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Business Insurance

Should My Business Be Fully Insured or Self-Funded Employee Healthcare? 

May 29, 2020 By Flor Caballero Lynch

business-3365326_960_720During these scary times it becomes imperative to save your business and your employees money on healthcare, and just finding an adequate health plan for your business is half the battle! When you are a small business owner you may become a bit overwhelmed with the choices that you have when it comes to health insurance plans for your business, but all you really have to know from the get-go is: Does my business need a Fully-Insured Healthcare Policy, or a Self-Funded Healthcare Plan?

The most famous one of the two categories of insurance would be Fully-Insured plans. These types of plans follow a simple path: You pay a premium to an insurance provider and have all insurance liabilities go through them. This arrangement does insulate your business from claims that can cost a lot and might be a little more simple to set-up, but it can cost more than other alternatives—which brings us to our next category: Self-Funded Plans!

Self-Funded plan are usually the other category that businesses fall into having, and vienna-1276396_960_720these are usually cheaper than a fully-insured plan—and I should add: Cheaper while within optimal conditions! If your Self-Funded plan has a lot of claims and high administrative overhead it might be more than a Fully-Insured plan, but in the end a Self-Funded plan usually comes out to be cheaper!  There also is another incentive to keep in mind if you are open to having a Self-Funded plan: they are exempt from most state premium taxes!

It is worth it to take a look at both with your insurance agent and see if your business would benefit from either! If you have a smaller business that might fall under the thresholds to get one of these plans there are alternatives as well! Help your business and your employees by having the best insurance plan for your needs, and at the best price!

Filed Under: Business Insurance, Health Insurance, Insurance Tagged With: business, health insurance

Ways To Reduce Business Insurance Costs During COVID-19

May 22, 2020 By Flor Caballero Lynch

piggy-3608376_960_720In today’s constantly changing environment we are starting to see that in business: Cash is king. With businesses closing due to severe economic pressure, we are all starting to see that having a reserve of cash is one of the best things to have today! If you own a business and are feeling the crunch, here are a couple Commercial Insurance-related tips that can help you keep afloat:

  1. If your business has experienced a reduction in payroll or will soon see one occur, you can reduce your business’ Worker’s Compensation Insurance liability that you are insured for—just let your agent know how much your anticipated payroll will be so they can make the correction! You should see an immediate savings and it should help out!
  2. Many General Liability policies base their ratings on how much in sales a business is clearing over a 12 month period. With this being said, if you anticipate your business’ gross revenue to fall due to the outbreak of COVID-19 you could call your agent and let them know in order to reduce your premium!

The last thing that you want to do is remove your coverage—and in some cases that dollar-3259363_960_720might not even be an option! If your business is feeling the money-pinch right now, feel free to give your agent a call to see what kind of money you can save!

Filed Under: Business Insurance, Insurance Tagged With: business, business insurance, coronavirus, covid-19

Small Business Loans During COVID-19: What To Do?

May 15, 2020 By Flor Caballero Lynch

money-2724237_960_720It’s hard being a small business owner and keeping your business afloat in the best of times, but right now it’s easy to see that it’s even harder to do during a pandemic! Right now businesses around the country are facing unprecedented risks and uncertainty since we do not know how long this will last! Thankfully there are avenues that a small business owner can take to ensure their business’ survival, and the survival of your employees as well!

This past March, the US Federal Government approved a stimulus named the CARE Act, and in this package there is a program named the Paycheck Protection Program made to assist small businesses during this period of economic depression! These loans under the PPP are based upon eight weeks of your prior payroll and will loan 25% more than that amount! Your business must also have less than 500 employees, and has been in business since February 15th, 2020!

These loans are actually 100% forgivable, but each business must meet specific one-69528_960_720requirements in order to do so! Loan payments can be deferred up to a year with limited interest (4% per each loan), but as mentioned before you must obey the requirements—such as maintaining payroll for employees making less than $100K a year!

If you are confused about applying or if your business is eligible, you can take a look at the Federal Government’s Small Business Administration website at SBA.gov, where you will find instructions and resources on how to get the process started!

Filed Under: Business Insurance, Insurance Tagged With: business insurance, coronavirus, covid-19

Silver Linings of The COVID-19 Pandemic

May 8, 2020 By Flor Caballero Lynch

autumn-1764276_960_720It’s extremely difficult to see anything good coming out of this pandemic while cooped up at home watching YouTube and Netflix—but if you start to look around you will begin to notice that there are some flowers sprouting out of the cracks in the concrete! If you are an admirer of nature you will love to know that global pollution has plunged to levels not seen in a long time! For example in China, the drop in air pollution is said to have saved up to 77,000 people’s lives since the beginning of their lockdowns this past December—a staggering number to say the least!

In India, pollution in the skies has fallen by 70%, and people are actually reporting being able to see the Himalaya Mountains from their house for the first time ever! In the United States we are expecting to see a big dent in the 100,000 deaths per year that occur due to air pollution and reduction in the thousands per year in car accidents! We are also seeing an improved efficiency in the United States’ trucking fleets that are traveling all across the country! Due to the limited amount of traffic and less stop-and-go driving for big rig trucks we are seeing better fuel economy for commercial truckers—which is definitely a savings that is desperately needed these days!

There is also a huge drop in violent crime all across the world! New York City for clean-1223168_960_720example has seen an overall drop of 42% in serious crimes, and has even acknowledged the steep decline in general crime in various press releases since the beginning of the lockdowns! We are also seeing a spike in the amount of births around the world, and with parents everywhere being able to work from home we are also seeing a lot of children being able to spend time with family that wouldn’t have ever happened before!

Just like all things in life, we must look at the positives in order to move forward past our current problems! Hopefully this pandemic creates more good than bad, and that we as a society will grow better after it all comes to pass!

Filed Under: Business Insurance, Insurance

Building Coverage and Employer’s Liability Coverage too!

July 19, 2019 By Flor Caballero Lynch

building-2762319_960_720When getting General Liability think about how your business runs, think about the upsides—and then think about the downsides and what you can do to protect your business them! Once you get General Liability coverage you will need to think about things like “Is my facility likely to have fires/accidents?”, “Would this business go into the red if so-and-so were to get sick?”, if you have thoughts like that you should definitely look into adding extra coverage to your policy!

If you own a facility that houses propane, acetylene, or gasoline as part of your contracting business (Not very safe to store at home!), it becomes almost a must to have Building Coverage added onto your General Liability policy! Just one single spark can cause a fire—and this would be devastating to any business! pexels-photo-401796

Lesson is, always ask and let your agent know what your business does and what risks are at hand, so they know exactly what kinds of coverage to add to your policy!

Filed Under: Business Insurance, General Liability Insurance, Insurance Tagged With: business insurance, general liability, general liability insurance, insurance, riders

Gaps In Your General Liability Plan

April 12, 2019 By Flor Caballero Lynch

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When you are a business owner you put everything you can muster into your business, your blood, sweat, tears, and reputation. If you do not protect your business properly you can find yourself at a giant disadvantage or even worse—out of business! Due to this it becomes necessary to identify gaps in your General Liability insurance coverage so you can make sure that you are completely covered from losing your hard work! 

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Read through your General Liability Insurance Agreement and if you find that your insurance does not cover your all of your activities you have a few options as to what to do: Avoid doing the activity if at all feasible, self-insure yourself (pay out of pocket if you are liable), or find a coverage to insure the activity if it is a vital part of your business! 

Moral of the story here is, go over your General Liability Insurance agreement and see what gaps you may have—then try to find a good way to cover them by asking your insurance provider! Don’t leave yourself at risk! 

Filed Under: Business Insurance, Insurance Tagged With: business insurance, general liability insurance, gl insurance, insurance

Why Would I Need General Liability Insurance?

April 5, 2019 By Flor Caballero Lynch

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Purchasing General Liability Insurance is one of the best decisions a business owner can make! This kind of coverage protects your business assets in many ways such as if you or your employees are accused of causing injury or damage to property while conducting business, or if someone if injured at your place of work. 

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One of the best examples to give would be if someone were to trip and fall due to an unmarked wet floor within your business. This normally would be a very daunting occurrence to go through, but with General Liability Insurance it can help you weather the storm with assistance of your insurance company! 

In today’s society, it seems like lawsuits are a normal part of running a business—but it never hurts to be protected with a General Liability Insurance plan! 

Filed Under: Business Insurance, Insurance Tagged With: business insurance, general liability insurance, gl insurance, insurance

Shopping Around Always Saves Money, Let Your Agent Do That For You

December 28, 2018 By Flor Caballero Lynch

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It’s always nice to have someone help you save money, especially when it’s in their best interest to do so. Independent agents are there to help you, and usually they can do this by giving you the best coverage for the least amount of money! They want to keep your business for when you have to renew, due to this it is not in their interests to push insurance products that are of no use to you or your checkbook.

Outside of just price, independent agents have a vast understanding of the way different companies work, so they can lend insight to the claim process with each company. This might be an important factor for some and this can be a valuable tool in your search as well!

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A captive agent may steer you towards a certain product knowing that you will probably come back if you are exhibiting that level of loyalty to go with a single company in the first place! Avoid that conflict of interest and go with an independent agent in order to be good to yourself, your assets, and your wallet!

Filed Under: Auto Insurance, Business Insurance, Disability Insurance, Health Insurance, Homeowner Insurance, Insurance, Life Insurance Tagged With: benefits of choosing an independent agent, captive agents, differences between independent and captive agents, Flor & Associates Insurance Agency, independent insurance agents, insurance

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Think Insurance, Think Flor

4420 N. Mesa St
El Paso, TX 79902

(915) 996-9799
FAX: 1-866-514-3064

flor@florinsurance.com
www.florinsurance.com

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