We’ve Got Your IT Business Covered With Technology Insurance

In a recent Forbes post, they looked at ideas surrounding “Three Common Small Business Health Care Misconceptions” when it comes to providing insurance coverage for employees of SMB’s (small-to-medium sized businesses). They cited this trio of concerns and successfully argued their accuracy with:

1. Offering benefits doesn’t make any financial sense
2. Team members who have too many health care needs
3. Benefits options are too complicated

In this post, we’ll peer further into these misconceptions that some SMB’s make when considering health insurance for their staff. As part of this process, management may want to weigh these myths against reality when making this important choice.

Breaking The Law Versus Breaking The Bank

For some members of SMB’s the decision to not provide health care coverage could come from the knowledge they’re not breaking any laws by denying this type of insurance to their employees. When debunking this myth, it’s important to note under the ACA (Affordable Care Act commonly referred to as ObamaCare), those businesses with less than fifty employees aren’t required by law to supply medical coverage for their staff.

But according to a recent AHIP (American Health Insurance Plans) survey, the value of employer-provided insurance can outweigh the cost when it comes to employee retention rates, their overall job satisfaction and the decision to accept an offer of employment. In a competitive marketplace when hiring and keeping talent is often crucial to success, the money saved on these shortcomings are being recouped by making a prior expenditure of purchasing health insurance.

A Multitude Of Medical Issues Leads To Higher Costs

Pre-existing health conditions seem to be problematic for many clients when it comes to affordable insurance coverage, but this isn’t always the case. For some small group health plans, prices may be dependent upon age, location and the carrier. The current health of a particular employee may or may not be a determining factor when it comes to coverage.

While certain benefit platforms can be pricey, employers don’t necessarily have to subsidize the entire amount. Depending on the budget and plans available, a business owner can pre-determine the amount they’re willing to contribute. There are plenty of options available providing a wide range of benefits to accommodate a variety of different budgets.

Benefits Too Baffling To Comprehend

When it comes to a basic knowledge of benefits available to those who are covered, according to another recent Forbes report on this concept, only 4% of insured could correctly understand or identify certain terms and conditions like:

• Their deductible amount(s) for various services available including prescription coverage
• Out-of-pocket expenses associated with different procedures
• What exactly is involved with coinsurance and varying types of coverage

Being unable to understand everything involved with a complicated policy shouldn’t stand in the way of getting affordable insurance options for employees. The internet is an excellent place to demystify different terms and find ways to perform searches inside of lengthy documents online.

BONUS: Missed Open Enrollment Period

Businesses have to ability to make an open enrollment period at any time they deem appropriate. While traditionally this sign-up session is reserved for year-end or beginning, SMB’s have the ability to decide when employees are able to get coverage whether it’s once a month, quarterly, semi-annual or only once a year.

When you’re looking at affordable health coverage options for your business, it’s all in our name at Insure Your Company (dot com). Contact one of our agents today with any questions, concerns or possible misconceptions you may be having about providing quality and affordable health coverage for your valued employees. We’re always available to guide you through this complicated process ….. after all … that’s OUR job!

Liquor liability is something you need to have, be well-versed on as a business owner, and have if your company plans to serve or allow alcohol at a company function. This includes a holiday party or even after hours drinks, always use caution.  There are actually certain situations an employer can be held legally responsible for the consequences of an employee drinking.  This can include things such as inappropriate behavior, harassment and, drunk driving injuries.

If you do chose to serve alcohol in any capacity, there are a few things you can do to promote responsible enjoyment and also help protect your business. One of the most important and best options for you will be to make sure your insurance covers host liquor liability. In the event of a lawsuit, the insurance coverage can step in to defend your business. This can usually be added to your business general liability policy.

What is an Insurance Score?  

In the simplest terms, insurance scores (sometimes referred to as insurance credit scores) are ratings. These ratings are calculated and utilized by insurance companies. The long and short of the definition boils down into something relatively simple; an insurance score represents the probability that an individual will file an insurance claim during the time they’re covered by that company.

Insurance scores are based on your credit rating. Insurance companies also utilize property claim databases, auto accident history information, and other tools to determine the score that they give you. Insurance claim and profitability data will be brought into the fold during the decision-making process to, ideally, give your insurance company a clear picture of your reliability.

More than anything, insurance scores are intended to be tools that allow your insurance company to statistically predict risk. They want to know how likely it is that they’ll need to hound you for payments or that you’ll file a claim. These things impact their bottom line– it’s understandable that they’ll want an idea of the risk they’re taking on clients.

Why Do Insurance Scores Matter?

Your insurance score will directly influence the premiums that you wind up paying for health, auto, life, and homeowners insurance coverage. Higher scores mean lower premiums; lower scores mean higher premiums. Even small differences in premiums can add up to a substantial price tag over time.

Your insurance score can range from a low of 200 to a high of 997. Generally, insurance scores that are 770 or greater are seen as ideal; poor scores encompass those below 500.

Insurance scores generally apply to home and auto insurance. This means that they have a direct impact on how much you pay to keep two of the most valuable things (monetarily) in your life protected; if that’s not serious, what is? Some companies do use insurance scoring for health and life insurance policy pricing, as well.

How to Improve an Insurance Score

Everybody experiences scenarios that are out of their control; and sometimes, these scenarios can lead to a low insurance score. In some cases, these issues can’t really be fixed. One great example of this is a short credit history. If you’re young or got into the credit game later on in life, you’ll be contending with time when your insurance company starts the scoring process.

In other cases, there are steps you can take to clean up issues and boost your insurance score. It’s always a good policy to make mortgage, loan, and credit card payments on time. This shows that you’re trustworthy and has a direct, positive impact on your credit score. If your utilization on your available lines of credit is creeping up, you’ll need to come up with a plan of attack to cut down on debts in order to raise your insurance score.

While few of us have much of a choice regarding whether or not we file insurance claims, it’s worth mentioning that those who file no (or few) insurance claims tend to have better insurance scores. This is something that’s difficult to avoid; however, it’s a factor that you may want to keep in mind. Whether you’re “on track” in this aspect or not, making a conscious effort to live your life a little more carefully might save you some cash on premiums down the line.

If you’re interested in learning more about securing insurance coverage and which solutions are best for you, contact us today. Our expert team will be glad to address your concerns and begin creating a roadmap to ample coverage that keeps you, your loved ones, and your property protected.