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Written by Adam Miller
Businesses can easily be impacted by life events, so be sure to have quality business insurance in place when unexpected events occur.

In our previous blog posts, we looked at the many life events that occur that require the need to increase or amend insurance coverage. Our first blog post discussed the more common personal life events that create a need for additional property insurance, such as marriage, buying a home, or even divorce. Last week, we discussed the importance of quality life insurance coverage for significant life changes.

Life changes do not just impact us on a personal level, but they can substantially alter the future and longevity of our business, whether it is a family-owned farm, small retail shop, or even a chain of restaurants. Today's blog post will look at how life events can create a need to increase or amend insurance coverage for businesses to ensure their future growth, success and continuation.

In our robust Houston economy, many residents are earning higher salaries and spending more of their disposable income, which is a drastic change from most of the country. As a result, many local small and medium-sized family business owners are achieving such financial success that they stand ready to expand their business into new area markets because of growing demand from customers. For family-owned businesses, this might mean expanding the size of a produce or dairy farm, having a spouse run one auto repair shop while a second location breaks ground, or having adult children operate existing restaurant locations while the restaurant chain continues to grow. Company expansions require quality business insurance coverage to protect the future growth and success, no matter the company size or industry. Additional business insurance to protect expansion should include business coverage for assets, equipment and vehicles, protection from fires, theft and power outages, and Workers Compensation and General Liability coverage.

In addition, life changes can also impact the immediate and long-term future of a company when it is individually or family-owned and operated. For example, Key Person Life Insurance is essential to protect a company from financial losses when a key member or owner dies. A sudden loss of a company owner, leader, or highly skilled team member can threaten to disrupt the financial stability and continuity for clients, creditors, vendors and employees. In addition, Whole, Term or Universal Life Insurance can also help protect families by ensuring that any outstanding personal debts by a deceased business owner are settled, rather than having to sell or shut down the company to pay off debts. Finally, if a company owner or co-owners begin divorce proceedings, this is another key time to ensure that business insurance coverage and beneficiaries are updated to ensure proper benefit payments.

Aegis is ready to help Houston area residents and business owners get the insurance protection needed for any type of life change or event. The friendly and knowledgeable agents at Aegis can assess your current assets and future financial goals and develop a strategic insurance solution that meets your unique insurance needs. Aegis can also save clients hundreds in annual premium rates by bundling business policies together with Homeowners, Auto, or Life Insurance to ensure maximum savings with one comprehensive insurance solution. Contact Aegis at 713-850-7622 for more information, or use our quote request form for a free quote today.

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