Category Archives: Finance

Wellman Shew Explains Why Umbrella Insurance is a Must

Wellman Shew Explains Why Umbrella Insurance is a Must

Umbrella insurance is a commonly forgotten insurance policy. Insurance Agency Manager Wellman Shew explains why it’s a must for residential and commercial clients alike.

FRESNO, CA, USA – Insurance policies are expensive, which means that many people try to cut corners to save money on premiums. When this happens, the policies don’t have enough coverage for some of the larger claims.

Every insurance policy has insurance limits, as Wellman Shew explains. The owner of Shew & Company Insurance Services urges everyone to look at the details of a policy to see how much the insurance company will pay out in the event that a claim is filed.

If the total damages add up to more than the maximum payout in the policy, the remainder becomes the financial responsibility of the insured…or the at-fault party. In some instances, the remainder can add up to thousands if not tens of thousands of dollars.

Wellman Shew recommends an umbrella insurance policy as a way to prevent a person or company from going bankrupt over a single insurance claim.

What is Umbrella Insurance?

Umbrella insurance is described as the kind of insurance that is needed for a rainy day. Everyone assumes that nothing bad will happen to them, so they skimp on their insurance needs. Wellman Shew explains that umbrella insurance serves as the umbrella over all of a person’s individual policies.

In the event that auto insurance, home insurance, or even medical insurance doesn’t cover the full extent of a claim, umbrella insurance will step in to cover the additional expenses.

There are countless options when creating an umbrella policy in terms of what policies it will cover as well as how much the policy should be worth. While some people choose small coverage levels, others choose larger ones. It is often dependent on the value of existing policies.

Agency Manager Wellman Shew Identifies the Benefits

Umbrella insurance is often forgotten because it’s not a common policy. Most insurance agents don’t sell it or promote it because the average insurance customer is looking to save money – not spend money on added coverage.

There are considerable benefits to the policy, however.

  • Affordable premiums
  • Prevents having to pay out of pocket
  • Adds coverage to multiple policies

Agency Manager Wellman Shew has worked extensively with companies on group employee benefit programs. He has also worked with personal insurance and business and estate life insurance. He has seen firsthand how one claim can be filed that far exceeds what most people can afford.

His recommendation to everyone is to look at the coverage levels of all policies. An umbrella policy can be added with an affordable premium. And the protection that it can offer will pay for itself within one claim being filed.

Difference Between a Business loan and a Personal loan

Mortgages are one of the most popular services offered by banks. This allows you to pay for different types of expenses and different types. Banks often charge interest rates on interest rates and charge interest rates. You must repay the loan instantly each month within a specified time. The two most common types of loans people get are personal loans and business loans. So let’s see the difference between a personal loan and a business loan:

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What is a personal loan?

Whether it is a planned event like a wedding or kitchen decor or an unexpected disaster such as a medical emergency, a personal loan can save you money in the form of financial hardship. It is offered by banks, NBFCs, and moneylenders. Personal loans are a good option to meet all your financial needs quickly. This type of loan is also called an unsecured loan because it does not require you to take a bank loan.

What is a Business Loan?

If you are planning to start a business, a business loan can give you a good start to cover your expenses. If you have a stable business but plan to upgrade your technology, invest money, or find new talent, you can choose a business loan that will meet your needs.

Personal Loan vs Business Loan

  • An important difference between a personal loan and a business loan is the terms under which the bank determines your eligibility. Lenders usually check your debt to personal loan income ratio and forward the loan with at least paperwork. For a business loan, you may need a business plan, bank account, income statement, and so on. to make available. The emphasis is on business loans rather than personal credit.
  • Personal loans can be used for any purpose and you usually don’t need to provide any explanation to the lender when you get them. However, for a business loan, you need to determine the reason and how you intend to use the credit in your business.
  • When comparing individual loans to business loans, it should be noted that the former are usually unsecured loans, which do not require collateral. For business loans, the bank may ask you for office space, factories, etc. the mortgage, if the loan amount is high.
  • Naturally, the process of applying for and disbursing personal loans is relatively fast. A business loan requires some processing, paperwork, and due diligence on the part of the bank before it can approve and pay the loan amount.