What type of life insurance is ideal for my situation?

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. 

Do you need to have commercial insurance in Monroe?

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. 

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 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. 

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.

Common Types of Commercial Insurance

Business owners in the Monroe, CT area may have questions concerning what types of commercial insurance they need to protect their business and employees.  Fida Insurance Group has friendly professional agents available to discuss the three main types of commercial insurance which are:  property insurance, liability insurance, and workers’ compensation.  

Property commercial insurance is necessary to cover any buildings your company may own or lease.  This type of insurance will cover the buildings as well as your personal belongings and the personal property of others in case of damage or loss.  Not only is the actual company-owned or leased building(s) covered, but the company property is covered as well.  This could include but is not limited to tools, equipment, inventory, and furniture.  Having the right policy in place will help you in the event your business has to repair or replace any of the property or equipment due to a natural disaster like a hurricane, blizzard, lightning strike, hail storm.  This type of coverage also helps if the damage prevents you from reopening and helps to get the business up and running once the repair and replacements are made.  

Commercial liability insurance will protect your business from claims alleging bodily injury or property damage as well as possible libel and slander issues as well.  Liability insurance can help a business if its reputation is harmed due to slander, libel, malicious prosecution, or even wrongful eviction. 

Workers’ Compensation Insurance will protect your employees and your business from any work-related accidents that may occur on your property or while outperforming a service for a client.  Businesses in almost every state are required to carry this type of insurance to cover medical costs and loss of wages for workers who are hurt or become sick on the job.  

Fida Insurance Group can help you make sure your business is covered properly with property, liability, and workers’ compensation insurance.  Many clients will require proof of insurance before they will sign a contract for you to provide them with goods or perform services.  Start at our website to start looking for the right policy for your business. 

Life Insurance After Baby: Is it Time to Upgrade Your Policy?

Monroe, CT residents: have you recently decided to add another member to your family? Will you and your spouse be thinking about having a baby? If so, you should consider upgrading your life insurance policy.

The decision to have a child is one of the most joyful experiences in a couple’s life. But there is so much to think about! From painting the nursery to thinking about a birth plan, to researching a travel system and connecting with local daycares– there is a lot to consider.

One of the most important decisions to make is what sort of life insurance makes sense for your family. As the size and age of your family changes, you should consider upgrading your life insurance policy. 

Life is full of uncertainty. If something unexpected should happen, you will want to have the peace of mind to know that your family– including your new son or daughter– will be financially set. Your newborn may be a beautiful, bald delight now, but before you know it, she or he will begin attending preschool– and eventually college! Make sure your life insurance plan takes all the needs of your family into consideration.

Fida Insurance Group knows that new parents don’t have a lot of energy to think about these things. After all, you’re focused on getting enough sleep and making up bottles! That’s why your agent will help you make the right decision regarding life insurance changes for your growing family.

Simply request a quote through our simple online tool. You will be connected with a Monroe, CT agent who can simplify the process and get you set up with exactly the coverage you need. 

Children are a blessing, but with big life, changes come important decisions about life insurance. Contact your Fida Insurance Group representative today to talk about what your new baby means for your life insurance policy.