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.

Do You Need Umbrella Insurance?

Many people do not know much about umbrella insurance but that does not mean that it is not a good insurance to have in many situations. Before you say that you do not need to have it in Sandy, UT, you should consider everything that it can offer to you. These are just a few ways that umbrella insurance from Wasatch Preferred can be useful.

  • It can cover excess home and auto needs. If your home or vehicle is worth more than you can cover it with in insurance with a standard home or auto policy, umbrella insurance can cover the extra. It can cover the gaps in coverage because standard home and auto insurance can only go so far and if your home is worth more than that limit, it is a good back up coverage.
  • It provides extra liability insurance. If you like to have people over to your home all the time or you have a pool that people swim in, it is a good idea to have more liability insurance to protect you in the case of an accident on or in your property. Sometimes other insurance is not enough in these situations so it is good to have extra coverage.
  • It can protect your from slander and libel. If you are well known in the community, you may become the victim of something like this and you will want to have additional protection in place to help with the lawsuit, if needed.

Understanding how umbrella insurance works can be a game changer for many people. If you think that you may be in need of umbrella insurance, be sure to reach out to us here at Wasatch Preferred, serving Sandy, UT, today. We can run a free quote for you and even make sure the policy fits within your budget.

Three Ways to Prepare for Your Future

You are never too young to think about your future. In fact, the sooner you start preparing for it, the better. One of the best things about turning 16 and getting to drive a car is that you get to start enjoying more freedoms. In addition to getting your own insurance policy, or having yourself added to your parent’s policy, there are several other tips to follow. Wasatch Preferred would like to share these with you to help you prepare for your future. 

Think about college

While you’re young, you’ll want to think about college and the field of study you want to pursue. You don’t want to get to college and waste time and money on courses that don’t actually help you pursue the career you are wanting. This is why it’s best to have a decision made about your occupation of choice before you enroll. Knowing which career path you want to follow will also help you choose the most appropriate school.

Invest in life insurance

You probably don’t think much about life insurance when you’re young, but the truth is, purchasing this type of policy when you’re young is the best choice to make. The younger you are, the lower your monthly premium rates are going to be. And you may even be able to lock in these rates for the rest of your life regardless of any health issues you face as you get older. You’ll want to speak with a qualified life insurance agent to get a better understanding of life insurance and the importance of buying a policy while you’re young.

Consider where you want to live

Considering where you want to spend your life is vital to making sure you don’t waste money on rent. If you know for sure you want to live in Sandy, UT, then it will make the most financial sense to buy a home here, pay off the mortgage, and then have the equity to borrow from on an as-needed basis. 

To learn more about preparing for your future, contact Wasatch Preferred serving the Sandy, UT area. 

How Will Commercial Insurance Protect Me?

Business owners have a lot of very important decisions to make on a regular basis. One very important decision that most owners have to make is whether or not to get commercial insurance. Business owners should almost always opt to get commercial insurance as it can help to protect a business several different ways. 

Protects Against Liability

One of the most important ways that a commercial insurance plan will protect a business and its owners is against liability. A commercial insurance policy will almost always have a liability component to it. If you deal with customers, having this liability is a necessity as you will be covered if your customer is hurt through the use of your product or service. Ultimately, this could save you a lot of money.

Protect Your Assets

If you own your own business there is a very good chance that you could have invested a lot of capital into the business by buying a property, equipment, or inventory. If you have purchased these assets, you need to make sure that all of your investments are properly covered by insurance. When you get a commercial insurance plan, a Salt Lake City, UT area business owner can be assured that their assets are properly covered and protected.

When you are trying to get a better idea of the benefits of having commercial insurance, speaking with Wasatch Preferred first is a good option. When you meet with Wasatch Preferred, the company will be able to provide you with a better sense of what all of your business risks are and how insurance can protect you. They will then be able to help Salt Lake City, UT area business owners get into a commercial policy that gives the right type and amount of coverage. Reach out to Wasatch Preferred for more information.

For Landlords: Three Reasons You Need Umbrella Coverage

Your property is your livelihood. Protecting your assets from lawsuits is your number one priority. One nefarious tenant on a mission, one accident, or even an argument can escalate into a claim that could ultimately threaten your property. Liability insurance in Sandy, UT only goes so far in this matter. Once it has reached its limit, there is an additional option that can help to secure your properties, umbrella coverage.

Umbrella Coverage – The Rundown

Umbrella coverage goes over and above what liability insurance covers. Imagine for a moment that a tenant fell off of the balcony of your apartment due to the faulty railing. The court awards the tenant two million dollars, but your liability coverage only covers one million of the judgment amount. Umbrella coverage picks up the rest of the balance owed. It protects you and your property. Listed below are three reasons you need umbrella coverage:

  1. In today’s society, litigiousness is all the rage. "Free stuff" or just the thrill of getting over on someone is a ripe reason for a bad actor to find a reason to sue you. 
  2. Recently, a perceived duty of landlords to protect their tenants from crime in common areas has emerged. This increases your liability and exposes you to a lawsuit for events out of your control. Given the outrageous amounts, being awarded in some of these cases, sometimes in the millions of dollars, umbrella coverage can help you avoid a disaster if you ever find yourself in this predicament.
  3. Other areas where you can get into trouble, where umbrella coverage would truly benefit you, include animal bites, tenants who harm other tenants in some way, and even the possibility of being accused of slander or libel, as these cases are also on the rise. Discrimination and invasion of privacy claims are rising as well. 

Now that you understand what umbrella coverage is, are you ready to ensure that you have all of your bases covered? Reach out to Wasatch Preferred. We have a policy that will suit your needs. Serving the Sandy, UT community with passion and integrity since 2009.

How to File a Life Insurance Claim as a Beneficiary

Once a loved one passes on, it is your responsibility as their beneficiary to collect the life insurance claim they entrusted to you. This is particularly important if the survivors relied on the deceased individual for financial help. They may require urgent cash for ongoing expenses like credit card and mortgage payments. 

Proceeds from a life insurance policy can offer quick and much-needed income for surviving family members after their loved one passes on. Being a beneficiary, you probably need to get the claim procedure started as quickly as possible. To accomplish this, consider finding out some key answers to these questions.

  • What kind of insurance policy did the deceased have? Was it whole life, term, or variable life insurance plan? 
  • Did the deceased have any credit insurance (for paying off amounts owed to large purchases like furniture or credit card balances), or mortgage insurance? 
  • How many beneficiaries were listed? 
  • Was the policy still in force when the deceased passed on? 
  • How much should the company pay? 

To claim the life insurance benefits, a beneficiary needs to contact an insurance agency like Wasatch Preferred located in Sandy, UT for professional guidance. You can also check the insurance company website for more insights on how to file a claim. Remember that some companies ask beneficiaries to begin the claim process by sending a form that reports the death of the policyholder. After that, the company sends forms and instructions to the beneficiary explaining how the claim process should be done.

Generally, beneficiaries apply for the proceeds by filling out the claim form provided by the insurance company and submitting it along with the insurance policy document and a certified death certificate.

In case several beneficiaries were named in the policy, each of them needs to submit a claim form. If the primary beneficiary passes on before the life insurance holder; the alternate beneficiary is entitled to claim these proceeds. An alternate must submit both death certificates (for the policyholder and primary beneficiary) when submitting the claim form. 

You can rely on Wasatch Preferred in Sandy, UT for all the help you need to acquire a life insurance plan or make a life insurance claim. Talk to us today for more information.