How To Buy Insurance Business Insurance

By | Business Insurance

Business Owners Have to Make A Lot Of Decisions

Anyone who runs a micro-business in California will be aware of the many different types of task that a solo operator needs to perform on any given day. Some tasks such as cleaning the office are unskilled; some tasks like simple bookkeeping involve skills that can be learned on the job, while other business tasks may be highly specialized functions. There are also some business tasks that are best outsourced to experts; these tasks include legal functions and managing California business insurance matters.

Harrington Insurance Agency is Here to Help

Business insurance is a complex subject and is best handled by insurance professionals employed by an insurance agency. A business owner who engages an insurance agency to manage business insurance matters saves much time, effort and frustration and is free to focus on core business functions.

The assistance of an insurance expert is invaluable when it comes to purchasing business insurance. An insurance agency representative’s experience in analyzing and comparing competitive quotes ensures that a business owner is able to make an informed decision on which insurance policy offers the best value.

Insurance agencies provide ongoing expert after-sales services to their clients. Reminders when policies are due for renewal and guidance on preparing business inventories and calculating the value of assets are usually all part of the service. The task of filing an insurance claim becomes much simpler when you have the support of an insurance agency representative. The decision to outsource California business insurance management to an insurance agency is one decision that might save you time, money and stress.

Life Insurance Policies in California to Protect Your Dependents

By | General Insurance, Life Insurance

Life Insurance: Term Life or Whole Life

When considering taking out life insurance, one of the key decisions you’ll need to make is whether to purchase term life insurance or whole life. Term life will give you coverage in the event of your death – however it differs from whole life in that it only covers the policyholders for a nominated term. This can be, for example, ten, twenty or even thirty years and the term you decide to purchase may depend on your age and a number of other factors.

How Much Is Needed?

Once this decision has been made, you will then need to decide how much life insurance to buy. Here it is important, not only to settle on a figure that will allow your dependents to continue to live in the style to which they are accustomed, but also to help take care of any current or future purchases. This may include enough to pay off the current mortgage but also to cover major expenses planned for the future such as the children’s education needs.

Planning for the right amount of life insurance to buy will take some careful thought and it is best to discuss future needs with your family. For further information on how California life insurance could work for you, contact us to discuss your needs and obtain further information and quotes.

Find the Right Workers’ Compensation Insurance in California for Your Business

By | Business Insurance, Workers' Compensation

How Do I find The Right Workers’ Compensation Insurance Policy in California

Workers’ compensation insurance in California is compulsory in the Golden State even if you only have one employee. This applies to both California-based firms as well as those based out of the state but operating in California. By law you must also notify your workers of their rights under workers’ compensation and advise them of who to contact to seek treatment for illness or injury sustained while at work.

Designed To Protect Your Employees

While mandatory requirements vary from state to state, workers’ compensation coverage is designed to financially protect employees who sustain an injury or illness at their workplace. The insurance covers wages and medical benefits for the employee as an alternative to them having to sue the company for compensation. The coverage is designed to give some compensation to the worker, while protecting the employer from damaging and potentially costly court actions.

However some disputes do arise in the settling of workers compensation insurance California. Many of these cases are handled by the workers’ compensation section of the Californian government’s Department of Industrial Relations. The DWC works to monitor and provide assistance to help resolve such disputes. Should you be seeking further information on workers’ compensation coverage, contact one of our agents and arrange a consultation.

Finding Life Insurance to Fit Your Needs

By | Life Insurance, Personal Insurance

Planning For Your Future

Planning ahead is never an easy task, however sometimes it needs to be done for the benefit of your loved ones and dependents. In California, life insurance planning may be considered one of these duties. However having decided that taking out life insurance is necessary to ensure that expenses such as house mortgages are taken care of in the event of early death and your family will continue to enjoy the lifestyle they love, you may ask yourself, what type of life insurance do I need?

There are usually a number of life insurance options on offer however they can be broadly dived into two categories: term and whole life.

Three Important Key Words: Simple, Cheap and Effective

Term insurance is a form of life coverage which pays the beneficiary in the event of the policyholder’s death within an agreed term. This can be up to 30 years. It usually has limited if any other benefits attached and terminates at the end of the agreed time. Level term is when the death benefit remains the same, decreasing term means the death benefit falls the further you go into the term.

Whole Life: Guaranteed Payout

Whole life differs from term life in that it guarantees a payout payable upon the death of the policyholder (whenever that occurs – generally up to 100 years). A number of variations on this policy may see some benefits attached to this policy.

Determining which California life insurance is best suited to your requirements is important as you look to understand how much coverage you need to purchase. Talk to one of our agents for more details.

Key Employee Life Insurance from Harrington Insurance Agency

By | Business Insurance, Life Insurance

Does Your Business need Key Life Insurance

One variant of California life insurance is that taken out by companies on one or two key employees. Known as key employee insurance, this coverage financially protects a firm against the death of its key employees, providing compensation for any loss of earnings incurred.

According to figures published by the National Association of Insurance Commissioners, 71 percent of companies questioned in their survey said they relied heavily on the presence of one or two key employees for their continued financial well being. However only 22 percent said they had taken out key employee insurance to cover the death of the key worker or workers.

How Much Is Needed?

The amount of coverage purchased on the employee will depend on compensation needed for the replacement of the worker, including training and recruitment fees. Any loss of earnings suffered by the company by the death of the key employee will need to be factored in.

The policy is usually owned by the company and becomes payable upon the death of the employee. It’s a form of California life insurance with the beneficiaries being the firm not the family. It can also be used by in conjunction with another agreement drawn up by business partners to ensure arrangements are in place that would ensure neither the deceased partner’s family nor the surviving business partners would be out of pocket as a result of the death. Please contact us for further information if you are interested in purchasing such coverage.

How California’s Law Works for Workers’ Compensation Insurance

By | Business Insurance, Workers' Compensation

What is the Law on Workers’ Compensation Insurance?

The law is very clear on workers compensation insurance, California. All firms with at least one employee must have such insurance in place. The law will impose a stop on companies that do not adhere to this regulation, and severe penalties (including jail) may be incurred if insurance is not purchased following this.

However your premium may vary according to a number of factors and it may be advisable to obtain the advice of an insurance agent regarding this type of coverage. The list below may give you an idea of some of the factors that can influence the cost of your coverage.

Do you have a poor history of workplace accidents?

This may well affect the premium you end up paying for the insurance. However if you can demonstrate that you have learned the lessons of those accidents, and have put in place effective preventative measures, this may bring the premium down in the future.

What is the type of industry?

Does your business operate in a high risk environment? This may affect insurance premiums. The size of your workforce and the types of tasks they do are all considered.

Do you need to speak to someone about obtaining workers compensation insurance? California business owners are welcome to contact us to arrange coverage.

California Workers’ Compensation Insurance & Risk Management

By | Business Insurance

Does Your Business Have a Risk Management Plan?

Do you have a risk management plan that (among other risks) addresses workplace safety and the need to reduce the risk of claims on your workers’ compensation insurance? California employees may be protected financially from workplace injuries, however it’s also a responsibility of employers to reduce the risks of injuries occurring.

The first step is identifying the range of risks

Naturally these will vary from one business to another depending on the task in which employees engage however, here are some of the more common injury risks:
Repetitive Strain: Repetitive work – whether it’s typing, filing or lifting items onto or off a conveyer belt in a factory – has the potential result in painful conditions like Carpel Tunnel Syndrome.
Lifting Injuries: A lifting injury can occur as easily in an office or restaurant as it can on a construction site or supply warehouse. Workers with a low level of personal fitness or might be particularly vulnerable
Stress: Unrealistic deadlines, conflict with management or other employees, bullying and harassment have the potential to lead to a stress related claim.

Important To Be Prepared

It’s not enough to prepare a safety policy and write up safety procedures. Management has a duty to ensure a safe workplace and part of the process is ensuring employees are aware of policy and procedures and generally follow them.

Are you about to take out your first policy for workers compensation insurance? California business owners might like to contact one of our agents to ascertain the cost and get the information they need.

What You Need to Know About Workers’ Compensation from Harrington Insurance Agency

By | Business Insurance

California’s Laws for Workers’ Compensation

Most states require companies to have workers’ compensation insurance. California is no exception. It protects employers from litigation and helps provide financial protection for employees who have to stop work due to illness or injury.

California’s Department of Industrial Relations has useful advice for employers on their obligations. Some of these include:

  • A sole trader with no employees may still required to carry workers’ compensation insurance;
  •  A husband and wife partnership with no employees may find that coverage is optional. However, insurance would need to be in place if even a single temporary employee were hired;
  • Even if you the employer are based outside California you may still need this insurance if employees are regularly employed in the State. It can also apply if a work contract is signed in California;
  • Paying for workers’ compensation insurance is an employer’s responsibility. Employees should not be asked to contribute to the cost of the policy.

Every Situation Is Different

As people’s business situations can be quite unique, it is worth taking a specialist’s advice on what can be a complex subject. Why not consult your insurance agent or broker about your options? Clarifying your obligations in relation to workers’ compensation insurance in California may help you start 2012 on a sound footing.

Business Insurance Harrington Insurance Agency, San Jose CA

Time for Taxes – Tips from Harrington Insurance

By | General Insurance

How Can Insurance Help with Taxes?

With tax time upon us, the hunt for deductions is in full swing. This is especially the case for those who are self-employed and run their own businesses. However, the murky nature of tax laws often obscures the fact that a wide variety of expenditures may be deductible. One of the more overlooked sources of tax deductions is money spent on various insurance policies. While these aren’t tax deductible for most people, those who are self-employed may be able to do so. One example of such a deduction is money spent on the premiums for short- or long-term disability insurance. The benefit from such a policy may cover you, your spouse, and any dependents. Any children under the age of 27 may also be covered, even if they are not a dependent. All the premiums paid for the maintenance of such a policy can be deducted as a business expense.

However, if the deduction is taken, any benefit paid through the policy will be considered ordinary taxable income. If you do not take the deduction, then benefits will not be taxed. Obviously, you have to take into account the sort of work you do, your health, and your family’s circumstances. There are a number of similar deductions that you may be eligible for, including premiums paid for credit insurance, liability and malpractice insurance, as well as policies that cover damages to your business resulting from fire, storms, accidents, theft, and so on.

Please speak to a tax adviser before you consider taking such a deduction, to assure that you are actually eligible for it, and that it is advisable for you to do so.