Robb Mandelbaum’s piece today in the New York Times “You’re the Boss” section today is an excellent read for many small to mid-sized business owners seeking to “game the system” once the Affordable Care Act is fully in place. The article explains in cogent detail why a business owner cannot bust up a large company into smaller companies to avoid application of penalties associated with failing to provide health insurance after 2014.
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Split Your Company to Beat Health Insurance Reform…Think Again.
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The current debate in Congress over the debt ceiling and federal spending is raising the possibility of a reduction of the United State’s credit rating from “triple-A” to “double-A.” How? Well, the argument is that the Treasury could not make payments on existing debt. And, just like your household, when you cannot pay and are late or miss a payment your credit is damaged. The Treasury Department has stated: “If Congress fails to increase the debt limit, the government would default on its legal obligations – an event unprecedented in American history.”
What would this mean? How would this affect your business?
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Can the Debt Ceiling Debate Effect Business Insurance Premiums?
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I just finished an article discussing why it can be helpful to look at packages of business insurance products created for a specific industry.
Many insurers build on their experience with specific categories of business insurance customers to create packages of commercial insurance tailored to your business.
For example, Nationwide has one of the best websites that illustrate this point. It’s “popular industries” page lists a number of specific businesses and provides information, checklists, and FAQ’s specific to the industry category.
This can be both an educational and cost saving way to purchase insurance for your business.
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Let the Insurer Create a Business Insurance Package for you.
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Who buys earthquake insurance? Well, Californians buy the most according to a list provided by the Insurance Information Institute. The Institute provided a list of direct premiums written by state in 2009. California tops the list with $ 1,584,897,000 in direct premiums.
Washington state is second, followed by Missouri and Tennessee, states that do not come immediately to mind when one thinks about earthquakes.
Earthquake damage is generally not covered by either the traditional homeowners or business insurance policy. But, “earthquake damage” is damage caused by cracking and shaking. Other types of damage may be covered and you will need to discuss the coverage with your insurance professional.
The terrorist attacks on the United States on September 11, 2001 resulted in one of the largest insurance losses in history. Reports differ. Some sources state that Hurricane Katrina caused greater losses, others find 9/11 to represent the most catastrophic insurance loss. All agree that losses exceeded $ 32 billion at a time when it was estimated worldwide insurance reserves were approximately $ 300 billion.
The loss involved property insurance, workers’ compensation, liability insurance, airline insurance, and many other facets of the insurance market. And today’s business insurance market was changed forever on that day.
