Business Insurance–The Different Policy Types Your Business Deserves

March 25, 2009 by  
Filed under Business & Employment Insurance

Business insurance is a broad concept that can be subdivided into 9 types of policies. To know which one best fits your business, you have to be aware of the coverage of each type of business insurance. Below is a short rundown of the types of business insurance as well as some information on the things they cover.

Property Insurance

The location and contents of the business are the main interests insured by property business insurance. This can include even the properties owned by other people but are in your control and possession. Thus, the property insured may be owned, rented or leased. More specifically, it may be pointed at a particular risk. For instance, fire and tornado insurance policies insures against fire and tornado losses, respectively. There are insurers who combine property and casualty insurance. This type of business insurance is usually the best business move a businessman can make.

Liability Insurance

This type of business insurance takes care of liabilities arising from the business due to employees’ negligence. In other words, it insures your business against torts and damages.

Commercial Auto

The vehicles covered by your personal automobile policies do not include the vehicles you use for your business. Thus, commercial automobile coverage comes in to insure you against damage done to your business vehicle or to others’. This is something that you need especially in states where business vehicles are required to be titled.

Workers Compensation

You are responsible for the on-the-job injuries sustained by your employees. That is the main reason why you need to insure them. Most states have a system of worker’s compensation in place wherein employees will not sue their employers if an on-the-job injury happens. Instead, the latter must participate in an automatic payment system to the employee for medical treatment and damages due to injuries. Meanwhile, there are also states that give employers the option to opt-out of the workers compensation system provided they self-insure their business with private insurers or other state agencies.

Business Interruption

Loss or damage to the business’ cash flow and profit due to business interruptions is what is being insured against by business interruption insurance. This peril usually occurs when the business is unable to operate. A very simple example of this is when essential machinery is struck by lightning. The repairs may also be covered by property or casualty insurance. You need this coverage to so you can get replacement of your income even after 3 months.

Health Insurance

Businesses, in order to be competitive in hiring the best employees, need to offer health insurance. This is one of the many benefits that workers are looking for in prospective employers. This type of business insurance can even include you.

Life and Disability Insurance

Key employees are very valuable to the company that the latter would even go through great lengths to insure them against death or disability. For instance, the company may take a business insurance policy on the life of one of its partners with the company itself as the beneficiary. Upon the untimely death of the insured partner, the proceeds of the policy can be used by the company to take control of the deceased partner’s interests.

Nowadays, it is very easy to do a comparison of all the business insurance available through online business insurance quotes. A person who has worked hard for his business to grow will never go wrong with getting a business insurance for it since it definitely pays to be protected in times of uncertainties.

Self Employed Health Insurance Will Help You Beat the Odds

March 13, 2009 by  
Filed under Business & Employment Insurance

A lot of people right now are working in the comfort of their own homes and although what is most important is setting up and making sure your business is in good shape, we can’t deny the fact that we all should look forward in being prepared in terms of getting medical assistance in the future. This seems like a very nice idea but what is holding most of us is that once we work on our own we also need to pay for our own self employed health insurance.

Another thing to take into consideration is to get an affordable insurance for self employed people. We venture into different sidelines in order to earn money but we also need to ensure that although we are not working for a certain company, we still need to be prepared in cases of health emergencies. Getting a self employed health insurance may take an effort but nothing beats the idea that in times of need, you can still depend on something to finance your needs. If you are really determined to leave your job and start off earning through working part time, then the key is to look for an affordable self employed health insurance.

Although there are different challenges that we can face in getting a health insurance for self employed people, there is a growing number of health insurance companies who will provide initiatives for people seeking for a cost effective yet affordable health insurance for self employed people. Self employed or not, we need to understand that medical insurance should be top most priority because medical costs have all soared up so high that without having medical coverage even if you’re not self employed this would pose a very big risk to your future budget.

Research statistics state that in US alone, almost 16 percent of the population are medically uninsured. The number of which may even increase in the advent of economic crisis where companies would either shut down or lay off workers leaving these employees and their families uninsured.

Even if you’re working on your own, you can still look for different options in obtaining an affordable health insurance for the self employed. Both government and private organizations may offer different services in your need to avail of a self employed health insurance. The first thing to do is to research for possible health history since this information is necessary for the insurance company to consider your application. The more information that you can provide to them, the greater the chance is for them to provide you with additional options that will target your medical needs in the future.

The insurance company considers a lot of things when you apply for a self employed health insurance. Their services may be a bit expensive than belonging in a group insurance since they consider a lot of factors such as age as well as history of pre existing medical conditions. On the other hand though this is quite difficult, but still it is better to get a self employed health insurance now and get good coverage rather than not having one at all which could definitely be a source of problem in the future.

Self Employed Health Insurance-Things to Consider When Getting One

March 12, 2009 by  
Filed under Business & Employment Insurance

Getting a self employed health insurance is a very challenging task. The sole reason that you have to purchase it directly would need your careful consideration in terms of coverage. There are some important things to consider to be able to get the kind of insurance that would suit your needs.

Basically the first thing you need to do is to look for an affordable health insurance for self employed individuals. Although the risk of being turned down by health plan organizations is quite high especially if there is already a pre-existing medical condition, there are still health insurance companies who still provide services regardless of any medical history among the family members. All you need to do is to take a little extra effort in finding and confirming their insurance services. If there is a need for you to consult an insurance specialist then you may do so because this may lead you to save more money and effort knowing that you have a reliable source who can lay out all the information as concisely as what you need them. It would also be better that if you’re married, your spouse’s insurance should also cover you because then you may be able to save a large amount of money.

However, if you are single and self employed, one tip to get an affordable health insurance for the self employed is to check out the difference between availing it as a self employed health insurance basis or if it would actually be better and cheaper to purchase a health insurance at group rates. Again, this would need you to research and ask for information as to the availability of these types of insurances. Another way to save and benefit from your insurance is to have an assessment of what your medical condition is. There may be some restrictions to some health insurance for the self employed and if this happens then you may be paying for something that cannot cover for underlying conditions.

If you’re from California and you’re trying to get a self insurance for the self employed you can check for available options from a California self employed health insurance since they offer a variety of alternatives and different types of insurances according to your needs. Even if you already have a pre-existing medical condition, you may still be able to apply for a California self employed health insurance by availing a special program known as the California high risk pool or the Major Risk Medical Insurance Program. This program though only accepts people who have been denied already or if they have been offered with an excessive premium. The market offers a lot of options for consumers who would like to purchase an insurance plan at an affordable rate. There may also be a lot of companies who offer insurance for the self employed but one tip to look for affordable health insurance for the self employed is to ask directly to your state’s insurance department. This would save most of your effort, money and time.

Self Employed Health Insurance-The Risks You Take Without One

March 11, 2009 by  
Filed under Business & Employment Insurance

Lack of a health insurance is a major threat to your assets. Today, even individuals who are working on their own still are looking for favorable costs and benefits though a self employed health insurance. By doing so, this will save you from incurring possible high costs of medical expenses. Obtaining a self employed health insurance is something that you owe to yourself which could also save you from all the worries of not getting even an affordable health insurance. Furthermore, you should not have second thoughts about obtaining a health insurance for the self employed.

Nowadays, there are a lot of choices and options available in the market for individuals who would like avail of the different programs of companies in terms of getting a self employed health insurance. Some would even offer affordable rates at your own choice of coverage. The idea of putting you and your families risk without these medical coverage could eat up almost all of what you have saved. Right now, what is even alarming is the number of people who are indulging in their own home business without medical coverage at all. We should take into consideration that what we have is also dependent on what we can do. If you are running a business without a self employed health insurance, chances are that if you get sick and would be unfit to work anymore, what you might have pondered for a long time will disappear into thin air all because of you not being covered for any medical insurance at all.

It does not hurt much if you will begin to search right now for health insurance companies who have established an impressive partnership with their clients by providing benefits to be able to receive a health insurance for self employed individuals. The consequences of not getting even an affordable health insurance can be devastating. Purchasing health insurance coverage directly may be easy because of the various options of insurance companies. These offers depend on costs and benefits. Even individuals who are looking for an affordable health insurance for the self employed can see a lot of choices available in the market.

There are some factors though that we may need to consider that although insurance companies are there to take care of our medical needs with health insurance for the self employed, they are still in business to make money which means that you may encounter policies that is unfavorable to you most especially for individuals who have pre-existing medical conditions. There are rare chances that your application would be accepted but these are within limitation according to the companies’ policies on this matter. So in order to avail for a health insurance for the self employed in this condition, it is required to exert extra effort in locating health insurance companies who will consider this and even so seeking some experts on this field with the help of your state department’s insurance support team. They can surely provide you with information on these matters. Taking your health seriously with the help of your health insurance would surely come a long way.

Group Health Insurance and How it Affects You and Your Future

March 10, 2009 by  
Filed under Business & Employment Insurance

We are all feeling the weight of the economic crisis and along with this condition basic commodities as well as medical costs right now have gone to an insurmountable amount. You would be lucky enough if you are still employed in your company because for sure you are covered under your group health insurance. What is alarming is that if your company shuts down you would be left with no work and no insurance at all.

We all know how important it is to belong to a group health insurance. It is also one way of making sure that we can avail medical attention in case of emergencies. A lot of people are uninsured and do not belong to any group health insurance at all. Imagine how much one could spend on medical expenses if you are not covered. It will surely drain your money or your savings especially if the patient will need to undergo intensive medical procedures. We don’t want to be in this kind of scenario. Along with attending to the family’s essential needs come our responsibility to attend to their medical necessities. That is why as much as possible we have to make sure that this has already been taken care of. Times are tough right now and the best way to combat the situation is to prioritize your family’s basic needs without jeopardizing the quality of care that we can give for them. As much as possible we not only have to think of current expenses but also with those that may happen in the future.
The best way to take care of their health needs is to prepare and enroll them in your group health insurance for as long as you are working in your company. This saves money and efforts knowing how it is like now dealing with almost everything including medical services have gone up. It pays to be ready and prepared for these kinds of situations. Although a group health insurance is available to employees who are working for their companies, it would also be helpful to check how you can still get medical coverage and the options that a group health insurance provides.
Remember that sometimes, having a group health insurance doesn’t mean that you and your dependents are already covered with all the medical expenses and use of medical facilities. There may be some limitations bonded with your company and the insurance company’s contract in providing coverage especially for pre-existing medical conditions. You may want to check on this with your insurance company. It really pays to have work because this will entitle you to avail insurance through your company’s group health insurance policy. Moreover, you are aware of how much this can contribute in saving up money intended for future needs. We can only imagine that although we and our dependents don’t seek medical attention often we can’t predict when we need it most. Preparedness is still the key ingredient in avoiding possible problems and hardships in the future.

Group Health Insurance-What are the Benefits?

March 9, 2009 by  
Filed under Business & Employment Insurance

The risks in obtaining a group health insurance may not be the same as getting an individual medical coverage. Chances are it would actually be easier to apply and belong to one because the purpose itself is not merely based on a single person’s application for insurance but a group health insurance where the main purpose is providing coverage for a group of working people other than the reason of obtaining personal insurance.

This is regardless of age and other factors which hinder one to obtain coverage. The disadvantage though in belonging to a group health insurance coverage is that it cannot be converted to an individual insurance so therefore, if you don’t belong anymore to the employer who provided you with this insurance, then automatically you already lose the medical coverage.

If you are in the US and you leave your corporate job for a certain reason, then under the Consolidated Omnibus Budget Reconciliation Act, (COBRA) you are still covered under the group health insurance for as long as your employer has a total number of 20 or more employees and provided that you have not left the company for gross negligence and incompetency. This can still entitle you to up to 18 months of coverage that may be helpful in such a time that you would be able to find a new job or get a new insurance policy.

Another thing that is better with a group health insurance is that for as long as you are still working in your employer’s company then generally you are entitled for renewal of your coverage, unlike for individual insurance it will become the prerogative of the insurance company to decide if they will still renew your insurance since they will consider your records with them as well as your medical history while still covered under their policies.

There are indeed a lot of benefits when you are insured under a group health insurance because you don’t need to apply for it yourself and it is also one way of saving a lot of money especially that medical emergencies can arise at anytime. What is also good is that not only you can avail of these benefits but also your direct dependents without having to spend too much for their medical needs. You can also save a lot of effort in weighing options since this is already handled by the employer. What you need to know though is the coverage that the group health insurance has so you would know how this would affect you and your dependents should there be issues concerning this in the future.

Although you are not hands-on in availing the group health insurance, it would still be better for you to know what insurance you have and how it will work by the time you would need to use it already. To have an in depth information, it is also advisable for you to consult your company’s department who is responsible in handling your queries or you may also get in touch with the insurance company itself.

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