Umbrellas…Protection when your business has a rainy day, By Mike Shumate

Many people invest a few extra dollars for an umbrella to keep them safe and protected from the elements.  They help to keep you warm, dry and protect your clothing.  Umbrellas are also available in insurance and can potentially protect you from much more than the elements – they can protect and even save your business. 

In the event a catastrophe strikes your business, Umbrellas provide extra protection on your liability exposures such as premises hazards, completed products and auto liability.  With respects to your business insurance, your Commercial General Liability and Auto policies typically give you a $1 million limit for coverage.  An Umbrella policy can be purchased for a single premium, which can go over multiple liability policies, and are often relatively inexpensive in comparison to the potential payout of a serious claim which can cripple your business. 

Consider the following scenario: one of your drivers is excessively speeding down the road and has to slam on the breaks to avoid the sudden change in traffic ahead.  The tires skid on the wet pavement and the truck slams into the back of stopped traffic and causes a multi-car accident.  A car with a mother and three kids are critically injured and rushed to the hospital where they incur multiple surgeries and long term rehab.  The total cost of all bodily injury and property damage from the accident is $1.7 million.  If you only have $1 million you will face the daunting reality of having to cover payments out of pocket or even watch the doors of your business close.  If an Umbrella policy is in place, the extra $700,000 on the claim will be paid, thus keeping money in your business and the doors open.  Many businesses realize the benefit of having extra protection outweighs the cost of purchasing an Umbrella. 

The Importance of Employment Practices Liability In Today’s Work Place. By, Ginger Carlson, ACSR

Employment practices liability covers unseen exposures that occur within the workplace between employees an third parties. In recent years the need for coverage has become more apparant due to the lawsuits being brought against businesses and their officers, directors, employees or managers.  An EPLI policy generally covers the below listed areas:

1.     Sexual Harrasement

2.     Wrongful Termination

3.     Age and Gender Discrimination

4.     Emotional Distress and Mental Anguish

5.     Failure to Promote

6.     Race Discrimination

7.     Wage and Hour

8.     Invasion of Privacy

9.     Defamation of Character

Unfortunately statistics show that most business’s do not purchase this relatively inexpensive coverage until claim has occurred. The defense costs alone, even in a frivilous claim, can be in excess of $10,000 dollars that an insured would have to pay out of pocket if a policy wasn’t in place.   I know some of you may be thinking “oh my employees would never bring an accusation against us”, but let me provide an example where if a policy was in place, an insurance company would have paid out on the claim.

An office worker filed a claim for sexual harrasement and hostile work enviroment that caused her mental anguish, why, because according to her she was being discrimated against by her boss. This was all because he supposedly flirted with other women in the office she worked at, but he never approached her!   In this case, discrimination was found, and the employer had to pay out of pocket as he didn’t have a policy in place.

Wage and Hour suits as well as Wrongful Termination are two other claim scenarios where EPLI coverage is readily needed.   In the State of Washington,  the law provides employers with at will discretion related to firings. Problem is, too many employers are firing individuals for cause and putting it in writing. This opens the door for an ex employee to pull their personnel file and if the company handbook was not followed exactly, they would have a persuable case.  As for Wage and Hour claims, they typically arise where an ex-employee claims that they worked more hours then they were compensated for. Now that they are no longer employed they want the company to not only compensate them for the time but overtime as well.

As you can see, suits can be brought for a broad number of reasons. Even when the company you own or operate has done nothing wrong. The unforseen cost is in the defense. Whether you believe the claim has merit or not, the cost to defend can be substantial and truly an unneccessary financial hit. 

The Advantages of Having Quality Family Insurance

Having family life insurance is one of the responsibilities to observe especially when you are starting a family. This is a protection that ensures each member of the family.There are different insurance types with different coverage and policies such as medical necessities and expenses and even funeral costs. One of the must-dos its to examine the family insurance quote offered by several insurance companies to gain quality seattle family insurance.

When your family has insurance, this will prepare you for any sort of mishap that would or might happen in the days to come. This helps you and your family to manage better when there are unexpected events that will need expenses such as medical ones or even in the event of an untimely death or even ensuring the future for your kids. You will need to pay for securing the family that you have and the insurer you’ve chosen will take the responsibility of accepting the premium. You can check the websites of insurance companies to widen your options on finding the best insurance coverage for your family. You will also get to make comparisons with varying insurance plans as well as choosing a preferred premium. Be smart, gain quotes from different insurance agencies to have the best deals in the family life insurance. But how do you get the best quote for your family? Aside from researching, be it from various insurance companies’ websites, you can also contact with insurance brokers.one sign of a good insurance company is when they utilize simple and comprehensive terminology for explaining policies and regulations about family life insurance. You should be totally aware about the coverage of insurance as well as the benefits that you’re getting when you plan on signing that particular insurance contract. 

It is a good step to get yourself an insurance broker or agent to assist you in achieving a good quote for your family insurance. Your insurance broker will also shed light on all details regarding insurance basics such as terms and conditions, policies and benefits. Therefore it is important to find an insurance broker that is willing to set time according to your schedule since constant communication is vital here. They make all the process and paperwork related to family insurance less tedious and less complicated because they will help you with a lot of things like filling out forms, having your whole family undergo medical examinations and etc. But first, find a good quality seattle family insurance.

Getting Yourself a Life Insurance Quote

Good comprehension should be there when you’re planning to have a life insurance. This includes knowing well on the coverage and policies that this insurance pertains and what it does for you, your family and your business depending on the type of insurance that you’re choosing. When you’re in Seattle, it is important to take an eye for top seattle insurance quotes.

Now you might be wondering as to what might be the essence of having to examine insurance quotes. Insurance quotes are actually your basis as to how much insurance you can afford for. These things will be considered: the type of insurance, what benefits are you needing, the amount of insurance and whether it is going to be term life or whole life. These are important considerations to help you achieve the best insurance quote that is there. One of the first things that you should do is to get a trustworthy insurance agent especially when you are not that knowledgeable or not that of an expert in this field. Insurance agents will first assess your current situation might as well your financial situation. Insurance agents will also provide you the best options available along with assistance and advices for a great insurance coverage. When you already are aware of the insurance type you need, then you can get a great life insurance quote. There are many things to consider before searching a life insurance quote. These are being aware of your own income, knowing your net worth, setting your financial goals, gauging your financial abilities , checking your health status and medical conditions, number of children sent for schooling, and etc. These are one of the things to be asked about when getting yourself a life insurance quote. 

Along with looking for the best type of insurance coverage, you could know more about how this insurance works with your current financial status. These are important things to get yourself top seattle insurance quotes. This is important to gauge and comprehend it such insurance with these policies and benefits would work for you, check if these would adequately protect your family when you are no longer there or it covers some risks and etc. It is also important to get yourself up to date with latest insurance quotes especially when certain major life changes happen in your life such as marriage, moving up and etc.

Happy Holidays !!!

What is Washington Healthplanfinder, and why do I need it? – By Heidi McAtee, AINS

Washington Healthplanfinder is a new way to find health insurance.  It’s a customer-friendly, online marketplace where individuals and families can find, compare and enroll in a health plan that fits their needs and budget.  It provides:

·       Side-by-side comparisons of brand new health plans

·       Financial help to pay for copays and monthly premiums

·       A link to expert customer support online, by phone, or in person through local organizations or insurance brokers.

As you may have heard now is the time to start thinking about your 2015 Insurance plans.  Open enrollment started November 15^th for plans starting January 1st through March 1^st 2015.  Any enrollment after these dates will need to be preceded by a qualifying event.  What justifies a qualifying event?

·       Getting married

·       Giving birth, adopting or placement of a child

·       Permanently moving to a new area that offers different health plan options

·       Losing other health coverage (for example, due to a job loss, divorce, loss of eligibility for Medicaid or CHIP, expiration of COBRA coverage or a health plan being decertified)

·       Becoming a US Citizen

·       Getting out of jail

While the Healthplanfinder website is a great tool for comparing coverage, it isn’t your only option.  If you do not qualify for a tax credit (, you do not need to purchase your plan through the website, in fact we’d almost discourage it.  The website has its benefits of comparing coverages, paying your bill online, and easily shopping from year to year.  However, so does dealing with a broker outside of the exchange.  Most companies have an online system that allows you to review your coverage, see where you are with regards to reaching your deductible, make payments and request explanation of benefits letters.  Dealing direct with a broker will also help you keep track from year to year what plan you are on, what options you have going forward. 

In addition to the purchase of health care being a law, it is important to know that you could be fined for not buying a qualified plan.  Starting in 2014, if individuals do not have health insurance, they will have to pay a fine of $95 or 1 percent of their annual income, whichever is greater.  The fine for individuals will gradually increase to $695 or 2.5 percent of the individuals income, whichever is greater, by 2016.  For families the penalty will be $285 or 1 percent of their household income, whichever is greater, in 2014 with the penalty increasing gradually to $2085 or 2.5 percent of their household income, whichever is greater, in 2016.

For more answers to your questions regarding your health insurance options, please call us a 425-740-5200 or visit http://wahbexchange.org/ it is a great resource for coverage basics, how to enroll, where to enroll, and who to talk with about your potential tax credit options.

A B C’s of Ordinance or Law Coverage – By Kevin Degginger

Imagine a covered cause of loss leads to major damage to your building. Since more than 50% was damaged, local law requires the whole building to be torn down and rebuilt to current building codes. You have building coverage with replacement cost valuation on your policy, so you’re covered…..Right? Unfortunately the real answer is, It Depends. Property policies typically have an Ordinance or Law exclusion meaning, coverage does not pick up the cost associated with upgrading a building to meet current codes and ordinances after a loss. Thus, merely having replacement cost coverage for a building doesn’t mean you have “upgrade cost.” This gap is made up by adding an “Ordinance or Law Endorsement”. Ordinance or Law coverage is broken into three segment limits. Coverage A – typically matching the building coverage limit- this coverage covers the loss of value of the undamaged portion of the building that must be torn down due to the building code being enforced following a loss. Coverage B – is your demolition cost- paying for the cost to actually demolish and remove the remaining portion of the building left standing after a covered cause of loss. Finally, Coverage C – increased cost of construction – covers the additional cost to upgrade building to meet any changes in code since the original building was constructed. Lastly, make sure your policy includes debris removal. Without it, you will be expected to pay the expenses associated with removing the demo’d property prior to rebuilding.