(800) 869-8643

admin@hayesbrokers.com

Three Overlooked Policies Business Owners Need

Three Overlooked Policies Business Owners Need

When you start your own business, the main focus is getting things started. That often means going without necessary items in order to make sure the business gets a strong push out of the gate. New (and even some seasoned) business owners will often go without to make sure their hard work isn’t for nothing. One area where it is easy to cut corners is insurance. The policies entrepreneurs often leave on the table are the very ones that could be most helpful. Here are three overlooked policies every business owner needs: 1. Workers Compensation If you have a small business or even a large one with a lot of payroll, it can be tempting to file an exemption or waiver with the state, and leave yourself without workers compensation coverage in the event of an accident. This is not the best decision. As a sole proprietor or new business owner you may be the only employee your company has or you may be one of the hardest-working employees. What happens to your company if your hardest-working employee is unable to work due to a work-related injury? If you think your health insurance will cover you, think again. Many health or medical insurance policies will exclude coverage for on-the-job injuries. If you are injured on the job and unable to work for any length of time, will your business survive? Will your family suffer financially? Solution: Add yourself to the worker’s compensation policy. In most states there is a cap on owner/officer payroll (find out more here), so the premium investment won’t be as much as you think. You...
Life Insurance: The Basics

Life Insurance: The Basics

When it comes to the financial health of your family or business, you probably think you have all of the bases covered: a good job, a good marketing strategy, savings, retirement and even investments. The question is, when you are no longer around to provide these, how can you protect your family and/or business? The answer is life insurance. It doesn’t have to be a daunting concept, if you know the basics. Here we will share some basic policy concepts to help you decide which type of life insurance policy may be right for you. Term Life Insurance Term insurance is exactly what it sounds like: a policy that is purchased for a certain term, usually anywhere from 5 to 30 years. You can purchase term life insurance for a set number of years based on your age, your tobacco habits and many other features. The monthly premium for the term can be either a fixed amount per month, or the premium may fluctuate up or down over the years, depending on when you are purchasing the policy and why (such as for the terms of a mortgage). The policy may be purchased at any age or stage in life, but age is a factor in determining the premium. Pros: Premiums are typically much lower than other types of life insurance policies written for the same amount.  There is usually no health exam associated with the policy wih lower limits of coverage, just a questionnaire about your personal habits, hobbies and job. Higher limits may require a paramed exam. Term insurance may also be transferred to a whole life...