When to Get Life Insurance

Many people believe that life insurance is a discussion for married couples or older adults. If you have a newborn, you could purchase life insurance for them. As an adult, you can get life insurance before you begin college. In Orleans, IN, the professional agents at Busick Insurance Agency LLC have a few insights about life insurance and when you should purchase a policy.

Types of Life Insurance

Life insurance is intended to be used as a cash payout when a loved one dies. This payment, also known as a death benefit, is usually provided to spouses and dependents of the covered individual. There are two main types of life insurance policies, term life insurance, and whole-life insurance.

Term Life Insurance

Term life insurance is a policy that is written for a specific term. Policies are usually 10, 20, or 30 years. Some terms can be longer or shorter, depending upon your needs. If the covered individual dies during the term, then the beneficiaries will receive the death benefits. This policy is less expensive than whole life insurance. Term insurance is for those individuals who only need the policy for a certain amount of time. Once the term is over, you have a choice to renew the policy for another term or allow it to lapse.

Whole Life Insurance

A whole life policy lasts the entire life of the covered individual as long as the premiums are paid. The premiums are higher than the term insurance coverage, but the payout is usually guaranteed. The whole life policy has a cash value and the difference between the value and the premium is placed into an account. This amount can be borrowed against and used for emergencies or college expenses.

Contact the Busick Insurance Agency LLC in Orleans, IN. We have expert agents ready to discuss life insurance when you are ready to sign a policy.

 

What Is Commercial Liability Insurance?

In an ever-litigious world, insurance can mean the difference between surviving or falling in a crisis. If you are a business owner in Paoli, IN, it’s important to understand what liability means for your company. After you read this guide, we hope you’ll allow Busick Insurance Agency LLC help you find the right protection for your business, and yourself.

What is commercial liability?

Regarding business, liability is any cost that occurs because of an accident on your commercial property or damages caused to another person or property by yourself or your employees. These events can be damaging to your assets, especially if a liability claim is taken through a lengthy court case. Some examples of situations where a business can be sued and held liable for damage include:

  • Bodily Injury and Medical Expenses – Caused by worksite hazards or other unforeseen accidents suffered by a customer or employee.
  • Property Damage – Caused during the operation of your business on another person’s property.
  • Libel or Slander – Usually caused through use of social media or other public forums where someone disparages your company unlawfully.

What does commercial liability insurance do?

A general liability policy can help offset the cost of legal actions taken against your business for the above examples. It can also help cover your legal defense costs, judgments, or settlement bonds issued in a legal proceeding. In libel or slander cases, insurance can be used to help pay for the cost of bringing another person to court over false negative claims against your business, on social media or elsewhere. 

When someone chooses to sue your business for damages, the costs can quickly pile up. In short, commercial liability insurance can keep your company from going bankrupt due to costly, unforeseen damages. Busick Insurance Agency LLC encourages all business owners in Paoli, IN to contact us today to discuss all your commercial insurance needs!

3 Things to Know About Your Auto Insurance

When it comes to getting the right auto insurance for your needs, there are several things you’ll want to focus on. But the main issue is ensuring that you work with an Orleans, IN area insurance agency that you feel good about. You can get that feeling with the Busick Insurance Agency LLC where you’ll have the opportunity to talk with a knowledgeable agent about the vehicles you have and how you want to protect them. Not everyone who drives needs the same kind of insurance protection, so working with an agent can help you decide what’s right for you. Here are three things you should know.

  1. There are a lot of different coverage levels, and the one that’s right for you may not be exactly what you’d expect. Talking with an agent can help you get the proper coverage level for your cars and drivers.
  2. Your insurance needs can change over time, so it’s a good idea to make sure you’re updating your policy when you get a new vehicle or make other changes to your household.
  3. As cars age, they might not need as much coverage as they once did. Making sure you’re covering them in a way that adds value to your life is important.

Reach out to us today at the Busick Insurance Agency LLC, and let us help you cover your Orleans, IN area vehicles the right way. Have the peace of mind that comes with good insurance, and an agent you can talk to if you have questions or concerns. It’s also good to go over your policy periodically and make sure your needs haven’t changed. Our agents will be happy to help you do that to keep you and your vehicles protected. Contact us to get started.

Does Home Insurance Cover Wind Damage From Storms?

Regardless of where you live, most people are prone to severe storms throughout the year. Some areas are more likely than others to receive damage as a result. The Mid-West is primarily known for having storms that can cause extensive damage to homes. When selecting your home insurance coverage, it is essential to know if you are covered in the event your home receives damage from winds associated with storms.

Is My Home Covered From Wind Damage?

In most cases, the homeowner’s insurance policy will cover damage that is a result of a storm. This is something that people who are shopping for home insurance should be looking for in a policy. The likelihood that there will be a claim for people living in or near Orleans, IN is relatively high as opposed to other areas of the country. Having that type of protection can help prevent financial losses in the future, especially if the home is destroyed. When inquiring about the policy, ask the insurance agent specifically what the terms and exclusions of the policy are to protect from gaps in coverage.

Protecting Your Home From Storm Damage

A damaging storm can occur at any time during the year, which is why homeowners need to be prepared at all times. Find an insurance company that cares about your home being protected, and can help you get the coverage you need to have peace of mind. Busick Insurance Agency LLC gladly serves residents in and around the Orleans, IN area, and is happy to offer guidance and answers to your questions. 

Don’t leave your home vulnerable to damage without the protection of a homeowner’s insurance policy that covers wind damage from storms. For more information call Busick Insurance Agency LLC, or stop by the office and speak with a knowledgeable representative on how to get started.

Medicare Insurance for 2018- What you Need to Know

If you are in the Paoli or Orleans, IN area and are covered by Medicare insurance, you should be aware that there have been some fundamental changes to Medicare guidelines for 2018. Busick Insurance Agency LLC is aware of these guidelines and can answer questions that you may have about it.

Here are some of the top changes to look out for:

  • Part B Premium Payments-  Medicare Part B covers regular doctor visits, as well as outpatient services. For those on Medicare that have not begun collecting Social Security benefits, the monthly premium will remain the same. However, those actively collecting Social Security may be affected by the cost-of-living adjustment.
  • Part D Prescription Drug Premiums Lowered- For the first time since 2018, monthly charges will go down about a dollar, depending on where you live, and which plan you have selected. Each year, do your due diligence and ensure that your current plan is covering any current medications you are taking.
  • Part D Coverage Gap Narrowing- As a result of the Affordable Care Act that passed in 2010, coverage gaps are expected to close in 2020- making all beneficiaries of Medicare responsible for 25% of their prescription costs. Currently, once you have accrued $3,750 worth of prescription costs, you pay 35% for brand-name drugs and 44% for generic ones. Once you reach $5,000 in drug costs, you’ll pay no more than 5% of your prescription costs for the remainder of the year.
  • High Incomes- Individuals earning $133,550 and up a year, and couples earning $267,000 a year will be prone to premium increases. There is a layout of the surcharges explained on the Medicare website.

Busick Insurance Agency LLC, serving the Paoli and Orleans, IN area, can provide you with further information on Medicare changes for 2018. Contact one of our trained and experienced agents to help you today! 

Does Renters Insurance Cover Electronics?

Paoli and Orleans, IN residents are not required to carry renters insurance by law, but it can be required by your landlord. A landlord will usually obtain property insurance on the structure, and many will also purchase landlord insurance that may help protect him or her from lawsuits that can occur. This insurance will not protect you or your personal property, however, and this is where renters insurance may come in. 

What Does Renters Insurance Cover?

Renters insurance applies to your personal belongings that exist between the four walls of your rented dwelling. You can purchase indemnification that will extend to your valuables, and this will often include your electronics, your clothing, and other personal belongings. If you have items of particularly high value, it will be necessary to discuss those with your agent. This is because your policy will typically have limits of coverage that protect your items, and when this has been exceeded, you may need additional insurance. 

You may need something called an endorsement, and this can be part of your renter’s insurance policy and can provide full protection for certain possessions. It is likely you’ll need to have your items appraised to inform your decision on how much insurance to purchase, and you’ll need to decide if you want to insure their replacement cost or their actual value. Replacement cost can provide you with monies to purchase, for example, a new TV, whereas actual value will only pay you what your TV was worth at the time it was damaged or destroyed. 

Contact Busick Insurance Agency LLC 

We at Busick Insurance Agency LLC are here to help you, and we welcome any questions you may have about renters insurance. We have experience serving those in the Paoli or Orleans, IN area, and we invite you to call us, reach out to us online, or stop by our office to discuss the insurance products that are right for you. 

8 Crucial Motorcycle Insurance Info Everyone Must Know

Motorcyclists are more susceptible to accidents on the road than those driving cars and trucks. They are more likely to be killed and injured. According to the National Highway and Safety Authority, motorcycle crashes cost the American economy $16 billion annually. Most of it is used in emergency services, medical bills, property damage, and rehabilitation. Busick Insurance Agency LLC aims to provide insurance solutions to help Paoli and Orleans, IN residents. 

Importance of Motorcycle Insurance 

While enjoying your bike on the road, it is prudent to protect your life, your bike, and other road users. Motorcycle insurance is the surest way to protect you from financial losses in the event of an accident. Here are four major reasons why you need motorcycle coverage: 

  • Medical Bills: the cost of medical treatment is enormous if you are involved in an accident. The bills may even skyrocket in cases you will need additional treatment after visiting the hospital. The coverage gives you peace of mind as you recuperate. 
  • Third Party Injury: when you injure others, you must be able to compensate them. A qualified policy guarantees you of meeting the cost. 
  • Motorcycle Replacement: some accidents result in total loss of your bike. The cost of repairs may surpass the cost of replacement. In such a case, total loss coverage provides you with the actual cash value of a new bike or the replacement cost. 
  • Collision Coverage: when you are found culpable of causing an accident, a collision policy comes to your rescue in paying for damages you made to to your bike. 

Motorcycle Insurance Checklist 

Now that you know the importance of having motorcycle coverage, you need to prepare yourself to get a new quote. Here is a list of a four things insurance agents will require: 

  • Personal details such as home address, age, occupation, and annual mileage
  • Riding history including driving courses passed tests and dates. 
  • Motorcycle details 
  • Type of coverage 

Busick Insurance Agency LLC is a leading motorcycle insurance provider in Orleans, IN. If you need motorcycle coverage, don’t hesitate to get in touch with our agents. 

Why Medical Professionals Need Umbrella Insurance

Doctors, nurses, and other medical professionals can find themselves personally liable if something goes wrong with one of their patients. Liability coverage, like malpractice, provides some protection from lawsuits and court-ordered financial judgments. But is it enough? The experts at Busick Insurance Agency LLC believe all medical professionals in the Orleans, IN area should add umbrella coverage to their insurance portfolios for increased protection.

  • Umbrella policies cover legal costs. Attorney fees can be substantial. Your other policies may not completely cover the cost, leaving you responsible for a large portion of your defense fund. An umbrella policy protects your personal wealth.
  • Allied healthcare professionals like medical assistants and sonographers may carry low-coverage liability policies because of the nature of their jobs. This can leave them vulnerable if they are found liable for damage to a patient. Inexpensive umbrella policies can bridge those gaps without an enormous increase in premiums.
  • If you are found liable for injury, death, or loss to a patient, your umbrella policy helps cover your court-ordered restitution payments. Without an umbrella policy, a single case could leave you without any savings.
  • You are more than just a medical professional. You may be a parent, motorcycle enthusiast, or homeowner. This means you already have a few insurance policies. Your umbrella policy can be designed to cover all of these policies. That means you get an extra layer of protection for everything you own.

Busick Insurance Agency LLC helps medical professionals in the Orleans, IN area protect their earnings and livelihood with customized umbrella insurance policies. Contact our representatives today to learn how these policies can benefit you.

What is Private Health Insurnace

Health insurance is something that everyone needs and as such it is vital that you know the difference between a few different types of insurance you may run into. Private health insurance is one such type of coverage that you are likely to encounter, and it does a great deal of good to know just what it is. For those that live in the Paoli and Orleans, IN area, the agents with Busick Insurance Agency, LLC can help you to find out just what private insurance is.

Private insurance is first and foremost an insurance option that is offered to buyers through a private, third-party company. This means that it is not offered by the government and is not offered through an employer. A private insurance company offers private insurance that is managed and sold by them. This means that you are not taking any public insurance and you are not going to be buying insurance through your employer.

Private insurance is something that is sold by companies like Humana, Anthem, and other well-known agencies that offer packages that the buyer has to pay for each month. These packages are going to vary in coverage and are going to also range in price. What might not seem like it should cost a great deal, may cost several hundred a month. In some cases, doctor’s offices are more likely to accept private insurance over a government insurance policy because these policies are often going to pay more for services as they cost the beneficiary more each month.

For those that live in the Paoli and Orleans, IN area, the agents with Busick Insurance Agency, LLC can help you to find the right private insurance for you quickly and easily so that you can be sure you are covered. Reach out to our agents to learn more about how to start a policy.

Should I get a life insurance for my child even if I have one through work?

Nobody likes to think about life insurance, and why we might need it, especially for children. But there are several advantages to having a life insurance policy to cover your child, with some policies even offering a cash payout. At Busick Insurance Agency LLC in Orleans, IN, we can help you learn about the different kinds of insurance to make sure you have everything you need.

Many employers already offer a life insurance policy to all their employers, including discounted coverage for families. However, those policies may not be enough.

They may be limited in the amount of the payoff. More importantly, since they are tied to your job, you will probably lose all those life insurance policies when you leave that job. At that point, it may be more difficult to obtain a policy at those prices. Prices for life insurance policies go up, often significantly, when people get older and when they discover health problems.

The insurance your employer provides may not even be your cheapest option, but the only way you will find out is if you explore your options. You may want a term life insurance policy, which can be tied to your policy and save you money. Or you may want a whole life insurance policy, which will pay a face amount. These accounts can be more expensive, but they also include a monetary amount which will be available to your child at a later date.

If you want to discuss all your life insurance options, including which kind of life insurance would be best, call Busick Insurance Agency LLC in Orleans, IN today. We will be happy to sit down with you and answer any questions you may have.