The Top 5 Mistakes Businesses Make When It Comes to Their Insurance

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Believe it or not, insurance is one of the most commonly overlooked aspects of running a business. And yet, having the right insurance coverage is essential to protecting your company from devastating financial losses. To help you avoid making costly mistakes, we at Jason Ridley Agency in Colleyville, TX have put together a list of the top 5 mistakes businesses make regarding their insurance coverage. 

Business Insurance Mistakes: What You Need To Know

1. Not Having the Right Coverage

The first and arguably most important mistake businesses make is not having the right insurance coverage. Depending on the type of business you operate, there are a variety of different types of coverage you may need. For example, if you run a manufacturing company, you’ll need to carry product liability insurance in case one of your products causes injury or property damage. And if you own any business premises, you’ll need to insure it against damage from fire, theft, or other perils. 

2. Not Asking for a Quote

Another mistake businesses make is not asking for a quote. When it comes to insurance, you usually get what you pay for. So, if you don’t shop around and compare rates, you could end up overpaying for your coverage. 

3. Not Reviewing Your Coverage Regularly

Another common mistake businesses make is not reviewing their coverage regularly. Your business is constantly changing and evolving, so it’s important to make sure your insurance coverage keeps pace. For example, if you’ve added a new product to your line, you’ll need to make sure your product liability coverage is adequate. If you’ve moved to a new location, you’ll need to update your property insurance policy. And if you’ve hired new employees, you’ll need to ensure your workers’ compensation policy is up to date. 

4. Failing to Disclose Material Facts

When applying for insurance, you must disclose all material facts about your business. A material fact is any information that could reasonably impact the insurer’s decision to provide coverage. For example, if you’ve had a fire at your business premises, you’ll need to disclose this when applying for property insurance. If you’ve been sued for product liability, you’ll need to disclose this when applying for product liability insurance. Failing to disclose material facts is a serious error that could result in your policy being voided.  

5. Making Late Payments

Another mistake businesses make is making late payments. Your policy could be canceled if you don’t pay your premiums on time. So, it’s important to stay current on your payments. 

If you avoid these mistakes, you’ll be well on your way to securing the right insurance coverage for your business. Contact Jason Ridley Agency in Colleyville, TX for more information on business insurance. We’re here to help you find the right coverage for your business.

Reasons to Buy Life Insurance In Your Twenties and Thirties

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Most people think of older people when they think about buying life insurance. They may think that it is something that you should get when you are ready to retire. 

That being said, it is often a good idea to get it when you are in your twenties and thirties. Jason Ridley Agency in Colleyville, TX provides this guide on some reasons why. 

Why to Buy Life Insurance In Your Twenties and Thirties

The cost of life insurance will go up the longer that you wait

In fact, it may be cheaper than you ever imagined, if you buy it now. If you wait, you could spend quite a bit more money each month. 

Most people are living with outstanding debt

This may include student loan debt, debt to start a business, or just any loan that you may take out in your twenties or thirties. If you don’t have life insurance, your family is going to have to pay back every cent that you owe, even if they can’t afford it. 

At this point, your family probably relies on the income that you bring in 

Without it, your family may struggle financially or lose it all if the unthinkable happens to you. 

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Basically, if the loss of your income would be devastating to your family, you need to make sure that you have enough life insurance to protect your family. It will help keep your business going, and erase your debts, so that your family doesn’t have to lose anything if something happens to you. It is also much cheaper if you get life insurance when you are young! 

If you are thinking about your family, don’t hesitate to contact us today at Jason Ridley Agency in Colleyville, TX. 

Why Auto Insurance Is Important

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When you first buy a car or other vehicle, you may be wondering about insurance. Though you may think that it is a waste of money every month, the truth is that it really isn’t. 

Here are some reasons why auto insurance is important:

It is there to protect you. Accidents can be pretty expensive, and most people don’t have a lot of extra money lying around, so insurance is there to protect you and your family. Fixing and replacing a vehicle can be quite expensive, let alone the medical bills that you could be facing. If you are at fault, you may also be responsible for their expenses. Your insurance will cover these costs, so that you don’t go into debt over an accident. 

Your state may require you to have insurance. Legally, you need to have automobile insurance if you are driving in most states. If you are caught without insurance, you could face serious legal consequences. 

Your loan may also require insurance. If you take out a loan in order to buy your vehicle, they are going to want to make sure that their investment is protected. They may require even more insurance than is required by your state. 

Though you may not want to buy insurance for your vehicle, the truth is that you have to. It is there to protect you in case you are involved in an accident. If you are at fault, you have no idea how much money it could cost you. Your state and loan may also require you to have a certain amount of insurance. 

If you want to make sure that you have enough insurance for your needs, contact us at Jason Ridley Agency in Colleyville, TX. 

When Do You Need to Buy Commercial Insurance?

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Commercial insurance is a necessary purchase for many businesses. It is important to know when you need to buy commercial insurance and how much coverage your business needs as a business owner. Here are some everyday situations where it’s best to purchase commercial insurance.

1. You Have Employees

As a business owner, you typically need to purchase workers’ compensation insurance for your employees. Worker’s compensation helps pay medical expenses and lost wages if an employee is injured in their job. Even if you have only one part-time employee, you should still consider purchasing this type of coverage.

2. You Use Equipment or Tools at Your Place of Business

Any equipment or tools you use at your business’ location need to be covered by commercial insurance. For instance, if you own a car and use it for work purposes, you will typically need to include this vehicle under your business’ auto insurance policy. In addition, if any of the equipment or tools at your place of business are stolen or damaged, you’ll be covered under your business’ property insurance policy.

3. Your Business Owns a Storefront

Not only do you need to purchase insurance for your equipment and tools, but if your business has a physical location, you should invest in commercial property insurance. Commercial property insurance will help cover any damage caused by an accident on your premises. This type of policy will also protect the contents of your building in case of damage or theft.

4. Your Business Is Engaged in a High-Risk Industry

If your business operates in a high-risk industry, such as construction, you will need to purchase additional commercial insurance coverage. Industries that utilize hazardous materials and equipment need extra liability coverage. It would be best to speak with your insurance agent about the specific types of risks associated with your business and how much extra protection you may need for this area.

As a business owner, you need to know when to buy commercial insurance. Several factors will determine how much coverage your business needs and which types of policies you need to purchase. Jason Ridley Agency can provide expert advice on what kind of coverage your business needs in Colleyville, TX. Call us today to learn more.

Do all people in Texas need home insurance?

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Owning a home has continued to be a great long-term investment opportunity for those in the Colleyville, TX area. When you are looking to purchase a home in this region of Texas, it is very important that you spend time properly assessing your insurance needs. There are various reasons why the typical person here will want to get insurance coverage when they buy a home. 

Ensure Assets are Covered

A primary reason to have a home insurance plan is to ensure your assets are covered. If you buy a home, you will want to know you have the capacity to replace it if it is badly damaged. With home coverage, you will get the support you need to cover damages due to a fire or bad weather. This coverage will also include support for your personal assets up to your policy limits.

Liability Risk Mitigation

It also is a good idea to get home coverage to reduce your liability risk. As a property owner, you can be held responsible for accidents that cause injuries or property damage. If this happens, you would need to cover the damages and repair costs. Fortunately, this risk can be mitigated if you get a home insurance plan as it will offer you additional liability insurance coverage. 

If you want to buy a home when in the Colleyville, TX area, you will always want to know that you are speaking with someone that you can trust. The team with the Jason Ridley Agency can offer you any guidance that you need to choose a plan that is ideal for your situation. Jason Ridley Agency is able to do this by assessing your situation to determine your insurance needs and then giving guidance to build the right plan. 

Who should invest in life insurance?

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Life insurance is perhaps one of the most misunderstood types of insurance. This is understandable because this insurance doesn’t come into play until after a person has passed away. As a result, many people question whether or not this type of insurance is truly a necessity. Our Colleyville, TX team at Jason Ridley Agency is happy to answer any questions associated with life insurance.

What is Life Insurance?

In short, life insurance pays a certain amount of money upon the death of an insured person or at the end of a set/pre-determined period of time. Typically, beneficiaries or a beneficiary is listed as the recipient of this money upon the death of the insured or after a set period of time. The person or persons benefit by receiving a lump sum of money. 

"Who" Should Consider Investing in Life Insurance?

You should consider life insurance if your death will place a financial burden on your family or someone else. If you are the head of a household or an earner whose income or loss of income would impact the lives of others, life insurance may be a good investment for you. However, on the flip side, even a housewife or someone who doesn’t support a home with income should consider life insurance as well. Housewives often eliminate the need for child care, making their financial contribution quite valuable as well.

Conversely, even if you don’t have a family, life insurance can still have many valuable benefits as well. In short, the question of who should invest in life insurance is an intensely personal one. It’s best to get help from a licensed and experienced insurance agent like the agents from Jason Ridley Agency. Our team can help you explore your unique situation to thoroughly address the question of whether or not an investment in life insurance would be beneficial. If you have questions about life insurance, give us a call. We’re standing by. 

What New Parents Should Know About Life Insurance

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Welcoming a new child into your home is a special occasion. In the midst of all of the change and excitement, there are important decisions that need to be made too, concerning the future. At Jason Ridley Agency, serving Colleyville, TX, we want to help our clients be prepared for the future. Keep reading to learn what new parents should know about life insurance. 

Is Life Insurance Important Right Now?

Many people make the mistake of thinking that life insurance is only something they need to worry about when they are much older. The truth is, though, life insurance is a good investment at any age. 

Life insurance will help provide for your family in the event that you pass away. No one can predict when that would be. Having sufficient life insurance in place now means that your family will not suffer financially in the event of a tragedy. 

How Much Life Insurance Do I Need?

Figuring out how much life insurance you will need will differ from family to family. Each family will have its own individual plans and goals for the future. In order to determine how much life insurance you will want for your growing family, you will need to sit down with one of our knowledgeable insurance representatives and discuss your expectations. 

Does My Child Need Life Insurance?

Investing in a life insurance policy for all members of your family will ensure that tragedies do not leave your family financially vulnerable. 

If you would like to learn more about our services, or if you are interested in life insurance policies, please contact our office at Jason Ridley Agency serving Colleyville, TX, and the surrounding areas. 

4 Facts About Texas Auto Insurance You Should Know

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Texas is the second-largest state in the US in terms of population and size. Besides, the Lone Star State features popular cities like Houston and Dallas. Whereas Texas is a great state to live and drive, it’s home to some of the most dangerous highways.

For this reason, you shouldn’t drive in Texas without car insurance from Jason Ridley Agency in Colleyville, TX. While auto insurance is mandatory in Texas, this coverage cushions you financially when mishaps happen. Ready to get started with auto insurance? Here are four facts you should know about Texas auto insurance.

Proof of insurance

You must provide proof of insurance or financial responsibility when driving in Texas. As such, always carry your insurance card to show proof of insurance whenever pulled over.

Required auto insurance in Texas

Like most states, auto insurance is mandatory in Texas, and you are required to include the below coverages in your car insurance:

  • Property damage liability: This insurance policy protects you when accused of property damage by other people.
  • Bodily injury liability: This coverage protects you when third parties accuse you of causing physical harm to them following an auto accident.

While the state requires the above coverages, we usually advise motorists to increase limits and consider other optional car insurance coverages.

Penalties apply for non-compliance

If you drive without proper auto insurance, you pay fines ranging from $175 to $350.Additionally, you pay $250 per annum for three years if you are a first-time offender. Of course, the penalties are more severe for repeat offenders.

Texas is an at-fault insurance state

If the other party is responsible for the accident, you don’t have to file a claim with your insurance. Instead, you can follow up with the other party to pay for your damages. And if they have insufficient coverage, you can sue.

Find out more about auto insurance

Would you like to learn more about car insurance? Please get in touch with Jason Ridley Agency for more information.  You can also pop in our Colleyville, TX offices to speak to one of our agents.

What can happen to a business that does not have commercial insurance?

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Anyone that dreams of being their own boss should consider moving to Colleyville, TX and starting a business. There are several advantages that come with owning a company here, which include benefiting from the good local economy and support for small businesses. If you are going to start a company in this region, you need to have proper insurance. If you do not have a proper commercial insurance plan, you are at risk of a few negative outcomes. 

Loss of Major Assets

One risk that comes with not having a commercial insurance plan is the risk of losing a major asset. If you buy equipment, inventory, or other major assets for your company, there is always a risk that you could lose them to a fire, vandalism, or other situations that result in a loss. If you are not insured properly, you will not have the coverage in place to replace these items.

No Liability Mitigation

Any business owner in Texas will also need to make sure they get the right liability risk protection in place. As there is always a chance you could be named in a liability claim, having coverage and support to offset this risk is very important. If you are not insured with a commercial insurance plan, you are not going to have the necessary coverage to mitigate this risk. 

People who are in the Colleyville, TX area will always want to make sure that they have proper insurance protection for their business. To ensure you are getting the appropriate coverage, calling the Jason Ridley Agency is a good idea. The team with Jason Ridley Agency can help you identify all of your business insurance needs and then build a plan that helps to protect your company. 

What Does Your Home Insurance Policy Cover?

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Home insurance is a vital part of many people’s lives and can protect them from various issues that may otherwise occur. And at Jason Ridley Agency, we can provide Colleyville, TX, area residents with the high-quality coverage that they need to avoid serious issues, including multiple types of damage. 

What Your Policy Will Cover

A high-quality home insurance policy will cover problems in your home, including potential liability cases caused by negligence. However, they also cover theft, natural disasters, personal accidents, and additional living expenses for a variety of different problems, including:

  • Structural damage that may occur due to various types of covered natural disasters, like fire and hail
  • Personal belongings damage caused by appropriately covered natural disasters or other issues 
  • Potential lawsuit cases that may occur if people are injured in your home, including pet bites 
  • Additional living expenses to pay for temporary relocation while your home is being repaired 

You can also add many extra coverage options to your policy to keep yourself. For example, a flood policy is a wise investment for most people. Remember – up to 30 percent of all floods occur in areas without a high risk of flooding. Protecting yourself in this way will ensure that you are safe. 

Some homeowners may even want to consider high-quality umbrella policies to minimize the potential dangers caused by expensive liability cases. Often, this option is best if you run a business in your home and want to avoid running into serious financial complications due to injuries.

Preventing Serious Issues 

As you can see, high-quality home insurance can protect you from a variety of issues that would otherwise affect your home. So, if you’re interested in a policy and want a high-quality option, please contact us at Jason Ridley Agency, serving the Colleyville, TX area, right away to learn more.