Insurance provides protection against unexpected and potentially costly events. However, the cost of insurance has been increasing in recent years, making it more and more costly . Insurance prices have been on the rise due to  an increase in claims and a rise in the cost of materials and labor for repairs for your home and cars.  Here are some tips on how to lower your cost of insurance...

Accurate Information
Many times inaccurate information may be artificially increasing your premiums. Has your home had any updates with roof, plumbing, heating, electrical? Any updates will usually trigger a discount off the premium. Do you have a central reporting fire or burglary alarm? Have you reported fewer annual miles to your car insurance company since working at home? Is a young driver away at school? Make sure you review all your details with an agent to get all the discounts you deserve.

Deductible Discount
Insurance companies are now offering higher deductibles for a significant discount. You may see up to 20% off with a 2500 deductible on your home insurance, and car insurance deductibles can go up to 2000 for saving there too.

Shop
Recently, non-franchise carriers like Travelers and Safeco have been more competitive with their rates, so be sure to check with a broker who works with multiple companies to get the best available plan.

Want Help?
We can shop for you.  Text 714-900-2363 with a picture of your VIN and Driver License to shop for home and auto package rates today.

Flood insurance is a crucial aspect of protecting your property from damage caused by floods. However, not all flood insurance is the same. There are two main types of flood insurance: private flood insurance and Federal Emergency Management Agency (FEMA) flood insurance.

Private flood insurance is purchased through private insurance companies, rather than through the government. These policies typically offer more flexibility and customization options than FEMA flood insurance, allowing homeowners to tailor coverage to their specific needs. Additionally, private flood insurance may offer more comprehensive coverage, including coverage for sewer and drain backups, which is not typically covered under FEMA flood insurance.

FEMA flood insurance, on the other hand, is administered by the National Flood Insurance Program (NFIP) and is only available to homeowners in participating communities. These policies are typically more affordable than private flood insurance, but they also have more limitations. For example, FEMA flood insurance has limits on the amount of coverage available for certain types of property, such as personal property or contents. Additionally, there may be restrictions on coverage for certain types of flood damage, such as damage from storm surges or flooding caused by poor maintenance of a drainage system.

Another difference between private and FEMA flood insurance is that private flood insurance policies may have higher deductibles than FEMA policies. This means that homeowners may have to pay more out of pocket before the insurance kicks in. However, private flood insurance policies may also have lower premiums than FEMA policies, which can be beneficial for some homeowners.

Ultimately, the decision between private and FEMA flood insurance will depend on your specific needs and circumstances. Homeowners should carefully consider their options and consult with a reputable insurance agent to determine the best coverage for them. It's also important to note that in some cases, private flood insurance may be required in addition to FEMA flood insurance, depending on the lender's requirement.

In conclusion, both private and FEMA flood insurance have their pros and cons, and homeowners should carefully consider their options before choosing a policy. While private flood insurance may offer more flexibility and comprehensive coverage, it may also have higher deductibles and premiums. On the other hand, FEMA flood insurance is typically more affordable, but it also has more limitations. It's important to consult with a reputable insurance agent to determine the best coverage for your specific needs and circumstances.

How can I attracted new employees to work for my business for 73 cents?!
A Group Benefits Plan can help any business attract employees, and retain them longer while increasing employee satisfaction and loyalty.

Why are Benefits Plans so Important?
Are you considering raising hourly wages to attract and keep employees? STOP! Do this first - Consider what people are looking for. Maybe a current employee has a medical concern that a doctor visit can help to address. Perhaps another has put off getting their Dental work until they can get dental insurance. Someone else may need glasses, but cannot afford the expensive exam and frames.  So many people are in this position and don't even know how to get these insurance plans outside of a company plan. These basic needs can be address with an entry level benefits plan with Medical, Dental, Vision and Life Insurance.

What can I offer my employees for 73 Cents?
Instead of raising wages to keep and attract new employees, a business owner can allocate 73 cents per hour toward their employee benefits plan that includes Medical, Dental, Vision and Life Insurance. Yes, all of these benefits can be offered with 73 cent per hour starting budget.  Don't believe me? Here's how to do it:

* Keep in mind, this is the company side of the equation. There are additional costs that the employee will need to decide on which benefits to accept, and contribute toward their share of the costs by payroll deduction.

What are the tax savings referring to?
When a benefits plan is introduced, the expenses are paid on a pre-tax basis. That means the company and employee contributions are not considered taxable income.  You see this often with 401k or other retirement plans, but it also applies to most group benefits plans.  The pre-tax deductions also benefit employees as they will not pay taxes on their contributions. Win-Win!
*Of course, contact your tax advisor to verify your plan is set up properly.

I don't know anything about this stuff, where do I start?
Good news! There are many resources available to you. Ask around for a referral to a good Independent Benefits Broker in your area. Someone like this will help you search for the best available plan for your employees, consider your budget, and help administer the enrollment and employee questions. If you don't know anyone, your local chamber of commerce, or business organizations can be a good starting point. You can also get help from the trade associations like CAHU, the California Association of Health Underwriters.

This seems like a lot of hassle!
Yes, you will spend a couple of hours getting this all set up. After that, most of the work is done by the insurance companies in servicing your employees needs. Then, next year it will be easier!

Questions?
Contact us for any questions: Call/Text: 714.900.2363


George Varela
Pacific All Risk Insurance Brokers

Do your new employees ask about your benefits plan options? Do you want to expand your offering, but don't want the extra hassle of administration.

Here are some tips on how any small business can offer as many benefits as large corporations without the high costs and admin headaches...
1. Core Benefits - Decide on a couple of core benefits that the company can contribute toward. Usually it is Medical and Dental. Usually the starting amount is $100/employee per month.
2. Voluntary Benefits - You can offer all other benefits on a voluntary basis, which allows the employee to get a group plan and discounted rate, and the company does not have to contribute toward the plan.
3. Range Of Options - After selecting your Core Benefits, you can offer: Dental, Vision, Short and Long Term Disability, Group Term Life Insurance, Accident Insurance, Hospital Reimbursement plans, Critical Illness, 401k, and more. You will be surprised how many employees take advantage of these benefits when made available to them.
4. Administration - Your Benefits Broker can set up a Benefits Admin System that explain the benefits, show the employees their costs for selecting them, calculates payroll deductions and generates reports. Some Benefits Admin Plans have a fee, and some will connect back to payroll and communicate the payroll deductions. You can even use it to help with your hiring process.
5. Additional Benefits - By setting up an expanded benefits plan, the Business and the employees gets some additional benefits that are sometimes overlooked. First, the Company and Employee will pay less in payroll taxes, as many of the premiums are deducted on a pre-tax basis. Next, Employees benefit by getting better benefits and group rates that are not always available on an individual basis.
6. Competitive - Now, all businesses can have a competitive benefits plan with any large corporation. Ask your Benefits Insurance Broker for more information.

Have Questions? Contact Us: Call/Text: 714-900-2363
or Click Here to set up a Conference Call

California is Responding to COVID-19 Pandemic by Announcing a Special Enrollment to Help People Get Insurance

Good News! Covered California announced today that effective Feb. 1, anyone uninsured and eligible to enroll in health care coverage through Covered California can sign up through May 15.

Selecting a plan can be difficult, here are some things to consider:

Benefit Level:
There are 4 benefits levels to choose from. Bronze, Silver, Gold, Platinum.  Bronze is the lowest cost level; however, it has a high deductible from $5,000 - $7800/year.  As you go up to Silver, Gold and Platinum, the deductibles and cost of care go down, but the monthly premium goes up. Consider what you expect to accomplish with your health plan this year, then choose the appropriate level for your needs. Planning a procedure or surgery? Choose a Gold or Platinum plan so that your hospital costs are lower. Not expecting any doctor visits this year? A Bronze or Silver plan will provide a safety net, without costing as much every month.

Type of Plan: HMO, PPO or EPO
The most important factor in choosing the type of plan is what providers you want to use. If you have multiple specialists in different locations, a PPO may be best for you. However, if you only see your primary doctor or you have multiple doctors in the same medical group, then an HMO will be fine. Sometimes an EPO can work like a PPO where you have doctors in various groups, and EPO may have coverage across medical groups and it would be ok to choose an EPO plan that covers them all.

Get Help:
Of course, it is important to do your homework before choosing a plan for the year. You can get assistance from your HR Department, Health Insurance Brokers, or Covered California to choose the best plan for you that includes your medical providers and the lowest premium for the services that you need.

Feel free to contact us for more info, call/text: 714-900-2363

Click here for the full article from Covered California

Employment Practices Liability Insurance (EPLI)

Did you know 1/3 of employee claims are against small businesses? That's because most small businesses lack a legal department or employee handbook detailing policies and procedures that guide hiring, disciplining, or terminating employees, making them more vulnerable to employment claims.

EPLI can provide financial protection from covered claims made by their employees alleging workplace-related wrongdoing. Most importantly, it will help cover expensive defense costs for covered claims.


Contact us to find out how to get started...
Call/Text: 714-900-2363
Ask for George

Providers Open with Enhanced Safety Protocols
Amid the COVID-19 pandemic, Dental and Vision providers are welcoming patients to their practices with enhanced sanitizing protocols and new ways of ensuring the comfort and well-being of patients.  Whatever plan you have, contact us for help selecting a good provider near your home or office.

Our providers include Delta Dental, Blue Shield, Blue Cross, Principal, VSP, Eyemed, MetlifeCoPower, ChioceBuilder and more.

Contact us for more information on finding a provider for you.

Health Insurance - Special Enrollment Period Extended!

Covered California announced this morning that it would be giving consumers more time to sign up for health care coverage during the COVID-19 pandemic by extending the current special enrollment deadline through July 31, 2020.
If you or someone you know does not have health insurance, Sign Up today!
Contact Us, we can help. Call/Text: 714-900-2363