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It’s no secret that small businesses are passionate about their clients and performing to the highest ability. InsureYourCompany.com believes that these small businesses deserve recognition. This is why we have created our Small Business Spotlight.
Our Small Business Spotlight is where we highlight up-and-coming businesses in New Jersey. We get to sit down with the owners and discuss the things they have been learning since they started out, their highs and lows, the advice they would give to others wanting to start a business, and what has helped make them successful. We also really want to highlight organizations that aren’t just successful but are also doing amazing things for their community.
Our Small Business Spotlight is special as it gives InsureYourCompany.com the chance to help other organizations succeed while promoting them to new potential clientele. Each owner has an incredibly unique and compelling story to share as illustrated in our previous Business Spotlight interviews. We have been lucky enough to have the opportunity to speak with organizations across New Jersey, such as a non-profit soap company, a self-started bakery, to a flourishing law firm. Each of those interviews has had beneficial stories and lessons to share with other potential business owners, who may have been too afraid to start or doubting their ability. The stories of each of these organizations are inspiring and teach others how they can go from an idea to a reality.
Are you ready to have your story told? Fill out the form below to find out how we can help.
Dental insurance: many employees consider it a key part of the package when they’re looking at employee benefits for a new job, but, as an employer, you might still be on the fence about whether you need to offer it to your employees. If you’ve been putting off a decision about dental insurance for your employees, consider these key reasons to offer your employees dental insurance.
Poor dental health can cause a number of other health problems. Cancer, heart disease, and diabetes all have links to poor oral health. When your employees’ overall health deteriorates, especially with severe health problems that could cause them long-term difficulty, they become more likely to miss work and less likely to fully engage when they are at work. Offering dental insurance, on the other hand, often makes dental care more affordable, which in turn will increase the odds that your employees will maintain overall good oral health.
When your employees have dental problems, they may be extremely distracted by pain or discomfort. Tooth pain can leave even your most reliable employee struggling to pay attention throughout most of the day or, missing work due to the discomfort and the need for immediate care. When you offer dental insurance, your employees are more likely to take care of routine dental care before their issues become more serious. Employees with dental insurance are much more likely to make those preventative appointments and connect with their dentists when needed, rather than putting off dental care until there is a serious problem. As a result, they may miss less work or have a lower likelihood of distraction. You may even see a serious increase in productivity when you start offering dental benefits and that can lead to significant overall savings for your company, even after your pay for dental benefits.
Simply smiling can cause an increase in overall happiness and smiling can actually make your employees healthier. In some cases, the act of smiling can actually trick the brain into believing that the person is happy, even when they might be struggling with stress and other problems. Not only that, smiling employees can create a happier environment for both your employees and your customers. Unfortunately, customers with poor oral health are less likely to smile. Employees who are embarrassed by their smiles may be more likely to deliver closed-lipped smiles that reflect little real joy and as a result, they may fail to experience the happiness benefits that go along with a real, genuine smile.
Dental insurance is a relatively low-cost way to let your employees know that you care about them. Today’s employees are more conscious than ever of the need for health insurance, dental insurance, and vision insurance: the keys to keeping themselves healthy and successful. When you, as an employer, offer those key benefits, you let your employees know that you genuinely care about them and are willing to go the extra mile for them. As a result, you may find that you have happier, more loyal employees, less overall turnover, and a better connection to your entire staff.
Are you ready to choose dental benefits, health insurance, or other key insurance for your employees and your company? We can help you find the right insurance for your budget and your employees’ needs. Contact us today to learn more about how we can help connect you with the insurance you need.
Today we’re going to talk about fraudulent inducement.
Your business is working really well and you’re making some money and all of a sudden your HR or accounting person comes to you and says, “Hey we’re not getting any invoices from XYZ company.” And you go jeez that’s strange, XYZ company is always on time. And you reach out to XYZ company and they say sure we’ve been paying you on time. In fact, we received an email from your person telling us to change banks. And you’re going, we didn’t change banks! And then you do a little bit more investigation and you’re really confused. So what happened? Well, you might have been hacked. Somebody might have gotten a hold of some email strings that you’ve been sending to clients. And lo and behold, your clients have received an email telling them to change bank accounts. But you didn’t change bank accounts. And now you’re getting worried. Because now your clients are starting to send your invoices somewhere else. So, what happens? Well, unless you have some sort of coverage for that, you’re out of luck. And major league, you’re out of luck. That’s called fraudulent inducement.
Workers’ Compensation is insurance, required by law, to protect an employee so there are benefits in case they get hurt. Workers’ Compensation also provides something called Employer’s Liability to protect you as the employer in case the employee sues you because they got injured or hurt on the job.
At the end of the policy term, usually a year, the carrier requests an audit where they can get your payroll information from the previous year and charge you accordingly. The insurance carrier performs an audit because they want to make sure that you are paying no more or no less than you should be paying for Workers’ Compensation.
You can prepare your business for an audit by making sure you have the payroll records and the appropriate 941 reports available for the carrier when requested. You can also ask the carrier to put you on what they call a “pay-go” system or a payroll or a pay-as-you-go system- where, as you file your payroll you can then go to the carrier and submit the information to the insurance company and they will charge you each payroll period instead of the monthly or quarterly that you might be paying now.
You’re usually going to get a letter or email or a call from the insurance company at the end of the policy year, usually 30 days after, and the letter they send says, the year is over we’d like to do an audit and they can enclose an audit form which you can easily complete. Send the last four quarter 941 reports with the payroll information they ask for, and that’s the audit. It can be done online also, many times the insurance company will send an auditor to your location and they will request the same thing. Payroll reports, federal 941’s, state 941’s.
So, those three items, payroll records, 941 from the federal government, which is the quarterly report, and a quarterly report from the states where your employees work, those are the things that you need to complete the audit.
After the audit is performed, the insurance company will send you an audit endorsement on your Workers’ Compensation policy. That audit endorsement will have the details of the audit. So you’re going to get in the mail either a letter saying WOOHOO we owe you money, or OH MY GOD you owe us money. Or you know what, the audit came out exactly as anticipated. So those are the three things that can happen. Nothing, you owe money, or they owe you money.
So the best way to make sure that your audit is going to be good, meaning it’s right on or they owe you money, is if you do consistent hiring, notify the insurance company that you have new employees. All we need to know is the annual payroll that you’re paying the employees and what state they’re working in. So keeping your insurance company and your insurance agent informed as to your payroll will eliminate a lot of the issues companies have with worker’s compensation.
Are you an employer with employees working in New York State? If so, you need New York Disability Insurance for your employees. Disability insurance provides cash benefits to a worker who is disabled by an injury outside of work or who can’t work due to pregnancy. It’s different from Workers’ Compensation, which covers on-the-job injuries.
It’s important to make sure you maintain disability insurance coverage because the penalties for not having it can be high. Depending on the number of eligible employees you need coverage for, it can be very affordable (less than $100 per year for some businesses).
You are required to have New York disability insurance if you are an employer with employees in New York State who have worked for at least 30 days in one calendar year. There are some specific industries and situations where employers are not required to maintain disability coverage, including:
If you work with independent contractors before you assume you don’t have to provide coverage for them, make sure that they meet the requirements of an independent contractor. Otherwise, a judge could determine that they are actually employees who should have been covered. If you are not sure if your employee is an independent contractor, keep in mind that an independent contractor has their own company, controls when and how they perform work for you, and performs work for different businesses under specific contracts.
Employers have a few different options for obtaining disability insurance. You can choose a commercial insurance plan from any company authorized to provide disability insurance or a plan offered by the New York State Insurance Fund.
Some employers opt to get approval for self-insurance, maintaining the necessary funds for covering disability claims on their own and keeping a security deposit on file with the Workers’ Compensation Board.
Employers can use payroll deductions to offset some of the costs of providing disability benefits. You may choose whether or not you want to collect employee contributions.
The Workers’ Compensation Board determines whether employers are required to have disability insurance and levies penalties for noncompliant companies.
According to the New York State Workers Compensation Board, penalties include:
“…1/2 of one percent of the employer’s payroll during the period of noncompliance PLUS an additional sum of $500 for each period of noncompliance.” “…a fine of not less than $100 nor more than $500 or imprisonment for up to one year or both. A second violation of the Law within five years may result in a fine of not less than $250 nor more than $1,250. A third or subsequent violation of the Law within five years may result in a fine of up to $2,500.”
“…1/2 of one percent of the employer’s payroll during the period of noncompliance PLUS an additional sum of $500 for each period of noncompliance.”
“…a fine of not less than $100 nor more than $500 or imprisonment for up to one year or both. A second violation of the Law within five years may result in a fine of not less than $250 nor more than $1,250. A third or subsequent violation of the Law within five years may result in a fine of up to $2,500.”
Given the reasonable costs of maintaining disability insurance coverage and the seriousness of the penalties, it makes financial sense to determine whether you are required to have coverage, choose a plan that works for you, and make sure to keep your coverage up-to-date.
At InsureYourCompany.com, we can help you navigate the requirements of New York State Disability Insurance and work to get you the affordable coverage you need. Don’t risk serious penalties by ignoring this requirement – contact us and get covered today.
Do you own or run a business? If you’re like many business owners, you may think that all work-related injuries are covered by workers’ compensation benefits. However, sometimes there are exceptions. That’s why employer’s liability insurance is needed. Here’s what you need to know about employer’s liability insurance, along with some considerations and warnings.
Perhaps you’ve heard of employer’s liability insurance but aren’t quite sure what it is. Put simply, employer’s liability insurance (ELPI) is a type of commercial insurance is designed to protect employers from monetary loss when workers have a job-connected illness or injury that isn’t covered by workers’ compensation. That’s why it’s also known as “Part 2” of a policy for workers’ compensation.
State workers’ compensation laws cover most employees. In fact, states require most employers to have workers’ compensation insurance. It provides some degree of coverage for medical costs, besides lost wages for employees with work-related illnesses or injuries.
But when employees feel that workers’ compensation fails to fully cover their financial loss from work-related injuries or illnesses caused by an employer’s negligence, they may choose to sue their employer for pain, suffering and other punitive damages. This is where employer’s liability coverage comes in as it’s designed to cover costs that aren’t covered by general liability insurance or workers’ compensation. If a payout occurs under employer’s liability, the employer has the right to limit his or her losses by having what’s known as a condition of the payout. This is a clause releasing the employer, along with their insurance provider, from additional liability linked to the situation.
Employer’s liability protection insurance provides coverage for claims, such as:
Third-party countersuits—As an example, imagine having an employee who’s injured from faulty equipment. The injured employee can also sue the malfunctioning equipment manufacturer. When this occurs, the manufacturer’s attorney can sue your business, claiming the accident happened because the equipment wasn’t properly maintained. Since workers’ compensation can’t help you, you’ll need employer’s liability insurance to fight your case.
Dual capacity suits—This is a lawsuit in which an employee sues the employer in the case of an injury resulting from a product that’s produced by the employer. Hence, the employer is liable not only as an employer but also as the manufacturer of the product. Again, workers’ compensation is unable to fight this type of complex case, so this is where employer’s liability insurance steps in.
Loss of consortium is another reason for employer’s liability insurance. Usually, employees receiving benefits from workers’ compensation claims are unable to sue their employers. But the spouses of injured employees can sue a business, claiming they’ve suffered from financial losses because of the injury. When this occurs, you need employer’s liability insurance.
Gross negligence claims—This is a claim resulting from a manager forcing an employee to do a knowingly dangerous job that can cause an injury or make the company liable. Workers’ compensation is useless in this situation, so this is another reason to have employer’s liability.
Employer’s liability coverage does not cover every situation, such as those involving:
Questions? Call the commercial insurance specialists at InsureYourCompany.com. Although we work with a wide range of businesses, we mainly focus on single LLC’s in tech and small New Jersey businesses. Please contact us to find out more about our many high-quality products.
One of the major benefits of group health insurance is that it is often more affordable than individual insurance. Since the risk is spread out over the entire group, each person pays a lower premium than they might have to pay on their own (depending upon the type of policy purchased).
For employees, joining their employer’s group policy also means ensured coverage. People looking for individual policies outside the workplace may have a harder time getting covered or may pay a much higher premium if they have pre-existing conditions. This is not the case with a group policy from the employer.
When an insurance company is determining the rates for your group health insurance policy, it needs to take a few factors into consideration. The size of your company and who is receiving coverage will determine the rates for each member of your group.
The insurance company needs to know who they are insuring!
Employees have the option to add dependents, like a spouse or children, to their policy. People with dependents on the policy will pay higher rates than an individual to account for the additional people on the policy.
As you get older, you pay a slightly higher premium than you did the year before. Premiums will naturally be a little higher if your group is mostly people over the age of 50 versus a group of most people under the age of 30. This is simply because as we age we’re more likely to encounter both major and minor health concerns.
Believe it or not, life expectancy varies not only from country to country but from state to state and even neighborhood to neighborhood. Your living environment partly determines your health: things like good air quality and access to hospitals, healthy food, fitness facilities, and jobs that allow you to provide a healthy lifestyle for yourself and your family can help you avoid getting sick. Not every part of a city has the same access to these types of services, and it impacts the health of the people living in those communities. This is taken into consideration when determining insurance rates.
Insurance companies are not allowed to ask about your employees’ health status or history. Employees are eligible for your group plan no matter what. They may also not ask about sexual orientation, race, religion, immigration or citizenship status, or an employee’s social security number. All those factors are irrelevant when determining rates for your group.
An insurance company needs a place to start when determining your rates and that’s why the census is so important. Without it, there would be no choice but for an insurance company to use the same (high) rate for everyone. With your group’s basic demographics in mind, the rate is customized to fit your group. With the information provided in the census, an insurance company is then able to give you a quote for individuals, families, and couples.
We can help you put together a group health insurance plan for your employees along with group dental, vision, life, and more. We know that insurance can seem confusing, but we’re here to make it as simple as possible for you so you can provide affordable coverage for your valued workers. We stay up-to-date on all changes in industry rules and regulations so you can be sure your plan meets the requirements. Contact us to learn more about group health insurance and to ask any questions you might have about the census.
“Chase the vision, not the money; the money will end up following you.” –Tony Hsieh, Zappos CEO
Hsieh expresses a basic tenant of business success. But money is important to your success. You can remain true to your vision without the exhaustion of dealing with overdue invoices and ill well generated if you are perceived as an obnoxious and annoying bill collector. Your clients and customers should have a positive experience from the first time they see your business name until their business with you is concluded. Prevent billing issues right from the first sale by having a solid billing plan that you and your employees faithfully follow.
Begin with what forms of payment you will accept. Everyone loves cash, but you should have a way to check large bills for counterfeiting. Your customer may not know the bills are counterfeit, so handle this issue carefully. Never blame the client for trying to use the fake currency. Assume he has been duped. Fitssmallbuisness.com details how to check for counterfeit currency. Every employee authorized to accept cash should know how to spot a fake bill. If in doubt, a nearby bank can verify the currency but check with them before you open for business. You don’t want to be running around with your customer looking for a bank. If this system is in place, your business will look organized and the process will be seen as part of the transaction. Checks are chancy, but checks from a local bank are more likely to be paid. Choose credit cards that offer a way for you to verify the purchase will be paid for. For on-going payments, automatic withdrawals from a client’s bank account seldom fail. For large charges, electronic funds transfers are an immediate way for you to collect what is owed.
The terms of payment are also important. If the transaction is small, inform the customer which forms of payment are accepted. For a service such as construction and landscaping, you will want a contract. This contract, signed by both parties, should detail exactly what services will be provided and a good faith estimate of the cost, itemized by materials and labor. The contract should include a payment clause. When is a payment due: half down before work starts? after project completion? how long after completion? The contract protects the customer from worries about unexpected charges and protects your right to be paid for the materials and services you provide.
Despite thoughtful payment policies, you will likely have a problematic billing issue now and then. “Panic last” is one of the personality traits of a successful business owner. A friendly phone call is a good first step. Some payments may be late for a good reason or the bill “slipped my mind.” The call reminds them. Be prepared to offer payment options that you can live with such as payment at a later specified date. Be sure to follow this option up with a letter. Mailed overdue notices are easy for the sender to ignore and so impersonal they may seem insensitive. Perhaps a family member has been hospitalized and extra time is needed for the household paperwork. With a phone call, you can express your sympathy and help to become part of the solution.
When all else fails, you may want to turn the problem over to a collection agency, which will cost you 30 percent or more of the debt collected. You can also file a claim in small claims court. This is where a contract proves the terms of the transaction.
When it comes to billing and claim issues, often it makes good business sense to seek outside services. We can tell you about what resources you need to manage this aspect of your business. To learn how we can help, please Contact Us. We look forward to talking with you and becoming part of your vision for a successful business.
You insure your car. You insure your home. Are you insuring your most valuable asset? You’re Job!
If the unexpected were to occur, would you be able to support yourself for 6 months, 1 year or possibly longer? Disability Income Insurance protects the most important asset.
Traditional policies cover 60% of income, tax-free. You determine the benefit payable. Disability policies are guaranteed to remain in force till age 70 if needed. Polices can also be written for a shorter period based upon your needs. Cost of living riders can be attached to keep up with growing incomes and time.
Benefits will begin once the elimination period is satisfied. You set the time for the elimination period. The time frame begins at 90 days and can be adjusted with 6-month intervals. Waiver of premium benefit, once the elimination period is satisfied premiums will be waived. And will continue to be waived during your continuous disability. Residual disability is part of the policy, if you can work for example 20% of the time, the policy will pay proportionately.
Disability is defined as the inability to perform the substantial and material duties of your occupation and you are not able to work. Catastrophic Benefit rider can be attached to the policy. If you are unable to perform 2 or more activities of daily living or be cognitively impaired your policy would increase based upon the amount you choose. This rider is similar to a Long Term Care Policy.
Premium is based upon the medical condition, age and job classification. Job classification is measured based upon occupation and the risk associated with such. The benefit amount is based upon income and can be adjusted to reflect your needs. To determine the cost and design a policy which best fits your needs, an appointment to discuss and a simple application begins the process. Similar to applying for life insurance, a para-med exam is performed by the insurance carrier. One can apply for life insurance at the same time using the tests taken for the disability policy.
Obtaining coverage when we are younger and healthy, guarantees lower premiums for the life of the policy.
If you haven’t insured your income in case of a disability contact us today and talk to a licensed professional.
When we think about employee benefits, we often think of a salary, health insurance, dental insurance, and a 401k. Those are important aspects of a compensation package, but employers shouldn’t overlook wellness programs. These programs are good for both individual employees and the company as a whole.
There are many different types of wellness programs and ways to implement them, but they all have something in common: they’re meant to promote health and well-being. Here are just a few examples:
There are clear benefits to the employee: they get a free (or low-cost) and convenient way to improve their health. They also have the benefit of working together with their co-workers within the program, so there is a sense of support and encouragement.
The company also benefits from these programs. Healthy, happy employees are more productive employees, as this study indicated. They are less likely to require sick days, and they have more energy and enthusiasm during their work hours. By offering these types of programs, you show your employees you care about them, which fosters trust and loyalty—leading to higher morale and lower turnover.
Furthermore, you’ll save money:
“Well, it turns out that a comprehensive, strategically designed investment in employees’ social, mental, and physical health pays off. [Johnson & Johnson’s] leaders estimate that wellness programs have cumulatively saved the company $250 million on health care costs over the past decade; from 2002 to 2008, the return was $2.71 for every dollar spent.”
In another study involving 185 employees at a single company, 57 percent of the participants who were classified as high-risk for cardiac issues at the beginning of the program were considered low-risk by the end of it. “…medical claim costs had declined by $1,421 per participant, compared with those from the previous year. A control group showed no such improvements. The bottom line: Every dollar invested in the intervention yielded $6 in health care savings.”
First, you need to consider the size of your company and your budget. Not all programs cost a lot of money: you could start a lunchtime yoga class, bring in a massage therapist once a month to offer free or reduced-fee treatments, or give everyone a pedometer and recognize those who achieve the most steps every week. The key is knowing your employees: what do they want and what will work for them? What are their biggest health and wellness concerns? If no one in your office smokes, it doesn’t make a lot of sense to offer a stop-smoking program.
It’s also not enough to simply offer the program: you need to demonstrate enthusiasm for it from the top down. Leaders in the company should participate in the program and encourage others to do the same. Whoever is organizing the program should regularly assess its popularity and effectiveness. Give the program time to take hold: employees need time to change old habits.
If you don’t yet offer some type of wellness program, now’s the time to consider it. As you improve employee wellness, you improve company wellness, too. See how you can best support your employees as they strive to maintain a healthy lifestyle, then back that up with the right health insurance plan. Contact us if you have any questions about insurance and other employee benefits.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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We believe in supporting our clients through every step of the insurance process. From choosing the right coverage to filing a claim, we are here to offer guidance and support. Request a free quote today and get coverage that meets your unique needs.