How Should Business Owners Track Assets for Insurance?

When you have commercial insurance, you need to keep close track of your assets. It is important that you have a running list of all the materials you own in the event that something becomes damaged or broken. There are many reasons why you should keep track of your assets, no matter the cost.

Family Insurance Associates serves many businesses in the Ruidoso, NM area, and we understand what it takes to track your business assets. Here’s what you need to know.

Use Computer Software

Tracking assets is a lot like tracking inventory, except that you need to track items you have purchased for your business. This can include inventory, technology, vehicles, buildings, and machinery. Use software to track everything, including things that depreciate over time.

Report Financial Expenses

Any money that you spend on your business on these items should be recorded as well. For example, you should track the money you have put into remodeling your business or updating equipment. This will help you understand the specific value of the items you own.

Keep Records Online

Finally, remember to keep the records of your assets available via the web or a cloud-based server. This will allow you to track assets even if you are not able to do so from the business itself in the wake of a natural disaster. You need to be able to access your records anywhere.

Have Commercial Insurance

The only way to prevent the loss of your assets for good is to get commercial insurance. If you still have questions about commercial insurance policies and protecting what you own, contact Family Insurance Associates, which serves Ruidoso, NM.

Exploring The Benefits Of Dental & Vision Insurance

Family Insurance Associates provides coverage to the Ruidoso, NM community. We strive to ensure that our clients have the coverage they need to protect their assets. We have working relationships with multiple carriers across the state. We look forward to helping you find the coverage you need.

Exploring The Benefits Of Dental & Vision Insurance

In order to enjoy a high quality of living, you have to stay healthy. Health insurance ensures that you receive the care that you need to keep feeling well. Dental & Vision insurance is also important to living a healthy lifestyle. Healthy strong teeth help you feel good and also prevent future health problems. You are covered for preventative care treatment such as regular cleanings and fluoride treatment. You are also covered if you need emergency treatment such as fillings or a root canal.  Under the terms of your coverage, you will have access to a wide network of dentists and dental offices in the Ruidoso, NM area. You can amend your policy to cover necessary accessories such as a retainer or braces.

Protecting your eyes is very important. Vision insurance covers your preventative care such as yearly eye exams. You are also covered if you need to wear glasses or contact lenses. You can also amend your policy to cover you if you are advised to wear eye drops.  Vision insurance covers any emergency treatment, such as laser eye surgery. You can amend your policy to cover you if you are diagnosed with glaucoma or cataracts. The policy will cover your treatment options and your follow-up visits.

Family Insurance Associates Will Help You Stay Protected

Visit our website to learn more information about dental & vision insurance.

This is How Life Insurance Protects your Financial Interests

When you think about life insurance, your mind only points you to protecting your loved ones. While this is true, life insurance is a lot cooler than that. Life insurance can be the most prized asset you have if you plug it thoughtfully into your financial plan. To that end, Family Insurance Associates of Ruidoso, NM shares insights into how life insurance can protect your financial interests.

Accessing cash value

While most people associate life insurance with death benefits, many don’t know that you can access part of the investment while alive. Some life insurance plans allow you to access your accumulated cash value, enabling you to meet financial needs like college fees. Besides, you can borrow against your cash value or use the proceeds as supplemental retirement income. 

Business protection

Many people assume that life insurance is just for individuals. The truth is that you can invest in life insurance to protect your business. Life insurance protects your hard-earned business by keeping things running even after an exit of a key employee or partner. With proper planning, life insurance can help your loved ones maintain control of your investment by using life insurance proceeds to purchase your stock. 

Covers your debts

If you don’t want to leave a debt-laden legacy, then you must consider life insurance. When you die, your debts don’t disappear magically. While some may be discharged -for others-your cosigners will have to pay them off. You certainly wouldn’t want this because you are a prudent financial planner. With life insurance proceeds, outstanding mortgage or car loan can be cleared, saving your loved ones and cosigners the debt burden. 

Invest in life insurance today!

Although life insurance protects your loved ones, it can do a lot more than that. Life insurance safeguards your financial interests later in life and even when you die. In light of this, if you are considering life insurance in Ruidoso, NM, you are on the right track. Contact Family Insurance Associates for a personalized quote. 

What Does Commercial Insurance Cover?

You are working hard every day to grow your business and to be able to reap the benefits but first, you must make sure you have the best commercial insurance policy in place to protect it. The commercial insurance agents at the Family Insurance Associates in Ruidoso, NM can help you to create a commercial insurance policy that works best for all of your business needs.

New Mexico Commercial Insurance Requirements

In the state of New Mexico, all drivers must have an auto liability policy in place and this includes your business-owned vehicles and anyone using a personal vehicle while doing work for your business. This type of insurance will cover anyone injured in a car accident and any property damage that occurs due to an accident.  

Also in New Mexico, you must carry a worker’s compensation insurance package for your employees if you employ three or more people, whether they are full or part-time employees. This type of coverage will help pay for the lost wages and medical bills of an employee who is injured on the job.

Business Owner’s Insurance and General Liability

Your business owner’s insurance policy, as well as a general commercial insurance liability policy, will cover medical bills for anyone visiting your business who is injured or anyone that suffers injuries due to something connected with your business. Either one of these types of policies will also cover any customer property that is damaged by your business as well as any damages your business incurs due to a natural disaster, a fire, vandalism, or a theft incident. A general liability policy can also cover your business and you if there is a libel or slander lawsuit filed against your business.

Other Coverage Options

Other commercial insurance options that you can obtain include cyber and professional liability insurance. Cyber liability insurance covers your business if a data breach occurs in compromises your customers’ information, and it will also help cover the cost of contacting near customers to let them know about the data breach. It also covers the cost of monitoring for fraud. Professional liability insurance will cover any lawsuits due to negligence, late or incomplete work by your business, or any mistakes and oversight that happened with your business.

Contact Us

To create the best commercial insurance policy for you and your business comment contact the commercial insurance agents at the Family Insurance Associates in Ruidoso, NM today!

The Insurance You Didn’t Think About: Dental and Vision

There are a lot of insurance products available today. Sometimes, shopping for insurance can feel overwhelming. At Family Insurance Associates serving Ruidoso, NM, we are here to take the confusion out of insurance. We want you to be able to make the best insurance choices, so we are providing the best insurance information for you and your family. Keep reading to learn more about dental and vision insurance. 

Do I Need Separate Dental and Vision Insurance?

Many people incorrectly think that dental and vision are included in all health insurance policies. This is not always the case. In many cases, dental and vision will not be included in your regular health insurance policy. It will be necessary to purchase a separate policy. You should read your health insurance information closely to determine if you need dental and vision as well. 

Are Dental and Vision Plans All The Same?

Another misconception people have is to assume that vision and dental plans are all alike. Plans can vary greatly. The reason for this is to make sure you are not purchasing and paying for services you do not need or want. This is to give you more options. However, it is also very important that you review the dental and vision plans carefully to make sure you are only purchasing and paying for services that are appropriate for you and your family. 

The best way to determine which dental and vision plan you need is to sit down with an insurance representative. Our staff will be able to help you navigate the information concerning dental and vision insurance coverage so that you can make the best possible choice. 

If you would like to learn more about dental and vision insurance coverage, please call our staff at Family Insurance Associates serving Ruidoso, NM. 

When should I review my life coverage

Life insurance an important thing you can do for your family. It is a way to show them how much you love them. Unlike your home and auto insurance, you don’t get a yearly renewal on your life insurance so you may just pay the premium and not think about it.  At Family Insurance Associates in Ruidoso, NM, we know that the amount of life insurance you need to protect your loved one changes over your lifetime and should be reviewed particularly when there are major changes in your life.

Job change

One of the benefits most jobs offer is life insurance. When you change jobs you may be able to retain your life insurance by taking over the premium yourself. This may not be the best option. You should talk to your personal insurance agent to see what they have to offer before you decide on the best option. 

Purchase a home

A home is a huge financial responsibility and you need adequate coverage if something happens to you. Leaving your family or loved ones to figure out how to pay your mortgage is a bad thing. 

Getting married

When you get married you will change the beneficiary on your life insurance. While you are talking to your insurance professional take the time to evaluate the amount of coverage you have.  

Having children

Children change your life in many ways. Making sure that they will be able to continue the same life you provide if you are not there to provide for them is vital. This figure depends on the age and number of children as well as your income. 

At Family Insurance Associates in Ruidoso, NM, we would be happy to review your life insurance coverage with you. Call our office or stop by and let us help you make sure you have the right amount of life insurance. 

5 Common Risks Faced by Small Businesses

When you operate a small business you take on certain risks that are unique to the type of company it is. The team at Family Insurance Associates of the Ruidoso, NM area will help you get a commercial business package that is specific to your needs.

Strategic Risk

Often, you don’t have a solid plan for your decision-making process if issues come up when you first start your business. If you know the structure, target market, production strategy, and how you’ll handle sales and marketing, you’re definitely in good shape. It makes sense to have a group from different departments (or even if you hire a consultant for some aspects) to discuss how you’ll handle any crises that come up.

Reputation Risk

This is often overlooked but it’s an important one. Since much of business is done by people doing research and deciding that they like how your company operates, it can be disastrous if a customer(s) put up bad reviews or take to their social media and say negative things about your business.

Liability Risk

All organizations must deal with some level of liability risk. However, your business would be more vulnerable if it’s small since you wouldn’t have the means to pay for damages without it hurting the funds for operating your company. If a customer or employee is hurt or you fail to meet any contractual obligations, you may have a lawsuit against your company. It is worthwhile to have a lawyer on your side to seek advice.

Business Interruption Risk

If your business is interrupted by a natural disaster or something else, this can make it difficult or impossible to go to your office. There may be damage to your equipment or supplies. If you have few staff members and one or several have an illness this impacts your operations as well. For this reason, you should have a business continuity plan that you go over with your staff.

Financial Risk

Of course, as a small business, you already have fewer funds than a larger organization. If there’s a hit to the local economy or even a recession across the nation, this can hurt your business. Make sure that you know your options such as funds, state, or federal grants, or if there are paycheck protection programs that will help you pay your employees.

Family Insurance Associates will work with you to put together the commercial insurance policies that make the most sense. Serving the Ruidoso, NM region, we are proud to work with small businesses to give a measure of protection for these risks and more.

Regular health insurance does not usually include vision and dental

It is far better for you to have a health insurance plan than not. Health insurance can cover everything from regular doctor visits to treatments for catastrophic ailments like cancer.

However, as Family Insurance Associates serving Ruidoso, NM explains, health insurance often does not cover vision and dental. You may want to consider carrying an additional policy that covers these two crucial parts of the human body. Such a policy would likely save you a great deal of money over the long term.

Some people who have 20 20 vision believe that they don’t need vision insurance and can pay for regular visits to the eye doctor out of pocket. However, most people need to wear glasses or contacts for one condition or another and therefore, would benefit from carrying such insurance. Dozens of eye conditions come with age, such as cataracts and macular degeneration. Your eyes are important to your livelihood, and protecting your vision should be a top priority.

Dental insurance is a must for everyone. If you count up all the teeth cleanings, X-rays, fillings, and so on, then dental insurance becomes cost-effective. Add to those expenses treatments for chipped teeth and cavities. Then you can see why this type of policy is likely something that you need to carry. Having teeth in good condition gives you the ability to chew and enjoy food to the fullest.

For more information on vision and dental insurance and the benefits of carrying it, contact Family Insurance Associates serving Ruidoso, NM for more information.

Do I Need To Document My Relationship With My Beneficiaries?

The only rule most life insurance providers in Ruidoso, NM have regarding who you can and cannot name as a beneficiary is that you can’t name a minor. If you want the policy to pay out to a niece, nephew, son, or daughter who’s under eighteen, you’ll need to go through a trusted adult.

Beyond that, you can name anyone you like as a beneficiary, from your wife to your best friend to a favorite football player.

So now the question is: Do you need to provide any sort of documentation as evidence of your relationship to the beneficiary? The answer is no. You might not even need to prove that you’re married to your spouse.

But, they do need the beneficiary’s legal name, and depending on the nature of the relationship and the nature of the policy, they might need some information like social security number, mailing address, and phone number. This varies from situation to situation, and you’ll have to wait and see what information your insurer asks for.

If you have a marriage license for your spouse, birth certificates for your kids, that can be of help, but no document proves someone is your best friend. Some human relationships are easy to document; others are not. Life insurers know this, and they know that not every life insurance beneficiary is going to have the paperwork to prove that they fill that role in your life that you say they fill.

If you’re looking for life insurance in Ruidoso, NM, get in touch with Family Insurance Associates. Family Insurance Associates can help to connect you to the policy that you need to set your mind at ease.

Does Your Business Need a Commercial Insurance Review?

If you’ve been in business for a while, the chances are high that you’ve had the same commercial insurance policy for a while, too. That can mean it’s time for a review of that policy, to help ensure it’s still protecting you appropriately. As your business grows and expands, or goes through changes, your insurance needs can also change. What worked for you when you opened your doors might not fit your current business model the right way. At Family Insurance Associates, we want to make sure all our Alamagordo and Ruidoso, NM business clients have the appropriate level and type of insurance coverage, so their companies can be protected. We’re here to help you succeed.

When you get a business insurance review, we’ll look at all the ways your policy is protecting you and where any gaps in coverage might be. By asking plenty of questions about your current business and how it’s changed since the last time your policy was reviewed, we can get a clearer picture of how your commercial policy is meeting your needs. You have enough to think about as a business owner, and you don’t want to have to worry about your insurance policy, too. We can give you back peace of mind, knowing that you have the proper coverage level you need to keep your business thoroughly protected in the long run.

Reach out to us today at Family Insurance Associates and let us help you with a commercial insurance review. All our Alamagordo and Ruidoso, NM business clients deserve to feel protected by the insurance policies they have. If you’ve never had a policy review, or it’s been a while since your last one, we’re ready to help you make any needed changes or adjustments to keep your business secure and protected. Contact our office to get started with a quote and have your questions answered.