What Kinds of Life Insurance are Available?

Life insurance can be one of the most important types of insurance that you will ever buy. For people that are in the San Antonio, TX area, choosing the right type of life insurance is very important. There are a couple of major types of life insurance that need to be properly considered when you are looking for a new policy for your situation.

Whole Life
The first type of life insurance is whole life insurance. With a whole life policy, you will receive a set amount of insurance coverage for the rest of your life. With a whole life policy, you will also be able to use the policy as a form of an investment. Over time, a portion of your monthly premiums will go into an account that will accumulate in value. This can then be liquidated at any time. However, these policies tend to be expensive on a monthly basis.

Term Life
For many people, the best type of life insurance to get is a term life policy. With a term life policy, you will receive a set amount of coverage for a certain amount of time. In general, you will likely receive coverage for anywhere from 10 to 30 years. This type of insurance tends to be far more cost-effective when considering the amount of coverage you receive. However, it has no cash or liquid value. 

Choosing the right life insurance policy for your situation is very important and can seem very complicated. Because of this, it is important that people in the San Antonio, TX area speak about their options with Access Insurance Services. When you meet with Access Insurance Services, you will receive more detail about all of your options to ensure you make the right choice for your situation.

How do I increase my commercial property coverage if I hit my policy limits?

You’ve opened your business in San Antonio, TX. Your store front looks pristine. You purchased all new equipment. Your spiffy sign advertises to potential customers. Now, you need to cover it all with insurance before you open your doors to the public. What if your insurance needs exceed the standard policy your insurer offers? This Access Insurance Services blog explains how to obtain more coverage if your business already carries a policy for the maximum amount the insurer offers in a standard commercial property policy.

What does commercial property insurance cover?

Commercial property insurance covers both the structure and the personal property contents of a business. That means the policy provides protection for the real property and the business personal property (BPP) inside it… if you own the property. If you rent or lease your office space from someone else, your commercial property insurance only covers your BPP. The building owner’s insurance policy covers the structure.

  • The structural coverage refers to permanently installed equipment like the air conditioning, boiler, and furnace, as well as architectural fixtures like built-in bookcases and cabinets.
  • The contents coverage refers to carpets, dishwashers, equipment, refrigerators, and safety equipment like fire extinguishers. Your office furniture and even the outdoor furniture in your break area also qualifies.

The BPP portion also covers any property you lease you’re contractually obligated to ensure and property in your possession within the building or stored within a specific distance.

What doesn’t commercial property insurance cover?

Neither structural nor BPP covers the following:

  • accounts, bills, money, securities or government benefits like SNAP or WIC,
  • animals of any kind except stock,
  • any crops, grain or hay stored outdoors,
  • backfilling, excavations or grading costs,
  • commercial or personal aircraft, vehicles or watercraft,
  • docks, piers, land, or wharves.

With respect to animals, for example, a pet store’s stock is covered, but your poodle visiting the store is not. A ranch’s herd of cow’s and bulls is covered, but the family parakeet is not. Some policies exclude the electronic data and the restoration of said data, the structure’s foundation and paved surfaces.

How to Cover What’s Not Covered

You can purchase an additional coverage option. Numerous options for this exist. The most common additional coverage options include:

  • debris removal,
  • electronic data,
  • fire department service charge,
  • the increased cost of construction,
  • environmental pollutant cleanup.

For items already covered, but requiring protection against greater losses, you can add a coverage extension. You can extend structural or BPP coverage to include newly acquired items, new buildings under construction, personal effects/others’ property, valuable records and papers, the property you store off premises, property stored outside and detached trailers you don’t own.

Help your San Antonio, TX business succeed by properly ensuring it. Call Access Insurance Services to learn the ends and outs of commercial property insurance and determine your company’s needs. Let us help you succeed.