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Twin Bridges Insurance Agency

1881 Western Avenue, Suite 210
Albany, NY 12203

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Mistakes to Avoid when Purchasing Life Insurance

Life insurance provides families financial security after a loved one is gone. Depending on the situation, life insurance policies can help pay off debt, fund funeral expenses, pay for retirement, or help children pay for their education. However, it is essential to consider when searching for a life insurance policy in Albany, NY. You must watch out to ensure you avoid any mistakes when buying a policy. 

Those with questions about life insurance policies should call NY Twin Bridges Insurance Agency today to discuss options. 

Buying the Wrong Type of Policy

There are two basic types of life insurance – term and permanent. Term policies pay out a specific amount for death benefits and remain active for a set period. Term life policies typically cover 5, 10, 15, 20, or 30-year terms. Permanent life insurance stays active throughout your life and allows you to build cash value and draw against the policy at a later date. Set your family’s financial goals and base your insurance policy choice on these goals. 

Underestimating Your Life Insurance Needs

When selecting a policy, you need to determine how much of a death benefit you want to include. Do not just pick any random number; run your numbers and calculate how much your family needs in the event of your death. 

Not Comparing Rates

Do not purchase a life insurance policy from the first provider you call. Instead, call around and get several rates and options from different providers before making a decision. 

Waiting Too Long

It is never too late to purchase a life insurance policy. You never know what can happen, and life insurance can protect your family regardless of your age. 

Life insurance is a significant part of any financial plan. Call NY Twin Bridges Insurance Agency today to discuss your financial future and protect your Albany, NY family. 

Types of Commercial Insurance Coverages

If you are a small business owner in Albany NY it’s paramount to understand the New York business requirements. Sometimes operating a business venture in Albany, NY might be challenging because of prevailing risks. However, acquiring outstanding commercial insurance from NY Twin Bridges Insurance Agency will safeguard your profits as your business is growing. You can shield your business venture as it thrives to its full potential. We customize insurance plans designed to suit your business insurance needs and budget.

Is commercial insurance mandatory in New York?

Commercial insurance is not legally required in New York. Nonetheless, the law requires every business venture with employees, seasonal or permanent, to maintain workers’ compensation insurance to cater to medical bills for work-related injuries and general sickness. Other beneficial optional coverages include:

General liability coverage: It protects your business from claims of bodily injury or property damage. It’s designed to cater to probable medical expenses and related legal fees.

Commercial property insurance: Helps safeguard your commercial properties such as rented buildings, furniture, and equipment from perils like theft, fire, or any other covered calamity.

Workers’ compensation insurance: Without workers’ comp insurance, damages arising from injury-related cases can culminate into thousands of dollars. It helps in providing benefits to your employees if they get a work-related injury or sickness. This policy also caters to medical care, disability benefits, funeral expenses, and lost wages.

Commercial auto insurance: If your business venture owns cars, this type of policy is the best. It pays for damages and injuries inflicted on third parties if your driver is found guilty while on the road.

Data breach insurance helps your business entity respond to a data breach if personally established information gets lost or stolen. Business entities store essential personal information for their customers. It safeguards your business from data breaches and cyber-attacks.

Do you have the right commercial insurance at your disposal in Albany, NY to avert significant financial ruin from exorbitant lawsuits? Call or visit our NY Twin Bridges Insurance Agency for more information about commercial insurance coverage.