3 Benefits of a Term Life Policy

Term life insurance is one of the easiest life insurance policies to get. The term is normally five, ten, fifteen or twenty years and will build equity with each monthly premium until it has reached maturity. In Sandy, UT, the agents of Wasatch Preferred can easily explain both the benefits as well as the drawbacks of each type of life insurance policy. Their goal is to help each of their clients know which policy will work best for them.

Lower Premiums

Because the number of payments is determined by the term of the policy, the actual premiums are much lower for a term policy than they are for a whole life policy.  The longer the term of the policy, the lower the monthly premiums.

Usable Equity

With each paid premium, you build usable equity. If an emergency occurs and you have built up enough equity within the policy, you can either borrow against the policy or use it as collateral for a personal loan. 

Can Be Converted to Whole Life

As your needs change, having a temporary or term life policy in place may no longer serve your intended purpose. As long as the premiums are paid and the policy is current, you can convert it to a whole life policy that can be used to provide for your family if you pass away unexpectedly. 

If you live in the Sandy, UT area and want to talk to a reputable agent about your life insurance needs, call the staff at Wasatch Preferred. They have the answers you need and can help you find the right policy that will allow you to care for your final expenses as well as your family. Schedule a consultation today!

FAQs About Home Insurance in Utah.

Home insurance is one of those things that bring a significant amount of peace of mind to those who take the time to get it. After all your home is likely one of your biggest financial assets and it is where your family makes memories each day. Wasatch Preferred can make getting quality home insurance in and around Sandy, UT simple, so you can continue the business of running your life and enjoying your family without worrying about what may happen in the future. 

Common Questions About Utah Home Insurance

  • Is home insurance a legal requirement in Utah? Legally, no. However, lenders will not finance a home without home insurance and even if you do not have that as a deciding factor it is just common sense to provide this protection for your home. Because coverage is easy to purchase and affordable.
  • What can a home insurance policy cover? There are various levels of coverage you can purchase and if you need you can add umbrella coverage over your policy to add limits. You can choose from dwelling protection, liability protection, guest medical protection, additional living expenses coverage, and more. 
  • What does a home insurance policy not cover? Flood insurance is often separate, although water damage within the home is not considered a flood. Earthquake insurance is also a separate policy for most situations. If you have any questions about specific coverage on items or occurrences as our agent while you get your quote. 

Contact us at Wasatch Preferred to discuss your home insurance needs today. We serve Sandy, UT and the surrounding areas with quality insurance services and you can have all of your insurance needs met at one convenient location if you like. 

Does Your Home Business Need Commercial Insurance Protection?

Like any other business, your home-based enterprise needs insurance coverage to protect business equipment and activities. Home insurance is designed to protect your home and belongings, not your business. A commercial insurance policy from Wasatch Preferred, however, will protect your business activities so you can continue to operate out of your Sandy, UT home. Here’s why you need commercial coverage to protect a business run from your home.

Business Property

If your business depends on computers, printers, fax machines, office furniture or other equipment to conduct business activities, you need business property coverage to protect these assets. You can’t count on home insurance to cover theft, damage or loss of business property. Unless you have the capital to replace business equipment on your own, you would do well to protect these valuable resources with commercial coverage.  

Liability

If you receive clients at your home for business purposes, you’ll need general liability to protect you against accidents clients may have while visiting your property. If a client gets hurt while visiting your business, you could be held liable for damages. By paying for a client’s medical expenses or property damage, general liability saves your business from financial loss.   

If your business produces or sells products, product liability coverage protects your business against liability claims customers may make against your product.

If your business offers a professional service, such as consultant, professional liability insurance can protect you against business actions you take that may cause a client to suffer loss. If you’re sued for damages, this insurance shields your business assets and covers legal costs.

Commercial insurance provides your home business with the financial security it needs to grow and prosper. For quality commercial insurance coverage at affordable costs, contact your Wasatch Preferred agent in Sandy, UT today. 

Insurance Information for Classic Car Owners

Classic car ownership is an enjoyable process for people interested in the vehicles of certain years.  Insurance is important and having the vehicle can be one of the best for car ownership.  Serving the area of Sandy, UT, the insurance provider, Wasatch Preferred can answer your questions about classic car insurance.  The car insurance planning is helpful and the quality of workmanship for the original vehicle is often noticed by owners.

Classic Cars for Restorations

The owners of classic cars have many ways to go for restorations.   Improving an antique can be a restoration to the original look of the car or a complete restoration with a new motor, upgraded interior, and after-market car parts.  Finding any original parts for a make and model of a vehicle is getting simpler but some parts are rare and really valuable.   The costs of parts and assembly are considerations for the types of restorations.  New paint is often part of the improvements with the original stock color usually available as an option.   Wasatch Preferred is an experienced company for classic car insurance.  You can discuss the restoration and how many improvements are planned.  The process for determining value is part of the conversations often for classic car insurance.  

Improving Your Vehicles

Finding experienced auto shops for classic cars can be part of the planning.  The car shows available are impressive and special events, such as parades, are also something to consider for an antique car.  Your insurance provider can go through how you are using the classic car and make sure the insurance fits your needs.  The experienced agents at Wasatch Preferred are available to give you more information.  Serving car owners in Sandy, UT, the agency is experienced with the antique cars being restored and enjoyed. 

What Is Recreational Insurance?

Recreational insurance is an important policy to explore when you own boats, ATVs, and other vehicles that you use recreationally. In Sandy, UT, it’s critical to look at what the state requires. To ensure that you have the right policy, Wasatch Preferred can help.

You need to have recreational insurance as a way to finally protect any vehicle that you use for recreational purposes. This way, if it’s damaged, you can get it repaired. Similarly, if it causes damage to someone or their property, the liability coverage will take care of the expenses.

The state of Utah will require you to have a liability insurance policy on personal watercraft and boats as well as certain ATVs. The Utah State Parks Department will help you to determine if you need to have liability based on the recreational vehicle that you own.

You never know what could happen when you’re cruising around on your boat or you’re hitting the trails on an ATV. If your vehicle gets damaged, you want to be able to turn to the insurance company to file a claim. Similarly, if you cause an injury or property damage, you want the insurance company to pay so that it doesn’t come out of your own pocket. This is why it’s important to find the right policy around Sandy, UT.

There are plenty of options when it comes to coverage. You have to decide if you want to go with the state minimum requirement for liability or add further protection. It can be beneficial to add more coverage so that you’re protected in more scenarios.

The good news is that you don’t have to figure it out alone. At Wasatch Preferred, we’re here to help you. Call today so that an agent can walk you through the steps to getting insured.

 

What happens if I don’t have commercial insurance?

Running a business can be a big challenge. While some business owners may try to cut costs by not getting commercial insurance, not being properly covered could prove to be a big mistake. If you do not have commercial insurance, a number of negative repercussions could occur. 

Violation of State Law

One of the main things that could happen if you do not have commercial insurance in place is that you could violate state laws. The state likely will require that you provide your employees with workers compensation insurance. If you do not provide this coverage, you could face serious penalties from the state. 

No Coverage for Losses

If you do not have commercial insurance, you will also be putting your business in jeopardy. If you are sued or there is an accident that damages your business property, you will not have any coverage if you do not have commercial insurance in place. This could put your business in a poor financial position that can be difficult to recover from. 

Loan Violation

Finally, if you do not have commercial insurance for your Sandy, UT area business, you could be found in violation of your loan agreement. If you have any type of loan in place for your business, the lender will need you to carry commercial insurance. Having commercial insurance will help to ensure your solvency and protect the lender’s collateral. If you don’t have it, you could be in violation of your loan agreement. 

Since having commercial insurance for your Sandy, UT business is so important, you should speak with the team at Wasatch Preferred. The insurance professionals at Wasatch Preferred could provide you with assistance in picking the right commercial insurance policy. This will ensure that you are properly protected and fully in compliance. 

Restaurants and Commercial Insurance

Restaurant owners in Sandy, UT need to take the time to buy insurance for their business. Failure to work with providers like us at Wasatch Preferred in this process could cause a restaurant owner to lose everything in a serious fire, flood, or other issues that could seriously affect restaurant operation.

Restaurants Have More Risks Than Many Realize

Owning a restaurant is a risky business because there is a huge risk of serious damage. Fires are common in restaurants and can cause severe damage that is very difficult to repair. Other issues, such as floods, can cost you repair costs to fix and even lost income while you wait for the repairs to finish.

Restaurant risks aren’t limited to just your building, however. Your customers could be injured on your premises due to problems like food poisoning and sue you for damages. Even worse, your employees could sue you if you fail to provide them with a safe working environment.

How Commercial Insurance Helps

Commercial insurance for a restaurant helps to protect against serious financial problems by providing payments when you need it. For example, if your restaurant is affected by a serious grease fire, your policy will pay for these repairs to keep you in business.

Just as importantly, commercial insurance protects you from liability issues that may affect your patrons. For example, if a visitor slips on a greasy floor and injures their back, high-quality insurance will pay their medical bills and keep you financially solvent.

Getting the Right Policy

So if you own a restaurant in Sandy, UT and you want to make sure that it doesn’t suffer from any serious damage, please contact us at Wasatch Preferred to find a great policy. We will work hard to get you insured and protected from restaurant failure.

What Is An Umbrella Insurance?

Wasatch Preferred is proud to serve Sandy, UT and the surrounding areas and one of the most common questions that is asked is centered around umbrella insurance. These insurance policies are not always an area of focus, even though they should be.

That is because they provide the sort of additional liability coverage that is truly necessary. This coverage is offered with the hope of keeping clients safe from potentially costly lawsuits. Homes, automobiles and businesses must remain protected at all times.

For example, those who own a home, car or boat will typically require an additional form of coverage. Umbrella insurance is designed to offer the added coverage that is needed when other policies have already reached their limit. If liabilities are being exhausted on underlying policies, umbrella insurance is key.

Injuries, property damages, personal liability and some lawsuits are covered with umbrella insurance. In order to learn more about this coverage and how it can be used to protect your home, business or automobile, you’ll want to schedule an appointment with a local insurance agent as soon as possible. 

While you may already have home and business insurance policies that are designed to offer protection, these forms of protection are not always enough. Umbrella insurance functions in the same manner that its name would suggest.

The policy holder is kept safe on those potentially rainy days. Bodily injury, property damage, rental unit insurance and slander/libel suits are just a few of the areas that can be addressed during the decision making process. False arrests, mental anguish and malicious prosecution may also be included. 

To find out more about umbrella insurance and how it can be used to assist a home or business owner in the Sandy, UT region, be sure to contact the good folks at Wasatch Preferred today. 

Term vs. Whole Life Insurance

You want to be responsible in life and in death. The world of life insurance, though, is quite confusing. An associate at Wasatch Preferred can always help you understand the details of a policy. Use this guide, however, to get a general overview of life insurance options in Sandy, UT.

Whole Life Insurance

Whole life insurance is usually what buyers think of the moment that life assurance becomes a subject. This type of indemnity plan offers:

  • Fixed Premium Rates

  • Guaranteed Coverage In Death

  • Deferred Cash Value

Many policy owners take advantage of the deferred cash value perk, which allows individuals to take cash out on the policy to pay for emergency expenses and other things. Imagine yourself reaping the benefits of investing in a life insurance plan while you are still able to see the perks. Such is the case with whole life insurance.

Just as with any advantage, whole life assurance comes with its stipulations. You must remain current on all of your premium payments to reap the benefits of deferred cash value. Additionally, you may not be able to cash out portions of interest whenever you deem necessary as the money must first accrue.

Term Life Insurance

You can just call term life insurance the option for the frugal. This type of indemnity plan does not offer guaranteed coverage in death and may fluctuate in premium rates depending on your age. Term life insurance also does not offer deferred cash value. You are only guaranteed coverage in death if you pass on while the policy is in place.

Some people view term life insurance as a waste of money. The option, however, comes with various advantages, which include:

  • Cheaper Premium Rates

  • In some cases, guaranteed coverage

  • The possibility of coverage without having to undergo a medical exam

Those with pre-diagnosed medical conditions may be shut out of the realm of whole life insurance. Term assurance opens the door to a life indemnity plan for those who have bee rejected.

The agents at Wasatch Preferred can help you find the life insurance policy that best matches your lifestyle in Sandy, UT. Call them today for a quote!

The Benefits of an Insurance Review for Commercial Insurance

Business owners often overlook a critical component of protecting their business by failing to have regular reviews of commercial insurance coverage. Since there is no cost to conduct an insurance review, all businesses benefit from making a regular insurance review a part of their long-term strategy for success. By working with your agent at Wasatch Preferred, serving Sandy, UT and the surrounding communities, it is possible to determine if any gaps exist in commercial insurance coverage that leaves a business exposed to risks that should be avoided.

An Insurance Review is an Annual Checkup for a Business

In a similar way that a person should see a doctor for an annual checkup, business owners should talk with their insurance agent to make sure commercial insurance is adequate.

Here are some items to consider and discuss:

  • Material Changes in the Business Operations: Examples in this category include changes in the product line or services offered. Increases or decreases in employees. Plans to open or close locations.
  • Changes for the Business Owner(s): This category includes adding new owners, owners retiring, and owners getting married or divorced. Small businesses benefit by having key person life insurance as part of their overall commercial insurance needs. This type of insurance protects the business if it depends heavily on the participation of one or a few key persons. It helps the business continue if a key person can no longer work for the business because of death or a permanent disability.
  • Changes in Equipment and Commercial Property: Reductions and additions of valuable equipment used for a business may change the commercial insurance needs. Adding or retiring commercial vehicles does the same. Also, renovations of commercial property need to be considered.
  • Look for Gaps in Coverage: Gaps are uninsured or under-insured things. Imagine worst-case scenarios and how commercial insurance would mitigate the risks. Be especially wary if there are big gaps in coverage, combined with large potential risk. A catastrophic occurrence in these areas can destroy a business that is not insured properly.

Material Changes Require a Commercial Insurance Review

Besides having a regular annual checkup with a commercial insurance review, if there are any material changes that occur during a specific year, it is a good idea to have an insurance review right away. For material changes, do not wait for the regularly scheduled review at the end of the year.

Contact your agent at Wasatch Preferred in Sandy, UT for a commercial insurance review to make sure you have adequate coverage.