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13 years ago · by · 0 comments

UNDERSTANDING WORKERS COMPENSATION DEDUCTIBLE PLANS

Insurance deductibles are a common feature for property coverages such as Comprehensive and Collision coverage on an auto, or coverage on a building or personal property. They are less common for coverages applying to bodily injuries. However, some employers are finding that Workers Compensation deductibles make financial sense for their organizations. The options vary from state to state and among insurance companies; before deciding whether to accept a deductible program, a business should learn the alternatives and the consequences of each.

Small deductibles are those ranging from $100 to $10,000 or more, depending on the particular state’s laws. They might apply to medical benefits, indemnity benefits (which compensate an injured worker for lost wages), or both, again depending on the laws of the state. For example, Colorado law permits small deductibles of $500 to $5,000 applied to both types of claims, while Hawaii allows $100 to $10,000 applied only to medical benefits. Some states, such as Hawaii, require insurance companies to offer small deductibles, some require them to offer deductibles upon the employer’s request (Pennsylvania), and others require an offer only if the insurance company determines that the employer can handle it financially (Colorado). The employer receives a small premium discount. Depending on state law, insurance companies may report losses to rating bureaus on a “gross” basis (not reduced by the deductible) or on a “net” basis (reduced by the deductible). The amount reported impacts the employer’s experience modification.

Some insurance companies offer “medium” deductibles, which range from $10,000 to $75,000. No states require the companies to offer these plans; employers who want them must negotiate them with the companies.

Deductible plans can improve employers’ cash flow, reduce their insurance premiums, provide increased tax deductions, and give them more control over their Workers Compensation costs. However, they are appropriate only for employers that can afford the potentially large cash reserves required. Any employer contemplating a deductible plan should implement an effective workplace safety program — and consult with our professional insurance agents who can identify and explain the alternatives.

For more information about workers compensation in your area, contact us today!

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13 years ago · by · 0 comments

WHAT EVERYONE SHOULD KNOW ABOUT LIFE INSURANCE


Life Insurance

As any financial advisor worth his or her salt will tell you, if you have loved ones who depend on your income, a life insurance policy is a must-have. If you were to die, an effective life insurance plan will ensure that all your family’s financial needs will be covered—from the monthly mortgage and utility bills to your child’s college education. Without life insurance, your family could find themselves in dire straits if something happened to you.

Unfortunately, this advice often falls on deaf ears. In 2008, 68 million Americans still did not have any life insurance, according to the Life and Health Insurance Foundation for Education. On top of that, most people who do have life insurance don’t have enough coverage to fully support their family.

If you do not own any life insurance or have minimal coverage, here are three things you might want to consider:

1. Everyone needs life insurance.

Many people mistakenly assume they have no need for life insurance because their children are grown and no longer require financial support. What these people don’t realize is that life insurance coverage can be used for much more than supporting their loved ones.

For example, the payout from your life insurance policy could be used to cover your final expenses, including medical bills, estate taxes and funeral expenses. Considering that the average funeral costs $10,000 or more, do you want to leave this heavy financial burden on your loved ones’ shoulders?

You can also designate life insurance proceeds to help fund a grandchild’s college education or even donate them to your favorite charitable organization.

2. Three times your income may not be enough.

Some people say the best way to determine the amount of life insurance coverage you need is to simply multiply your annual income by three. However, this amount may not be enough. What if your spouse who is unable to work lives many more years after you die? Three years worth of income will not be nearly enough to support your spouse for another eight, ten or even 20 years.

This is why many professionals say the “three times your income” method is not always a good rule of thumb. Figuring out the right amount life insurance requires a comprehensive evaluation of your financial goals, debts, investments, lifestyle and habits.

3. You’re never too old to buy life insurance.

Many seniors believe they are too old to worry about life insurance because they no longer have loved ones relying on their income. But once again, a life insurance policy can help cover your final expenses after you die so your family is not left with the bill. Before you discount life insurance, it’s important to know all the facts. These valuable insurance policies can protect your family’s financial well-being, pay off your final expenses and even fund a loved one’s home purchase or college education.

Of course, whether or not you qualify and how much you will pay for life insurance depends on your age, health and the type of insurance you want to purchase. If you are considering buying life insurance, you may want to meet with a financial advisor or insurance agent, who can help you determine how much and what kind of life insurance you need.

One thing is certain: everyone should consider purchasing life insurance. After all, your family’s happiness could depend on it.

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13 years ago · by · 0 comments

FOR RESIDENTIAL CONTRACTORS, UMBRELLA POLICIES ARE ESSENTIAL

Got Insurance?

The recent recession has been devastating to home builders and the subcontractors who work for them. The U.S. Census Bureau reported that the number of new homes built dropped by 59% between 2005 and 2009, a decrease of more than 1 million homes per year. This huge shortfall in work has left those residential contractors that are still in business looking to reduce expenses. Because insurance premiums can be a significant cost, many contractors have considered dropping coverages. Some coverages, such as Workers Compensation, are often required by law and cannot be cut. However, some Liability Business Insurance policies, including Umbrella policies, are not required, and some contractors might consider reducing their Umbrella coverage or dropping it altogether. However, doing so could have some serious consequences for the future of the business

Umbrella policies perform two important functions. First, they cover many types of losses that the insured business’s primary Commercial General Liability Business Insurance does not. For example, many insurance companies that provide CGL policies have added terms that eliminate coverage for claims arising out of the use of “Chinese drywall.” This material allegedly rots, causes health problems for a home’s occupants, and damages sensitive property such as electronics and high-value jewelry. Suppose that a contractor installed this drywall in 20 homes in a year and half of the homeowners made claims. The contractor would be facing 10 lawsuits, none of which the primary CGL policy would cover. However, the Umbrella policy could conceivably “drop down” and cover these claims.

More commonly, Umbrellas provide additional coverage when catastrophic claims exhaust the amounts of insurance available under the primary liability policies. Because catastrophic claims are relatively rare, insurance companies are willing to provide higher amounts of insurance for fractions of the cost of the primary coverage. However, when these claims happen, the amounts involved can be staggering. Suppose a contractor’s worker at the site of a new development of a dozen homes flicks what he thinks is an extinguished cigarette into a pile of trash. The trash ignites, spreads to the home on which he is working, and the wind carries the sparks to adjoining homes, damaging every one of the new units. The contractor might be legally liable for all of that damage, and the costs could quickly eat up the coverage available under the CGL policy. The Umbrella would pick up the balance, saving the contractor from financial ruin.

Injuries to other contractors’ employees on a job site can also be a source of large losses, particularly if an accident kills an employee. Unfortunately, job site deaths are common. The U.S. Occupational Safety and Health Administration reported the following incidents that occurred between May and July of 2010:

  • A roofing worker in Georgia died after falling 13 feet off a roof.
  • A roof collapse in Ohio killed one worker and sent two others to the hospital.
  • An Ohio worker was crushed to death when a dumpster shifted forward off a forklift and fell on him.

A general contractor or a contractor responsible for safety precautions on the site will probably become the target of lawsuits stemming from incidents like these, and the ensuing settlements will probably overwhelm the primary Liability insurance coverage.

You’re never just a client number to us – and when you need your insurance coverage to respond, it’s like having family in the business.

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13 years ago · by · 0 comments

Workers’ Compensation for Professional Athletes

Workers Compensation

Professional athletes are generally covered under workers’ compensation and are entitled to team benefits in many cases that are an offset against any workers’ compensation payments. There are some statutory and case law exceptions to the general rule, and the laws vary by the state and the sport involved.

Jockeys and professional boxers are the classic examples of athletes with workers compensation coverage issues in many cases. The jockey or professional boxer may be considered an independent contractor with no employer to secure their workers’ compensation benefits.

Professional football players (and baseball players) in a majority of states are covered by workers compensation laws. The National Football League (NFL) players have experienced many injuries not only during their careers but also on retirement. NFL 1990 stats show that more than one-third of the 645 players with careers between 1940 and 1986 retired with injuries. Two out of three retired NFL players live with permanent injury.

The following is a summary of significant laws in several states that address football players. Many states, however, do not have specific provisions for professional football (or baseball) players.

Visit our website today for more information on Workers Compensation information!

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13 years ago · by · 0 comments

Life Insurance lessons from Celebrities

Whenever I hear about the deaths of celebrities like Heath Ledger and Brad Renfro, my first thought goes to the children they left behind. I pray that the surviving parents have the strength to help their children through this. I also hope that the celebrities listened to their financial advisors and arranged for trusts and Life Insurance.

Most of us can only dream of earning the kind of money these celebrities make, but events like these are an important reminder of why every parent, spouse, or adult child with dependent parents needs a solid life insurance plan to cover expenses after their death. Unfortunately, deaths like these are also a reminder that tragedy can strike anyone at any time, famous or not.

 How Much Life Insurance Coverage to Buy
The general rule of thumb is that you need a policy that covers five to seven years of your salary. So, if you earn $50,000 a year, you should buy a $250,000 to $350,000 policy. If you have very young children, you may way to opt for a policy equal to ten years of salary as a precaution. Although insurance is designed to cover the salary of the working spouse, many advisors also recommend buying coverage for a non-working spouse. They reason that the working spouse will have to pay for childcare, household help, and other assistance that the non-working spouse provided.

Whether or not you’re a celebrity, Life Insurance is vital to anyone with dependents. Unfortunately, it often requires a tragedy to make us realize that and act upon it. If you don’t have life insurance, research plans today.

Scurich Insurance can help you find the right Life Insurance Policy for you!

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13 years ago · by · 0 comments

Lohan’s Insurance Troubles!

Lindsay Lohan almost had to bow out of her latest film project, Labor Pains, because Insurance Companies did not want to cover her.

When actors have a history of substance abuse problems, they must gain cover from insurers before they can begin work on a movie. However, because of their issues with alcohol and drugs, they often have the most trouble getting such cover. And Lohan, who remains on probation for two DUI incidents last year, is no exception to the rule.

Producer of Labor Pains Rick Schwartz had extreme difficulty getting any Insurance Company to cover Lohan. A source says that the producer “could only find one insurance company to cover her, and even then he really had to vouch for her.”

With those logistics behind her, Lohan is now at work on the film, in which she plays a young woman who fakes pregnancy in attempt to avoid job termination. While getting Lohan on the books was a challenge, the film’s crew is happy things worked out and remain impressed with her attitude.

For more information on various types of Insurance policies and how Scurich Insurance can help, visit us today!

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Scurich Insurance Services
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Aptos, Ca 95003-4700

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Watsonville, CA 95077-1170

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