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El Paso Texas Insurance Agent Flor & Associates Insurance

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business

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

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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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