Posts Tagged "life insurance"

Insurance Policies for Business Owners

Posted by on Aug 27, 2015 in News | 0 comments

If you are a business owner, you should consider purchasing the following insurance policies to ensure that your company is protected: General Liability Insurance: Even if your business is home-based, it needs liability insurance. This policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party. Property Insurance: Do you own your own building? Do you have personal property in the building including office equipment, computers, inventory or tools? Then you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate. Business owner’s policy (BOP): This policy packages all required coverage a business owner would need. BOP’s will often include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . You can alter what is included in a BOP based on your company’s specific needs. A business owner will save money by choosing a BOP typically because the bundle of services often costs less than the total cost of all the individual coverage’s. Commercial Auto Insurance: This type of insurance protects a company’s vehicles such as those that protect vehicles that carry employees, products or equipment. Commercial auto insurance insures your work cars, SUVs, vans and trucks from damage and collisions. Don’t have company vehicles, but employees drive their own cars on company business? Then you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy. Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. It provides wage replacement and medical benefits to those who are injured while working. The employee gives up his rights to sue his employer for the incident In exchange for these benefits. It is very important as a business owner to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws vary, but all require you to have workers compensation if you have W2 employees. Penalties for noncompliance can be very high. Professional Liability Insurance: Also known as Errors and Omissions Insurance this policy provides defense and damages for failure to or improperly rendering professional services. A general liability policy does not provide this protection, so it is important to understand the difference. This type of insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers just to name a few. Directors and Officers Insurance: This insurance protects directors and officers of a company against their actions that affect the profitability or operations of the company. For instance, if a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit. Data Breach: Does your business store sensitive or non-public information about employees or clients on their computers, servers or in paper files that they are responsible for protecting? Then you need this type of insurance should a breach occur either electronically or from a paper file to provide protection against the loss. Homeowner’s Insurance: Do you office out of your home? Homeowner’s insurance is one of the most important kinds...

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Important Workplace Benefits Overlooked by Employees

Posted by on Jan 6, 2015 in News | 0 comments

Every year, employees with company-sponsored health plans are asked by their employers to select benefits for the following year. This process is called “open enrollment,” and it is an important event that is happening across the nation. While many view this as a chance to merely review and update health care coverage, such as medical, dental and vision, it is actually about much more than that. According to the 2014 Workplace Benefits Study conducted by The Guardian Life Insurance Company of America (Guardian), 74 percent of middle-income employees derive the majority of their financial security from the benefits they receive at work. Guardian suggests that families review their voluntary benefit options, such as life or disability insurance, in order to fill any gaps in coverage that could cause financial trouble in the wake of a crisis or medical event. Here are some important workplace benefits that are often overlooked when making elections during the open enrollment period, along with a brief explanation of how they can help you protect your income and preserve your savings: Disability insurance – Your most important asset is your ability to earn an income. If you and your family rely on your income, disability insurance can help provide you with a stream of income if you are unable to work due to an illness – such as cancer – as well as accidents. Life insurance – Life insurance is a great foundation of a smart financial plan. It’s about protecting your family and the life you work hard to give them. Having the right amount of life insurance can give you peace of mind that your loved ones will be taken care of if the unexpected was to happen. It can help them stay in the same home, pay off debt, or pay for college and anything else they may need if you are not there to support them financially. Critical illness – Critical Illness insurance lets you focus on recovery, not finances. A serious illness such as stroke or heart attack could strike at any time, with no warning. You can use your benefit to pay for daily expenses and outstanding bills. Protect your savings; payments go directly to you – not the hospital. Accident Insurance – No one sees an accident coming – but if you are in one, it can be devastating for your finances. An accident can bring unexpected expenses such as deductibles, emergency room fees and transportation costs. Accident insurance can ease the burden by helping you pay these additional bills. Cancer Insurance – If you get a diagnosis of cancer, the last thing you need to think about is paying for treatment. Cancer brings many out-of-pocket expenses that your insurance may not cover and can cost you and your family thousands of dollars. Cancer insurance can help you pay for unexpected costs such as travel to treatment centers, loss of income, deductibles, co-pays and more. It’s important to be aware of all the benefits offered to you at your workplace. Review all available options to make certain you are fully covered for your current situation – and for life’s unknown events. Source:...

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Why You Need an Annual Insurance Coverage Review

Posted by on Oct 24, 2014 in News | 0 comments

Major purchases and lifestyle changes such as marriage, divorce or retirement can have a profound effect on your insurance needs, so an annual insurance coverage review is always a good idea, according to the Insurance Information Institute (I.I.I.). “To make the most of your insurance dollars, it is very important that you let your insurance agent or company representative know about alterations to your home and other major events in your life,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “A great way to start the New Year off on a firm financial footing is to discuss your current insurance needs with your agent, broker or company representative to make sure that your coverage is up-to-date.” The I.I.I. recommends you consider the following ten questions: Have you gotten married or divorced? If you have gotten married, you may qualify for a discount on your auto insurance. Couples may bring two cars into the relationship and two different auto insurance companies, so take the opportunity to review your existing coverage and see which company offers the best combination of price and service. If you are merging two households, you may need to update your homeowners insurance. And you may want to consider increasing your insurance for any new valuables received, such as wedding gifts, and for jewelry, such as wedding and engagement rings. After getting married, it is also important to review your life insurance needs. If one spouse is not working, he or she might be dependent on the working spouse’s income; if so, reviewing life and disability insurance coverage is prudent. And even if both spouses are working, couples often make financial commitments based on both incomes so the loss of one spouse’s income due to death or disability could be financially devastating without adequate insurance. If you got divorced, you will probably no longer be sharing a car and may move to a smaller home. If this is the case, you should inform your insurer as you will need to set up separate auto and homeowners policies. Have you had a baby?  If you have recently added a child to your family, whether by birth or adoption, it is important to review your life insurance and disability income protection. According to a MetLife study of survivors (i.e., spouses and children) of someone who died “prematurely,” 39% had no life insurance at all, and of these families, 40% had children under age 18. Therefore, in about 16% of all cases, survivors of prematurely deceased persons were families with young children of who had no life insurance. If you are planning for your life insurance to match your survivors’ expenses after your death, the new child will no doubt add to those expenses, requiring more life insurance to keep your family secure. If you plan to save for your child’s college education, life insurance can assure completion of that plan. And if you keep your current life insurance policy, don’t forget to update the beneficiary designations to include the new child. Did your teenager get a drivers license?  It is generally cheaper to add your teenagers to your auto insurance policy than for them to purchase their own. If they are going to be driving their own car, consider insuring it with your company so you can get a multi-car discount. And choose the car carefully—the type of car a young person drives can dramatically affect the price of insurance. You and your teens should choose a car that is easy to drive and would offer protection in the event of a crash. Also, encourage your kids to...

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