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Common Open Enrollment & Health Insurance Questions

November 15, 2019 By Flor Caballero Lynch

obama-1301891_960_720-2During 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 leavesbless-you-1175296_960_720 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)!

Filed Under: Health Insurance, Insurance Tagged With: health insurance, insurance coverage, open enrollment

Health Insurance Changes To Look Out For In 2020

November 1, 2019 By Flor Caballero Lynch

dollar-1175293_960_720Shopping 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!

The first change you should be aware of is that Short Term Health Plans are still available to those who need them! When the Affordable Care Act was first introduced these plans were only allowed to be used for 3 months, but now these plans can be used for up to 12 months! But be sure to remember that these plans do not typically cover maternity care or mental health! These plans are usually used by people with unexpected gaps in their coverage until they can get enrolled onto another full coverage plan!

Next change you will see is that there is no longer a tax penalty for not having health insurance coverage! It is never recommended to not have coverage due to the off-chance that something may happen to you—but if you do not have coverage in 2020 you won’t be penalized on your tax return! emergency-room-3323451_960_720

Another welcomed change to the Health Insurance marketplace in 2020 can be seen in premium prices becoming more stable and predicable! There will be less change in prices, and in some cases prices have been decreasing! You will also start to notice more of a variety in choice in insurance providers as well—if you had limited options last year it might be worth it to check your 2020 options with your insurance agent today!

Filed Under: Health Insurance, Insurance Tagged With: health insurance, insurance coverage, open enrollment

Can I Add Cyber Liability To My General Liability Coverage?

July 12, 2019 By Flor Caballero Lynch

urban-2004494_960_720General 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!

If you have a business that isn’t forward facing, and mainly uses computers—what if you had someone hack into your system and ruin everything? You could elect to have Cyber Liability protection added to your coverage to protect against a security breach and to provide you with capital during the gap in business it would cause! So always be sure to let your agent know what you want and there’ll a big chance they will have what you need!

office-1209640_960_720Cyber 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!

Filed Under: General Liability Insurance Tagged With: cyber liability, general liability, general liability insurance, insurance, insurance coverage

Surety Bonds vs. Insurance

July 5, 2019 By Flor Caballero Lynch

plumbing-840835_960_720-2I 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!

The advantage to bonds is that they can really help customers feel at ease when working with you—and depending on your business may be required by law. But you must construction-2578410_960_720consider 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!

Bonds are a very useful tool and are sometimes required by law depending on the business—but if you have the choice between a bond and insurance, it is wise to consider both sides of the coin!

Filed Under: General Liability Insurance, Insurance Tagged With: general liability, general liability insurance, insurance, insurance coverage, surety bonds

How Did Inland Marine Insurance Come To Be?

June 28, 2019 By Flor Caballero Lynch

container-537724_960_720“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!

Once railroads and telegraphs sped up the shipping and logistics process on land and the ocean shipping industry started to shrink, these Marine Insurance companies started to move their experience in the shipping industry more towards land-based transport to stay business. Since not many other companies could compete with the experienced marine insurance companies and their unmatched policies people started to refer to the land version of this type of coverage as “Inland Marine Insurance”!business-1845350_960_720

Now in present time, the old name “Inland Marine Insurance” has remained the same but insurance companies have caught up to each other in their Inland Marine Insurance offerings. You will find many different insurance companies have their own kinds of Inland Marine Insurance and not just the old “marine insurance companies”!

Filed Under: Insurance Tagged With: cargo, inland marine insurance, insurance, insurance coverage

Inland Marine Insurance and Property

June 21, 2019 By Flor Caballero Lynch

car-2168372_960_720Many 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!

Contractors are a particularly good example since they are usually traveling from different sites in order to complete their work. A lot of contractors carry expensive tools as well as transport heavy vehicles and machinery, without these expensive pieces of equipment and tools it would be impossible to do their job properly!

If you have property that is regularly off of your own premises, you will have to consider businessman-2108029_960_720getting 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!

Filed Under: Insurance Tagged With: inland marine insurance, insurance, insurance agent, insurance coverage

When Should I Consider Inland Marine Insurance?

June 14, 2019 By Flor Caballero Lynch

construction-645465_960_720Inland 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!

If you or your employees place items or data in your personal or work vehicles for work purposes or If your property insurance policy limits or excludes coverage for valuables, you will need property in transit coverage! What it all boils down to is if your business photography-1850469_960_720has 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!

There are many other different scenarios where you would need Inland Marine Insurance, so it is always wise to ask your agent if you need it and if so, how to go about getting it!

Filed Under: Insurance Tagged With: contractor, coverage, inland marine insurance, insurance, insurance coverage

Inland Marine Insurance Is A Valuable Tool

June 7, 2019 By Flor Caballero Lynch

tools-1209764_960_720You 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!

Just as a comparison, think about regular Commercial Property Insurance which usually provides coverage to property at the location listed on the policy. Some insurance companies might be generous and extend coverage a few feet beyond that—but that isn’t much for a general contractor who has to carry their tools from site to site! This is precisely why Inland Marine is often useful and necessary to fill gaps in Commercial Property coverage!bulldozer-2195329_960_720

For certain professionals such as construction company owners, general contractors, plumbers, and landscapers Inland Marine Insurance is an essential coverage because their work is regularly done on different work sites and without their tools and equipment they have no way to make a proper living!

Filed Under: Insurance Tagged With: gaps, inland marine insurance, insurance, insurance coverage

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4420 N. Mesa St
El Paso, TX 79902

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

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www.florinsurance.com

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