one policy. It’s a customized bundle of business insurance policies designed to meet the business owner’s specific needs.

Two main components make business insurance work:

The Insurer – The insurer helps protect businesses from financial loss in the case of an accident or covered claim. Basically, they act as a "buffer" between you and third-party claims. When you purchase an insurance policy, you are entering into what’s called a contract of indemnity. Basically, that contract states that you (the insured) will abide by the policy rules. The insurer then promises to pay for covered expenses in the event of an accident or claim on your behalf.

The Policy – The policy is a legal contract that helps protect you from potentially devastating financial losses. The policy usually includes a section called "Exclusions," which outlines events or actions that are not covered by the policy. And depending on the type of business insurance, there may be additional sections to read through regarding specific limitations and exclusions for each kind of coverage.

Business insurance is a valuable asset to the success and growth of your business. Luckily, Fida Insurance Group is dedicated to helping businesses in Monroe, CT, find suitable insurance policies at competitive rates. Contact Fida Insurance Group today for more information on how you can protect your business.

Renting a Car: Steps You Should Take

When people are traveling, they often choose to rent a car. Having a rental car makes your trip easier and more flexible. If you have never rented a car before, you probably have a few questions about the process, especially where insurance comes into play. Here are a few things Fida Insurance Group, serving Monroe, CT, wants to ensure you know ahead of time. 

Know Your Insurance Coverage

When you have a rental car, you want to ensure you and the car are thoroughly protected in the event of an accident. Although the rental car company will offer their own insurance coverage, it may not be needed. This is because the bulk of comprehensive auto insurance policies will cover the rental vehicle. 

Before you simply assume that your insurer covers rental cars, speak to your agent. The last thing you want is to not have any kind of coverage at all when you hit the road.

Inspect the Car Thoroughly

Before you leave the rental car’s parking lot, make sure to inspect the car well. This is important because you will be held liable for any form of new damage that occurs while the car is in your possession. You also want to ensure all of the car’s features work properly. If anything is amiss, make sure to let them know. 

Get Familiar with the Rental Car

Because you are driving a vehicle that you’ve never driven before, it may react differently. For instance, some cars have really soft brakes, while others are incredibly touchy. The car may also accelerate differently than the vehicle you are accustomed to. 

You also want to become familiar with all of the car’s features, such as the radio, air conditioning, windshield wipers, cruise control, etc. This ensures you know how to operate these things before you are driving 70 mph down the interstate. 

If you are considering renting a car, reach out to Fida Insurance Group, serving Monroe, CT, to find out about your specific coverage.  

4 Frequently Asked Questions About Life Insurance

Life insurance is crucial in that it protects our loved ones in case of sudden death. With the right life insurance, you don’t have to worry about leaving behind large bills for final expenses or putting your family at risk of losing their home or assets. Life insurances protect your loved ones from financial burdens, and if you want to find out more about the coverage, consult Fida Insurance Group serving Monroe, CT.

4 Faqs About Life Insurance

What does life insurance cover?

Life insurance is a basic form of insurance policy that offers death benefits. It is designed to cover income loss, funeral costs, end-of-life costs, and any other financial wants of a family in case of the sudden passing away of the policyholder.

How much coverage do I need for life insurance?

There are different ways a life insurance policy can be tailored and adjusted to fit your needs and lifestyle. The amount of coverage you need is dependent on your family lifestyle and goals and the financial security you want for the future.  The insurance cost varies based on several factors, such as the policyholder’s health, age, and occupation.

Who needs life insurance?

Life insurance is necessary for everyone, especially those whose demise is projected to create some financial burdens for the surviving family. The financial burden may be due to income loss, recurring and accumulating debts, and loss of household labor. A life insurance policy ensures that your survivors don’t struggle with funds for your final expenses and that they aren’t affected by any personal debts discharged upon your death.

How much does life insurance cost?

Several factors are affecting the costs of life insurance premiums. Such factors are the type of policy you buy, your age and overall health condition at the time of buying, and the length of coverage, among others.

The amount of coverage for life insurance policies is varied based on the type of coverage and the insurer. If you have any concerns about life insurance in Monroe, CT, consult Fida Insurance Group for answers.

Required Commercial Insurance in Connecticut

When you own a business in Connecticut, there are certain commercial insurance policies that you must have in many situations. There are two types that the state requires for most businesses, and every company should find out whether they need to have these policies in order to stay legal with the state. Not having the proper insurance can lead to fines and fees. If you need commercial insurance, contact us today at Fida Insurance Group in Monroe, CT.

Commercial Auto Policies

If your Connecticut business owns a vehicle, it is required by the state to have a commercial auto insurance policy. These policies have to have a number of specific types of coverage in them. It’s also mandated that each of these forms of coverage has to have a minimum amount of coverage. There is a specific amount of bodily injury liability coverage that you must have for one person who is injured in an accident. There is a higher number required for all of the parties injured in an accident. Another amount is mandated for your property damage liability, which pays for damages to someone else’s car or other property. The state also requires a minimum amount of coverage for uninsured motorists for one person who is injured and a higher amount mandated for everyone who is injured in an accident with an uninsured motorist. 

Workers’ Compensation

In Connecticut, every business in the state that has employees must have workers’ compensation insurance. They can be seasonal, full-time or part-time, and they each have to be covered. An exception to this rule is domestic, household workers who work less than 26 hours a week. This pays for employees who become injured and have resulting medical bills. 

Get Commercial Insurance

If your business doesn’t have the commercial policies that it needs, give us a call at Fida Insurance Group in Monroe, CT to find out more and to get started.