Careful planning is important when you’re budgeting to manage the liabilities your company faces. A lawsuit or an accident that damages your company’s assets can put you out of business. At the same time, insurance premiums for a "full coverage" commercial insurance policy could be expensive or even unaffordable for you.

In looking for the right commercial insurance policy for your company, you should consider the following three calculations. Crunching the numbers and analyzing your company’s assets and liabilities is the best way to ensure the continued financial stability of your company. 

1. How much you can budget for monthly payments- In most cases, greater insurance coverage requires higher monthly premiums. When it comes to commercial insurance coverage, you should always be looking to stay on the safe side. At the same time, you don’t want to waste money for coverage you don’t need. When you purchase commercial insurance, you should project your budget out into the near future and consider how monthly premium payments will affect you financially. Figure out how much you can pay each month without creating a burden for your company that will cut in to your bottom line. 
2. How much your company is worth- The more you company is worth, the more it will appear as a target for lawsuits. Evaluating your company overall is a good way to understand what you stand to lose in the event of a legal or financial catastrophe.
3. How high your coverage limits need to be- The difference between what your coverage limits are and how much your company is worth is what you stand to lose. 

If you need help shopping for the right commercial insurance policy for your company, contact us at GTW Insurance for assistance. 

Life insurance is a big step towards meeting your financial goals. As such, it’s important that you understand what’s included in your policy. At GTW Insurance, we found that it’s helpful for you to become come familiar the details of your life insurance policy. The following are some key terms you should understand before purchasing life insurance in and around NE Arkansas.

Evidence of Insurability

Life insurance is based on certain risks. Your health, finances, and your job are factors insurance companies consider whether determining whether or not you are insurable. Evidence of insurability is a statement regarding your health and finances. Most likely, the underwriter will assess this statement to offer you insurance or not.

Face Amount

When you purchase life insurance, you have the option of choosing what amount your insurance policy will pay out. The face amount is the amount of money your life insurance will pay out to your listed beneficiaries at your death. The face amount also refers to the amount of money paid out at the maturity of your policy.

Beneficiaries

The beneficiary is the person or persons who receive the proceeds of your life insurance policy. Most people choose to leave their life insurance policy to their family members; however, you may have the right to leave your life insurance proceeds to a charity.

Rider

Riders are endorsements associated with life insurance policies. These clauses and features are used to modify an insurance policy. For instance, there are riders to add additional life insurance for family members, allowing you to create a family life insurance policy.

At GTW, we want you to learn more about your life insurance options. There are many other terms you should become familiar with to understand your policy better. You can start your research by visiting our website today.