5 Must-Have Business Insurance Policies

Looking for business insurance in Rochester, NY?

There are many options for you, but first of all, congratulations for taking the right step. Choosing business insurance is the first important decisions. It is even mandatory by law to have certain business insurance policies. Whether you are starting a new business or you are a seasoned businessman, it is important to spend time on your business insurance decisions.
Here are some business insurances that you should seriously consider:

  • Professional Liability Insurance: When we talk about our professional fields, the question of errors is inevitable. There are several instances of professional errors that have led to serious lawsuits. Protection from such lawsuits can come from Errors and Omissions Insurance. No one wants to be held liable for professional miscalculations but there is no escape when this happens. These lawsuits are generally expensive and having professional liability insurance can ease business owner stress when errors occur.
  • Commercial Property Insurance: Depending on where your business property is located, it is prone to elements such as floods or earthquakes. This can put you in a position of risk. Having proper commercial property insurance can help you in these situations. Commercial property insurance is one of the most sought after business insurance policies in Rochester, NY considering the location and risks present there. Make sure you ask your insurance agent about the types of commercial property insurance you will need to stay protected.
  • Workers’ Compensation Insurance: This is one type of business insurance that every employer must have. Workers’ compensation insurance will allow your employees to claim benefits when injured on the job. When an employee is injured at work, the employer is responsible for the employee’s injuries, and workers’ compensation insurance will cover those medical expenses.
  • Commercial Vehicle Insurance: This can be one of the most important business insurances to add to your business insurance package. There is a chance that you will use a vehicle to carry out commercial transportation. In the case of a mishap on the road while on duty, the vehicle’s automobile insurance would cover limited areas. However, the goods that might be damaged due to the incident might not be covered by general automobile insurance. This part is generally covered by your commercial vehicle insurance. Hence, it is important to add commercial coverage to your insurance package.
  • Industry Related Insurance: There are certain industry specific insurance policies that are available and important. These policies vary from industry to industry and state to state. Ask your agent for up to date information to help you with making the right decisions based on your industry and location.Your insurance agent will be aware of the insurance policies available in your state, the limits, advantages and costs, and whether it is mandatory.

These are the major insurance policies that you should take into account when considering business insurance in Rochester, NY. Insurance is important and can reduce business risks and losses. Business insurance keeps your business financially backed up and offers peace of mind to you and your staff. Whether you are a start-up or an established business, these insurance policies are a must-have and should be taken into consideration.

5 Myths About Life Insurance Most People Believe In

Protection against life’s unexpected happenings or accidents is best served by a Life Insurance Policy. This is a policy that pacifies your life after death for your loved ones. Thinking about death is an unendurable way to spend life. Yet, life insurance is something that everyone needs to have for themselves and their family.

Life Insurance provides priceless peace of mind to the deceased family and dependents in event of death. Unfortunately, for many of us, life insurance is the least favorite financial topic to discuss and understand. It may sound like an intimidating concept. But, being an essential element of personal finance, it’s important to understand what it takes to have a life insurance policy.

There is a lot of misconception about having a life insurance in Rochester, NY. That confusion could be part of the reason that almost 54% of Americans avoid shopping life insurance. A lot of skepticism has drawn more clouds over facts than its myths. So, InsuranceTrak has tried to step ahead and dispel the different myths about insurance which most people believe in.

Here are some of the most common myths and misconceptions about a life insurance policy.

Myth 1: It’s Expensive: The biggest misconception about life insurance policy is the cost. People think it is more expensive than the protection that they truly need.  According to a 2015 insurance barometer study, 80% of the consumer misjudge the cost of term life insurance. Life Insurance can be affordable depending upon the coverage you are looking for. You can start by purchasing a policy and may even purchase additional coverage later on in life.

Myth 2: Wide Number of Choices are there: It’s true, there are many varieties of life insurance policies. Life insurance can be a single or joint insurance policy. The term life insurance can be broadly classified into whole-life insurance, permanent insurance, endowment insurance, mortgage protection insurance, travel insurance and other termed life insurance.

Myth 3: Life Insurance is Just for the Breadwinner Only: Life insurance is important for everyone. It’s been wrongly conceptualized as a policy for the breadwinner of the family. Whereas, the cost of replacing a deceased homemaker can be higher than you think. So, insuring a homemaker or stay-at-home member of the family makes sense.

Myth 4: Life Insurance by an employer is sufficient: General Life Insurance by an employer is a great benefit to the employee, but the payout is typically very low, like twice your base salary. This may not provide your family of dependents protection against any financial crisis. Therefore, it’s compulsory to have other life insurance terms added to the policy to ensure more protection.

Myth 5: You need to undertake an extensive health checkup: Usually, insurance companies ask for medical reports in case of any history of serious illness, and wants to check your current health condition. Insurers will want to gain access to medical records, and if the applicant has a history of serious illness for a long time. However, as soon as you got your policy, there’s no requirement for a medical checkup every year.

Life Insurance can be tricky in the absence of correct information. The key to ensure complete satisfaction lies in having an insurance agent or broker like InsuranceTrak. We can provide a wealth of information about the benefits, drawbacks and best method to save insurance premium costs. We are experts at comparing policies and offering the best fit solution for your individual needs, with just one click or call. You can ask us anything and trust our services for comprehensive Life Insurance in Rochester NY.

Insurance You Don’t Need

Off course insurance is necessary to protect your valuables.  Some insurance is required by law and some for protecting you form major financial disasters.

Insurance You Don’t Need

But there are some insurance providers who try to convince you to be unworthy insurance policies that you actually not need. Before you blindly pony up your hard earned money, you must know what you are getting.

Here are 5 types of insurance to think twice about:

  • 1. Mortgage Life Insurance
  • 2. Identity Theft Insurance
  • 3. Cancer Insurance
  • 4. Payment protection on your credit card
  • 5. Collision coverage on older cars

List of Affordable Family Health Insurance Policies

List of Affordable Family Health Insurance policies

Your family’s health is always a concern, and that’s why family health insurance makes sense. The possession of a good family health insurance has become a basic need, mainly due to the increase in sicknesses and medical complications on individuals. A family health policy covers everyone and ensures that, your children and you will be able to get the treatment needed as quickly as possible. But Health insurance is a competitive market, so let’s take a look at some of the best affordable family health insurance policies available to you.

#1 The AXA Healthcare

The Market Leaders AXA Healthcare has been in the business of providing policies for 70 years, and is one of the most respected of all insurers. With two million people on its books you can rest assured that it has the experience to find a policy that suits your needs. In fact, this is the world’s largest insurance group, and has a great deal of backing and support available. With a range of tailored family policies that attend to a wide range of different needs, AXA Healthcare comes highly recommended.

#2 BUPA Health Care

Another of the market leading health insurance providers is BUPA; here you can find policies that are streamlined to your particular needs. Furthermore, unlike some providers, BUPA covers you and your family for all aspects of treatment from initial diagnosis to any necessary aftercare. Comprehensive and with plenty of experience, BUPA is worth taking a look at for family health cover.

#3 CS Healthcare

CS Healthcare is a mutual society open to employees and past employees of the Civil Service. With a choice of policies for individuals and families, and 80 years of experience in providing health insurance cover, CS Healthcare can offer policies at competitive rates and is very popular among those eligible for its services.

#4 Saga Healthcare

Some of the health insurance policies are niche based and this is one kind. Saga, which is open to customers over the age of 50. If you qualify, you are entitled to take out family cover, and they offer a range of deals such as the first three months free of charge for medical care with certain terms and conditions. Saga is an experienced provider and has an easy to use online application system.

#5 Benenden Health Care

Benenden Health Care has received many accolades in the last few years. A mutual trust providing quality diagnosis, treatment and aftercare services at 21 private hospitals across the UK, Benenden has 900,000 members and is able to offer prompt service via tailored family policies.

While private health insurance provides your family with a peace of mind in the event of illness, it is also worth investing in a European Health Insurance Card. The EHICcard does not cover private health care costs, but it will allow you to receive necessary treatment in countries within the European Economic Area (EEA) either free of charge or at reduced cost, depending upon your location. It is free to apply, and it makes a very worthy companion to your essential family health care insurance policy.

Ruby Andrew lives in Bristol, UK and is an avid reader and blogger. Since her early years she’s had a passion for writing. Her articles have been published in leading UK newspapers. Her areas of interest are food, reviews (Book/Movie), Travel, Fashion, Lifestyle, Fitness and Health. She works as a guest blogger on her chosen areas of interest and currently writes on behalf of EHIC card.

Is Your Group Health Insurance Policy Sufficient for You?

Everyone is familiar with the proverb that goes like – ‘Health is wealth’. Well, the significance of this proverb just cannot be overemphasized. It is one of the most precious things to have a sound health. With each passing day, an increasing number of people are becoming aware of the importance of having a good health. However, nothing is certain in life and all of us fall sick at some point of time in life. The ailment might be trivial or fatal but in case of serious illness one’s years of savings can be depleted. Medical expenses in all forms, be it doctors’ fees, hospital fees, are rising at an alarming rate. In India, this health care has become so expensive that it can lead one to even bankruptcy. This is where health insurance plays an instrumental role. Yes, one has to shell out some money in order to have a health plan, but one has to spend a fortune if one doesn’t opt for a health policy. So, if you want to avoid burning a hole in your pocket, a proper health insurance that caters to all your requirements is your ultimate choice.

Why health insurance is a must?

You can take good care of your health by exercising on regular basis and by having a good eating and sleeping habit. But all these efforts wouldn’t cover the risks that you cannot control. Since, you never know what type of illness you may come across in future it is wiser to remain well- prepared beforehand. If you or your loved ones suffer from any serious disease you would obviously strive to provide the best possible treatment. Oftentimes, treatments are very costly and can ruin you financially. This is why a health policy is an essential thing to have these days.

Group Health Insurance

In India, Information Technology is flourishing at present and given birth to quite a few IT hubs across the country. Eminent corporate houses have their presence in these hubs and most of these companies provide their employees with health insurance policies. If you happen to be one of such employees you are also under the group health insurance scheme provided by your employer. Corporate houses usually obtain this service at a reduced price. Group health insurance is beneficial for employees because;

  • It functions as an additional benefit to employees.
  • Employees can avail health coverage without any hassle.
  • More often than not, employees are not charged to pay in order to have a health insurance.

Why group health insurance may fall short to cater to your needs?

If you are one of such employees, you must be feeling delighted to secure such a health plan. But, is your group health insurance policy enough for you? There are some crucial factors that indicate this health may not suffice your requirement.

  • Recently, many insurance houses across India reported massive loss from their group insurance plans. These results into the rise of all group insurance schemes and health insurance plans are no exception.
  • Many insurance companies in India, in a bid to get more business and to increase their client base, offer impractical price. This leads to lack of uniformity between the final claim settlement and price of premium.
  • IRDA has warned insurance houses for offering unrealistic prices.

All the above-mentioned reasons cause the insufficiency of group health insurance. Insurance companies are forced to ask for higher rates and most employers are not willing or ready to pay the increased amount. These employers, instead of paying the additional price ask insurance providers to cut down the number of services. This is exactly the reason why your group health insurance may fail to meet all your needs.

What you need to do to curb this issue?

Once you realize your group health plan is not sufficient you have to take some evasive action.

  • First of all, you need to have a word with your employer or the concerned person to know about the exclusions in the policy.
  • Once you are aware of the exclusions in your existing health plan, start looking for a health insurance that covers them. The new policy will work as the supplement of the group health policy that you already have.
  • Group health insurance policies usually are not advantageous to parents and dependents. So, you should check what are the limitations or benefits available to your children, spouse or parents. You might need to opt for an extra health plan if needed.
  • Government nowadays offers many types of tax benefits on purchasing insurance policies. You can claim up to Rs 25,000 annually towards the premium payment of your health plan.

If you really find your group health policy insufficient you shouldn’t take any risk and put yourself and your family members in danger. You and your loved ones’ health is priceless and you shouldn’t ignore that and keep them uninsured. Health insurance policies are easily available online and insurance comparison portals can help you select the best deal as per your needs.

Do You Need Wedding Insurance?

Wedding is the one of the most important day in our life. We do all our best to make it special and memorable. As per recent survey average, average American wedding costs $28, 000 and hence the wedding insurance is becoming popular among the masses. And I do realize this might be a practical decision for many as they drop so much money reservations, and non-refundable expenditures.

Do You Need Wedding Insurance?

The concept is similar:  to insuring valuables. Wedding insurance is designed to cover unfortunate events such as a venue being double-booked, or the wedding dress getting ruined before the big day.

Though there is no fixed range of insurance, wedding insurance plans range from $100 to $1000 and covers wedding dress, photography, invitation cards, advances given to venue, decoration, music, hotel booking and travel tickets or anything that would significantly impact your day.  Civil unrest, terrorism and kidnapping are the exclusions parts if the cover.

So if you are spending $28,000 in your wedding, it would be wise to add few more dollars to the wedding insurance that will give you a piece in mind and financial security.

Will you purchase a wedding insurance?

Marine Employer’s Liability Insurance

Marine employer’s liability insurance is one of the trickiest parts of the insurance for oil field contractors as well as vessel operators.

This is the policy that will cover you in the event that one of the employees gets injured while working and decides to put the blame on the nature of work or the conditions at work. The employee is offshore and hence you will be at a risk to these kinds of claim.

There are many countries in which marine employers liability insurance has become a compulsion. In the countries wherein this kind of insurance is not a compulsion it has been seen that lot of small companies have become bankrupt at the time claims are made against them.

Usually oil field contractors as well as vessel operators are the business owners that have the marine employed staff will consider to take up marine employer’s liability insurance. There are many companies who would like to work only with the companies that have this kind of insurance. This makes this kind of insurance even more important for you.

Oil field contractors

Low risk for marine employer’s liability will be taken into account when the contractor will send employees offshore to platforms. Although the employees are traveling through the vessel it will be considered that at the time of accident the only remedy that would be helpful would be Workers Compensation. However this will not stop the injured employee from claiming the damages you.

The risk will increase more if your employees are working over the vessel or floating units. This is because an injured employee possesses a great chance to prove seaman status and this is when you will again need marine employer’s liability insurance.

When you ask the companies for quotes of this kind of insurance the company will have a close look at the details submitted. The main reason behind this is that it is related to the over water work as well as commensurate payroll. This information is very important and this should not be misinformed. This can lead to disclamation of the claims at the time company looks into application form as the basis of the coverage. In case the information is misleading then declination of coverage can easily take place. Hence it is essential that the application forms of the insurance are studied well prior to singing in.

Expert Tips for saving Money on Car Insurance

Car insurance is no longer a luxury item to only people who can actually afford to pay for its heavy coverage. Today, each state government has its own policies for every driver that comes or lives in its domain. These policies can vary from one place to another, but the one thing that is common in all these schemes is the fact that the owner has to purchase a car insurance from a reputed dealer. Here are a few tips which will help you to save a lot of money while purchasing your car insurance.

#1 Consolidate Your Policies

Placing your renters or homeowners insurance along with your car insurance in the same company can help you to get great discounts. You can save up to 15% on your auto cover and the best part is that you will have only one company to make all your deals.

#2 Increase Your Deductible

The deductible refers to the amount of money an owner has to pay towards the claim before the car insurance company would pay towards it. Increase the deductible will help you to reduce your premium by 10% to 20%. For example, if you will raise your deductible from $200 to $500, then you will save about 30% on your auto cover.

#3 Get Safety Discounts

 Buying a car with features like airbags, power breaks and automated seat belts will help you to get heavy discounts on auto covers. Most of the insurance companies will give you the benefit for including all these safety features in your car.

#4 Get Security Discounts

Many insurance companies will provide you with heavy sized discounts if your car has features like anti-theft GPS system with alarms and other high tech devices like electronic disabling and automatic locking.

#5 Drop Optional Coverage

 Dropping the extra policies which include the optional coverage can help you to save a lot of money. These policies are not important and are just add on without any major benefits.

#6 Buy a Low Profile Car

Buying a car which is expensive and vulnerable to thefts often costs more to get insured. These cars need high maintenance, hence the auto insurance companies charge large amount of money to insure these cars. So, it’s always to buy a low cost / profile car so that you can insure your car in low cost.

#7 Maintain a Good Credit Rating

Many insurance companies will check your credit ratings and if your credit ratings are good, you might get lower premium offer which will help you to save large bucks without any major problems.

#8 Pay Coverage in Bulk

Paying your auto coverage in bulk will help you to get rid of extra interest rates on the premium. This will help you to save a lot of money in the long run.

#9 Ask For Low Mileage Discounts

If you have maintained a low mileage in the past few months, then you are entitled to avail the low mileage discounts which can vary from 5% to 15% on the total insurance cover. You can use public transport once in a while to maintain a steady mileage.

#10 Compare The Rates

It is highly important to compare the rates quoted by various companies. You can compare the rates and services of different dealers online which will help you to save big and choose the best deal to satisfy all your needs.

Apart from all above tips to be followed while insuring your car, it’s also very important to book practical driving test to avail extra discounts offered by the government on new policies.