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.

4 Benefits of Life Insurance

In life insurance, an individual entails a treaty between them and an indemnity company. In the treaty, the insurer is supposed to pay a specified amount of money in exchange for a premium after an agreed time. Life insurance is essential because it provides protection for individuals and families in Dallas, TX and ensures that the deceased leave the loved ones a non-taxable sum at the occurrence of death. Please contact our agents at D&B Insurance Solutions to get proper life insurance that meets your needs and budget. Life insurance harbors the following benefits: 

To Add More Financial Stability.

No one sleeps assured of seeing them the next day. Therefore, life insurance ensures that one’s kids are well taken care of in case of death. Parents in Dallas TX work hard to ensure that their children get a quality education. They also wish and strive to ensure that they get a provision in other areas like starting businesses. Life insurance provides a financially stable generation.

To Bring Peace of Mind.

Life insurance provides the entire family with a guarantee of not suffering financially in the future in case of the breadwinner’s death. Also, the breadwinner is at peace, knowing that the generation will get provided for in case of their death. It helps to minimize stress and worry. Life is full of uncertainties. Peace of mind is the ultimate goal for the aged.

Helps to Protect One’s Family and Loved Ones.

In Dallas TX 90% of families lack toddlers, the terminally ill, disabled, and the old. All these people, regardless of their situation, are our loved ones. They need love, care, and support. A life insurance guarantees that they are well taken care of and receive protection from any harm when the daily breadwinner passes on. It will provide finances to ensure that the elderly, physically challenged and the terminally ill hire someone to help them out with the day-to-day tasks. Family is family. Blood is thicker than water.

To Leave an Inheritance.

D&B Insurance solutions provide solutions concerning inheritance in case of death. Most families in Dallas engage in struggles over an inheritance. Especially siblings and wives. Life insurance ensures that the deceased leaves financial stability among the family and avoids unnecessary fights. A peaceful home is a happy home.

Life insurance is the real deal. It provides financial security for family and loved ones upon the demise of a policyholder. All families’ breadwinners in Dallas, TX need to ensure that they get life insurance from D&B Insurance Solutions. It helps to avoid conflicts and provides financial safety for beneficiaries.

What Isn’t Covered by Commercial Insurance

The business community in Dallas, TX has been growing at a reasonable rate, attracting more entrepreneurs and investors to set up shops in the area. Along with this development, more business owners realize the importance of insuring their businesses. And while that is a good thing, entrepreneurs have made the mistake of rushing to buy a policy, assuming that any risk or damage is covered by insurance. To make things easier, D&B Insurance Solutions explains what is not covered under commercial insurance.

A Loss From an Uninsured Business Operation

If you fail to inform your insurance agent about any new operation, insurance will not cover it when exposed to risk. For instance, say you expand your business outside your home or add another building for running operations. Failure to inform your insurance company of this new development can land you in trouble. If that new building is exposed to risk, and you have failed to notify your agent, then you will incur the cost of replacing or repairing whatever damage you suffer.

Intentional or Fraudulent Acts

Commercial insurance does not cover fraudulent or intentional acts that harm a third party. For instance, if a client sues you for defrauding them, and you go to court, insurance will not cover the legal fees or the compensation you are asked to pay by the court.

Certain Types of Natural Disasters

There are natural disasters not covered by commercial insurance. For instance, if you live in a flood-prone area, you should consider getting a separate flood policy. This is because if your building and contents inside are damaged by floods, you will have to pay from your pocket.

If you are shopping for commercial insurance in Dallas, TX, speak to one of our insurance agents at D&B Insurance Solutions. We are ready to offer guidance on what is covered by your insurance policy so that you are well-prepared for any risk.

What is a Life Insurance Beneficiary?

Purchasing life insurance is not something many look forward to doing or discussing with their family. However, it is vital to have all of our affairs in order and provide for our family’s financial future after we die. The most crucial part about Dallas, TX estate planning is selecting a designated beneficiary for your life insurance policy, ensuring your loved ones are provided for. Call D&B Insurance Solutions today to discuss your life insurance options and how to select a beneficiary. 

What Is a Life Insurance Beneficiary? 

A beneficiary is someone who received the cash payout and other benefits from a life insurance policy upon your death. It is possible to have two beneficiaries, one of which is the primary and a contingent beneficiary. Having a contingent beneficiary is a good idea because they receive the payout when the primary predeceases you. Additionally, you can have your death benefits paid out as a certain percentage to each beneficiary. 

How Do I List My Beneficiaries? 

When naming beneficiaries for an insurance policy, you must be as specific as possible and write down full names. To prevent confusion:

  1. Be precise in naming who received the cash payout.
  2. Do not use generic terms, such as "spouse" or "wife/husband," because an ex-spouse could try to claim the benefits.
  3. If available, write down the beneficiaries’ full names and include their social security number on the insurance policy. 

How Do I Select a Beneficiary? 

Before selecting a beneficiary, ask who would be put in a difficult situation should your income vanish. This person could be a spouse, child, or another family member. Some choose a trustworthy person as the primary beneficiary to ensure everyone adheres to your wishes as to how much money each person receives. 

Selecting a beneficiary in most cases is easy because many in Dallas, TX put their spouse or children down. However, this option is not best for everyone. Call D&B Insurance Solutions for help setting up a life insurance policy and discuss your options for beneficiaries. 

Why should Dallas businesses get commercial insurance?

The Dallas, TX metro area continues to expand at a quick pace due to the benefits it provides to local residents. Along with this, starting a company in this part of Texas can be a good option. As you are looking to originate and grow a company in this part of Texas, having the right insurance in place is quite important. There are a lot of reasons the typical business here should have commercial insurance. 

Protection for Company Assets

An important reason for anyone to have a commercial plan for their business is that it will protect your assets. Those that are going to be business owners in this part of the state will have to invest in various assets to grow the organization and losing them could be a major setback. If you have a commercial insurance plan, you will have the support needed to repair or replace company assets. 

Liability Support

You should also get a commercial coverage plan to receive liability insurance. Those that operate any type of company are going to take on liability risk. This could be a significant concern if someone gets hurt using your product or service. Fortunately, this risk is mitigated if you get a commercial insurance plan as it will include a full provision for liability coverage. 

A business in the Dallas, TX area should always get a commercial coverage plan. If you are looking to evaluate the insurance needs for your company, it would be a good idea to call D&B Insurance Solutions. There are a lot of choices that need to be made as you are evaluating your commercial coverage options and D&B Insurance Solutions will make the process easier. This support can help ensure your business gets the proper insurance coverage it needs. 

How much life insurance is enough

Life insurance is not for you, it is for those you leave behind. It is your final gift. That makes it unique among insurance policies since most people who buy a life insurance policy won’t benefit from it during their lifetime. Unless you borrow from a whole life policy or cash it in. At D&B Insurance Solutions in Dallas, TX what matters to you, matters to us. We are a female-owned family business and as an independent agency, we can offer choices to our customers. 

Deciding how much life insurance is enough is not easy and even once you have decided what enough is, you can’t count on the amount staying the same. Many events in your life will change your need for life insurance. No matter where you are in life, don’t count on work provided life insurance as part of what you need. You can’t count on staying at any job for the rest of your work career. 

When you are young and carefree, your life insurance needs are minimal. You need enough money or life insurance to pay off any debt you may have and for your final expenses. That does not require a great deal of life insurance. 

As you get older your need for life insurance will increase as you do things like buy a home, get married, and start a family. Each of these events raises your need for protecting your loved ones. Once you have people who count on your income, you need to add a significant amount of life insurance. For a family, 7-10 years of your income is considered normal. That may be more than you can afford. You need to sit down with one of our agents to discuss all your options. 

In Dallas, TX, D&B Insurance Solutions is the place to go for life insurance. 

How Does Commercial Insurance Protect My Online Business?

The recent advancements in technology have impacted the way we used to conduct business. With more and more people now accessing the internet, investors in Dallas, TX are striving to go online to link with as many clients/customers as possible. 

Although going online adds convenience to your business, it leaves it vulnerable to various online risks — cybercriminals can pose significant threats to your success but not if you have commercial insurance. 

If you haven’t yet bought commercial insurance for your online business from D&B Insurance Solutions, here are some key reasons to do so.

It Protects Your Online Business Against Financial Loss

When running an online store, cyber crooks can hack or interfere with your online venture payment system. If this happens, they will illegally access your clients’ credit card details — something that will likely lead to financial losses. 

With a commercial insurance policy by your side, you will be covered in case of such occurrences.

Boosts the Credibility of Online Business 

Your customers/ clients will have peace of mind transacting with you when they know your online business is fully covered. They will be 100% sure that compensation will come their way should anything go wrong while doing business with you online.

It Can Help You win Business Contracts

Depending on the nature of your online business, some contractors may necessitate that you submit proof of commercial insurance coverage before entering into deals.

Shield Your Business Against Advertising Liability

If by bad luck, your online business violates copyright rules of other online parties or businesses, it will be vulnerable to copyright infringement issues. But with a liability insurance cover, your web-based business will not suffer in case of such claims.

Purchase commercial insurance today

Shielding your online business against unforeseen risks is extremely important to its development and success. Don’t operate in a risky online business environment — reach out to D&B Insurance Solutions of Dallas, TX, for an affordable quote to cover your e-business. 

Should I get life insurance in Dallas?

In the Dallas, TX area, having proper personal insurance coverage continues to be very important. For most, this includes having home and auto insurance. Another important form of insurance coverage to get is life insurance. There are a few reasons why someone that is in this area of Dallas should get a life insurance plan. 

Life Insurance Gives Protection to Dependents

The primary reason that you should get a life insurance plan here is that it will give you coverage to protect your dependents. Those that have dependents need to ensure their financial needs will be met even if you were to pass away. With life insurance, they will receive the support that is needed to maintain their lifestyle and cover future expenses including the cost of higher education and housing. 

Life Insurance Offers Investment Benefits

If you opt to get a whole life insurance plan, you will also get investment benefits along with the insurance coverage. Those that have a whole life policy will notice that a portion of their payment goes into a bank account that grows with interest on a compound basis. At some point, you will be able to close the account and liquidate the outstanding balance. 

People that are in the Dallas, TX area need to take their life insurance needs seriously. There are many reasons why the typical person in this area should get a life insurance plan. When you are ready to start looking for a new life insurance plan, you should call D&B Insurance Solutions. When you do call D&B Insurance Solutions you can get more insight into how this insurance can protect you and what type of policy is ideal for your situation. Based on this guidance, you can choose a policy that is right for you. 

What is Commercial Insurance?

D&B Insurance Solutions is highly interested in helping people in Dallas, TX access different types of insurance policies so that they can safeguard their businesses. Having the necessary insurance cover to cater for your liabilities when they arise provides some much-needed financial relief. One of the products that we provide is commercial insurance.

What is Commercial Insurance?

Simply put, commercial insurance is a type of insurance policy designed to protect a business, business owner, and employees specifically. It has been structured to cover your business against possible losses arising from injury to your workers, damages to your property, and loss of income. The general term used in the industry is business insurance because everything relates to your business.

In general terms, commercial insurance will protect your business against:

  • Client lawsuits
  • Property theft and damage
  • Customer or employee injury
  • Unexpected events

Types of Commercial Insurance

As you have already seen, commercial insurance constitutes a very broad insurance policy that covers your business against different types of liabilities. However, before you buy this cover, you need to understand that it comes in many forms, and what you choose depends upon your needs. Here are different types of commercial insurance:

  • General liability insurance
  • Fidelity insurance
  • Errors and omissions insurance
  • Worker’s compensation insurance
  • Business owner’s insurance

These specific types of insurance policies are very useful in covering the damages and the injuries your business may cause to its customers and other people. 

By taking up commercial insurance, you’re making what could be the most important financial investment in the life of your business. You’ll run the business without worries of financial losses arising from unforeseen circumstances.

Get Your Commercial Insurance Quote Today

If you live in Dallas, TX, D&B Insurance Solutions is offering commercial insurance policies that will meet your business’s preferences. Call us today to learn more about purchasing a commercial insurance policy.