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Plainfield, IN 46168

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Gill Insurance Advisors Blog

Do I Need to Take Out a New Life Insurance Policy to Increase Coverage?

At Gill Insurance Agency, we consider educating our policyholders to be insurance savvy important. We want to help Plainfield, IN residents make better insurance decisions to protect their beneficiaries. We are here to explain how to increase the value of a life insurance policy.

When You Apply for the Increase Changes the Process

In the US, the law protects consumers by providing a four-week “look-see” period for life insurance. If you buy a $1 million policy on the first day of the month, you have four weeks from that date to add to the policy, accept it as is, or cancel it without penalty. That means, if two weeks after purchase, your spouse becomes pregnant with twins, and you purchase a new home, you can phone or email your insurance agent to increase the coverage on the existing policy.

Any time after that initial month, you need to purchase a supplementary life insurance policy. If you decide to increase coverage within the first six months of the policy, you probably won’t need to take a new physical or undergo new medical tests. After that period, a supplemental policy requires a new medical exam.

How Time Affects the Premiums

As a person ages, the premium for purchasing a new life insurance policy increases. Purchasing a policy in your 20s gets a much lower premium than purchasing a policy in your 60s. If you buy your supplemental policy while also in your 20s, the premiums will probably be close in cost to one another. Purchasing a supplemental policy in your 60s means paying the initial policy’s lower premium and the new policy’s higher premium.

Contact Us Today

The younger you choose to increase your life insurance coverage, the lower your premiums remain. You will have more than one life insurance policy, and both will pay your beneficiaries in the event of your death. Contact Gill Insurance Agency today to better protect your beneficiaries in Plainfield, IN and other locations.

What Kind of Commercial Insurance Does My Business Need?

Doing business on a daily basis entails certain risks. Contract problems, vehicle accidents, worker injuries, and client disputes can result in lawsuits that cost your company thousands or even millions of dollars. Commercial insurance is designed to protect your business from a wide range of risks, so you can continue your financial and business planning without worry. At Gill Insurance Agency in Plainfield, IN, we help Indiana businesses find the right insurance for their needs.

Types of Commercial Insurance Coverage

General liability insurance is needed by most businesses to cover liability for injuries that clients may sustain while on your business property. Commercial vehicle insurance is needed for cars and trucks needed for shipping, delivery, or other business activities. Your business building needs coverage against damage from accidents and weather events. Professional people generally need coverage against “errors and omissions” that may occur as a result of daily activities. Some businesses need product liability coverage, business interruption insurance, or insurance against loss of key personnel.

Determining the Insurance Needs of Your Company

A careful analysis of your business operations, client base, and legal exposure will help to determine the types of commercial coverage that will best protect your business. Businesses that make their own products may require product liability insurance. Companies offering professional services need coverage for mistakes that may occur. Businesses that deliver or ship may require extensive commercial vehicle coverage. A thorough discussion with your Gill Insurance agent in Plainfield, IN can help to pinpoint where your business is exposed to risk and the best way to prevent liability and lawsuit expenses.

Schedule A Consultation Today

The right kinds of commercial insurance coverage allow you to run your business the most efficient way possible, knowing that you are not exposed to expensive losses that can occur from unexpected events. Contact Gill Insurance Agency today for a no-obligation quote on commercial insurance policies that can help prevent expensive losses to your business.

Most common questions about home insurance

Home insurance is a critical aspect of proactively protecting your home, family, and belongings. The Gill Insurance Agency in Plainfield, IN offers the following guidance with regard to home insurance.

What Does Home Insurance Cover & How Much Coverage Is Needed?

Home insurance typically covers damage to

  • The home and other structures, i.e., fence shed, etc.
  • Personal belongings
  • Liability for injuries sustained on the property
  • Living expenses should the property become inhabitable due to a covered peril

The amount of coverage depends on the home’s value, contents, location, etc.

What Does Home Insurance Protect Against?

Although each policy varies, the typical perils for which this insurance protects include

  • Fire
  • Theft
  • Windstorms/hail
  • Vandalism
  • Certain water damage

What is a Deductible?

A deductible refers to the specific amount an insured pays out of pocket before insurance coverage begins. Higher deductibles help lower premiums but require more out-of-pocket cash prior to making a claim.

How do Replacement Cost & Actual Cash Value Differ?

Replacement cost refers to coverage that replaces covered items with new ones. Actual cash value will pay less as it accounts for the damaged item(s) depreciation.  

Does Home Insurance Include Coverage for Flood Damage?

Not typically. If your home is in a flood zone or prone to flooding, a separate flood policy is available through private or federal National Flood Insurance Program (NFIP) insurers.

Are there Discounts for Home Insurance?

Yes. Depending on the policy, these discounts may help lower your premium –

  • Home security systems
  • Smoke detectors
  • Bundling policies
  • Good credit and more.

Contact Us Today

Remember to maintain your premiums to avoid a lapse in coverage, and contact us at Gill Insurance Agency in Plainfield, IN for more information.

If my friend drives my car and gets in an accident, will me auto insurance cover the damages?

When we talk with our Plainfield, IN and other Indiana area clients about auto insurance, we mostly talk about the protection and benefits it provides to the clients themselves in the event they are in an accident. However, something that does happen, but maybe we don’t talk enough about, is the protection a good auto insurance policy will provide beyond just you as a driver.

Accidents By Someone Driving Your Vehicle: Understanding Auto Insurance

Let’s say you let your friend borrow your vehicle while on vacation and they get into an accident. You might be wondering if your auto insurance will step in. The short answer is yes! So long as you have the right coverage policy in place, your auto insurance will pay out if someone other than yourself is driving a vehicle.

Here’s what you need to know about the type of auto insurance policies that will cover an accident caused by someone other than yourself driving your vehicle:

  • Permissive use coverage. An insurance policy will cover other allowed drivers under what is called "permissive use". Indiana is pretty flexible here and ensures that so long as the person driving had consent, including implied consent, to drive the vehicle, the vehicle’s owner’s policy will apply. The only exception here is for restrictions such as unlisted drivers, which is a driver who would want to regularly use the vehicle, such as a son living in the household. 
  • Coverage limits. How much your insurer will pay out in the event a driver you are allowed to use your vehicle is in an accident will still be limited by your coverage limits. You, not the driver, will be responsible for paying the rest.

Learn More With Our Team at Gill Insurance Agency

Not sure what your auto insurance policy entails? Give our team at Gill Insurance Agency a call! We’re proud to serve clients in the Plainfield, IN and surrounding Indiana communities. 

Factors to Consider When Determining How Much Life Insurance You May Need

One of the questions that we at Gill Insurance Agency, serving the greater Plainfield, IN area, are often asked is how much life insurance a person needs. There are many factors to consider when determining how much life insurance to get.

Some of those factors include:

Financial Obligations

Consider your outstanding debts, such as mortgages, loans, or credit card balances. Life insurance helps cover these financial obligations and prevents your loved ones from being burdened with debt.

Income Replacement

Calculate the amount of income your family needs to maintain their standard of living if you are no longer around. Multiply your annual income by the number of years you would like to provide financial support to your dependents.

Education Expenses

If you have children, consider the cost of their education. Determine the funds necessary to cover their tuition fees, books, and other related expenses. Many people ensure their children can get through at least high school, but some people also plan for college.

Future Financial Goals

Think about your family’s long-term financial goals, such as retirement savings, starting a business, or paying for children’s weddings. Life insurance can help ensure that these plans can still be pursued even without your income.

Funeral and Final Expenses

The final thing to consider is the cost of your final expenses. Account for the costs associated with your funeral, burial, or cremation and any outstanding medical bills or legal fees. This ensures your family is not burdened with paying for those expenses.

We Can Help!

If you are looking to obtain life insurance in the greater Plainfield, IN area, Gill Insurance Agency can help you determine how much insurance you need and help you find the right policy. Call us today to learn more.

Commercial Insurance Helps You Recover from Natural Disasters

As part of a comprehensive plan to mitigate risks, you should make sure your commercial insurance covers natural disasters. At Gill Insurance Agency in Plainfield, IN, we have licensed agents ready to examine your current policy for gaps. In the event of a tornado, flood, snowstorm, hurricane, or wildfire, you’ll be happy you took this essential step to protect your business, employees, and inventory.

What’s Included in Commercial Insurance?

Do you operate a new store or run an anchor business in your community? In both cases, there are specific coverage options essential to your survival.

 Commercial insurance typically covers losses due to unforeseen natural disasters. Each policy is unique, but you’ll want to consider including property damage, business interruption, workers’ compensation, liability, and any other protection that will give you confidence and comfort in the midst of the wildest storm.

If you already work in an industry vulnerable to storm damage, such as agribusinesses and construction, you can incorporate coverage for your livestock and equipment. The agents at Gill Insurance Agency will assist you in inventorying assets requiring commercial insurance coverage. 

Why Your Business Needs Protection Against Natural Disasters

Whether you sell tractors or run a catering company, you need a policy written with your industry, equipment, and assets in mind. Customized commercial insurance is the answer to your continued operations following a natural disaster.

Tornadoes aren’t the only risk to Indiana business properties. Effective commercial insurance gives you a lifeboat in the event of a flood, earthquake (it can happen!), or lightning storm.

What other risks does your business need to be sheltered against?

Reach Out To Us

Our team can give you a free quote and valuable advice on what to include in your Plainfield, IN commercial insurance policy. Contact Gill Insurance Agency today to schedule an appointment.

Planning on Remodeling? First Check Your Homeowners Insurance Policy

If you’re planning on updating your home, it is essential to make sure you have adequate homeowners insurance in place before the work crew shows up. So, before construction begins and the dust flies, let the insurance professionals at Gill Insurance Agency can help you determine the coverage you will need while renovating a property in the greater Plainfield, IN area.

Important Insurance Considerations for Home Renovations

Depending upon the type of renovation, you may need to adjust these aspects of your homeowner’s insurance coverage –

  • Update the overall policy limits should your planned renovation include upgraded appliances or an addition. This ensures that you will have sufficient insurance coverage to protect the new and improved version of the property.  
  • Update the limits of the homeowner’s policy regarding medical expenses coverage. This is especially important if a friend/family member does the renovation – because you may be liable for medical expenses for those injured on your property who are not family members or professionals who carry their own professional insurance.

Increasing the medical expense limit on your homeowner’s insurance policy will cover the medical bills for any injuries that may happen – on the insured property – to a person who is not a family member or resident of the home.  

  • Make sure your personal property insurance coverage will suffice. Remember, during construction, things happen – something breaks or appears to have disappeared without your knowledge.  Make sure you maintain sufficient  personal property insurance for essential property that may include –
    •  Furniture
    • Appliances
    • Electronics
    • Clothing.

Reach Out To Us!

Still have questions or concerns about the homeowner’s coverage when planning a renovation project in and around Plainfield, IN? Give our insurance professionals at Gill Insurance Agency a call today.

What Are Common Auto Insurance Myths

We all know that getting a proper auto insurance policy is one of the best and most effective ways to protect yourself on the road. However, because there are so many misconceptions regarding auto insurance, selecting the right insurance policy can be difficult. Gill Insurance Agency, serving clients in Plainfield, IN, has compiled a list of myths to dispel in order to assist you in selecting an insurance policy.

Auto Insurance Myths

Insurance for red cars is more expensive.

The truth is that there is no correlation between the color of a vehicle and the cost of auto insurance. Insurance companies are unconcerned about the color of your vehicle, and there are other criteria that influence the cost of auto insurance, such as the age of your vehicle, its condition, your credit score, location, and others.

The more expensive the vehicle, the higher the insurance premium.

The purchase price of your vehicle has no bearing on the cost of your insurance. Many mid-priced cars cost more to insure than expensive vehicles. 

Smaller cars are less expensive to insure.

There is also no correlation between car size and car insurance premiums. 

Getting a traffic ticket automatically raises your auto insurance rates.

If your traffic offense is small and has only occurred once, your insurance rate will stay the same.

Reach Out To Us Today

Are you looking for an auto insurance policy in Plainfield, IN or any other surrounding area, feel free to contact Gill Insurance Agency. We specialize in multiple types of insurance, including standard auto insurance. Give us a call if you want to know more about insurance options – we are here to help!

Whole or Term Life Insurance for Young Families?

Choosing between whole life insurance and term life insurance in Plainfield, IN can be tricky for young families. There are many aspects to consider before making the right choice for your particular situation. Here at Gill Insurance Agency, we understand this challenge and strive to help our clients make the best decision for them. To support you in making an informed decision, here’s a brief summary of what whole and term life insurance entails.

What is Whole Life Insurance?

When it comes to life insurance, whole life is permanent coverage that runs your entire lifespan provided you continue paying premiums. An aspect of this policy is the cash value component, meaning a portion of payments goes into an account that grows with time. You can access this money while still alive although this often results in higher premiums or a decreased death benefit.

What is Term Life Insurance?

Term life insurance is temporary life insurance that provides coverage for a set period, typically 10-30 years. If you die during the term of your policy, your beneficiaries will receive a death benefit. If you don’t die during the term, the policy will expire, and you will not receive any death benefit. Term life insurance generally has lower premiums than whole life insurance but does not have a cash value component. 

Which One is Right for Me?

The answer to this question depends on many factors, including age, health, financial situation, etc. If you’re healthy and looking for affordable coverage, term life insurance may be the best option. However, whole-life insurance may be better if you’re older or have health concerns. 

Contact Gill Insurance Agency today to discuss your insurance options in Plainfield, IN!

The importance of carrying workers compensation insurance

Workers’ compensation insurance is an essential part of any business, especially for those here in the Plainfield, IN area. It provides protection for businesses, their employees, and their customers in the event of a workplace injury or illness. It covers medical costs, lost wages, and other expenses related to an employee’s recovery. 

Benefits of Workers’ Compensation

Having workers’ compensation insurance from us at Gill Insurance Agency ensures that those injured or sickened while on the job have access to the care they need without the added financial burden placed on them and their families. It also protects employers from liability in legal cases relating to an employee’s injury and allows them to focus on running their business instead of dealing with costly litigation. 

By carrying workers’ compensation insurance, businesses are able to provide peace of mind for both themselves and their employees. Not only does it give employees assurance that if something happens on the job, they won’t be held financially responsible, but it also helps employers maintain a safe working environment that is free from potential risks associated with workplace accidents or illnesses. In a tight labor market, this can be a competitive edge for an employer.

Overall, having workers’ compensation insurance is an important step for all businesses in order to prevent unexpected costs and legal issues while providing a safe work environment for employees.

Reach Out To Us

If you have any additional questions, or you want to find a policy that meets your needs and your budget, give us at Gill Insurance Agency a call today. We proudly serve the Plainfield, IN area and would love to help you protect your employees, their families, and your business with a workers’ compensation policy. 

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