Insurance

How Does Whole Life Protect My Family?

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Whole life policies were created to provide your family with the financial security they need when you can no longer provide for them. In Memphis, TN, local residents have the option to choose between different types of life insurance policies. The agents at Tackett Insurance, Inc. have the information they need to make an informed choice when buying a life insurance policy for themselves.

Provides an Income to Make Up for Losing Yours

A whole life policy will pay the entire face value of the policy upon your death no matter how long you have been paying into it. The rule of thumb is to choose a policy amount that will sustain your family’s current lifestyle for two or three years if you are no longer there to support them. In most cases, this would be three times the amount of your annual income. Although the money will not replace you, it will allow your family to be cared for in your absence.

Offers Long-Term Stability Through Trusts 

If you choose, you can decide on a higher amount so the extra money can be put in trust accounts for your children. This money is set aside and will continue to grow interest. When your children reach a certain age, typically 18 or 21, they can use the funds for college or whatever they choose.

If you’re near Memphis, TN, take a few moments and call the agents of Tackett Insurance, Inc. Each agent understands the sensitive nature of life insurance and caring for your family’s needs. You can get the answers you need by merely making an appointment and talking to an agent. Call today!

Three mistakes small business owners often make when it comes to commercial insurance

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Commercial insurance is essential for growing companies. However, many business owners make big commercial insurance mistakes that detract from the value they get out of their coverage.

At Tackett Insurance, Inc., we offer commercial insurance policies to business owners in Memphis, TN. We recommend that small business owners avoid the following three commercial insurance mistakes. 

Purchasing a policy with liability limits that are low to save money

It’s true that monthly premiums will be lower on policies that offer less liability coverage. However, low liability limits can really create problems for business owners if they need to file a claim. 

Low liability limits mean that a company needs to pay for any expenses over the liability limits out-of-pocket. It’s also important to note that commercial insurance that is required by law should specify how high the liability limits need to be. Business owners must meet any liability limits that are required by law to avoid harsh penalties. 

Overlooking important types of coverage

There are a lot of different types of commercial insurance coverage out there. Business owners need to be aware of all the coverage options to choose the ones they most need for their companies. Some commercial insurance types that are often overlooked include errors and omissions coverage, commercial property insurance, and premises liability coverage. 

Neglecting to update a commercial insurance policy as one’s company changes

As your company grows, it may take on new liabilities and responsibilities. You need to adjust your insurance coverage accordingly. Discuss your insurance coverage with a representative from your commercial insurance provider as your company changes. Make sure your coverage is regularly updated to adjust to changes at your company. 

To explore the policies we offer to Memphis, TN business owners, contact us at Tackett Insurance, Inc.

What Your Renters Insurance will Not Cover

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Your renter’s insurance policy from Tackett Insurance, Inc. is a great investment. It makes sure that if you lose your personal possessions due to fire or theft, they will be replaced. It also helps out with medical bills if somebody has an accident inside your Collierville or Memphis, TN home. However, there are limits to what it can do.

Storage Areas in the Basement

Most renters policies only protect items in your dedicated space–not any kind of common area. If you have a storage bin in the basement or attic of the building, its contents would not likely be protected by your insurance. This is due to the fact that multiple people have access to the area and damage would not be limited just to your items in the event of a disaster or criminal entry.

Common Parking Garages

If your apartment has a garage that is accessible only by your unit, that area would be protected by your policy. If you park in a large shed that houses multiple vehicles from different units, that would not be covered. Any tools or accessories you store in this area may not even be covered by the apartment building complex policy.

Decks and Patios

Finally, your shared deck or patio would also no fall under your single unit policy and that would extend to the furniture, BBQ, or bicycle that you leave there. In order to be covered by most renters’ insurance policies, the deck would need to have a tall fence surrounding it with a locked gate preventing any passersby from causing harm or absconding with your gear.

If you have questions about which areas are considered common in your Memphis, TN apartment building, take the time to speak with both your building manager and your agent at Tackett Insurance, Inc.

Can You Have Multiple Life Insurance Policies?

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People who want to provide security for loved ones in the event of their unexpected passing, usually choose to purchase a life insurance policy. This type of insurance protection can help with final expenses as well as provide financial support to those individuals for years to come. 

More Than One Life Insurance Policy

Most people consider purchasing a life insurance policy at some point, but what about more than one? In the event the policyholder would prefer to offer additional protection to those beneficiaries, they can purchase multiple policies and have the same individuals to be the beneficiary. This method can offer a greater amount of security to those named as the beneficiary. Individuals who have extensive property care needs and require more upkeep than the ordinary household, for instance, could greatly benefit from this strategy. 

Working With A Knowledgeable Life Insurance Agent

Anyone who plans to make multiple life insurance policy purchases needs to work with an agent who has the experience to help them discover which options work and provide the most coverage. Buying life insurance can be confusing, but when the client works with an agent, the chances of purchasing the most ideal policies greatly increase. Additionally, if there are claims, they can help the beneficiary with the process of document submissions. Residents who live in or around the Memphis, TN area should consult with Tackett Insurance Inc. before making a life insurance policy selection, especially if there is a situation where more than one policy is necessary. 

Don’t guess when it comes to the future security of loved ones. Get the life insurance protection that a licensed, knowledgeable life insurance agent can provide. Call or stop by Tackett Insurance Inc. Providing superior insurance products to the residents of Collierville and Memphis, TN. 

Things to Look For When Buying Commercial Insurance Policies

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If you run a business in Oxford, MS, you need high-quality commercial insurance coverage to ensure that things go smoothly for your needs. Thankfully, we at Tackett Insurance Inc. have created a simple, but thorough list of what you should consider when purchasing this type of policy for your business.

Limitations

Many types of insurance policies will limit how you use your home or vehicles for business activities. Read through your options to find one that works for you.

Licensing Needs

Make sure that you pay special attention to any licensing needs that your company requires to ensure that you get the proper insurance for your needs.

Lender Desires

Do you have any lenders or landlords involved with your business? If so, talk to them about what kind of coverage they want and expect from you.

Employee Needs

If you have several – or even a handful – of employees at your business, you need to get commercial insurance that covers their needs, including disability and workers’ compensation.

Client Demands

Talk to your clients about the insurance that you purchase to ensure that their rights are protected and to keep yourself from potential lawsuits if they get upset with your services.

Potential Denial

Make sure that your policy explains why denials occur. In some cases, rejection is either accidental or something that can be reversed if you have good evidence.

Liability Demands

If people get injured at your company or as a result of its actions, you need a liability policy to protect you in case somebody tries to sue you due to break of contract or safety hazards.

We Can Help

So if you live in Oxford, MS and you need exceptional commercial insurance, please contact us at Tackett Insurance Inc. to learn more about your options. We’ll sit down with you and work out several policy options that will fit your needs and keep you satisfied with the money that you pay.

Will My Landlord’s Policy Cover My Belongings?

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When you rent versus owning a home, you can save a lot of money. There aren’t that many things to keep up with when you rent. For example, you don’t have to pay for homeowners insurance. But just because your landlord has home insurance, that doesn’t mean you don’t need insurance to protect your belongings in the case of a disaster. While the homeowner’s policy covers the physical dwelling, as a renter, you are responsible to buy your own protection for your valuables. Let a Tackett Insurance Inc. walk you through the details of obtaining renters insurance in Oxford, MS.

Why You Need Renters’ Insurance

Your landlord’s policy doesn’t typically cover your belongings. Instead, you can purchase renters insurance to cover your personal property and other factors.  If your rental home or condo burns down, you would incur a loss for any of your belongings that are lost or destroyed. This doesn’t paint a pretty picture.

Benefits of Renters Insurance Protection

There are many benefits to buying renters insurance to protect you and your guests. Property protection isn’t the only covered item in a renters policy. If you or someone in your home causes accidental damage to another person’s property, your renter’s policy may help you pay for the damages or to replace the item. Also, if a guest in your rental units hurts themselves at a party or event, you won’t have to sweat it if they threaten a lawsuit. Renters insurance can be customized to include liability coverage. The landlord’s insurance policy doesn’t cover any of these examples. 

Make an appointment for a free quote with a qualified Tackett Insurance Inc. agent in Oxford, MS. Let us help you make sure you get the renter’s insurance coverage you need.

Protecting your financial security with an umbrella policy

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You may be asking yourself how can an umbrella policy protect my financial security and that is a valid question. Financial security is important to everyone and protecting it is one of the most important things that you can do. One that the agents at Tackett Insurance Inc. in Oxford, MS would be delighted to discuss with you. If you are in the market for insurance of any kind they have the expertise to help you make the choices that are right for you.

For most people, their home is the biggest investment they ever make and as such your home plays an important part in your financial picture. The money you have invested in your home is your nest egg and it is something that you want to protect so that you will be able to use that accumulated wealth at some point. It may be to help fund your children’s college education or it may be your guarantee of a comfortable retirement.

Umbrella insurance is excess liability insurance that gives you protection above and beyond the limits of your home and auto insurance. In the event that a legal case is filed against you, it will give that additional coverage that may be necessary. If you or a member of your household are sued, it is entirely possible that the limit of your normal insurance just might not be enough. Your most important asset might be at risk if you do not have the additional coverage provided by an umbrella policy.

Life is uncertain and bad things do happen. Don’t be a victim. If you live in or near Oxford, MS, talk to the knowledgeable agents at Tackett Insurance Inc. about the valuable protection that an umbrella policy can provide. Don’t put your financial security at risk, an inexpensive umbrella policy can give you the peace of mind you need at a price you can afford.

 

 

What to Look for in a Condo Insurance Quote

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When looking for a car insurance quote in Oxford, MS, you should have your condo association policy handy so you can make sure you have enough coverage with an agent at Tackett Insurance Inc.

Your policy should fill in the gaps that your condo association policy leaves uncovered. Insurance protection from the master policy can range from a bare walls policy, which may only cover community areas, to an all-in policy, which may cover everything except your personal belongings. A bare walls policy will only cover the walls, ceilings, and floors in the condo, so you will need coverage for fixtures that are in the condo. Fixtures will include wall coverings, appliances, and countertops. All-in policies cover ceilings, walls, and floors, as well as standard fixtures.

The policy should fit your needs. Condo policies will cover standard features that include personal property coverage, building property coverage, personal liability coverage, loss of use coverage, and loss assessment coverage. Beyond the standard coverage, condo insurance polices can also be customized to add a variety of different features for a higher cost. When you shop around you will be able to find features that can suit your needs. You can get extra protection for things like water backup damage or identity theft. If you are planning to rent out your condo, then you want extra coverage to protect your belongings against any damage or theft.

Part of comparing quotes is also comparing rates. You need to make sure that you are comparing similar policies when looking at rates. One of the key factors in determining your rates is the amount of personal property coverage you want to purchase. There may also be discounts that are available to you from certain insurers.

Contact Tackett Insurance Inc. serving Oxford, MS to get a quote on condo insurance. 

Benefits of Life Insurance

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It’s easy to ignore the benefits of life insurance in Oxford, MS because no one wants to think about their own death. While term life insurance provides some benefits, many of the significant benefits come from permanent life insurance. An agent at Tackett Insurance, Inc. can help you determine which policy is the right fit.

  • Death Benefits: This is the main reason to get life insurance, and it gives you and your family a protected future. These death benefits can be used to create an inheritance, pay for final expenses, pay for funeral costs, and pay for college for children.
  • Investment Return: When compared to other investment options, life insurance will yield better results. Money invested in life insurance is safe, unlike some other investments, and will be given back once the term is complete.
  • Loan Options: If you are in need of money, many policies will allow you to take a loan out against the policy. The amount for the loan can be taken as a percentage of the cash value or sum that is assured under the policy, depending on different provisions.
  • Assured Income Benefits: Many families rely on a steady income and just having that income disappear can be a huge financial burden. Your family will stay secure with an assured income they are used to receiving. The money can pay for the mortgage and other expenses.
  • Life Stage Planning: Life insurance helps with life stage planning and enables you to plan out your financial goals at your convenience. This insurance can help make sure you have a plan for every stage of life.
  • Riders: Riders are additional benefits that can be added to an insurance policy to provide even more comprehensive protection. Riders can cover family income benefits, personal accidents, or critical illness.  

Contact Tackett Insurance, Inc., serving Oxford, MS, to get a quote on life insurance. 

Keeping Your Doors Open: Why You Need Business Income Coverage

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What would you do if your Oxford, MS business suffered a loss that forced you to shut your doors and resulted in income loss? How will you pay your continuing expenses? Business income coverage from Tackett Insurance, Inc. will protect your company against any loss of income resulting in a shutdown to your business operations. Also called business interruption insurance, this coverage may be issued in combination with expanded coverage or in a separate policy. Business interruption insurance is crucial if you want to keep your doors open in the event of a loss.

What Is Considered Business Income? 

Business income is generally regarded as: 

Your net income – This is the income (including profit or loss) your company typically would have brought in before your income taxes are subtracted. 

Your continuing expenses – These are your normal operating expenses you’ll continue to pay after a loss, such as a payroll, electricity, property taxes, and rent. 

What Are My Business Income Coverage Options? 

When purchasing business income coverage for your Tupelo or Oxford, MS business, you have one of three options: 

  • Business Income Including Rental Value  
  • Rental Value Only  
  • Business Income Without Rental Value 

Requirements for Business Income Coverage 

A business income loss for your business will only be covered if all of the following conditions are satisfied: 

  • You suffer income loss 

  • You suffer a physical loss of a covered peril  

  • You are within your scheduled limit  

Suspension During Period of Restoration  

A suspension occurs if due to a covered peril, your business operations and income slow down or cease completely. If you are a landlord and your insurance coverage includes rental value, then a suspension will occur if all or some of the covered premises become uninhabitable due to damage by a covered peril. 

For more information about how to cover your business from income or rental income loss, call the experts at Tackett Insurance, Inc. today.