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Business Owners- What can you do NOW?

5/12/2020

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From Our Friends at Accrew Bookkeeping...

An interactive workshop on how to keep businessing when the world is not business as usual.

Sign up to join here: https://bit.ly/2Vw6mK8
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As business owners, we’ve felt overwhelmed by the information coming at us on a daily basis. There are new rules and opportunities like never before, but it’s hard to sift through to get practical steps to take.

That’s why we’re providing a weekly workshop to help businesses get information quickly and questions answered so they can apply it in their business today.

This week, George Varela will be speaking about How To Reformulate Group Benefits Now to Address Changing Budgets and Benefits Needs.

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Working from Home: Business Data Security - Risks, Repercussions, Prevention, Protection

5/11/2020

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As companies and government agencies send their employees home to avoid contact with the coronavirus, many cyber-security teams are facing the unenviable challenge of securing sprawling, vulnerable networks.

Every time an employee connects to their corporate network from home, they’re creating possible access points for hackers to exploit. Here are some tips that can help your business...

Risks: What are the current risks for data intrusion, theft, and hijacking?
Today’s information highway is ripe with potentially catastrophic exposures from:
  • Hackers scanning the internet every 4 hours exposing system weaknesses.
  • Employees being tricked into opening false and clever phishing emails
  • Infected personal devices transferring outside problems into your business

Repercussions: What happens when someone has access to my company and client data?
A targeted attack on your business damages your bottom line in many ways including:
  • Downtime – lost data equals lost revenue by stopping workflow, production, and increasing exposure to costly regulatory fines. 
  • Reputation – Customer trust is hard to earn and even harder to repair
  • Devastation – 52% of businesses fail to survive a catastrophic data loss.

Prevention – What can I do to make it harder for my data to be accessed by unauthorized people?
The number one way to prevent invasion of your business data is to be prepared by:
  • Backing up, monitoring and testing data and its recovery
  • Ensuring strong and unique passwords to avoid the 1,500 data breaches and 1 BILLION passwords stolen yearly
  • Controlling who has privileged authorization to your system
  • Building a multiple layered network security system that keeps threats at a distance where they are caught and disarmed 
 
Protection – What can I do if my data does get hacked or stolen?
The number one way to protect your business from liability, is to get a Cyber-liability insurance policy. This type of coverage will help to:
  • Liability: Covers defense costs, settlements, judgments and, sometimes, punitive damages incurred by a company as a result of a data breach event.
  • Loss/Data Corruption: Covers damage to, or destruction of, valuable information assets as a result of viruses, malicious code and Trojan horses.
  • Business Interruption: Covers loss of business income as a result of an attack on a company’s network that limits its ability to conduct business, such as a denial- of-service computer attack. Coverage also includes extra expenses, forensic expenses and dependent business interruption.

For More Information on Data Protection Contact:
Agile Enterprise Management


For More information On Cyber Liability Insurance:
Text/phone: 714-900-2363.

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Employer Group Short-Term Disability

5/11/2020

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When employees are unable to work because of a disabling injury or illness, Short-Term Disability Insurance helps by replacing part of their income.

An employee’s savings might not be enough if an illness, injury or pregnancy keeps them out of work beyond their paid sick days. Short-term disability insurance (STD) helps protect employee income during extended work absences and can help employees pay the bills when they cannot work due to a covered claim.

Short-term disability insurance replaces a portion of an employee’s income for covered illnesses and injuries sustained outside of work.
  • Various benefit start dates, including first day injury
  • Benefit durations up to 52 weeks
  • Benefit amounts that include 50%-67% of income loss

Contact Us to help your employees get covered now.
Call or Text: 714-900-2363


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Employers - California Mandatory Retirement Plan 1st Deadline Coming Soon

5/4/2020

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CalSavers is California’s new retirement savings program for workers in the private sector who do not currently have a way to save at work.

Eligible employers with at least five employees that do not already have an employer-sponsored retirement plan will be required to begin offering one via the private market or provide their employees with access to CalSavers by the following deadlines: 


  • Over 100 employees – September 30, 2020
  • Over 50 employees – June 30, 2021
  • Five or more employees – June 30, 2022

The cost of CalSavers investments (consisting of an underlying fund fee, a state fee, and a program administration fee) could be approximately twice the cost of a typical 401(k) investment.


Please contact us for more information on starting a company retirement plan that works best for you and your business.
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Here are some key features of CalSavers that eligible California employers should be aware of: 

  • CalSavers applies to private for-profit and non-profit employers, but not to federal or state governmental entities. 

  • Eligible employers with at least five employees that do not already have an employer-sponsored retirement plan will be required to begin offering one via the private market or provide their employees with access to CalSavers by the following deadlines: 

    • Over 100 employees – September 30, 2020
    • Over 50 employees – June 30, 2021
    • Five or more employees – June 30, 2022

  • CalSavers will send a notice to eligible employers prior to their mandatory registration deadline containing an access code and a notice that may be forwarded to employees. Employers must log on to the CalSavers site and either certify their exemption or enroll in the program. 

  • CalSavers will contact the employees directly (using employer provided basic employee roster information) to instruct them about how to opt-out or enroll online.

  • Employees receiving W-2 wages who are at least 18 years old must be automatically enrolled in the CalSavers program after 30 days of employment. 

  • The employer will deduct a default employee contribution rate of 5% of after-tax wages from each paycheck and deposit it into the employee’s CalSaver account. The rate of contribution will automatically increase each year by 1% to a maximum contribution level of 8%. The maximum contribution limit for 2020 is $6,000. 

  • Employer contributions are not permitted. 

  • The employer penalties per eligible employee for failure to comply are: 

    • $250 after 90 days of receiving the CalSavers notification

    • $500 after 180 days or more after receiving the CalSavers notification 


Employers that do not already have an employer-sponsored retirement plan may want to examine implementing one based on the following considerations: 


  • The administrative functions an employer must fulfill to participate in the CalSavers program are similar to those of a 401(k) plan. 

  • Employee 401(k) contributions are tax deferred and the savings limit is much larger ($19,500 for 2020). 

  • Employer contributions are permitted and are deductible by the employer. 

  • Offering a plan can help attract and retain talented employees.

  • Qualified plans offer increased retirement savings for business owners. 

  • The cost of CalSavers investments (consisting of an underlying fund fee, a state fee, and a program administration fee) could be approximately twice the cost of a typical 401(k) investment. 

Getting Started

Which retirement plan is right for your business?

Businesses with no employees 

As a business owner, you know your company’s success takes preparation and effort. Your retirement years are no different. The appropriate business retirement plan can incorporate the flexibility you need while helping you to prepare for your retirement – as well as attract and retain quality employees. 

Once you’ve determined your objectives, you can evaluate your options based on the needs of your business and employees. Then you can begin selecting the right retirement plan for your business. 
If you’re like many other self-employed individuals, you probably want to know how much you can save for retirement each year and how your contributions will affect your taxes, now and in retirement. There are three primary options available to help you achieve your goals: 
  • SEP IRA 
    • This plan allows you to make an annual contribution of the lesser of 25% of your eligible compensation or $57,000. 
  • Owner-only 401(k) 
    • This plan may offer the ability to contribute more than the dollar limits of a SEP IRA at the same compensation: 25% plus salary deferral contributions (pretax or Roth) of up to $19,500, plus a catch-up contribution of up to $$6,500 if age 50 or older; maximum $57,000 or $63,500 if age 50 or older. 
  • Owner-only DB 
    • Contributions to this plan can significantly exceed the dollar limits of the SEP IRA and the Owner-only 401(k), even more than $100,000 annually. This retirement plan can be combined with an Owner-only 401(k) for even greater contributions and flexibility or for Roth salary deferrals. 
Businesses with employeesMany business owners are primarily concerned with how much they can contribute to their own retirement plan and how much they’re required to contribute for employees. In most situations, one of the following three options is an appropriate fit. You’ll notice a marked increase in both the contribution limits for 2020 and the disparity between what owners and employees receive. 
  • SIMPLE IRA 
    • Plan participants may defer up to $13,500 pretax or $16,500 if age 50 and older, with a required employer match up to 3% of compensation to contributing employees or a 2% contribution to all eligible employees. 

  • Safe Harbor 401(k) 

    • Plan participants may defer up to $19,500 (pretax or Roth) or $26,000 if age 50 and older, with a required employer match of up to 4% of compensation* to contributing employees or a 3% contribution to all eligible employees. The employer may make additional profit-sharing contributions. 

  • Custom plans 
    • Options include age-weighted, “tiered” and other specialized profit-sharing plans, defined benefit plans and combinations of these plans, including 401(k) plans. These plans allow maximum contributions for owners and select employees, often without significant increases in the contributions required for employees. 
Next steps 
Whether you have employees or not, the retirement plan you choose may have a large impact on your personal and professional life. I can help you weigh your options and educate you on the different plan types available for you and your business.

For More Information, Contact:


Derick M Roberts 

Financial Advisor – Edward Jones

2223 East Wellington Avenue Suite 310
Santa Ana, CA 92701-3161 

714-543-9632

derick.roberts@edwardjones.com

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Professionals In Human Resources Association- COVID-19 Employer Webinar

5/4/2020

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Thorough documentation is a critical part of performance management. It’s also a vital component when building an employer’s defense against complaints. While an absence of documentation can be devastating to an employer’s defense, poorly written documentation can be just as damaging. And how do you document performance when managing remotely. Learn WHAT to say and HOW to frame the feedback message to correct performance deficiencies and if necessary provide a legal basis for discipline.
WhenMonday, May 4, from 2:15pm - 3:15pm PT
WhereOnline Webinar

**Free for EVERYONE

This presentation will explore:
  • Review and discussion of the 5 tips for effective documentation
 Click Here to Register! 
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Employers - Reduce Overhead Costs by Thousands $ each month, Start Now

4/28/2020

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IMPORTANT INFORMATION - For Business Owners  in Brea, Fullerton, Santa Ana, Irvine, Costa Mesa, Newport Beach

For those businesses that are working hard to keep their employees, you need to know that Group Health Insurance Plans are available in your area that may save you thousands of dollars a month in premiums and reduce your overhead costs.  With little or no change in amount of benefits, you could start saving as soon as May 1.

There are new benefits options available in these cities, that can reduce costs of benefits compared to Kaiser, Blue Shield, Health Net and United Healthcare plans with similar benefits, with improvements as follows:
  1. Lower Overhead Costs by Thousands of Dollars, NOW.
  2. Employees on the plan are 100% Covered for COVID-19 Related Treatments, with No Co-Payments.
  3. Plans designed with Similar level of Benefits to your current coverage.
  4. Good Hospital Networks: Hoag, St. Jude, St Joe's, Mission, Placentia Linda, Providence, UCLA, Keck-USC, Los Alamitos and More.
  5. Easy, Online Enrollment for Company and Employees.

A Small Change in your health and Benefits Plan Now, can help the company with thousands of savings over the next 12 months.

Contact Us ASAP for more information:
Call or Text: 714-900-2363
- OR -
Schedule a 10 Minute Phone Call Here

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Small Businesses- What can you do NOW?

4/22/2020

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From Our Friends at Accrew Bookkeeping...

An interactive workshop on how to keep businessing when the world is not business as usual.
Sign up to join here: https://bit.ly/2Vw6mK8
Picture
As business owners, we’ve felt overwhelmed by the information coming at us on a daily basis. There are new rules and opportunities like never before, but it’s hard to sift through to get practical steps to take.
That’s why we’re providing a weekly workshop to help businesses get information quickly and questions answered so they can apply it in their business today.
This week, Joe Gutierrez will be going over the PPP and EIDL loans and how to navigate them.
Sign up to join here: https://bit.ly/2Vw6mK8
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OSCAR Health - All care related to COVID-19 Covered in Full

4/22/2020

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A recent announcement form OSCAR Health explains that all care related to COVID-19 or Coronavirus will be covered in full.  See the announcement below.
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Questions? Call/Text Us at 714-900-2363

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COVID-19 Coronavirus: Myths and Facts from OSCAR Health

4/22/2020

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We’ve got the latest information on what you need to know—and some myths you should ignore.As the new coronavirus continues to spread, it’s important to reduce risk by educating yourself and your family about the facts. (After all, knowing the facts can help reduce anxiety.) There’s plenty of conflicting, misleading, and confusing information out there, with false rumors and bad advice spreading all the time. In fact, the World Health Organization (WHO) described this as an “infodemic.”

It’s hard to know what’s true and what isn’t. We’re here to help.

Click here for the full article...

Questions? Call/Text Us: 714-900-2363

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How Can I Save Money on Insurance, Now!

4/2/2020

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How Can I Save Money on Insurance, Now!

During hard economic times, we are all looking for ways to save money. Here are some tips on how you might make small adjustments to your insurance plans in order to save money right away.
Auto
Do you have more than one car and don't need to use one or more right now? You can place one or more vehicles on "non-op" status. Non-Op or Non-Operational status allows you to remove all coverages except comprehensive coverage from those parked vehicles. That could save hundreds of dollars per month, starting now!
There are some rules:
1. You must notify DMV that the vehicle is not being driven. Otherwise your registration will be suspended for lack of insurance.
2. The vehicle must be parked out of view of the street. Park it in the garage, behind a fence or gate or in a warehouse.
3. Some insurance companies have their own rules, so check with them on the best way to do this.
4. BEFORE YOU DRIVE your parked car again, Contact  your insurance company and DMV to let them know it will be in use so that your insurance and vehicle status is up to date!

Home
Homeowners insurance does not have many areas for savings; however, you can save by changing your deductible. If it is $500, consider $1000. Is it $1000, consider a $2500 deductible. This will save 10-20% off your monthly bill.

Health
1. Individual Plans - If your income has dropped, Covered California (the state exchange) has opened up a special enrollment period that will allow for new applications to find coverage. Based on Income, there are discounts (tax credits) available or you may qualify for Medi-Cal, Low income health insurance.
2. Group Plans - If your business has a group plan. Consider changing to a lower cost plan temporarily to reduce your overhead expenses. A group can change plans any time during the year. As things improve, you could increase the coverage again later.
3. Most Importantly - Do not go unisured! The right plan is available for everyone, reach out for help to find the best plan for you.

Business
Some business insurance plans are based on revenue, number of employees or square footage. Talk to your agent or broker and review your most recent application. Is your income lower, fewer employees, smaller warehouse?  Those can all affect your rates. Making corrections could reduce your insurance expenses.

Workers Comp
If you are using fewer workers during this crisis, contact your insurance broker to adjust your plan. This may lower your premiums until business picks up again. When it does, be sure to tell your agent right away. Otherwise, you may owe money at the end of the year audit.

Life
Life insurance is one plan you do not want to touch. Keep it as long as you can. If you must make a change to reduce cost, contact your agent or insurance company. You may be able to change the term or amount of coverage to lower your costs.

Final Note: Be sure to review your coverages with your agent every year. Annual reviews will take 20-30 minutes and will make sure you have the right coverage based on the correct information.


Questions? Contact Us: 714-900-2363

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