Contrary to popular belief, the life insurance policy that is offered by your job is often not enough. Many people are fooled into thinking that they have enough from their employer but you should really consider whether it is enough in Austin, TX. Use these questions from Southwest Insurance Center to make sure you have enough life insurance coverage.
- Do you have enough coverage to pay for your debts? Depending on how much debt you have, you may quickly find out that you do not have enough coverage to pay for all of your debts. This could leave one or more of your loved ones with an added burden of paying off these debts which is not something you want. This is especially true if you have a substantial mortgage payment.
- Do you have dependents who rely on you? If you have children who rely on your income for survival, then you should consider getting more life insurance that what your employer provides. This is especially true if your spouse is not working. If you want to be able to take care of them even after you are gone, you should consider getting 10 to 12 times your annual salary coverage which is a lot more than what employers offer. You can opt for an additional amount of coverage through your employer but you may still need to get an additional policy to ensure you have enough coverage.
If you need life insurance, you want to make sure that you have enough coverage and for many, there is not enough coverage provided by their employer. If you are interested in learning more about your options and getting added coverage, be sure to reach out to Southwest Insurance Center, serving Austin, TX, today.
If you are a small business owner and you worry about being sued, you are not alone. An organization called Faces of Lawsuit Abuse found that 75% of small business owners worry about being a target of an unfair or frivolous lawsuit. Small business owners in America pay an aggregate total cost of about $20 million per year to defend against tort lawsuits. Klemm Analysis Group reports that 52% of all civil lawsuits are against small businesses. For the average small business, which makes about $1 million per year, $20,000 per year will be used for legal expenses to defend against lawsuits.
Three Steps to Take If You Are Served Legal Papers in Austin, TX
1) If you are served legal papers that inform you that you are being sued, accept them. It is better to deal with this type of negative event right away, rather than to try to hide from it.
2) Contact your attorney before making any statement about the case to anyone (including your own workers).
3) Contact your agent at Southwest Insurance Center in Austin, TX, to discuss the coverage you have and to inform them of the potential liability, so that they can work with you and your attorney to reduce your exposure.
Hopefully, you already had an annual review of your insurance coverage and the coverage is adequate. This is why it is critical to regularly review your commercial insurance coverage with your agent. Very often these lawsuits, especially ones that are frivolous, happen unexpectedly.
If you own a small business, the chances of being sued are very high. It is best to be proactive in order to prepare for this eventuality. Small businesses do not have the resources to easily defend themselves when compared to major corporations that have permanent in-house legal staff.
Be sure to discuss the potential risks with your insurance agent at Southwest Insurance Center in Austin, TX and ask about umbrella coverage, which is used to insure a small business against some of the extraordinary risks, such as lawsuits.