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

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

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.

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...

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.

Under new affordability initiatives enacted by the Governor and Legislature (SB 78 (Chapter 38, Statutes of 2019) and SB 106 (Chapter 55, Statutes of 2019), California will build on the success of the Patient Protection and Affordable Care Act and bring quality care within reach of more people.

California will be the first state in the nation to provide state subsidies to many middle-income consumers who had previously not qualified for financial help because they exceeded federal income requirements. In addition, hundreds of thousands of lower-income consumers will also receive additional financial help on top of the federal assistance they currently receive to help them obtain and keep their coverage. California also reversed the federal undercutting of the Affordable Care Act and restored the law that requires consumers get health insurance if the cost of coverage does not exceed a certain percentage of their income.

Who will qualify?
An estimated 235,000 middle-income Californians who previously did not qualify for financial help because they exceeded federal income requirements. They will be eligible to receive an average of $172 per household per month, which will help them save an average of 23 percent off their current premiums.

Now, a single person  earning up to $75,000/year and a family of four can make up to $150,000/year and still qualify for an additional tax credit.

What do I need to do?
All you need to do is shop your insurance coverage with Covered California to see if you will get a discount. After that, you can decide if that will work better for you or if you should continue doing what you have being doing in the past.

Questions? Contact us! Call or text: 714-900-2363

In a recent Forbes article found here, company executives have been found personally liable for mistakes made with 401K plan administration; violating their fiduciary duty to the employees whose retirement funds depend on those plans.

Based on current laws, it is the businesses responsibility to act as the fiduciary for the employee group retirement plan. Here are some of the common mistakes to avoid:

Common Mistakes:

• Negligence - Failing to monitor and review the plan on a regular basis.
• Self Dealing - Putting the company's interest or owners interests above that of the employees.  This happens when the company owners are invested in a specific fund and control the options available or when the (large) company is included as part of one of the investment fund options.
• Excessive Fees - Plan Administrators should compare plan fees to a benchmark on an Annual Basis.
• Inappropriate Investments - Offering inappropriate investment choices.

What to do:
Executives Retirement plan fiduciaries (Company Owners and Executives) need to review the investment options in their plans to remain diligent in maintaining the most appropriate choices. In Addition, they need to review the fees being charged.  This is best done working with experts and  documenting the professional review of the plan. A fiduciary liability insurance policy should be acquired and reviewed annually to ensure sufficient coverage.

• Get a Fiduciary Liability Insurance policy. 
• Make sure you use an experienced group retirement plan adviser, they may event be able to serve as an outsourced plan administrator.

Questions?  Contact Us at 800-846-5902



References:

www.forbes.com/sites/brianmenickella/2019/02/07/hr-executives-again-named-in-401k-lawsuit/#38a21f7e131c

https://www.americanbar.org/groups/real_property_trust_estate/publications/ereport/rpte-ereport-winter-2019/erisa--thou-shall-not-pay-excessive-fees-/

https://www.marketwatch.com/story/401k-lawsuits-are-surging-heres-what-it-means-for-you-2018-05-09

It’s not a matter of “if” but “when”

Any business handling customer data will, sooner or later, be confronted with the challenge of a cyber breach.  In the last decade the cyber threat landscape has changed. While the loss or disclosure of personal or sensitive data used to be a company’s primary concern in assessing their cyber risk, businesses are increasingly facing threats to their ability to conduct normal operations. Malicious threats like zero-day malware, ransomware, spyware and scareware are on the rise but businesses can not ignore unintended disclosure and human error risks.
We can help with our new cyber coverage plans, here are the details...

Coverage:

• Breach Response and Remediation Management
• Business Interruption
• Social Engineering/Cyber Crime
• Bricking/ Phishing Attack
• Financial Theft
• Reputational Loss 
• Ransomeware
• Forensic Accounting Costs
• Regulatory Investigation, Fines and Penalties Insuring agreements.
• PCI/DSS/GDPR/TCPA defense 
• Defense Expenses
• Court Attendance costs

Resources Provided with your plan:

• Quarterly IT Security Assessments provided at no cost.
• Smart Cyber Risk management portal, which includes IT security best practices, training videos, white papers, and breach cost calculator.
• 24/7 Toll free Breach Response hotline with a free consultation with a breach attorney.

Contact Us to get your coverage started. call/text (714) 900-2363

Long-term international students and scholars medical insurance
​
Designed for students or scholars participating in a sponsored study abroad program, and desire an annually renewable comprehensive medical plan. This plan meets student visa requirements, includes benefits for maternity, mental health, organized sports, and international emergency care.
Highlights:

• Standard and Platinum level benefits available
• Long-term medical coverage
• Coverage for individuals and groups and their dependents
• Coverage can be extended up to 12 months from the initial effective date if a minimum of three months is purchased
• Freedom to seek treatment with the hospital or doctor of your choice
• 24 hour secure access from anywhere in the world to manage your account at any time
• Student Health Center $5 copay per visit
• Universal Rx pharmacy discount savings
• Meets student visa requirements
• Maternity coverage (on Platinum Plan Option only)
• Mental health coverage
• Organized sports coverage
• International emergency care
• Pre-existing coverage after 6 months with the Platinum option or 12 months with the Standard option

Who the plan is designed for:

• Individuals participating in student international programs
• Cultural exchange participants 
• Graduate international students 
• Scholars and educators 

Your educational adventure should be enjoyable and gratifying. Maintaining the ability to be flexible and responsive, IMG developed Student Health Advantage, an international health care plan designed to specifically meet the needs of international students involved in long-term educational programs. The plan offers a complete package of international benefits available 24 hours a day.
For students, scholars, and cultural exchange participants when inside the U.S., the UnitedHealthcare Options network is a longstanding reputable tier 1 network that gives you more access to more doctors and services.
When outside the U.S., you can also enjoy access to quality healthcare worldwide with our proprietary IPA network that includes over 18,550 physicians and facilities.

Brochure

​Are you or a family member planning a visit to the United States this summer? With over 75 million international visitors to the U.S. each year, it's critical for travelers to understand their health insurance options while in the U.S.*

Healthcare costs can be much higher in the U.S. than the rest of the world. Depending on your domestic health insurance plan, you may have limited or no coverage at all when traveling internationally, which could leave you liable for costly bills if you have a medical emergency.

See below for a brief summary of one of our most popular plans, Patriot America Plus:
Patriot America Plus

• Maximum limits from $50,000 to $1,000,000
• Deductible options from $0 to $2,500
• Coverage for acute onset of pre-existing conditions
• Access to the tier 1 United Healthcare Options network when seeking care in the U.S.
• ​Patriot America® Plus 
• Short-term travel medical insurance for non-U.S. individuals, families, and groups from 5 days to 2 years
• Coverage for non-U.S. residents traveling to the USA
• Renewable up to 24 months
• Deductible options from $0 to $2,500
• Maximum Limits from $50,000 to $1,000,000 
• Acute onset of pre-existing conditions: Under 70 years of age, up to the maximum limit. $25,000 maximum limit for medical evacuation