How Much Life Insurance Do I Need?

Although discussing life insurance may sound morbid, providing it to your family members in the event of your untimely passing is one of the greatest gifts that you can leave. You’ll want to ensure that you have enough life insurance to cover your obligations such as student loan debt, outstanding mortgage, college fund aspirations, and retirement so that your loved ones have extra peace of mind. 

When it comes to determining how much life insurance you need, there are generally three schools of thought. First, manually calculate your life insurance by adding together your salary (times the number of years you want to duplicate that income), your mortgage balance, additional debts, future obligations (college expenses), and the cost to replace any services that a stay at home parent offers (child care). Once done, subtract your liquid assets to include savings, retirement accounts, other life insurance policies, and college funds. The final number is how much life insurance you need.

The second method is to simply multiply your income by 10 and add an additional $100,000 to that figure for every child to pay for college costs. While this method is simple, it fails to take into account outstanding debts and the likelihood that your income may increase substantially as you move into higher-paying roles. 

The third method is to use the DIME formula which stands for debt, income, mortgage, and education. By adding all these figures together you’ll have a holistic view of your long-term financial needs.

At D&B Insurance Solutions in Dallas, TX our friendly team of insurance professionals is expertly trained and ready to assist in any life insurance questions. Whether you live in Dallas, TX, or a neighboring community, give D&B Insurance Solutions a call to schedule a no-obligation consultation. 

3 Common Examples of Commercial Insurance Claims

When you think of commercial insurance claims, you probably think of disastrous events. However, the truth of the matter is that insurance claims are just a part of owning and operating a business.

Have you ever wondered which claims to tend to be filed the most frequently and what type of commercial insurance coverage best helps to protect your Dallas, TX business from those claims? Well, D&B Insurance Solutions is going to share this information with you below.

Burglary and Theft

Claims of burglary and theft include employee theft and can result in over 40 percent inventory loss. Break-ins can be prevented with a first-rate security system, exterior fencing, and motion detectors.

Make sure you have commercial property insurance coverage, and consider investing in an employee dishonesty or theft endorsement, as well as a crime endorsement, to your insurance policy to ensure you are thoroughly covered.

Water-Related Damage

Your business can suffer water damage from freezing temperatures, burst water pipes, flooding, and snow. You will want to ensure several employees are familiar with how to turn off the water in the event of a plumbing emergency and you aren’t on-site. Ice dams should be prevented by keeping snow and ice off of the roof.

Commercial property insurance will generally cover any kind of water damage that occurs as a result of freezing temperatures, burst pipes, and snow, but it will not cover flood damage. Business income insurance can provide reimbursement for revenue loss in the event that you must close your doors while the property is being repaired from the water damage.

If you live in an area prone to flooding, you will need to purchase an additional endorsement for this type of coverage.

Customer Slips and Falls

Slips and falls tend to be a very common cause of injuries that customers sustain at business establishments. These can be prevented by ensuring spills are promptly cleaned up, which prevents floors from being slippery. In addition, your business space should be kept clear of clutter, such as loose electrical cords, inventory, etc., that could potentially cause customers to trip.

General liability coverage will usually cover the majority of losses that you will face as a result of a customer slip-and-fall accident.

D&B Insurance Solutions offers a variety of coverages for commercial businesses of all shapes and sizes. If you own a business in Dallas, TX, contact us today so we can help you determine the best type of coverage for your business to ensure you are thoroughly protected from any kind of situation that you may face.