When Do You Need to Buy Commercial Insurance?

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?

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?

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

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

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?

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?

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.

Benefits of Life Insurance

What are the benefits of life insurance? There are many, but most of all, it is there to benefit your loved ones and beneficiaries after you are gone. The Jason Ridley Agency serving the city of Colleyville, TX would like to help you plan for the long term.

Before we talk about some of the benefits, let’s first mention the two main types of life insurance policies. These are term life insurance policies that have a specified time limit set either in years or when the policyholder reaches a certain age at which point it expires or is renewed. The second is a permanent life insurance policy. This type of policy has several variations, but it has death benefits plus savings.

Each has its benefits. A term life insurance policy is usually cheaper in the beginning and may offer the option to convert to a permanent life insurance policy. This is beneficial if you are on a tighter budget when you start with your policy. It does get more expensive as you get older or renew, but you do not need to go for another medical exam.

Permanent life insurance has the benefit of accumulating savings throughout the lifespan of the policy and has a guaranteed payout. It also allows loans against the cash value of the policy and the cash value is tax-deferred. This type of life insurance is more expensive in the beginning but flattens out eventually.

The best benefit of life insurance is knowing that, if you have structured your policy carefully and correctly, your beneficiaries will be cared for after your death. Speak to the Jason Ridley Agency today and secure your family’s future. Serving the city of Colleyville, TX.

Do I Need Comprehensive Auto Insurance?

How to Know When Comprehensive Car Insurance Makes Financial Sense

At Jason Ridley Insurance Agency, we love helping clients in Colleyville, TX make smart financial decisions for their families. Customers often ask us about whether or not comprehensive automobile insurance makes sense for their situation. When is it safe, or even wise, to drop comprehensive auto insurance and save money on your yearly premiums? When do you really need it? Here are a few guidelines to help you determine whether or not you need to carry comprehensive insurance. 

When You Should Carry Comprehensive Insurance

Generally speaking, there are three situations that make carrying comprehensive auto insurance a good financial decision: 

When You are Leasing or Financing Your Vehicle. 

In this case, it’s not only wise to carry comprehensive insurance but also required! Lenders will typically require borrowers to have comprehensive insurance, because this protects their interest in the car in case it’s severely damaged in an accident or stolen. If you skimp on comprehensive insurance and your car is damaged, you could find yourself owing more than your car is worth and unable to buy a new vehicle until you get your loan paid down.

When Your Family Relies on One Car.

Between working from home and car services like Uber and Lyft, more families than ever are choosing to be one-car families. This can be a great decision for your wallet, but if you are depending on one car, you should definitely protect that car to the fullest. 

When You Don’t Have at Least a Down Payment Saved for Your Next Car.

If you’ve paid off your car and you’re looking to purchase a new one in the next year or two, it can be tempting to drop comprehensive insurance to save some money. However, this can lead to disaster! Take it from our clients who dropped comprehensive insurance 6 months before they planned to buy a new car. During a windstorm, a neighbor’s tree fell on their car just a few weeks before they were going to trade it in for a new car. They lost all their trade-in value and had to finance the full cost of their next car—$8,000 lost trying to save 6 months of insurance premiums. 

Of course, residents of Colleyville, TX are always required to carry liability insurance, and any decision to drop comprehensive coverage also depends on your personal financial situation and your ability to absorb a loss. If you’re wondering what coverages make the most sense for your specific situation, talk to your insurance specialist at the Jason Ridley Agency.

Types of Commercial Insurance

Navigating the world of commercial insurance can be confusing for some business owners, especially with the different options in the market. Entrepreneurs must make the right decision in choosing the right policy if they are to protect their investment sufficiently. Below, Jason Ridley Agency takes Colleyville, TX business owners through the different types of commercial insurance.

General Liability Insurance

General liability insurance helps protect a business from common perils like a customer getting injured on your business premises or their property getting damaged. This type of commercial insurance also helps a business cover legal fees if sued for libel or slander.

Workers Compensation Insurance

Although not mandatory in Texas, it is still advisable that a business owner gets this type of policy to protect themselves and the company’s assets. It helps cover medical expenses arising from an employee getting injured or sick at the workplace. Also, if an employee decides to sue you, it can help cover the legal fees.

Commercial Auto Insurance

This type of insurance helps to protect the company’s vehicles, providing cover for property damage when the car is involved in an accident. The cost of replacing or repairing the car is covered here, allowing your company to keep running with few interruptions.

Cyber Insurance

If your company faces cyber attacks like being hacked or a data breach involving confidential customer information like account numbers, this type of insurance can provide compensation for monitoring costs, customer notification costs, and legal fees.

Professional Liability

This type of commercial insurance is common with businesses providing services such as financial or legal consultation. If your business is sued due to a mistake you made that costs a client a significant loss, professional liability can help cover the legal fees.

If you own a business in Colleyville, TX, and you want to protect yourself and your assets from financial loss in case of anything, you should get commercial insurance. You can reach out to Jason Ridley Agency, where we will help you pick the right type of commercial insurance that suits your business needs.