Most people are careful to make sure that they have all the necessary insurance in their life. Insurance has made its presence in almost every aspect, such as car insurance, home, flood, and more. There’s even insurance for your art collection or antiques. The level of coverage corresponds to the policy limits. Typically when it comes to insuring valuables and collections people tend to purchase the highest possible coverage to protect if something happens to their jewelry, art, antiques, etc. However, when other insurance is evaluated, like car and home insurance lower premiums are achieved by opting for minimum coverage. This is not always the best decision.
The truth is that your home and car insurance can actually be more important than you think. The coverage that you purchase is the limit in which your insurance company responsibility ends and your personal liability begins. Those individuals with significant assets should increase their coverage limits to protect their personal liability. Those that have $150k to $250k in auto coverage and a large home policy but need more, should consider an umbrella policy. An umbrella insurance policy takes over coverage once limits are reached.
This type of insurance coverage is an extra step in asset protection, so this is a decision that should not be made in a vacuum alone. It is best to consult with an insurance agent to review your specific situation and design a plan that will fit your needs. The flexibility of coverage and in the context of the other insurance as well as your assets is all important in making the decision to purchase an umbrella policy.
We know that you have all the basic insurance plans covered, but speaking with an insurance agent is a good idea. Make sure that you are on the right track and have taken into account all the necessary details in creating a comprehensive plan to carry the correct coverage to ensure you sleep well at night.
Content provided by Transformer Marketing.
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The insurance that you chose for your business is designed to cover some of life’s potential obstacles that could stand in the way of your success. In addition, it is made to offer you solutions that allow you to meet the requirements of any laws that are pertinent to your particular situation at the time when you purchase the policy. What happens if such a law changes and, as a result, brings a change to your liability as well?
In most cases, laws are not passed and implemented right away. This lag in time is built in so that those affected can make the necessary changes in order to remain compliant with the new regulations. For this reason, any insurance policy that you purchase will have the necessary provisions to comply with upcoming laws already built in so you can rest assured that you and your business are covered.
Many insurance companies communicate freely with their clients. Business accounts that might be affected by a law that is set to go into effect are typically notified long before the change is implemented. This notification typically involves a brief outline of the applicable law as well as any changes to premiums or any further actions that the client must take.
The beginning of the new year is the optimal time for a business to make an appointment with their insurance provider to go over their policy. Updates to the policy can be implemented to protect the business if any pending laws will affect them. In addition, such reviews often reveal other ways for businesses to save while also providing them with better protection.
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Ringing in the new year often means that it is a great time to take an inventory of your business. Far beyond simply an inventory of any supplies that you might possess though, a thorough inventory of your business practices could bring to light some weak spots that could stand to be shored up. Periodic examinations such as these can help make your business both stronger and more successful.
As April 15th, Tax Day, quickly approaches, many businesses spend a great deal more time scrutinizing their financial records. While this is a job that can certainly be overseen by you, for the most objective view of your financial situation, enlist in the help of an outside agency. The company that you entrust with completing your taxes each year can be a good resource for this type of review.
The business insurance policy you have in place is a crucial element of its success. Not only does it protect you in the event that something unexpected happens, it also ensures that your employees are treated well, giving your company the reputation of being a great place to work. Each year, though, it is a good idea to make an appointment with your insurance carrier.
At this appointment, you and the representative from your insurance company can go over your business insurance policy to ensure that it is still providing the type of coverage that meets the needs of your business. New regulations regarding the insurance industry as well as laws that could potentially affect you are often implemented at the beginning of the year. Working with your insurance agent to customize a policy to meet the growing needs of your business will help get the year off to a good start and ensure your continued success.
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Business insurance is a necessary step in ensuring that your company is compliant with any applicable laws. While many of those laws are designed to protect the public, your insurance is also designed to protect your business — and by extension — yourself as well. After all, if you are like most business owners, you put a great deal of yourself as well as your own financial backing into ensuring that your business is a success.
While no one likes to think about it, the fact is that catastrophic events sometimes befall businesses. Indeed, many types of insurance are designed to minimize the effects of these types of events on the business to help ensure that it can emerge from it relatively unscathed. One such type of insurance is involves including a discretionary payroll expense endorsement on the policy.
As you look toward the new year, now is the time to decide if an endorsement for discretionary payroll expense is a good move for your business. While you are probably like most businesses and you want to make sure that your employees are paid first, there are some times when this is does not make good business sense. It is for times such as these that this type of endorsement was designed.
If your business income is interrupted — either due to a crisis or another reason — a discretionary payroll expense endorsement allows you to pay those employees that are deemed necessary. Similarly, you can specify which classes of employees should not be paid under a particular set of circumstances. Doing so can help you protect your bottom line as your business begins to recover.
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Since 1984, Monterey County has participated in the National Flood Insurance Program (NFIP). This participation, as well as the continued compliance with federal regulations, allows county residents to purchase flood insurance. Even if your business is far from any form of water such as rivers or creeks, it could still be affected by the intricate system of drainage improvements and facilities that the county maintains in an effort to protect its residents and their properties.
Federal Mandates
If you wish to relocate your business to an area that lies within the 100 year floodplain as determined by Monterey County engineers, or build within that area, federal regulations mandate that you purchase flood insurance in order to take advantage of any federally backed financial assistance for doing so. Even if you are not planning to move your business and you are happily ensconced in your current location, purchasing flood insurance is a wise business decision.
Weather Conditions Warranted Protection
Businesses that are not located within the flood plain are still at risk for being damaged due to flooding. Weather occurrences such as El Nino, for example, can cause extreme amounts of water to be dumped in areas that are ill-equipped to deal with such an onslaught of weather. Weaken structural supports like building foundations, or even elements of the property itself such as hills, can allow water to breech the boundaries of your business and cause flooding.
Industrial Accidents Pose a Concern
Water main breaks are incidences that do not occur often but the results can be devastating if you have not prepared for the possibility prior to it occurring. Not only will you need to be concerned with paying for the costs of replacing your damaged inventory and property out of your own pocket, you might struggle with losing sales from your customers during this period of time.
Flood insurance is a way to gain peace of mind that allows you to rest easier at night. Knowing that your business – and its assets – are protected in the event of an unexpected flood is a smart business move for the longevity of your company.
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The Terrorism Risk Insurance Act (TRIA) was enacted by Congress in 2002 in response to the 9/11 terrorist attacks on the United States. After New York City was attacked, many insurance companies were reluctant to provide coverage that included terrorist acts for fear that doing so could result in a devastating domino effect in the event of another act of terrorism.
Bound closely to worker’s compensation, the act offered insurance companies the ability to give employers a way to obtain affordable worker’s compensation even if they belonged to those industries that were deemed more likely to fall victim to such acts. This backstop measure put the assurances and backing of the United State government behind each worker’s compensation insurance policy that was written making it an effective answer to issue of terrorist acts.
With Congress failing to renew TRIA before taking a break for the holidays in December 2014, some employers might face confusion over what this non-action means to them. While often referred to as a problem only for businesses in Manhattan, other metro areas have found themselves affected as well. Cities with large numbers of workers such as Los Angeles, Chicago and other cities including Santa Cruz and the San Francisco Bay area need to be aware of what this means for them.
Worker’s compensation is required to provide coverage for acts of terrorism so it is important that all employers — regardless of their size and industry — consult with their insurance providers to determine their next steps. Because there has been speculation for months that Congress would not renew TRIA, most insurance companies has in place a plan to help their clients make the transition a smoother and easier one.
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