The difference between term and whole life insurance

When people start researching life insurance, they can quickly become overwhelmed by all the different types of policies available. The most popular types are term life insurance and whole life insurance; understanding their differences is essential to making an informed decision. At B & G Insurance, we want to ensure everyone in the Miami, FL area knows how to pick the best policy for them.

Term life insurance covers a specific period, usually 10, 20, or 30 years. It’s often the least expensive type of policy with premiums that remain level during the covered duration. Once the term ends, so does your coverage, but you can renew it for an additional premium if necessary.

Whole life insurance falls under the umbrella of permanent life insurance and lasts until age 100 (or longer). This type of policy accumulates cash value – meaning that some of your premium payments build up an amount of money in a savings account that you can access if needed. Whole life insurance is typically more expensive than term. Still, it also provides "living benefits" like borrowing from the accumulated cash value or using the policy’s death benefit as leverage for a loan.

The decision between term and whole life insurance depends on your individual needs and financial situation. Term is often best for people who need coverage for a specific period of time or have temporary financial obligations (like children). If you want to leave a legacy or create tax-free income during retirement, whole life could be right for you.

If you have additional questions about which type of policy is best for you, give us at B & G Insurance a call today. We proudly serve the Miami, FL area. 

What Is Comprehensive Auto Insurance?

Nobody wants to think about the possibility of an accident. However, crashes don’t always involve other drivers. In that case, you may want to consider purchasing comprehensive insurance for your vehicle in Miami, FL. Need help? B & G Insurance has knowledgeable agents to help determine if this makes sense for your vehicle.

What Is Comprehensive Insurance?

Comprehensive insurance typically covers the cost of repairing or replacing your vehicle when you’re the only driver involved. It’s essential to understand the extent of coverage of your specific policy. However, here are common examples of covered perils:

  • Theft-related damage
  • Damage due to fire, hail, or flooding
  • Damage from an animal
  • Damage from fallen objects
  • Damage due to vandalism

If you have gaps in your current policy, comprehensive insurance may help further protect you and your vehicle. For example, liability insurance doesn’t typically cover the cost of your vehicle in a single-car accident.

Is Comprehensive Coverage Worth It?

You may not have a choice in whether or not you have to purchase comprehensive coverage. Many leasing companies and lenders will require it in your rental or loan agreement. However, it might still make sense if you pay off your car or pay cash for one. For example, comprehensive insurance will cover losses in the event of theft or vandalism. This could save you a lot of money when repairing your vehicle.

Some accidents are unavoidable. A deer can jump in front of your car, leaving you no opportunity to miss it. At least with comprehensive coverage, you won’t have to worry about paying for the damages.

Contact B & G Insurance if you need more information about how to purchase comprehensive auto insurance coverage in Miami, FL. We are happy to discuss the pros and cons of adding comprehensive coverage to your policy.

Actions safe drivers take every time they get behind the wheel

It’s estimated that 1.2 million people are injured in car accidents yearly. While many of these accidents are unavoidable, there are some steps that all drivers can take to minimize their risk and stay safe on the road. Here are three actions safe drivers take every time they get behind the wheel.

  1. Wear your seatbelt at all times. This is one of the most important things you can do to stay safe in a car, as it protects you in the event of an accident. Not only that but buckling up also helps keep you and any passengers in your vehicle from being ejected in the event of a collision.
  2. Don’t drink and drive. Driving under the influence is one of the leading causes of car accidents, so it’s essential to avoid alcohol or other substances before getting behind the wheel. Even if you don’t feel impaired, it’s still safer to have a designated driver who abstains completely from alcohol or other substances that can impair your judgment.
  3. Follow the speed limit and always stay within the legal limits of your state. Driving too fast is one of the most common causes of car accidents, so it’s important to pay attention to posted speed limits and stick to them at all times.

Following these tips can help reduce your risk of being involved in an accident. Safe driving is essential for everyone on the road; please be sure to practice these safety tips every time you drive. And, if you have any questions about your insurance coverage, give us at B & G Insurance a call today. We proudly serve the Miami, FL area.

How Commercial Insurance Can Help Your Business If It’s Sued

No matter how well you run your business, the possibility always exists that it could be sued. If this happens, having commercial insurance from B & G Insurance in Miami, FL can help protect your company’s assets. The following information will help you understand how commercial insurance can benefit your business if it is sued.

The basics of commercial insurance and what it covers.

Commercial insurance is a vital tool that helps employers and employees protect against liabilities, damage to property, and accidents. Commercial insurance provides valuable peace of mind by customizing coverage to fit the specific needs of a business in the face of potential hazards.

Most commercial insurance policies will cover the cost of repairs or replacement if the business’s property is damaged or destroyed. This can include buildings, equipment, inventory, and other business assets. Liability coverage is also available with commercial insurance. This can protect the business from lawsuits if someone is injured on the property or if the company is found to be liable for damages. Worker injury coverage can help pay for medical expenses and lost wages if an employee is injured while working.

How commercial insurance can help you if your business is sued.

Commercial insurance can help protect your business from lawsuits by providing financial assistance to help cover the costs of legal fees, settlements, and judgments. This type of coverage can also provide funds to pay for the expenses of defending your business in court. In some cases, commercial insurance may even cover the cost of punitive damages awarded to the plaintiff in a lawsuit.

B&G Insurance is a commercial insurance company serving Miami, FL. We specialize in providing insurance coverage for businesses of all sizes. Whether you need property insurance, liability insurance, or workers’ compensation insurance, we can help.

Three mistakes to avoid when you buy home insurance

Choosing the right home insurance policy is one of the most important things you must do as a homeowner. At B & G Insurance, we offer home insurance coverage that protects homeowners financially. 

The following are three mistakes homeowners in Miami, FL need to avoid when meeting their home insurance needs. 

Getting a quote from only one home insurance provider

Shopping around and comparing quotes between numerous home insurance providers in your area is essential.

By comparing your options and researching, you can be confident that your insurance policy is competitively priced and offers you good value. 

Being unaware of the exact coverage offerings of your policy

Reading over the details is important. Don’t make any assumptions about what types of home damage will be covered under your policy.

In particular, you shouldn’t assume that your policy includes flood coverage. Flood coverage is vital for Florida homeowners and isn’t typically included in most standard home insurance policies. 

Choosing the wrong deductible amount

Be sure to consider your options regarding your deductible amount carefully.

Choosing a deductible amount that’s very low could make it so that your monthly premiums are high. However, a deductible amount that’s too high could make it difficult to afford your deductible if you have to file a claim.

Consider your budget and the amount of funds available in your emergency fund to pay a deductible to determine what the deductible amount should be on your policy. 

If you’re in the market for a home insurance policy in Miami, FL, we’d like to help. Get in touch with us at B & G Insurance for a quote on a home insurance policy. 

Who benefits from having trucking insurance in Florida?

The transportation, trucking, and shipping industry is a significant and necessary one that is needed to ensure products can be shipped all over the globe. If you operate in this industry in or around Miami, FL, you can find many opportunities to succeed. One way you can protect your business is with a trucking insurance plan, and there are various situations when having coverage is beneficial.

Those Trying to Reduce Liability Risks

One situation when someone can benefit from having a trucking insurance plan is when they are trying to reduce their liability risks. There are always risks that come with being in the trucking industry, and you could be held liable for various situations that result in a loss, including theft or accident damage. If you have a trucking insurance plan, you can help to offset and mitigate these risks.

Those Trying to Comply with Requirements

You also want to have a trucking insurance plan if you have insurance requirements. There are various situations when a trucking insurance plan will be required. Trucking insurance could be necessary if you want to operate a truck legally in Florida or comply with basic business insurance obligations. If you carry this insurance at all times, you can be assured that you will remain in good standing.

Picking a trucking insurance plan is an important decision for those in the trucking industry in the Miami, FL area. When looking for a new plan here, it might be a good idea to call B & G Insurance. The team with B & G Insurance will be able to help you by assessing your trucking insurance options and giving you the support you need to build an ideal plan. 

Why All Renters Need Renters’ Insurance

When you are a renter, getting renters’ insurance is essential to have all the protection you can. This is a type of insurance that is much different from home insurance. Because you don’t own the dwelling, you need insurance that doesn’t require you to pay for that protection. Renters’ insurance is known for being low cost, but it offers a lot of protection against a wide range of risks. When you rent and you don’t have a renters’ policy, you can call us at B & G Insurance in Miami, FL.

Protect Your Belongings

One of the most important types of protection in any renters’ insurance policy is protection for all you own inside your home. When you have renters’ insurance, it covers those items so that they can be replaced after a severe event destroys them. Without this coverage, you could be left with nothing after a damaging incident. With renters’ insurance, the policy can pay for them so that you don’t have to come up with the money for it all from your pocket. This is always important coverage to have when you’re renting. 

Liability Coverage

One thing that many people don’t think about much is their liability if something were to happen in their home. With the high cost of medical bills, it’s wise to have coverage that can take care of them if you are liable for paying them. When someone comes to your home and has an accident, you are likely responsible for paying for the resulting bills. With renters’ insurance, you get liability coverage that will pay for them. 

Get Renters’ Insurance

If you don’t already have a renters’ policy, there is no time to wait. Call us at B & G Insurance in Miami, FL. 

Full-timers RV Insurance: When You Live In Your RV

If you decide to live in your RV full-time when you retire instead of using it for periodic short trips, you’ll need to contact B & G Insurance serving the greater Miami, FL area to update your RV insurance to a full-timers policy.

What is a full-timers policy?

When you live in your RV all of the time, you need to insure your RV with full coverage. That means your policy would consist of collision, comprehensive, property damage liability, bodily injury liability, and roadside assistance. It covers all of the damage that could occur to your RV plus the damage you could cause to another individual’s vehicle. You may also want to add personal injury protection (PIP) to it, so if you or your passengers get injured in a no-fault accident, you’ll still have medical coverage.

Other Reasons to Undergo an Insurance Review

When you decide to use your RV full time, you might upgrade a few things, like your microwave, convection oven, and refrigerator/freezer. Another upgrade many people make, installing solar panels, also requires upgraded insurance. When you renovate your RV, you make it worth more money. That means you need to increase your coverage, too. Without the update, your insurance will only cover your RV as it was when you purchased it.

Give Us A Call Today

Contact B & G Insurance serving the greater Miami, FL area for more information about updating your RV insurance to a full-timers policy. We can help you with a policy review based on your RV updates and usage schedule. Let us help you hit the road fully insured.

5 Mistakes to Avoid When Buying Motorcycle Insurance

While motorcycles offer an exhilarating ride, they also come with increased risk. To protect yourself (and your bike!), you need motorcycle insurance. But not just any insurance policy will do. There are a few key mistakes you’ll want to avoid when buying motorcycle insurance.

1. Not Knowing Your Coverage Needs

When it comes to motorcycle insurance, one size does not fit all. It would help if you considered factors like the value of your bike, where you live, how often you ride, and whether you commute on your motorcycle. An experienced insurance agent can help you determine the right coverage for you.

2. Not Getting Enough Liability Coverage

Liability coverage is important for two reasons. First, it protects you financially if you cause an accident and are sued. Second, it’s required in most states. Make sure you have enough liability coverage to protect yourself in an accident.

3. Assuming Your Auto Policy Covers Everything

If you have a personal auto insurance policy, you might assume it covers your motorcycle as well. However, this is usually not the case. You need a separate motorcycle insurance policy to be fully protected.

4. Buying the Cheapest Policy You Can Find

When it comes to insurance, you get what you pay for. The cheapest policy might not provide the coverage you need. Make sure you compare policies carefully to find one that meets your needs at a price you can afford.

5. Lying or Withholding Information

When you apply for motorcycle insurance, you’ll be asked to provide some personal information. It’s vital that you answer these questions honestly and accurately. If you withhold information or lie on your application, your policy could be voided if you have an accident.

If you’re planning to buy motorcycle insurance, avoid these common mistakes. Work with an experienced agent to get the coverage you need at a price you can afford. B & G Insurance in Miami, FL can help you find the right policy for your needs. Give us a call today!

Will it be helpful to have a boat insurance plan in Miami?

Living in the Miami, FL area continues to be a dream for many people. When you live here, there is great weather and a lot of recreational activities. One activity that most will enjoy is going out on the open water in their boat. If you are looking to purchase a boat in this city, you will want to know that you are adequately insured. A boat insurance plan is helpful and can protect you in various ways. 

Cover Your Boat

An important reason to have a boat insurance plan is so you can cover your boat. Protecting your asset and investment is very important if you are a boat owner. A great way to do this is with insurance that includes a full comprehensive plan. This will specifically mitigate many risks resulting in a loss for you and your boat.

Reduce Liability Risk

You should also get boat insurance to reduce your liability risks. There will always be a chance that you will cause an accident, even if you are a skilled boat operator and are careful. Due to this, you will want to know that you are prepared if an accident does occur. Boat insurance offers the liability coverage that you need.  

There are a lot of advantages that will come with having a boat insurance plan in the Miami, FL area. When you are looking to get a boat here, starting your search with the B & G Insurance team is a good option. There continue to be various decisions that come with picking boat insurance and B & G Insurance can make the insurance process simpler for you. They can take a personalized approach that will ensure you remain appropriately covered at all times.