September, 2014 | Blog
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The Sanford Group

10150 Ball Ground Hwy,
Ste 101,
Ball Ground, GA 30107

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  P.O. Box 374
Ball Ground, GA 30107

The Sanford Group Insurance Blog

Can I suspend coverage on one of the car on my business auto insurance policy during the winter months?

There are times when you may want to suspend auto insurance coverage in Ball Ground, GA so that you can save money or avoid unnecessary costs. Although it may be possible to suspend coverage in certain situations, it is usually best to maintain some coverage in case the unexpected happens.

Coverage for Driving

Any time the vehicle is being used by you or your employees, it is important to maintain the state minimum coverage or more coverage on the vehicle. The state does require that you carry coverage for the vehicle in case an accident occurs.

Coverage for Storage

When your vehicle is not being used because of weather conditions or a reduced number of employees who need a vehicle, it may be necessary to put the vehicle in storage.

Even though it may not be necessary to maintain the same amount of coverage that you purchased for cars that are being used, it may still be useful to maintain some coverage. When you suspend auto insurance coverage, it means that you will not be covered in any situation and you will have complete responsibility to handle any problems that arise.

Maintaining some coverage while the company vehicles are in storage can protect against theft or unexpected damage from weather conditions, falling tree branches or similar situations. The coverage does not necessarily need to focus on the state requirements for driving if the vehicle is placed in storage and your employees do not have access to the car.

Protecting company assets can seem complicated, especially if you are not sure about the different options that are available. Contact us to learn more about protecting your company vehicles and your options while the vehicles are in storage.

Why is buy-sell agreement life insurance important?

As the owner of a business, there are a variety of reasons that relate to the decision to obtain buy-sell life insurance. The coverage is not the same as a basic insurance policy that is designed for your family; instead, it focuses on the needs of business owners and their partners in case a death occurs.

Transfer of Ownership

A buy-sell life insurance agreement is a plan of action in the event that one partner dies after starting a business. It determines the percentage and distribution of company assets after that death so that there is an appropriate transfer of ownership based on the preferences of the individual and any partners that are involved in the development and growth of the company.

It ensures that ownership is transferred to the selected individual or individuals based on pre-determined agreements.

Limitations During a Lifetime

Even though the obvious reason for the plan is related to the eventual death or even the accidental death of a partner in a company, the policy can also provide benefits during the lifetime by setting specific restrictions and limitations on the distribution of stock in the company.

Since the business owners can have a large number of stocks in the company, the limitations ensure that owners do not sell large amounts of stock at the same time and that any individuals who inherit the company stocks will follow the same limitations. It protects the assets of the company, even while you are alive.

Business owners have a variety of tools to ensure that problems associated with the company are limited. A buy-sell agreement is one method of ensuring that assets are properly distributed and maintained, even if one partner passes away. Contact us to speak to an agent to learn more about protecting your company.

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