Commercial Insurance: How Your Rates Are Determined

Commercial Insurance: How Your Rates Are Determined

If you run a business, you know the importance of commercial insurance. Commercial insurance not only protects your business- it also protects you and your employees. This type of insurance can seem like a bit of a mystery, especially when it comes to how your rates are determined. Let’s look over a few different factors that determine your commercial insurance rates. 

– Business type. If your business is in a field that tends to have flash-in-the-pan businesses, or you have a high risk business, it’s possible that your commercial insurance rates will be higher than businesses that are lower risk. Your insurance agent will be able to explain the level of risk associated with your business.

– Location. Is your business located in an area that has high amounts of crime, or near a water source that tends to overflow? Both of these issues, although unrelated, could cause your commercial rates to increase. Location matters. 

– Length of time you’ve been in business. The longer your business has been up, running, and successful, the lower your commercial insurance rates will be. 

– Annual revenue. The amount of money your business brings in each year plays a role in your commercial insurance coverage rate. 

Call Alliance Insurance Services Serving Arvada, CO

If you’re in need of a commercial insurance policy for your business, Alliance Insurance Services, serving Arvada, CO, is here to help. Stop in to see one of our agents, or give us a call to set up an appointment to talk about our services. We look forward to helping you with all of your business insurance needs.

How Can Life Insurance Help You in Retirement?

As you near retirement in Arvada, CO, you should take a look at your life insurance coverage with an agent at Alliance Insurance Services. Back when you purchased your policy it may have been a way to safeguard income, but now that you may have fewer dependents and your mortgage could be close to being paid off, you have different needs. If you have chosen the right life insurance policy, you can use this in retirement.

Access to Cash: If you don’t need the same level of coverage you did in the past, you can access the cash value of a permanent life insurance policy to fund retirement. With this option, the premiums you paid during your working years could be leveraged as a source of retirement income.

Support for a Widower/Widow: Wanting to make sure that your surviving spouse can pay for certain life expenses is important after one of you passes away. With life insurance to cover these expenses, you can better enjoy retirement.

Protection from the Onset of Chronic Illnesses: Some life insurance policies will allow people to access death benefits for a chronic illness before death. A chronic illness is either a cognitive impairment or the inability to perform two out of six activities of daily living.

Charitable Giving: As retirement approaches, life insurance can be used in several ways to support your current charitable giving strategy. You could make a gift of an existing life insurance policy to charity. The presence of life insurance will enable a donor to make a gift of investments, real estate, or other forms of property to a charity and still provide a reasonable inheritance to heirs.

If you have dropped your policy before retirement then it can cost more due to an increased age to pick it up again. Maintaining coverage into retirement can provide you with peace of mind to enjoy your years.

Contact Alliance Insurance Services, serving Arvada, CO, to get a quote on life insurance.