Author: agentinsure

What You Need To Know About General Liability Insurance

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As a business owner, you, unfortunately, carry the risk of liability for anything bad that happens at your business or as a result of your goods, services, or employees. This can feel like a heavy responsibility, but here at the Martin Insurance Team serving Evergreen Park, IL, and the surrounding areas, we want to help protect you from that liability with solid insurance services. Keep reading to learn more about general liability insurance. 

What Is General Liability Insurance? 

General liability insurance is a type of insurance policy that can help pay for expenses that arise for a business owner if someone is injured at your business or because of your goods or services. It can also help cover the repair or replacement cost if your property is damaged. 

Why Do Business Owners Need This Type of Coverage?

Carrying the responsibility for these types of liabilities could mean financial hardship for your business. When held liable, you must pay for the expenses arising from the incident. Depending on the extent of the costs, it could financially mean disaster for your business. 

Liability coverage will help pay for these expenses, so your company is not negatively affected. 

If you are a business owner, it is vital that you remember that when it comes to liabilities, it is not a matter of if they will happen but rather when they will happen. You need to have the protection you can count on when liabilities hit. 

If you want to learn more about commercial insurance services or general liability insurance, please get in touch with us at The Martin Insurance Team serving Evergreen Park, IL, and the surrounding areas. We will happily answer your questions and find an exemplary insurance service. 

 

Five Legal Ways to Get More Tax-Free Retirement Income

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Having a significant retirement income is great. Legally avoiding taxes on a large retirement income is even better. The Martin Insurance Team in Evergreen Park, IL suggests five legal ways to protect your hard-earned dollars from the IRS and Illinois Department of Revenue when you retire.

Fund Your Roth IRA

There is no tax deduction for your contributions to your Roth IRA, but there are no taxes on the account’s growth. In 2023, you can contribute $6,000 a year into your Roth account if you are under 50 or $7,000 a year if you are 50 or older.

Contribute To a Roth 401(k) or Roth 403(b) 

Roth 401(k) or Roth 403(b) accounts are like a Roth IRA account in that investment growth, and withdrawals are tax-free. The difference is that you can contribute up to $20,500 a year, plus a $6,500 catch-up if you are 50 or older.

Municipal Bonds and Municipal Bond Funds

The interest you earn on municipal bonds is exempt from Federal income taxes. However, you may want to invest in municipal bonds issued outside of Illinois since municipal bonds issued in Illinois are included in your Illinois income.

Health Savings Accounts

Health savings accounts offer a triple whammy of tax avoidance. You get a deduction for the money you put into the plan. You don’t pay a tax on withdrawals. And you don’t pay a tax on the growth of your investment in the plan. However, it would be best if you had an appropriate health insurance plan to open an HSA. The Martin Insurance Team in Evergreen Park, IL can give you more information on your HSA.

Cash Value Life Insurance, the "Rich People Roth" Strategy

Have you maxed out your retirement contributions? Your answer may be a cash-value life insurance policy. You won’t get a deduction for your premiums, but you won’t pay taxes on the accumulated interest on your premiums, and you can get a policy that will pay you a fixed monthly income when you retire. Ask the Martin Insurance Team in Evergreen Park, IL for the details of the life insurance plan that will work for you!

What type of insurance do I need for trucking?

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If you’re a truck driver in Evergreen Park, IL, you know an effective insurance plan is essential. But with all the different types of coverage available, it can be overwhelming to figure out which type of policy is best for you. Here the Martin Insurance Team provides an overview of the different types of insurance that truckers need to consider. 

Commercial Vehicle Insurance 

Commercial vehicle insurance is designed to protect truck drivers from losses caused by damage to their vehicles while they are on the road. This type of coverage typically includes property damage and liability protection, and most truck drivers are required to have at least a minimum level of commercial vehicle insurance to operate legally. 

Cargo Liability Insurance 

Cargo liability insurance helps protect against financial losses if goods or materials are damaged or destroyed while in transit. This type of coverage is especially important for those transporting valuable items such as electronics, jewelry, or antiques. It also covers any legal costs should a claim be made against the driver or company due to cargo damage. 

Non-Trucking Liability Insurance 

Non-trucking liability insurance provides coverage when a truck driver is not directly engaged in carrying goods or services for their business but still needs protection from potential liabilities arising from accidents or other unexpected events. This policy covers incidents such as vandalism, theft, fire, and personal injury claims related to non-business activities like driving home after work. 

Having adequate insurance coverage is essential for any truck driver in Evergreen Park, IL who wants peace of mind while on the road. Contact the Martin Insurance Team for more details.

What Does Transportation Insurance Cover?

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Suppose you plan to travel from one location to another, whether for work, you may want to secure travel insurance. This coverage protects you from liability in the event of an accident or incident where there is damage to property or any cargo you may transport. Most truck transportation companies and owners secure this additional coverage to prevent losses from fire, theft, delays, or damage. Let the experts at Martin Insurance Team, serving Evergreen Park, IL, help you secure the coverage you need. 

Transportation Insurance Coverage

Consider this coverage if you have a commercial truck or a regular car and want added protection against physical damage and cargo losses. It’s additional insurance protection aside from liability. It can protect you when you experience unexpected events, such as an accident involving an animal or even falling objects and vandalism. 

Transportation insurance is a blanket of protection for the cargo and the vehicle in one package. Transportation insurance covers more than just trucks, however. It can cover vehicles and cargo that range from standard trucks to railway cars and boats. This insurance is also ideal for protecting employers from the negligent actions of employees on the road. 

Find Out More Today

The experts at Martin Insurance Team are ready to assist the residents of Evergreen Park, IL, and the surrounding areas in getting the insurance coverage they need to protect them from risk and liability. Call or stop by the office today to speak with one of our helpful agents. We can help determine the level of coverage you need and provide great options to help protect your cargo and assets while they move from one location to another. 

Are Disability Insurance and Long-term Care Insurance the Same Thing?

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Many Evergreen Park, IL residents ask the Martin Insurance Team if disability insurance and long-term care insurance refer to the same thing. Disability insurance and long-term care insurance (LTC) cover two different things. Private disability insurance covers your loss of income while you cannot work up to the age of 65 years. LTC policies cover payment for the healthcare needed when you need long-term care.

Neither covers only the elderly, and most young professionals should carry both types of insurance. Why? Because an accident can happen at any time that temporarily debilitates you. The disability coverage goes beyond what your employer provides through workers’ compensation. If you don’t work for someone else or you’re unemployed because you care for your household and children, you still need these two types of coverage.

You can obtain either type of policy with a pre-existing condition. The insurance won’t cover those items.

Of the two, disability insurance is more critical for those not yet 65. It pays you up to 60 percent of your typical monthly income. That means that you can continue to pay your bills.

Private disability insurance covers both short-term and long-term situations. If you’re involved in an accident that causes you to need to stay home from work for three months while recuperating, this type of policy covers partial income during that time.

It also provides that partial income if your injury means you cannot work for ten years. During that ten years, as long as you continue to pay the premiums, the insurance pays for your partial income.

Protect your way of life and income in Evergreen Park, IL by purchasing private disability insurance from the Martin Insurance Team.

Three problems you can avoid by choosing the right health insurance policy

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Health insurance is essential if you want to avoid financial strain due to health care costs. Our representatives at Martin Insurance Team are standing by to come to your assistance regarding your health insurance needs. Contact us if you’re searching for health insurance in Evergreen Park, IL.

The following are three problems you can avoid by choosing the right health insurance policy. 

Experiencing poor quality of life due to untreated medical problems

Health problems can drastically detract from your everyday comfort and quality of life. Even if a health problem isn’t life-threatening, it can still lead to discomfort. 

Good health insurance coverage can make it easy for you to get the treatment you need to enjoy excellent health throughout your life. This will provide you with the best possible quality of life. 

Being financially ruined due to a chronic illness

Unfortunately, health problems can ruin one’s finances in the United States because of high medical costs. A good health insurance plan protects a consumer’s finances and stops a costly health problem from putting a consumer in debt. 

Neglecting preventive care services that protect you from serious illness

Consumers should never underestimate the importance of preventive health care services that detect chronic and potentially terminal conditions such as cancer. 

With health care coverage, consumers can typically get the screenings they need to detect health problems early and minimize their severity. 

Let us know if you need a quote on a health insurance policy in Evergreen Park, IL. We are here to assist you at Martin Insurance Team. Get a quote to find coverage that will keep your health and finances in great shape through the years. 

Safety tips for motorcycle riders

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Riding a motorcycle can be a fun and exhilarating experience, but it’s also important to stay safe while on the road. Here are some tips to help you stay safe while riding your motorcycle.

1. Wear a helmet – A motorcycle helmet is the most crucial piece of gear you can wear while riding. It can protect you from serious injury in the event of a crash. Ensure your helmet is fitted correctly and meets all safety standards.

2. Wear bright colors – Wearing bright colors makes you more visible to drivers, which can help reduce the risk of getting hit by a car.

3. Ride defensively – Always be aware of your surroundings and take precautions to avoid accidents.

4. Use signals – Use signals to indicate when you’re turning or stopping so that other drivers know what you’re doing.

5. Don’t drink and ride – Drinking and riding can impair your judgment and increase the risk of getting into an accident. This is especially important when you are on two wheels.

6. Check your motorcycle’s oil level and tire pressure – Checking your motorcycle’s oil level and tire pressure before every ride can help reduce the risk of experiencing a mechanical failure while on the road.

7. Carry a spare key, ID, and money – Carrying a spare key, ID, and money in case of an emergency can help you get home safely.

Riding a motorcycle can be an enjoyable activity, especially in Ft Myers, FL, but one that is inherently prone to risks. Knowing that you are covered in case of an emergency will make the experience even more fun. To explore your options for motorcycle insurance, contact the Martin Insurance Team today!

What is the value of having transportation insurance?

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The shipping and transportation industry is a necessary one that ensures people can gain access to the products that they want. When you are in this industry, having the right insurance is important. This means getting transportation insurance for businesses in the Ft Myers, FL area. This unique form of insurance offers various forms of coverage for transportation and shipping businesses here. 

Coverage for Liability

An important reason that you should have a transportation insurance plan is to receive liability coverage. A shipping and transportation business will always take on various forms of liability risk. This includes risks surrounding carrying cargo and transporting it. When you have a transportation insurance plan, it will help to mitigate this risk. Transportation insurance will prove helpful if you are found liable for lost or damaged cargo or an accident when on the road. 

Reduces Risk of Shipment Delays

A unique risk that a transportation company will take on is the risk that a shipment is delayed. If you have a shipment that is not sent or delivered on time, it could affect the financial wherewithal of the recipient. This could result in a liability claim. If you have a transportation insurance plan, it will give coverage to help mitigate this specialized risk that all transportation providers face.  

A transportation insurance plan is clearly a good idea for some in the Ft Myers, FL area. When looking for coverage here, it can be a good idea to begin your search by calling the Martin Insurance Team. There are a lot of decisions and options to consider when looking for transportation insurance, and the Martin Insurance Team can give you the guidance you need to build the right policy. 

Do I always need to have home insurance for my Florida property?

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Owning real estate in the Ft Myers, FL area has been a good investment for a long time. When you are going to purchase a property here, it is essential that you always consider your insurance needs. For most property owners, having home insurance is a necessity and a requirement. There are various reasons why you should also have home insurance for your Florida property. 

Meet Standards of Mortgage Lender

You will want to have a home insurance policy on your Florida home so you can meet the standards set by a mortgage lender. Using a home loan to buy a property is very common today. If you take out a mortgage, you are obligated to meet their requirements in terms of the insurance. Usually, you will need to have a full insurance plan and have payments escrowed each month.

Receive Protection and Coverage

You also want to have a home insurance plan to benefit from the protection and coverage it provides. If you choose to buy a home, you will always want to know that it is covered. With a home insurance policy, you will get helpful coverage that will give support so you can repair your home when needed. This coverage can also extend to your personal items up to the limits of the policy. 

If you are looking to purchase a property in the Ft Myers, FL area, reach out to our office. The Martin Insurance Team can provide any support that you need to build an appropriate insurance plan. Call the Martin Insurance Team and our professionals will help you understand your needs and options, so you remain fully covered. 

Three assumptions you shouldn’t make about your company’s commercial insurance policy

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If you want to be sure that you’re meeting your company’s commercial insurance needs, it’s crucial for you to be informed. At Martin Insurance Team, we can offer you helpful information about commercial insurance in Ft. Myers, FL. 

Don’t make assumptions about your insurance policy unless you’ve done your research. You also shouldn’t make assumptions about your company’s commercial insurance policy.

Your commercial insurance covers vehicles you use for business purposes.

You need to make sure that you specifically purchase commercial auto coverage if you need your commercial insurance policy to cover your business fleet.

A standard commercial insurance policy will not necessarily cover vehicles used for business purposes. 

Your company’s insurance is adequate if you’ve just chosen a generic commercial coverage policy.

Every company is different. You should never assume that your current commercial insurance policy is adequate if you haven’t updated your policy after recent changes to your company’s operations and size. 

There are numerous types of commercial insurance out there. There are also many options in terms of coverage limits. You need to update your commercial insurance policy periodically to ensure that the coverage you’re currently carrying is adequate for your company’s needs. 

Your commercial insurance policy is the most cost-effective option available.

Choosing a cost-effective commercial insurance option is always vital for maximizing your company’s profitability.

If it’s been a long time since you updated your policy, you should get quotes from a few different commercial insurance providers to ensure that your current policy is cost-effective. 

Businesses in Florida can rely on us at Martin Insurance Team for commercial insurance coverage. You can explore our commercial insurance policies by contacting us in Ft. Myers, FL.