During Open Enrollment you may have quite a few questions about the process and what can be done during this period of time! There are a few common questions that I have heard each year that I wanted to share and go over so you have a better idea of how everything works!
Do I have to sign up for all other types of insurance during Open Enrollment? The answer to this question is: No, you don’t have to! Open Enrollment is meant for the Health Insurance marketplace, and other insurance coverages can be bought at any other time—but that is not to say it might be easier to get it all done at once!
What if I already have a plan from last year? You should definitely review your plan to see if you want any changes to be made, like adjusting the cost, or adjusting your coverage! If you found over the year that your coverage was not up to your liking then it might be time to find a better plan or insurance provider! It never hurts to ask or to check what coverage you have!
When is Open Enrollment? This is a common, but very important question! Open Enrollment runs from November 1st and ends December 15th—so this only leaves
you with a 6 week window during the year to enroll in health insurance! If you do not enroll during this time you will have to go without until you have a “qualifying life event”, like giving birth to a child or getting a new job! Open Enrollment is a very important time of the year, and it should not be overlooked—even if you have insurance, and especially if you do not, Open Enrollment is a great time to take care of any issues you have with your insurance coverage (Or lack thereof)!
Shopping for health insurance can be overwhelming and with the new changes that come each year it can feel like you’re in over your head! Just like last year, 2020 will have some changes that may affect your insurance decision—and it’s always best to know what you are getting into beforehand!
General Liability isn’t required by law, but it really can save your business if there was a claim that was big enough to end it all! For example, say you own a nice furniture store, it has tapestries, rugs, armchairs, nightstands, and a man who is walking through—not paying attention, slips on the rug and hits his head on a nightstand? Not a good situation without General Liability!
Cyber Liability coverage is a huge advantage in this day and age, hackers can shut your systems down and hold it ransom for a sum of money—or worse: take your employee’s or customer’s information! With the increasing prevalence of these situations this type of coverage should become an essential part of any kind business that uses the internet!
I remember a story of a plumber losing their bond to a client that had their water heater pipes worked on by him. The plumber did not put a simple o-ring on a pipe he was replacing and ended up causing massive water damage to the inner walls of the house! The bond was paid out, the plumber was extremely distraught, and became even more so when he received a call from the bond company about how he was going to pay them back! If he had a General Liability plan with a Plumber’s Liability policy attached, he would have only paid his deductible and the client probably would not have made a claim on his bond!
consider that if a claim is made against a bond and paid out to the claimant, the bond company will pay the person making the claim and then will turn around and ask you to pay them right back! This is different than General Liability since Surety Bonds do not protect your company and work against accidents or property damage like insurance coverage would, bonds are only are paid out when a legitimate claim is made against them!
“Inland Marine Insurance” has an interesting history of how it came to be, before the Industrial Revolution occurred many people and companies shipped goods and other things of value over the ocean by ship. Many of these people and companies insured their cargo with “Marine Insurance” and it covered any type of risk that it would come across during its journey! These companies became very wealthy and large due to the large amount of ocean shipping at the time!
Many businesses can get away with having a Commercial Property Insurance Policy since they probably will not be taking their equipment off their property, but if you run a contracting business or even something like a mobile food truck it becomes more crucial for you to have something like an Inland Marine Insurance policy that can cover you while you are not on your own property!
getting what is called a “floater”, or more simply called a “Contractor’s Equipment Policy”. Think of additional floaters as add-ons to your Inland Marine Insurance coverage, with floaters like Fine Arts Floater for works of art, Installation Floater to cover property that is being shipped to be installed, or a Jewelry Floater—a coverage to protect jewelry inventory (Who would’ve guessed?). Most do realize it is important to protect themselves and insure replacement of their property if damaged, so if you feel that way too it might be good to consider Inland Marine Insurance!
Inland marine coverage provides valuable protection to business owners of all different types! But it is especially important to businesses such as contractors and tradesmen who frequently travel for work and carry around high-dollar tools and equipment. An inland marine policy would cover the loss if a contractor’s tools and equipment were stolen from a vehicle or at a job!
has valuables that cannot be conveniently or reasonably kept at a fixed location or insured at a standard rate, you probably will need Inland Marine Insurance!
You will hear an insurance agent refer to an Inland Marine Insurance as a “floater” policy, which means the coverage goes where the insured property goes, floating along with it!
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