We’ve Got Your IT Business Covered With Technology Insurance

For many small business owners, there comes a time when handling payroll in-house becomes more of a hassle than one has time for. But is outsourcing the right solution?

Understandably, many people have reservations about handing such an important business element off to a third party. But in reality, the sheer amount of time that can be saved by utilizing a payroll service can make it worth it in the long run.

In our latest video, we sat down with Dan Embon, a Major Market Sales Executive at Paycor, to discuss the benefits of outsourcing your payroll to a payroll services company. Watch it below!

InsureYourCompany.com does more than what our name implies—we also help small business owners navigate the often-muddy waters of running a successful company. If you have any questions, feel free to contact us today!

Because devastating events like health problems, auto accidents, and natural disasters can quickly change your life, it’s critical that you have the right personal insurance in place at all times.

Although you may not be able to have insurance to cover every single little thing that could possibly go wrong in life, you still need to have the three most basic types of personal insurance:

• Property Insurance
• Auto Insurance
• Health and life Insurance

Let’s explore these types of policies, along with why it’s important to work with a professional insurance agent to get the best plan.

Property Insurance: Homeowners/Renters

Property insurance is required for most people, whether you own a home or rent.

A homeowner’s insurance policy should include extended dwelling coverage, which gives you additional protection. When you have extended dwelling coverage, your home can be rebuilt or even replaced in the event of a disaster, even if the price is more than what’s covered in your insurance policy. Consider that there’s a limit to the amount the company will cover, and that the more your home is worth, the more you’ll need to pay for extended dwelling insurance.

Ask your insurance agent about what’s covered in your homeowner’s policy, as well as what isn’t covered. For example, usually flood insurance isn’t covered and is not the same as water backup protection, so check with your agent regarding all the details. If you live in an area prone to earthquakes, your policy may include earthquake coverage. Again, check with your agent.

Even renters need a renter’s insurance policy so their belongings can be replaced if damaged from weather events, fires, theft, or other problems. If you don’t have renter’s insurance, you’re responsible for the cost of replacing your belongings.

Auto Insurance

Driving around without auto insurance is not only risky—it’s also against the law and can result in a hefty fine and suspension of your license. All drivers in the United States must buy auto insurance if they own a vehicle and have a driver’s license. Auto insurance covers your vehicle, motorcycle, or other type of personal transportation.

Besides helping with personal medical costs in the event of an accident, it also covers repair costs of your vehicle and any expenses you may have from liability that involves the other driver and/or the damaged vehicle. There can be variations in additional coverage, though the basic ones are generally the same. You can select from several options.

• Auto liability coverage: This only covers damages or injuries to third parties, including their property, but does not cover the driver and his or her property. In most states, drivers are required to carry a minimum amount of liability insurance.
• Collision covers the expenses for repairing or replacing your own vehicle.
• Comprehensive includes coverage for your losses that are not the result of an auto wreck, such as fire, hail, flood, and vandalism.

Health and Life Insurance

Health insurance is perhaps the most important type of insurance you can get, and it’s the most common one, as everyone needs some form of health insurance for paying for costly medical care. Basic doctor visits and treatments are covered in most policies, but treatments that are specialized can depend on the insurer and the policy.

Often, employer-sponsored health insurance involves deducting a certain amount from an employee’s paycheck each month. You can also purchase your own type of health insurance.

You may also need life insurance if you have a family and want to ensure your family members will continue to receive an income after you die. Life insurance also helps in paying for burial costs, which can be pretty exorbitant. To determine the amount and type of life insurance you need, consult with an insurance agent.

How to Get Personal Insurance & The Benefits of Using an Insurance Agent

You can find insurance through group plans at your job, by shopping around, or by working with a trusted insurance agent. There are several advantages for using an insurance agent when deciding on a policy:

• A professional insurance agent can help in getting the best premiums.
• A highly trained and experienced agent will take time to explain how plans vary and what a policy means. These insurance pros can help you find the plan that best fits your specific needs. They can answer your questions and will listen to your concerns.
• A reputable insurance agent will give you good customer support, making it easy to get in touch with him or her whenever you have questions or need to make changes in your policy.
• An insurance agent has the proper certification and is licensed. What’s more, these professionals must continue to take additional training in order to maintain their license.

Other Considerations and Warnings

• Long-term disability insurance covers people who are injured and cannot work temporarily or may never be able to go back to work.
• Don’t be tempted to buy only the liability portion of your auto insurance. Consider how a clever lawyer can wipe out your bank account if you are responsible for an accident resulting in someone becoming paralyzed.

Not sure where to start with any of the policies described above? We can help! Visit insureyourhome.com to get a free quote for your personal insurance needs.

Worker’s compensation is an insurance that most states require for any company with employees on their payroll. In lieu of this insurance, a company can prove that it is financially able to pay any claims that arise as the result of an on the job injury or illness.

However, most companies prefer to purchase this insurance as a means to demonstrate that these claims will be paid.

As the owner of a medical staffing agency, you must cover your employees who work in-house for your organization, as well as the employees you dispatch to work for other companies.

Worker’s compensation insurance protects your company when you provide these benefits. In exchange, your employees relinquish the right to sue you should they suffer an injury or illness on the job.

Common injuries that occur on the job for medical staffers include:

• Strains from carrying, lifting, pushing, or pulling
• Slips, trips, and falls
• Exposures to biohazards such as splashes and dirty needle injuries
• Vehicle accidents when traveling on the job
• Workplace violence

A recent article in the New Jersey Law Journal on the new “gig” economy shares some details for employers regarding both companies who employ independent contractors and those who provide workers as a third-party employer or staffing agency. This article discusses not only protective agreements to put in place that limit the relationship and indicate that the employee is not dually employed, but also clearly delineates the responsibility for the employee and all things related to that employee.

A staffing agency must maintain accurate records to track work location, duration of assignment, and schedule, as well as handling all personnel and human resource functions. This includes performance evaluations, disciplinary actions, and of course, compliance with all applicable employment laws, which includes liability and responsibility for the worker.

Most worker’s compensation policies include two types of insurance:

1. Worker’s compensation, which provides benefits for the injured employee when it is the result of a work-related incident or illness;
2. Employers liability coverage, which protects employers if they are sued for damages related to these work-related illnesses or injuries. In order for the injured individual to collect on this, however, they must prove that the employer was negligent or otherwise legally responsible for injury or illness.

When a covered employee suffers an injury or illness on the job, whether it is the fault of the employer or the employee, worker’s compensation insurance will provide them with covered services including medical care and treatment, wage replacement, costs for retraining if required, compensation for permanent injuries, and benefits to surviving family members if a worker is killed on the job. The compensation covers acute injury or illness (something that occurs suddenly or without warning), as well as injuries that occur over time such as repetitive-motion injuries like carpal tunnel syndrome or back injuries.

While the intent of purchasing these coverages for your medical staffing agency is to prevent a lawsuit should an injury occur on the job, it is important to understand that an employee can waive their right to coverage, especially if they feel their injury or illness was due to reckless or intentional injury on the part of the employer.

If the employee is successful in this type of lawsuit, they can receive a broad range of damages depending on the decision, which could include punitive damages, medical expenses, and lost wages, as well as compensation for pain and suffering and mental anguish.

Purchasing worker’s compensation insurance is one of the best ways to protect your medical staffing agency and its employees. And the knowledge that you cover your employees communicates to your clients that you care for the employees you send to them.

Renting an apartment, condo, or house as opposed to buying outright makes a lot of financial sense for a lot of people. Not only does renting typically come with minimal maintenance responsibility, it can also prevent you from becoming “tied down” by a piece of property.

Still, just as you should have homeowner’s insurance as a homeowner, you should have renter’s insurance as a renter.

By having a better understanding of what renter’s insurance entails and what it does (and does not) cover, you can make sure your belongings are protected whether you live in a rented room, apartment, duplex, or anything in between.

What’s Covered Under Renter’s Insurance

The purpose of renter’s insurance is to provide protection and coverage for your personal belongings that you store within a rented property or on an exterior patio, balcony, or porch.

Depending on the limits of your coverage, a renter’s insurance policy may provide protection for personal items damaged, lost, or destroyed by:

• Fire
• Vandalism
• Theft
• Natural disaster

For example, if you live in an apartment building and there is a fire in your neighbor’s unit, any items (electronics, clothing, furniture, etc.) damaged by the fire or smoke from the fire can be replaced by your renter’s insurance policy.

Specific coverage and limitations can vary from one policy to the next, but you will generally have to pay a deductible before your coverage will kick in. For instance, if you have a $500 deductible and $2,000 worth of your belongings are damaged in a fire, your renter’s insurance should kick in and cover the remaining $1,500 of damage after you’ve paid your deductible.

Renter’s insurance may also include some liability protection in the event that a guest is injured in your rental unit.

What’s Not Covered Under Renter’s Insurance

Some things may not be covered by a traditional renter’s insurance policy, or may require an additional “rider policy” to be included. Damage from flooding is a common limitation of a typical renter’s insurance policy, so if you live in a flood plain, you may want to purchase flood protection separately for your added peace of mind.

Furthermore, keep in mind that renter’s insurance may or may not cover damage to your property caused by yourself or others. For example, if you throw a party in your apartment and somebody accidentally knocks over your flat-screen television, it is unlikely that your renter’s insurance policy will pay to repair or replace your TV.

Always read through the fine print in a renter’s insurance policy before signing any paperwork or paying your premium to ensure that you fully understand the limitations of your coverage. Doing so will help to avoid surprises down the road.

What to Expect from a Cost Perspective

Renter’s insurance is extremely affordable, and it’s not uncommon for renters to pay well under $200 for a year of coverage. The specific costs of your policy will depend on where you’re located and the exact coverage you need.

You can also lower your premium cost by increasing your deductible, but you should be aware that this means you’ll need to shell out more money upfront if you need to make a claim before your coverage will kick in. On the other hand, lowering your deductible may cost you more per month, but will mean you have less money to come up with if you need to use your coverage.

Overall, having renter’s insurance is strongly recommended and even required by some property managers and landlords. Protect your belongings and enjoy added peace of mind as a renter by making sure you have this type of coverage.