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Business Personal Bonds Benefits

Business Insurance NeedsOver the years, your life is going to go through many changes and your financial situation will evolve as a result. Some of these will be changes that you make, and others will be those that the world thrust upon you. Whether the changes come from within or without, you need to respond by changing the coverage options and limits provided by your insurance policies.

While every individual must recognize the specific reasons for evolving insurance needs in their own lives, some common catalysts include:
  • Inflation
    • Inflation doesn’t just impact how far your dollars reach; it also impacts how far your insurance benefits can stretch. As inflation increases prices around you, it can negatively affect your auto and home limits as well as your life insurance death benefit. It also impacts the effectiveness of your disability and long-term care benefits, as well.
  • Savings balance fluctuations
    • The amount of money you have in your savings account could change the amount of insurance you want to have. While a large savings account might make you feel secure with high deductible insurance policies, changes in the market could mean that you need to switch to lower deductible plans. Your savings account balance may also impact how long a waiting period you choose for your disability and long-term care policies. The goal of insurance is to insulate your savings from the risks that you and your assets face each day. Adjusting your insurance policies over the years helps to aid this process.
  • Changing asset values
    • Your assets do not generally have a static value. Some don’t even have a depreciating value. Certain items, like homes, jewelry, art, and antiques have values that can increase dramatically in a short period of time. This increase must be answered by the evolution of your home and auto insurance policy limits.
  • Increases in income
    • When your income goes up, your standard of living tends to follow. Not only will this affect the type of assets you own, as well as their replacement and actual cash values, but it will also create a new lifestyle for your family to become adjusted to. Your home, life and auto insurance policies may all need a facelift as a result.
These are just a few of the examples of your evolving insurance needs. To discuss more ways that your insurance policies might be becoming dangerously dated, give us a call. We can go through your entire portfolio and make sure we get your coverage up to speed.

Contact an agent at McFarlin Insurance Agency to make sure your Maryland Business Insurance needs are being met.
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8325 Guilford Rd, Suite A
Columbia, MD 21046

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