Why Life Insurance Should Be Part of Your Estate Plan

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If you have an estate plan or are considering creating one in Parma, OH, it’s worth exploring the benefits of a life insurance policy. Many financial planners recommend including life insurance as part of your estate plan to help distribute your wealth effectively after your passing. Capretta Insurance Agency can assist you in determining the best type of life insurance policy for your needs.

Provides Liquidity Through Immediate Cash

Life insurance policies typically pay benefits shortly after the insured individual’s death. These funds can be vital for survivors who need to cover funeral expenses, settle debts, and pay estate taxes without having to sell assets to meet immediate financial needs prematurely. The costs associated with settling an estate can be significant, and providing liquidity through life insurance can help ease the financial burden on your beneficiaries.

Other Advantages

One major benefit of life insurance is that the funds go directly to beneficiaries, bypassing probate. This simplifies the distribution process, especially if you have multiple beneficiaries. Life insurance can also help ensure a fair distribution of wealth among your heirs. For instance, if you leave a business to one child, the policy can provide cash to other heirs to balance the inheritance.

Life insurance policies can be tailored to meet specific needs, such as providing income for a surviving spouse or supporting a child with special needs. Additionally, many people use life insurance to fund charitable giving or create a lasting legacy. Death benefits are tax-free, which can help your heirs manage estate taxes if you have significant wealth. Some policies even allow owners to access a portion of the death benefit for long-term care expenses.

Discover the life insurance policy that best complements your estate plan by consulting the agents at Capretta Insurance Agency, serving Parma, OH. Contact our office today to get started.

How Age Affects Auto Insurance

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If you’re shopping for auto insurance, you might not realize the wide range of factors that determine your premium costs. One significant factor is age. But which age groups are most affected by this factor? We’re here to help you understand how and why age plays a role in auto insurance rates so you can make informed decisions while shopping. If you’re looking for the right coverage and need support as you begin your search, visit us at Capretta Insurance Agency in Parma, OH!

How Age Impacts Your Auto Insurance Policy

Age is a key determinant in auto insurance rates because certain age groups tend to exhibit higher risks. For example, teenage drivers and young adults often pay higher premiums because they are more likely to be involved in accidents. This is often due to their inexperience or, in some cases, reckless driving behaviors. On the other end of the spectrum, seniors may also face higher rates. For seniors, the issue isn’t a lack of experience but rather age-related factors such as poorer eyesight, slower reaction times, and other developments that can affect driving ability.

If age is a factor affecting your auto insurance policy, inquire about safe driver discounts and other potential savings opportunities to reduce your premium. Smart shopping and exploring discounts can help you save as much money as possible.

Start Here With Capretta Insurance Agency

At Capretta Insurance Agency in Parma, OH, our team is dedicated to providing the support you need to find and compare quotes efficiently. Contact us today to secure auto coverage that meets your needs!

Which Businesses Need Worker’s Compensation Insurance?

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Each state has its own laws regarding workers’ compensation insurance. Some states require it if you have a specific number of employees above a certain threshold. It’s crucial to understand the rules in your state and the minimum number of employees that necessitate this type of commercial insurance. In Ohio, the requirement is straightforward: if you have one or more employees, you must have workers’ compensation insurance. This means every employee you hire requires coverage. To get started with workers’ compensation insurance for your business, call us at Capretta Insurance Agency in Parma, OH.

Covering Your Employees

According to Ohio law, it doesn’t matter whether an employee is full-time or part-time. All employees, including part-timers, must be covered. Additionally, you cannot wait until after an employee starts to arrange a workers’ compensation policy. The policy must be active on the day the employee begins working. Unless your business operates without any employees, you are required to have this insurance.

Seasonal and Contract Workers

In some cases, contract workers may not need to be covered by workers’ compensation insurance. However, in Ohio, certain contract workers are required to be covered during their contract period. Seasonal workers, on the other hand, are fully included in the requirement for workers’ compensation insurance. Even if you hire extra staff for just one day a year, they must all be covered under your policy.

Get Workers’ Compensation Insurance in Parma, OH

Workers’ compensation insurance is essential for your employees, but it’s equally important for protecting your business. Without it, you could face lawsuits, substantial medical expenses, and fines for non-compliance. Don’t put your business at risk by neglecting proper insurance coverage. Call us today at Capretta Insurance Agency in Parma, OH, to set up a policy that meets your needs.

Residential Insurance Add-On Coverage for Common Upgrades

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Residential upgrades you choose to undertake may impact the amount of insurance coverage your home requires. Consider the following upgrades as a guide when planning modifications to your insurance policy.

Structural Upgrades

Structural upgrades encompass new flooring, walls, windows, and the accessories needed to complete a home renovation project. If you’re considering the addition of structural materials, think about the potential risk of these materials being stolen, vandalized, or damaged by a natural disaster.

Having adequate insurance coverage will enable you to replace new materials or repair those that an unforeseen event has damaged.

Outdoor Additions

A new deck, patio, or landscaping features could qualify you for additional residential protection. Any valuable additions can be added to your home insurance policy. An assessment of the financial and use value of each addition will help you identify which additions to seek home insurance coverage for.

New Furnishings

New furnishings could significantly increase the value of your assets. Your home insurance policy can cover any furnishings installed indoors or outdoors.

Add-on protection won’t cover normal wear and tear. However, it will cover each insured piece of furniture from unforeseen theft, vandalism, and damage. An inspection of each piece of furniture you plan on investing in will help you decide how much coverage to add to your existing homeowner’s insurance policy.

Additional Support for Your Policy

Now that you have reviewed some insurance coverage variables, you may need additional support. Take the time to contact one of our Capretta Insurance Agency representatives. An insurance agent who serves the Parma, OH area will schedule a time to meet with you and discuss the add-on protection you have selected.

The Advantages of Whole Life Insurance

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Whole life insurance offers several benefits that make it a popular choice among insurance products. While it does come with higher premiums than term life insurance, its unique advantages make it a valuable option for many policyholders. If you’re considering life insurance, a whole life policy could be a great way to protect your loved ones. For more information, contact us at Capretta Insurance Agency in Parma, OH.

Accumulation of Cash Value

A whole life insurance policy accumulates a cash value over time. This is an amount that you can borrow against in the future if needed. Initially, this value starts small as a portion of the company’s profits from investing your premiums is added to a pool of value. Over time, this value increases, potentially providing significant financial support during an economic emergency. Many people opt for whole life policies for this benefit, as they offer financial security.

No Expiration

Another reason for the popularity of whole life insurance is that it has no set term. Unlike term life policies that expire after a certain period, whole life policies never expire. Regardless of your age, you can maintain your policy indefinitely. This significant advantage means you won’t need to find another policy later in life, as you might with a term policy. This feature offers an additional layer of financial security for policyholders.

Securing Life Insurance in Ohio

If you’re considering life insurance, whole life is a viable option. To learn more about these policies and to get started, contact us at Capretta Insurance Agency in Parma, OH.

Tips for determining what types of auto insurance coverage you need

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Residents of Parma, OH, can get guidance when choosing their auto insurance from our team of experienced independent agents at Capretta Insurance Agency. We offer coverage from a variety of top insurance carriers, which means we offer more choices. Having more choices makes it easier to ensure you get the best deal possible.

Not every person or family requires the same type of auto insurance. Knowing your options can make the decision easier and guarantee you have the coverage to protect you.

Basic Auto Insurance

In Ohio, all drivers are required to carry liability insurance in the amount of 25/50/25. This coverage is:

  • $25,000 for injuries to one person in an accident you are responsible for
  • $50,000 for two or more injured persons
  • $25,000 for personal property

While this is what is mandated, it is not necessarily the right coverage for you.

Collision and Comprehensive Coverage

If you have an auto loan or are leasing your vehicle, you will be mandated to carry coverage to protect it. But for many people, their vehicle is essential to their lives, and this means it needs to be protected. If you have a vehicle of little value or can afford to buy another vehicle, then you can go with basic insurance, but for those who would find it difficult, Collision and comprehensive insurance is the way to go.

Auto Insurance Add-Ons

To customize your auto insurance, there are add-ons to make it even better. These include:

  • Gap insurance for newer cars to make sure you get what you owe on your vehicle
  • Full glass coverage takes away the deductible for glass replacement
  • Roadside service does what the auto club does

Why wait? Call our team at Capretta Insurance Agency in Parma, OH, to get a quote for your auto insurance.

Commercial Insurance for AI/Virtual Investments in Parma OH

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The global value of AI and virtual investments was estimated at approximately $200 billion in 2023. As investing in the AI industry continues to gain popularity, it’s crucial to safeguard your commercial investments against potential risks, liabilities, and losses. If you’re in Parma, OH, and considering investing in a new AI startup or venture, Capretta Insurance Agency can provide the necessary protection year-round.

Potential Liabilities

Commercial insurance for AI properties protects against potential legal claims arising from AI-driven malfunctions or decisions. It’s essential to shield yourself from legal claims and filings anytime you’re investing in long-term AI technology.

IP Risks

Intellectual Property (IP) risks are also important to consider when investing in AI startups or ventures. Given the highly competitive nature of the AI industry, protecting your investments from loss, infringement, and theft is vital.

Misconduct

Occasionally, employees may breach contracts or restrictions, leading to theft or fraud. This can be particularly hazardous for AI and technology companies dealing with large sensitive data and personal information sets. Proper commercial insurance for your AI investments can provide peace of mind, regardless of your employees’ conduct.

Injuries

Employees who sustain injuries on the job may require short- and long-term coverage for medical costs and/or recovery services. While AI products do not sustain or experience injuries, those building AI products are at risk of encountering malfunctioning AI systems that pose risks to those around them.

Properly insuring your commercial assets is key, whether you work and live in Parma, OH, or you deal with AI and virtual entities. To learn more about commercial insurance options for your AI/virtual investment, contact Capretta Insurance Agency for a quote and to get started today.

What is additional living expense coverage on a renters insurance policy?

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Many renters in Parma, OH, are unaware that the homeowner or landlord’s insurance policy will not cover their personal belongings in the event of a fire, windstorm, or other disaster. The landlord’s policy typically covers the physical structure of the home and possibly other structures like detached garages, sheds, fences, etc. However, it does not compensate for the renter’s personal belongings within these spaces. At Capretta Insurance Agency, we believe it’s essential for renters to have a renters insurance policy.

Renters insurance provides coverage for your personal belongings. The coverage amount should be sufficient to replace your items if they’re damaged in a covered event. For example, if the cost to replace all your belongings lost in a fire is around $50,000, you should aim for at least $50,000 in renter content coverage.

A renter’s policy also includes liability coverage in case someone is injured on your rented property, as well as additional living expense coverage if you’re displaced after a disaster.

Understanding Additional Living Expense Coverage

Additional Living Expense (ALE) coverage reimburses you for a specified time and amount for expenses incurred beyond your normal daily expenses. These could include costs for temporary housing, food, extra mileage for your commute to work, pet boarding, and more. Remember to keep all receipts for these expenses.

Learn More About Renters Insurance

We’re here to help you understand renters insurance and additional living expense coverage. Call Capretta Insurance Agency in Parma, OH, at (440) 888-3113. Our experienced licensed agents are ready to answer your questions and provide peace of mind when renting your home.

Auto Insurance Facts for Teen Drivers

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If you’re a driver who lives in Ohio, buying auto insurance is your responsibility. There are many insurance agencies and types of policies so that you may have questions about your auto insurance. If you live near the Parma, OH, area, our experienced insurance team at Capretta Insurance Agency will be happy to review your auto insurance options with you. We’ve been serving insurance clients in your area since 1985.

Auto Insurance for Teen Drivers

If you have a teenager in your home, you may wonder about when to buy auto insurance for your teen. According to the Ohio Department of Insurance, your teens will need auto insurance when they get their driving permit. Parents can add their teens to their auto insurance policy. Some teens will opt to buy their separate policy, and each family should decide whether that is the right move for everyone involved.

Can I Find Discounts for Teen Drivers?

Before buying auto insurance for your teens, talk with one of our agents. Some carriers may offer premium discounts for good students. Other carriers may reduce a teen’s auto insurance premium if they attend a driving school course. If your teen is driving an old car, omitting collision coverage can also reduce their premium.

Call Us Today for Your Appointment

Drivers of all ages must comply with Ohio auto insurance laws, so be sure you have the coverage you need. Ohio insurance laws use an at-fault system to decide how much you will pay if you are involved in an accident, so your coverage decisions are crucial. Parma, OH, residents can feel confident about trusting their insurance needs to Capretta Insurance Agency. Call us for an appointment today, and let’s talk about insurance.

General and Cyber Liability Insurance for Businesses in Parma, OH

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Running a business in Parma, OH, requires more than a solid business strategy and demand for your product or service. Proper insurance is crucial in an ever-evolving business landscape. Both general and cyber liability insurance are recommended for any business owner in Parma, OH. At Capretta Insurance Agency, we can help you safeguard your business against unforeseen events with comprehensive general and cyber liability insurance solutions.

General Liability Insurance in Parma, Ohio

General liability insurance offers the following benefits for business owners (involving claims related to personal/bodily injury and property damage):

  • Protection of Assets: Safeguard the assets of your business
  • Legal Fee Coverage: General liability insurance can cover legal settlements, judgments, and expenses, protecting your operation
  • Credibility: Proper coverage can help demonstrate the reputation of your business while building trust with clients and customers

Cyber Liability Insurance

Any business owner in Parma, OH can also benefit from cyber liability insurance to protect against data breaches, hacking attempts, phishing scams, and the sale of personal or sensitive information. The most vital components of cyber liability insurance to keep in mind for business owners in the Parma, OH region include:

  • Business Continuity: Protecting against business interruptions and downtime can help cover lost income or the potential loss of a new customer or client.
  • Data Breaches: Cyber liability insurance can cover costs associated with data breaches, hacking attacks, and legal fees.
  • Regulatory Compliance: Cyber liability insurance also ensures your organization abides by existing laws and regulations, reducing the risk of fees and legal fines.

At Capretta Insurance Agency, we know how critical it is to properly insure any business you own and operate in Parma, OH. Whether you want to know more about the basics of general liability insurance or you’re interested in combining cyber liability insurance with an existing policy, contact Capretta Insurance Agency today.