What is a Life Insurance Beneficiary?

Life insurance, like any insurance, comes with a wide range of terminology that you may not be aware of. There are a few different terms in particular that are important to understand and the beneficiary is one of them. For those living in or around the Sandpoint, ID area, the agents with The Insurance Shop USA can help answer all your questions.

A beneficiary is a person that is going to financially benefit from the policy in the event of your death. This means the person that is going to cash out the policy and get the monetary benefit from the policy. A beneficiary is a person that you name as the one person that can cash out the policy. In most cases, insurance agencies will allow you to name more than one beneficiary in case something happens to the first person named.

So who can be named as a beneficiary? Just about anyone can be named. You can name your spouse, partner, parents, brothers, sisters, uncles, aunts, and so on. There are few regulations when it comes to naming a beneficiary save for the fact that many insurance companies will not pay out to under age children.

When it comes to naming your beneficiary, you should take the time to consider what debts you leave behind and what needs to be paid when you pass. If you feel that your beneficiary may be challenged, you can always have documents notarized to prove their authenticity. No matter who you choose, it is important that you take the time to make sure your policy is filled out correctly and that all the necessary information is present.

For those in the Sandpoint, ID area, the agents with The Insurance Shop USA can help you get your beneficiary paperwork filled out and ready to go.  

Why Product Liability Insurance is an Important Commercial Insurance Policy

As a business owner, you have an assortment of insurance options available. Some coverage your business will not need, while other forms are vital in protecting your business. Depending on the kind of company you run you may want to consider Product Liability Insurance. At The Insurance Shop USA, we want to help educate you and make sure your Sandpoint, ID business is properly protected. That is exactly why you need to know why Product Liability Insurance is an important commercial insurance policy. 

What is Product Liability Insurance

If your company produces or manufacturers products for sale, this is an insurance coverage you need to consider. You likely do everything in your power to ensure the highest quality product is constructed within your business. However, there may be times where the product causes some kind of health or safety problem with a consumer. Whether they simply did not handle it properly or it is just a one-off defected product, a customer may be able to sue your company due to the damage or health concern it caused. Without Product Liability Insurance, you may be left paying for legal fees and settlements out of pocket. Based on the situation, this can add up. 

Product Liability Protection

As is the case with many other forms of commercial insurance, this is not one size fits all. You can have it tailor constructed to fit your business needs. 

Depending on the kind of business you run, Product Liability Insurance may be a valuable investment for your company. At The Insurance Shop USA, we want to help educate you on the insurance coverage and point you in the right direction for your insurance needs, regardless of if you run a Sandpoint, ID business or one in the surrounding communities.