What? You sell life insurance?

When it comes to insurance, many customers confuse health insurance with life insurance.  Or they assume that life insurance is a separate entity and is sold at special insurance companies.  The truth is that many agencies sell life insurance, including us!  Remember, as oppose to health insurance (which covers medical bills) life insurance is your gift to designated beneficiaries.  Life insurance is designed to cover expenses once a loved one has passed away (i.e.:  Mortgage, college , debts, child care, etc.)  Or it can be used to leave a tax free gift to your heirs.

 At Magnolia Insurance Agency, our agents make life insurance easy, simple, clear and understandable.  We will do a need analysis to determine the best type and amount of life insurance for your family, and allow you options that will fit your budget.

 At Magnolia Insurance Agency, we believe your life insurance policy is fluid and should be updated  regularly as the needs in your life change.  Some of the life transformations that may require a policy purchase or “tune up” include:

  • You recently married or divorced
  • You have a new child or grandchild
  • You have opened or expanded a business
  • Your health or your spouse’s health has deteriorated
  • You are providing care or financial assistance to a parent
  • Your child or grandchild requires assistance or long-term care
  • You recently purchased a new home
  • You are planning for a child or grandchild’s education
  • You are concerned about retirement income
  • You have refinanced your home mortgage in the past six months
  • You or your spouse recently received an inheritance
  • You have a sizable estate

If you are interested in investing in life insurance, contact us at Magnolia Insurance Agency, and we can help find the right policy for you.  We hope you have a great day and enjoy the summer while  it is still here!   

Sincerely,

Magnolia Insurance

magnoliainsurance@comcast.net | (206) 284-4886

3424 W. McGraw St.

Seattle, WA 98199

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Summer Options: Want a Boat?

As with most Seattle summers, boating is one of the most desirable things to do. Almost every day on Lake Washington you will see a boat going 25+ mph tugging a water skier, inter tuber, or just going for a booze cruise. Have you ever wondered: “Man I would really like to have a boat out here too!” We are here to answer that question.

To make a boating experience truly enjoyable, you should not need to worry about your safety and protection of others. In other words, similar to motor vehicles, investing in a boat demands insurance protection. Here are some things to consider when investing in boat insurance:

  • Navigation and Geography: How far will your boat travel on a day-to-day basis? What is your boat’s “coverage”? Some insurance plans vary on the amount of ground they allow a boat to travel.
  • Agreed Value Coverage: By having this insurance coverage, it maintains the value you bought the boat for (similar to cars, boats tend to depreciate in value over time), so if your boat happens to get stolen or vandalized, this policy will cover you boats full value, minus your personal deductible.
  • Liability Coverage: In case of an accident, boat liability covers other boaters or boats that get damaged if you are accused of causing the accident. Boating liability is an essential pillar of boat insurance, since it not only covers the physical restoration/replacement costs of over boats, but the property and assets of other boat passengers as well.
  • Medical Payment Coverage: Another pillar of boating insurance, medical payments cover the physical health and well-being of your passengers (if there is accident in your boat) and other boating passengers (if your boat caused accident in another boat– covers both personal and liability options).
  • Physical Damage Coverage: In case your boat watercraft, engine, seats, or other equipment in the boat gets stolen or damaged, this plan will replace it.
  • Uninsured/Under insured Boaters: Boat insurance is optional (but highly recommended!!!), and some boats are not covered/protected. Some boat insurance policies have uninsured watercraft protection, which protects you and your passengers if you are hit by an uninsured boat.
  • Fuel Spills/Sinking (S.O.S.!): Sometimes the worst can happen. If your boat engine leaks fuel into the water or starts to sink, this can cause very problematic legal and environmental issues. As a boat owner, you are lawfully required to clean up this mess. Make this job easy on yourself by opting for this insurance coverage (known as “Fuel Spill Liability” or “Wreckage Removal”).
  • Personal Asset Protection: Some boat insurance policies are so specific that it can even cover your smaller, personal assets that you have in the boat, such as jewelry, phones, wallets, clothes, swim equipment, and other small items. These limits can vary by state, so talk with your local insurance provider to find out this information.
  • Unattached Equipment Coverage: This plan protects items that are not physically attached to the boat, but are used mostly on the boat– water skis, inter tubes, fishing equipment, oars, and fire extinguishers are several examples of unattached equipment coverage.
  • Emergency Assistance: In case you boat breaks down in the middle of a body of water, this pays for emergency towing, fuel refills, loaned batteries, etc. Furthermore, this is the coverage for “disabled” boats.

While there are many options to choose from for boat insurance, the best ones to consider are those covering the health and safety of you, your boat, your passengers, other boats, and other boating passengers. More importantly, if you are investing in a boat, you can call us at Magnolia Insurance Agency, and we can get you to find the most suitable, appropriate, and affordable boat insurance coverage. Once the insurance is squared away, you can have as much fun as you want on the water– we have you covered!

Sincerely,

Magnolia Insurance

magnoliainsurance@comcast.net | (206) 284-4886

3424 W. McGraw St.

Seattle, WA 98199

Warning: Small businesses are more and more at risk! Importance of insurance.

Recently, the popularity of entrepreneurship has increased over the past 15 years. It is not necessarily a fad, but more of an expression. More people prefer to customize how they work, where they work, when they get to work, and what they work on. While this can seem advantageous, we must realize the current risks involved in this process.

According to “ACE Insured”, small businesses are at risk. Ironically, organizations with or fewer than 20 employees comprise 90% of all business activity in the United States! These businesses are at risk because they are not properly covered against legal expenses, cyber-crime, environmental concerns, and many other liability coverages. While insurance needs can vary by company, it is important to realize the essentials of liability coverage and personal/commercial coverage. In addition, if commercial insurance is covered by a large insurance broker, they are often not as knowledgeable about specific coverages necessary to the client involved. As a result, there are often many gaps and threats left open against commercial businesses.

Some quick facts:

  • 50% of small businesses survive their first five years of operation in the US. Of the ones who failed…
  • $100 billion = the amount businesses pay to settle legal troubles every year.
  • 166% increase in cost of commercial and auto insurance claims between 2009 and 2013.
  • 25% rise in lawsuits relating to workplace harassment since 2006
  • 300% increase in cyberattacks on small businesses since 2012
  • 57% of lawsuits are lodged against companies with revenues below $1 million
  • 40% of businesses fail to reopen after disaster.

So where do these numbers lead us? It shows that business owners, property investors (including contractors, carpenters, and landscapers), and even volunteers need property coverage, general liability, and most importantly, proof of insurance. Cyber protection and liability is particularly on the rise and become a greater risk in the near future; it is important for business owners to have this specific coverage. Volunteer/non-profit organizations cannot attract audience members if they do not have proof of insurance and comprehensive commercial coverage. This is why talking with a personalized agent helps prevent these threats and give you the required and necessary insurance policies for your protection and safety (as well as others). Even better, investing in the proper insurance with personalized agents will actually result in long-term profits and stability.

In summary, the businesses that are currently most at risk from spacey insurance coverages are:

  • Bars, restaurants and retail liquor stores (issuing of liquor/liability risks)
  • Contractors and home repair specialists (damage risks to home/liability)
  • Medical offices, law firms and private shops (health insurance spottiness/liability)
  • Homeowners associations (home insurance risks/commercial home insurance gaps)
  • Real estate investors and property developers (vacant lot coverage, lots that remain vacant during renovations)

We hope you are more convinced that sticking with a personal, specialized agent is the best way to go for your own personal (and possibly commercial) insurance coverage. We want to ensure safety, health, and economic stability!

If you have any questions of concerns, don’t hesitate to contact us at Magnolia Insurance Agency.

Sincerely,

Magnolia Insurance

magnoliainsurance@comcast.net | (206) 284-4886

3424 W. McGraw St.

Seattle, WA 98199