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.

Is Home Insurance Necessary in Dallas, TX?

Dallas, TX is one of the most booming cities in the country – people are moving here in droves to escape more expensive and overcrowded areas for a more comfortable life. If you own a home in Texas, this is one of the greatest accomplishments in a person’s life. D&B Insurance Solutions encourages all homeowners to take a look at their insurance policies to make sure they’re up to date and have the appropriate amount of coverage for their needs.

Home Insurance in Dallas

Home insurance is often required by the lender who funds your loan, so for most homeowners, insurance isn’t optional. More than that, it’s a necessary protection for the biggest investment in your life. 

Whether you live alone, with your spouse or partner, or with your family, having insurance is one of the best ways you can ensure the safety and protection of everyone in your home. 

This also includes the personal belongings that you keep in your home. Should your home or belongings ever be damaged in a severe weather scenario, home insurance has you covered. 

Most policies cover storm damage (besides earthquake and flooding), theft, natural disasters, vandalism, and more. 

Having a full coverage home insurance plan will give you the peace of mind that should something happen to your home, you won’t be taking a huge financial hit to repair or rebuild your house. You won’t have to replace every piece of furniture, clothing, electronics, and other items that are damaged or stolen. If you do have to pay out of pocket, the amount will be substantially less. 

Homeowners in Dallas, TX looking for an insurance coverage review or a new plan should contact D&B Insurance Solutions. We specialize in home insurance and we’re here to help.

How Much Auto Insurance Do I Need?

You know that auto insurance is compulsory in Texas, but do you know how much auto insurance you need to protect yourself optimally? If you are in the dark about the amount of car insurance you need, D&B Insurance Solutions of Dallas, TX, is here to guide you.

Meet the state-required auto insurance coverages

The minimum auto insurance you need shouldn’t be below what is required by your state. For instance, in Texas, car owners must have at least $30,000 of bodily liability insurance and twice the amount for accidents involving multiple persons. Besides, Texas requires you to purchase $25,000 of property damage liability coverage and $2,500 of personal injury protection (PIP), but you can reject this in writing.

While purchasing state-required insurance is essential, these coverages aren’t adequate to protect you when faced with a severe accident. For this reason, you need to increase your liability limits and opt for additional auto insurance coverages.

How much liability coverage should I have?

Like mentioned, state-required coverages are likely to fall short when faced with significant claims. As such, we advise our clients to raise their liability coverage to 100/300/100, which translates to bodily liability injury of $100,000 per person, $300,000 for multiple persons, and $100,000 for property damage liability.

These coverages may protect you adequately when you are at fault for an accident. However, if you need additional liability coverage, we recommend you invest in umbrella insurance.

How much collision and comprehensive coverage do I need?

How much deductible are you willing to part with? How many repairs can you afford to finance from your pocket? The answers to these questions will help you determine the amount of physical damage coverage you require.

Ultimately, purchase the amount you are comfortable with.

Get more information on auto insurance

Still not sure how much auto insurance you need? Would you please get in touch with D&B Insurance Solutions based in Dallas, TX? We will advise you on auto insurance coverages you need and the amount adequate for your driving style.

Benefits of Having Home Insurance

Your home is where you spend most of your time with your loved ones and where you keep your valuable belongings. Therefore, it needs proper protection. The best way to protect your home is by getting home insurance. If you are thinking about whether to buy it or not, D&B Insurance Solutions serving clients in Dallas, TX prepared a list of benefits of this type of insurance: 

Benefits Of Having Home Insurance

Here is why it is worth having home insurance: 

  • It protects your home from natural disasters. Unfortunately, it is not possible to control natural disasters and how they can damage your property. However, if you have home insurance, your home is protected from such common natural disasters as tornadoes, fires, storms, and others. 
  • It protects you from theft. Knowing that someone has broken into your home is probably one of the worst things to experience. The good news is that home insurance will cover different damages, including theft of your possessions. 
  • It is required by mortgage lenders. Many mortgage lenders require you to buy home insurance before approving you for a loan. This is because your home is the lender’s collateral. 
  • It protects against lawsuits. It is quite possible that your guest or visitor can get hurt on your property. If they do, they can sue you. Therefore, it is better to prepare for this type of situation and have home insurance that will cover attorney fees and medical bills. 

D&B Insurance Solutions – We Will Help You To Find Perfect Insurance

If you are a homeowner from Dallas, TX, or any other surrounding area or town, D&B Insurance Solutions is ready to help you find a perfect insurance policy for your home. For more information, feel free to visit our website or give us a call – our agents are always here for you. 

The Importance of Auto Insurance

Auto insurance is required for drivers in nearly every state in the country. It is important to have auto insurance for many reasons and the staff at D&B Insurance Solutions in Dallas, TX can assist you in all of your auto insurance needs.

Auto insurance helps to protect you and your family from very large expenses if you are involved in an auto accident. There are different types of coverage options, including comprehensive, property damage and bodily injury liability insurance, collision insurance, and even underinsured and underinsured insurance coverage. It is better to pay for insurance now than to be forced to shell out a large amount of money at one time in the future.

The correct auto insurance policy for you and your situation will protect not only yourself but your family members, other drivers on the roadway, and any passengers you may have in your vehicle when a crash occurs.

You can save time and prevent major headaches by having auto insurance in place before an accident does happen to occur. If you have the appropriate cover, which one of the agents at D&B Insurance Solutions can help you with, any damages will be covered properly in the event of an accident occurring. Your insurance company will work out all of the details throughout the process for you so you do not have to deal with it.

Auto insurance will provide you with the peace of mind you need and deserve. Even if you are a very cautious driver, you cannot protect yourself from the mistakes that other drivers may make in the future. With proper auto insurance coverage in place, you can feel confident and secure every time you hit the road.

To determine the best type of auto insurance for you and your situation, contact the experienced and trusted insurance agents at D&B Insurance Solutions in Dallas, TX today.

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.