Do Virtual Assistants Need Insurance?

As a virtual assistant working remotely for your clients, you have more freedom than many business owners, but you are still a business owner. You may work as an assistant to another business owner, but as long as you aren’t on their payroll and instead are charging them as a contractor or freelancer, you are a business owner with business owner concerns. That means you need insurance coverage, such as:

• Health insurance: Without an employer, you need to come up with your own plan for health insurance. Luckily, you can buy many different kinds of individual policies to suit both your healthcare needs and your budget.
• Disability insurance: You need a backup plan to protect you against the possibility that you may eventually become disabled and unable to do your job and generate an income. Long- and short-term disability policies protect you from a potential loss of paycheck in the future and can come through much quicker than Social Security disability benefits.
• Liability insurance: Every business owner has liabilities. If you provide assistance in a professional capacity, like as an assistant with a specialized knowledge, then you may need professional liability coverage. If you receive deliveries in your home, or ever have anyone stop by in a business capacity, then you may need commercial liability insurance for your residence or office.
• Business property: If your business owns computers, furniture or any other property then you need the right property insurance coverage. If you have a home insurance policy and your office is located in the home, it may not be covered unless you have a special endorsement allowing for coverage of business contents.
• Life insurance: Your family depends on your income to help them reach their personal and financial goals. If something should happen to you, your lost income may need to be replaced and you may even need to hire people to help do things around the house that you once did. A life insurance policy can help them.
• Business interruption insurance: What would you do if a fire or other insurable event made it so that you couldn’t conduct business for a few weeks until your office space was renovated? Business interruption insurance can replace lost profits, pay some ongoing expenses and even keep you up-and-running in a temporary location.

There are so many ways you can protect your family and your business with the right insurance policies. To get your business set up right, give us a call at 866-933-6691 or get a free Tampa business insurance quote.

Adjustments That You Should Consider for Your Auto Insurance Policy

An auto insurance policy should not be a static line of coverage. After all, your life changes; medical and liability expenses that can accompany an accident change too.
Considering changes to your life happen in the blink of an eye, you should make an effort annually to adjust your auto policy to ensure that it is as effective and accurate as you need it to be.

Annual Adjustments to Your Auto Policy You Should Consider

Average annual miles driven: Your insurance carrier requires an average of how many miles you drive per year in order to assess the risk you pose to them. Every year, make sure you report any major changes to them.

Take advantage of applicable discounts: You may receive discounts when you add anti-theft measures to your car, such as security alarms and wheel locking devices. You may also receive additional discounts for taking defensive driving classes. Prior to your annual renewal, consider which of these discounts you may qualify for and discuss them with your agent.

Add uninsured motorist rider: Without uninsured or underinsured motorist coverage, you could be stuck with some major bills after an accident with an uninsured or underinsured motorist. If you don’t already have uninsured or underinsured motorist, then you need to consider adding it to your policy.

Adjust your limits: You know that you set limits for your risk exposure with your agent when you initially purchased your policy; but, when was the last time you reviewed your risk exposure with your agent? With the rising cost of medical care, as well as possible changes in your driving habits, you may need to increase your limits to help reduce your exposure. As you’re also aware, cars and other personal property are only getting more expensive; another important reason to keep a tight rein on your limits.

Change your deductibles: Your ability to support your deductible may change from year to year. In lean years, you may have fewer savings to commit to a deductible, and as you pay off debt you might find you have more disposable income to put toward that responsibility. Keeping your deductible at an accurate level for your budget will help to control your risk exposure and your premium.

The next time your auto policy is coming up for renewal, remember these tips and update your policy so that it works with your current life and not the one you had when you originally took out the policy. Call us today at 866-933-6691 for more information about which auto insurance policy is right for you or get a free Tampa auto insurance quote.

JG

Tampa Boat Insurance Coverage Fundamentals

The freedom of being out on the Tampa Bay water is incomparable for boat owners.  Whether you’re boating in a bay or the deep blue ocean, it feels as there are boundless possibilities. Don’t let this freedom allow you to forget about boat insurance. You have an obligation to your family as well as to other boaters to carry insurance that protects you and them from financial liabilities.

Here are some coverage and policy options to consider for when you decide to buy boat insurance, as not all policies are created equal.
Some things to consider include:

1. What nautical area do you need your insurance to cover?
2. Should you get coverage for oil spills? If your watercraft leaks oil then you are responsible for the cleanup costs even if you don’t have coverage.
3. Do you need coverage for the personal items on board?
4. Do you need coverage for equipment such as anchors, water skis and other unattached tools and recreational toys?

Next you need to clarify what you want covered in terms of value.
There are two choices here,

i. agreed value which is the amount you agree on -stated in the insurance policy, or

ii. actual value which is the actual value of your watercraft and may not be enough to replace it if there has been some deterioration.

How to keep your boat insurance policy affordable
Lastly, bear in mind that there are ways to lower your monthly premiums of your boat insurance. Official boat safety program training and certificates for such can be very useful in reducing your premiums. Similarly you can have the coast guard perform boat safety checks to reduce costs. Installing safety devices like a GPS and choosing a proper marina for docking your boat can also help.

Your boat insurance policy guarantees that you and your family will remain financially secure even after an expensive claim. It will also allow you to continue boating after a natural disaster or other insurable incident. Having the right policy will enhance that feeling freedom while you’re out on the water. Call us today to discuss your options for Tampa Boat Insurance at (813) 933-6691.

America's Fire Insurance History

The Great Fire of London in 1666 was responsible for the destruction of over 13,000 homes and 87 churches. This enormous blaze also caused the displacement of over 70,000 residents. While it was mostly poverty stricken residents who were affected by the fire itself, the disaster had some major fall out that affected the entire country economically. After the fire, the number of homeless people increased exponentially, businesses lost both customers and workers, and disputes arose over whose responsibility it was to pay for damages and rebuilding.

The Great Fire of London pointed out the need for some insurance to help individuals recover from this type of disaster. Many different fire insurance schemes were attempted after the disaster, but they weren’t particularly well thought out and eventually, they failed. Marine insurance was the only real functioning type of insurance at this time, and it was used as a model to develop a successful and functional fire insurance company in England in 1681.

In 1732, an insurance company in the United States issued the first fire insurance policy, but it still didn’t really catch on. Benjamin Franklin was a giant proponent of fire insurance and, in 1752 he created Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, a company that refused to offer fire insurance to owners of buildings that were high risk. Unfortunately, that included wooden houses, which left an enormous portion of the population without protection.

Continue reading "America's Fire Insurance History" or contact us at (813) 933-6691 to learn more about Tampa home insurance.

What to Do If You Have Been in an Auto Accident

Auto accidents are unexpected and even the most careful drivers may be involved. The sad truth is that most of us will be involved in an auto accident at some point in our lives. Even if you are not injured, there are certain things that you should and should not do.

Stay At the Scene

If you are in an accident involving bodily injury or substantial damage to property, do not leave the accident scene until the police tell you to do so.  If you are unsure whether the damage or injury is “substantial”, stay there and let the police decide.  Leaving the scene of an accident can result in driver’s license sanctions and even criminal charges.

If you are on the roadway, turn your flashers on, or use flares to warn approaching traffic.

Do not Admit Fault

Even if you think you are at fault, do not admit liability.  There may be factors you are not aware of that played a role in the accident which could determine the other driver was more at fault than you. Therefore, avoid discussing who is at fault in the accident.

Obtain Relevant Information

In any accident, you should obtain the following information:

• The other driver: Name, address, driver’s license number, insurance information and license plate number.
• Witnesses: Names, addresses, and telephone numbers.
• Police officers:  Ask the police officer(s) who investigate the traffic scene to provide you with a business card and an “incident number”. 
• The accident:  If possible take notes about how the accident occurred, such as the direction of travel of the vehicles involved and what the cars were doing at the time of the collision.
• The location:  You may wish to take notes about and/or pictures where the accident happened; speed limits, the road conditions, the weather, traffic control devices and the lighting.

Continue reading "What to Do If You Have Been in an Auto Accident" or contact us at (813) 933-6691 to learn more about Tampa auto insurance.

What is a Certificate of Insurance?

Insurance of all kinds is generally intangible. Whether you are talking about auto insurance, life insurance, home insurance or flood insurance--you can’t hold insurance and you can’t sense it. Upon entering a car or premise, you won’t even know insurance is “present” unless someone tells you.

Generally, it doesn’t matter that you can’t touch, feel or sense an insurance policy. As the insured you pay your premium when it is due and you know that, should disaster strike, your policy will be useful. You have proof of your payments and somewhere, where you store your most important documents, a copy of a policy.

But there are times when you need some sort of physical proof that you are insured and if you don’t have a policy or if you need something with a current date proving that you are still consistently paying your premium, it is then that a certificate of insurance is a useful tool.

The Certificate of Insurance

A certificate of insurance is a document issued by an insurer that discloses details about your insurance coverage. It can disclose the owner of the policy’s information, information about the insured property or person (for life insurance policy) as well as the amount of insurance and the incidents that are covered.

Continue reading "What is a Certificate of Insurance?"
or contact us at (813) 933-6691 to learn more about Tampa Insurance.

Understanding Health Insurance Terms - Tampa, Florida

The overall idea of health insurance is easy to comprehend but behind is a complex product that you should understand in order to get the best product for you.

Health Insurance Terminology

Benefit: Health insurance benefits are financial terms and parameters of the services that are covered under your health insurance policy.

COBRA: The Consolidated Omnibus Budget Reconciliation Act (COBRA) ensures group health insurance participants that they can continue receiving coverage under a group policy for a limited period of time after leaving the group. The COBRA act also protects dependents in the event that the group member dies or divorces them. This is exclusively helpful to individuals who are uninsurable or highly rated as a result of pre-existing conditions.

Coinsurance: Coinsurance is a percentage that the insured pays after the deductible has been met and does not generally exceed 20% of the cost of the procedure, treatment or visit.

Copayment: After your deductible has been reached, or in an insurance policy with no deductible, there is a flat fee that you must pay for the services you receive each time you receive them. This is called copayment.

Deductible: The deductible is the amount of money you must pay before your insurance company will begin paying any benefit.

Exclusions: The exclusions are any medical condition, illness or injury whose medical expenses are not included for coverage under the plan and that sometimes are referred to as riders.

Explanation of Benefits (EOB): Your insurance company will send you an accounting of all the procedures you had, the cost of the procedures and the amount the insurer paid for them under your policy. This is called EOB.

Health Insurance Portability and Accountability Act (HIPAA): The HIPAA governs the electronic privacy standards of health insurers and guarantees insurability after COBRA coverage ends as long as there has been continuous creditable coverage without a break of 63 days or longer (this number can vary depending on your state of residence).

Health Maintenance Organization (HMO): Health insurance ‘works’ because there is a network of medical facilities and doctors willing to perform services at the predetermined insurance company’s rate and to bill the insurance company for payment. When you have an HMO plan, you have a restricted network that you can visit for treatment. If you visit anyone outside that network there will be no insurance benefit paid against your claim and any out-of-pocket expenses will not be considered as part of your deductible.

Pre-existing conditions: If you were diagnosed with a chronic illness or injury before you became insured, this is considered a pre-existing condition. In group insurance, pre-existing conditions can be excluded in most states if you had a 63-day or longer gap in creditable coverage. Individual policies can exclude pre-existing conditions in most states whether or not there has been a gap in coverage. Some pre-existing conditions can even render the consumer uninsurable.

Preferred Provider Organization (PPO): A PPO is similar to an HMO, but they offer a minimal benefit if you decide to visit a healthcare provider or facility outside the network of medical facilities and doctors.

To learn more about Health Insurance contact us today (813) 933-6691 or get a quote.