How Much Life Insurance Do You Need

Even though you usually wait until you’re older, life insurance is a security tool that everyone should be thinking about. The earlier you have it, the safer you and your family will feel. Independent agents, like the agents at Tackett Insurance Inc which serves the Memphis, TN area, can help you by offering you life insurance options.

How Much Life Insurance Do I Need?

You’ll need enough insurance to cover any debts after you’re gone. Things like mortgage payments, car notes, or personal loans need to be paid. You’ll first start by adding up everything that you own. Determine how much your spouse will be able to contribute to the household by themselves. Then, you’ll need to speak with a representative to make sure you can get enough insurance to cover those expenses. You can get enough life insurance that will either pay everything off or at least pay for your debts for a couple of months or years.

Calculating How Much You Need

When you need to calculate how much you’ll need, one option is to multiply your average yearly income by 10. To take care of your child’s college tuition, add $100,000 per child. Using this method, if you made $50,000 per year and you had 2 children, you would calculate your approximate life insurance need as follows:

Income is $50,000 X 10 = $500,000 + (2 children) $200,000 = $700,000.

Another way to decide how much you need is to calculate your income by the number of years you want to provide for your family.

Income is $50,000 X 3 years = $150,000 + college expenses for each child.

In both situations, don’t forget to add funeral costs and debts you have.

Speak with agents at Tackett Insurance Inc for help with your policy information when in the Memphis, TN area.

What Does Commercial Insurance Cover?

Your business is not only a huge investment of time, money, and hard work, it is also your livelihood so you will want to ensure it is protected and the best way to do that is through obtaining a commercial insurance policy.

A commercial insurance policy is designed to protect you, your business, and your employees and has several coverage options.

Most Common Coverage of Commercial Insurance

Property Insurance

Commercial insurance will cover your business itself, including the building that you own that houses your business. If you rent the space, it will cover just your business and inventory. This is important in the event your business is damaged by a fire, vandalism, or natural disaster. It will also cover your business and products if your business is broken into and items are stolen or vandalized.

Liability

It is important to have liability insurance that will cover medical expenses if one of your customers or visitors to your business is injured while on your property. This part of your policy will also cover someone who is injured due to an accident or other incident that is caused by a product you sell or by an employee of your business. It will also cover damages caused by an incident, such as something falling while your employees are working and injuring a passerby.

Worker’s Compensation

This part of your policy covers your employees if one or more of them is injured on the job. For example, if you own a tree trimming business and an employee falls from a tree, this part of your policy will cover your employee’s medical bills.

To create the best policy for you and your business and learn more about coverage options, visit the experienced and trusted commercial insurance agents at Tackett Insurance Inc in Memphis, TN.

Do You Really Need Renter’s Insurance in Tennessee?

You may wonder if you need to have renter’s insurance for your apartment in Tennessee. This is a complicated matter that would best be answered by a professional at an agency such as Tackett Insurance, Inc. in Memphis, TN.

Should I Get Renter’s Insurance?

The simple answer is that you aren’t required by the state to have renter’s insurance. However, it is a commonplace for landlords to ask that you get a policy. This stipulation will be included in the lease agreement if that’s the case.

If the homeowner’s policy your landlord has in place doesn’t cover your belongings, it’s vital to seek out coverage yourself. This way, you won’t have to deal with the added frustration of paying to replace or repair your possessions if they are damaged or stolen. The appropriate amount of coverage will depend on the value of your items, which you should assess with the help of an expert before you go in to sign up for your renter’s insurance.

Know What You’re Getting Into with Your Insurance Policy

It’s a big deal to have insurance, and you want to know that it’s aligned with your specific needs and situation. Though such a policy isn’t required by law in Tennessee, it’s in your best interest at least to look into if it’s right for you. Keep in mind that there will be some tricky terms, so it will be helpful to read up on the most common aspects (like cost value and replacement costs) of a renters insurance policy beforehand.

Ask a qualified expert any questions and talk about your concerns. You can contact Tackett Insurance, Inc.in Memphis, TN to find out about our options for quality renter’s insurance.

What Is Umbrella Insurance?

Umbrella insurance is often misunderstood by many. This insurance steps in after policy maximums have been met for homeowners, auto, or watercraft policy coverage. In other words, this insurance covers what your other insurance policies don’t. However, several things must be understood to figure out who is best served by this type of insurance and how it works. 

How Does it Work?

Umbrella insurance isn’t difficult to understand. This insurance covers/pays once you have used up or reached the maximum liability limits of your insurance policy. It may also cover things that aren’t covered at all in your insurance policy. Your primary insurance company will pay the maximum amount according to your policy coverage. However, it should be noted that umbrella insurance won’t pay for your expenses or anything that isn’t part of your coverage. It also won’t cover any exclusions listed in your policy. It is designed to kick in once your policy has reached its maximum limit, and more coverage is needed. At Tackett Insurance, Inc., we understand that this type of insurance is not recognized by many. This is one of the many reasons why we are dedicated to helping Memphis, TN residents who might benefit, learn the ABC’s of this type of insurance. This insurance covers a wide variety of different things. It can be beneficial by protecting you in bodily injury and property damage liability claims, in addition to slander, legal fees, and false arrest.

Most people who invest in umbrella insurance opt to have, at the least, a million-dollar policy, even if the assets they own are less than a million in value. This level of coverage can cover many unforeseen situations and circumstances. Think of umbrella insurance as additional liability coverage when damages or other situations max out your primary insurance limits. This insurance steps in to cover the rest. 

In short, umbrella insurance helps cover any financial responsibility due to an injury or loss to someone else and supplements other policy coverages. We take pride in educating people. Your win is our win. Give Tackett Insurance, Inc. a call.

What to look for when choosing insurance for your Tennessee condo

If you have recently purchased a condo in the greater Collierville or Memphis, TN community, we want to welcome you! The team at Tackett Insurance, Inc. is here to provide all of your insurance needs, and we can help you determine which condo policy is right for you.

Important Coverage You Need from Your Condo Insurance Policy

Owning a condo is a bit different than owning a house, and the insurance requirements also differ. While your condo association will have a policy that covers the condo structure itself, along with common areas within the building, you are responsible for any damage that occurs within your own unit. This responsibility also includes any damage that may be caused by a neighbor, such as leaking pipes, that also affect your home. Because of this, it is vital to have the right coverage at the correct policy limit levels to ensure that you are protected in the event of a mishap, no matter who may be the cause of the damage. We recommend that condo owners review their policies regularly to ensure that they have adequate protection for their needs. Don’t find out that you don’t have the coverage you need after the damage is done! Get the right policy now that provides the coverage you need.

If you are in the greater Collierville or Memphis, TN area, and need a new or upgraded condo insurance policy, it’s time to talk to the team at Tackett Insurance, Inc. We are here to help you determine which policy is right for you and help you make sure that your coverage limits are adequate to your needs. Call or stop by today to learn more about the condo insurance policy options that are available in our area.

How Does Whole Life Protect My Family?

Whole life policies were created to provide your family with the financial security they need when you can no longer provide for them. In Memphis, TN, local residents have the option to choose between different types of life insurance policies. The agents at Tackett Insurance, Inc. have the information they need to make an informed choice when buying a life insurance policy for themselves.

Provides an Income to Make Up for Losing Yours

A whole life policy will pay the entire face value of the policy upon your death no matter how long you have been paying into it. The rule of thumb is to choose a policy amount that will sustain your family’s current lifestyle for two or three years if you are no longer there to support them. In most cases, this would be three times the amount of your annual income. Although the money will not replace you, it will allow your family to be cared for in your absence.

Offers Long-Term Stability Through Trusts 

If you choose, you can decide on a higher amount so the extra money can be put in trust accounts for your children. This money is set aside and will continue to grow interest. When your children reach a certain age, typically 18 or 21, they can use the funds for college or whatever they choose.

If you’re near Memphis, TN, take a few moments and call the agents of Tackett Insurance, Inc. Each agent understands the sensitive nature of life insurance and caring for your family’s needs. You can get the answers you need by merely making an appointment and talking to an agent. Call today!

Three mistakes small business owners often make when it comes to commercial insurance

Commercial insurance is essential for growing companies. However, many business owners make big commercial insurance mistakes that detract from the value they get out of their coverage.

At Tackett Insurance, Inc., we offer commercial insurance policies to business owners in Memphis, TN. We recommend that small business owners avoid the following three commercial insurance mistakes. 

Purchasing a policy with liability limits that are low to save money

It’s true that monthly premiums will be lower on policies that offer less liability coverage. However, low liability limits can really create problems for business owners if they need to file a claim. 

Low liability limits mean that a company needs to pay for any expenses over the liability limits out-of-pocket. It’s also important to note that commercial insurance that is required by law should specify how high the liability limits need to be. Business owners must meet any liability limits that are required by law to avoid harsh penalties. 

Overlooking important types of coverage

There are a lot of different types of commercial insurance coverage out there. Business owners need to be aware of all the coverage options to choose the ones they most need for their companies. Some commercial insurance types that are often overlooked include errors and omissions coverage, commercial property insurance, and premises liability coverage. 

Neglecting to update a commercial insurance policy as one’s company changes

As your company grows, it may take on new liabilities and responsibilities. You need to adjust your insurance coverage accordingly. Discuss your insurance coverage with a representative from your commercial insurance provider as your company changes. Make sure your coverage is regularly updated to adjust to changes at your company. 

To explore the policies we offer to Memphis, TN business owners, contact us at Tackett Insurance, Inc.

What Your Renters Insurance will Not Cover

Your renter’s insurance policy from Tackett Insurance, Inc. is a great investment. It makes sure that if you lose your personal possessions due to fire or theft, they will be replaced. It also helps out with medical bills if somebody has an accident inside your Collierville or Memphis, TN home. However, there are limits to what it can do.

Storage Areas in the Basement

Most renters policies only protect items in your dedicated space–not any kind of common area. If you have a storage bin in the basement or attic of the building, its contents would not likely be protected by your insurance. This is due to the fact that multiple people have access to the area and damage would not be limited just to your items in the event of a disaster or criminal entry.

Common Parking Garages

If your apartment has a garage that is accessible only by your unit, that area would be protected by your policy. If you park in a large shed that houses multiple vehicles from different units, that would not be covered. Any tools or accessories you store in this area may not even be covered by the apartment building complex policy.

Decks and Patios

Finally, your shared deck or patio would also no fall under your single unit policy and that would extend to the furniture, BBQ, or bicycle that you leave there. In order to be covered by most renters’ insurance policies, the deck would need to have a tall fence surrounding it with a locked gate preventing any passersby from causing harm or absconding with your gear.

If you have questions about which areas are considered common in your Memphis, TN apartment building, take the time to speak with both your building manager and your agent at Tackett Insurance, Inc.

Can You Have Multiple Life Insurance Policies?

People who want to provide security for loved ones in the event of their unexpected passing, usually choose to purchase a life insurance policy. This type of insurance protection can help with final expenses as well as provide financial support to those individuals for years to come. 

More Than One Life Insurance Policy

Most people consider purchasing a life insurance policy at some point, but what about more than one? In the event the policyholder would prefer to offer additional protection to those beneficiaries, they can purchase multiple policies and have the same individuals to be the beneficiary. This method can offer a greater amount of security to those named as the beneficiary. Individuals who have extensive property care needs and require more upkeep than the ordinary household, for instance, could greatly benefit from this strategy. 

Working With A Knowledgeable Life Insurance Agent

Anyone who plans to make multiple life insurance policy purchases needs to work with an agent who has the experience to help them discover which options work and provide the most coverage. Buying life insurance can be confusing, but when the client works with an agent, the chances of purchasing the most ideal policies greatly increase. Additionally, if there are claims, they can help the beneficiary with the process of document submissions. Residents who live in or around the Memphis, TN area should consult with Tackett Insurance Inc. before making a life insurance policy selection, especially if there is a situation where more than one policy is necessary. 

Don’t guess when it comes to the future security of loved ones. Get the life insurance protection that a licensed, knowledgeable life insurance agent can provide. Call or stop by Tackett Insurance Inc. Providing superior insurance products to the residents of Collierville and Memphis, TN. 

Things to Look For When Buying Commercial Insurance Policies

If you run a business in Oxford, MS, you need high-quality commercial insurance coverage to ensure that things go smoothly for your needs. Thankfully, we at Tackett Insurance Inc. have created a simple, but thorough list of what you should consider when purchasing this type of policy for your business.

Limitations

Many types of insurance policies will limit how you use your home or vehicles for business activities. Read through your options to find one that works for you.

Licensing Needs

Make sure that you pay special attention to any licensing needs that your company requires to ensure that you get the proper insurance for your needs.

Lender Desires

Do you have any lenders or landlords involved with your business? If so, talk to them about what kind of coverage they want and expect from you.

Employee Needs

If you have several – or even a handful – of employees at your business, you need to get commercial insurance that covers their needs, including disability and workers’ compensation.

Client Demands

Talk to your clients about the insurance that you purchase to ensure that their rights are protected and to keep yourself from potential lawsuits if they get upset with your services.

Potential Denial

Make sure that your policy explains why denials occur. In some cases, rejection is either accidental or something that can be reversed if you have good evidence.

Liability Demands

If people get injured at your company or as a result of its actions, you need a liability policy to protect you in case somebody tries to sue you due to break of contract or safety hazards.

We Can Help

So if you live in Oxford, MS and you need exceptional commercial insurance, please contact us at Tackett Insurance Inc. to learn more about your options. We’ll sit down with you and work out several policy options that will fit your needs and keep you satisfied with the money that you pay.