Business Insurance Coverages – Cases #5 and #6 – Nashville TN

The final segment in our video series about what insurance a small business actually needs.

Bad Luck Case #5
We review the need for Employment Practices Liability Insurance.

Bad Luck Case #6
A Key Man Life Insurance Policy would have been very helpful, giving the business valuable time to recover from the loss.

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Which Life Insurance Policy Is The Best? – Nashville TN

Okay. My name is Bobby Thomas, BTJ Insurance. And so today’s question is term life or whole life? A lot of people ask us that questions being an insurance professional, which one’s better, term life or whole life. Well, the answer is, it just depends. Whole life policies, I can make a case for. Term policies, I can make a case for. Whole life means it’s going to be covering you for your whole life. Meaning, it doesn’t end. As long as you pay the premiums. As long as you’re truthful on the application, you fill out the application, they issued a policy. That policy will not cancel. In fact, it’ll stay there for your whole life. Does it cost more? Yeah, it costs more. Matter of fact, you get a lot less face amount, a lot less coverage for a lot of more money.
Now, then there’s your term policy. You say, well, term is not a permanent policy like whole life. In fact, it’s temporary. In fact, you can sign up for a five year term or a 10 year term or a 15 year term or 20 year term, a 30 year term. And you say, well, why would I buy something that’s not going to last or that’s going to end? Well, it’s just like why would you rent? Well, you get a place to stay. It gives you peace of mind, gives you protection for your family. And that’s what term insurance does. Peace of mind while you need the most coverage for the least amount of money. So typically by term policy, when you got a house, you got children at home, you’ve got all these things that cause extra debt or extra… You’re needed quite a bit and maybe you don’t have as much money or you don’t want to spend as much money.
So I buy term and get the most that I actually can afford to protect me while I’m going through, while I’m raising kids, while I’m paying house notes and things of that nature. So term serves its purpose, and I can make a case for both. The cool thing about term life insurance too is that term policies with the good companies can be converted to permanent policies. So if you get sick later on and you become uninsurable, then you can convert your term policy, most policies, to a permanent policy. Just a couple quick points. Keep the questions coming though. Very good question, and we can go into detail. Let me know if you want to know more and I’ll take that topic to another level. Bobby Thomas, BTJ Insurance. Thank you and have a great night.

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Business Insurance Coverages – Cases #3 and #4 – Nashville TN

As we continue our series of business insurance examples…

See how Bad Luck Case #3 might have been improved with a Property Insurance Policy that included Debris Removal Coverage, along with Business Income Insurance.

Bad Luck Case #4 reveals a very real need for Cyber Liability Insurance with Data Ransom Coverage

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Can Homeowners Insurance Be Backdated? – Nashville TN

BTJ Insurance. And the question today is can auto insurance or home insurance be backdated? I look at the most googled questions and then I try to answer them to the best of my ability. This one’s fairly simple. Insurance can’t be backdated. If we were to allow insurance policies to be backdated, we’d just buy insurance the day after the claim happened. So no, no insurance can be backdated. There are scenarios where if an error happened and just to correct the date that may have been set up in error, and then there’s a correction to a date, but as far as backdating coverage, there is no way to backdate a home policy or a car insurance policy.
Keep those questions coming. We appreciate your interest in learning about the insurance industry. Have a great day.

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Business Insurance Coverages – Cases #1 and #2 – Nashville TN

What insurance does a small business actually need?
Much of a business’s success depends on how well it can overcome obstacles.

BTJ Insurance is here to help guide you through the perils that you likely don’t anticipate.

Bad Luck Case #1
In this example, the hefty legal and judgment costs would have been covered by Hired and Non-Owned Auto Liability Insurance, up to purchased policy limits.

Bad Luck Case #2
ACME had Worker’s Compensation Insurance that covered Julie’s expenses, but not Colleen’s. The state identified that ACME had misclassified Colleen, which led to hefty penalties and judgments for medical costs and damages.

Call BTJ Insurance in Nashville TN at (615) 333-0232