navigating through insurance · 2019-09-09 · navigating through insurance. 2 the different types...
TRANSCRIPT
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Sami Satouri, RHU, ChHC®
Owner and President, Quest Insurance and Quest Benefits Inc.
Navigating through Insurance
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The Different Types of Coverages
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Risk Management
Concepts
The Need for Insurance
Different Types of Insurance
Employee Benefit Topics
Evaluation of the Presentation
Topics
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Examples of Risk Management
• Taking the elevator to avoid falling
down the stairs.
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Steps in Risk Management
• Take the stairs ➔ Incurring an injury
1.Retain the Risk
• Elevator ➔ May be too late
2.Manage the Risk
• Be early and park the car in the garage
3. Avoid the Risk
• Insurance
4. Transfer the Risk
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Avoidance
If you avoid certain activities, you eliminate exposure to
potential losses. However, in the real world, avoidance is rarely
practical.
Loss Control
Loss Control or Loss Prevention are comprised of techniques that are implemented with the intent
to reduce the ‘probability’ or ‘frequency’ with which certain
losses might occur.
Risk Management Techniques
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Retention
A business retains the financial consequences of a loss, whether intentionally or unintentionally.
Contractual Risk Transfer
Occurs when one business obtains a contractual promise from another entity to pay for
any losses that might occur. Thus, the concept of insurance.
Risk Management Techniques
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Insurance
What is an insurance policy?
• It is a contract between the insured and the carrier as a promise from the carrier to pay in the event of a loss and take the financial burden off of the insured.
What is a claim?
• It is a request for payment to make the insured whole in the event of a loss.
Businesses obtain insurance to be covered in the event of a loss
caused by the insured employee to another party or another parties
belongings (property).
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Business Owner Exposure
• Over 78% of all U.S. businesses are
structured as a sole
proprietorship.
• For the majority of small business
owners, this form of ownership
puts the responsibility onto a single
person, placing their business and
personal assets at risk.
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Who is Liable?
Whose Problem?
• Independent Contractor working
on behalf of the insured.
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Who is Liable? (cont.)
Whose Problem?
• Third Party Property Damage
• Independent Contractor’s Vehicle
Property Damage To Non-Vehicle
Property
What’s the Damage?
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Who is Liable? (cont.)
Coverage for this Type of Loss
• Auto Bodily Injury
• Lost Wages
• Hired & Non-Owned Liability
• Property Damage
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• Professional Liability
• Commercial General Liability
• Commercial Auto / Hired & Non-Owned Liability
• Workers Compensation & Employer’s Liability
• Property Coverage
• Umbrella / Directors & Officers
Basic Business Coverage
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Hired & Non-Owned Auto
Liability
Physical Damage
Crime, Inland
Marine and other
coverages
General Liability
Property
Commercial Package Policy / Business Owner’s Policy (BOP)
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Cyber Security Liability
• Cyber security threats have risen as
essential consumer financial and health
records are increasingly being stored in
electronic form.
• Risks include:
• Damage to the firm’s reputation.
• Costs associated with damage to data
records caused by a hacker.
• Theft of valuable digital assets.
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1.• Covers employee injuries sustained while on the job.
2.• Includes employer’s liability coverage.
3.• The more claims you incur, the higher your premium.
4.• Workers Compensation is required by law, MD & DC require
coverage if you have more than 1 employee & VA requires for >2
Workers Compensation Coverage
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Umbrella Coverage
• Umbrella Insurance provides an extra
layer of liability coverage over the
underlying auto, general liability and
workers compensation.
• As your earning power and assets
increase, so does your risk for loss of
assets. Therefore, you need to protect
your business assets with additional
layers of protection.
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Personal Lines
• Automobile Coverage
• Umbrella
• Inland Marine
• Fine Art-(Jewelry)
• Boat/Motorcycle
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This endorsement cannot substitute a
commercial package or a Business
Owners Policy
Home Based Consultant Business
• In Home Business pursuits
endorsement:
• Increases Personal Liability limit
• Increases Property Coverage
Homeowners Coverage
Automobile Coverage
Umbrella
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Insuring the important assets
• Insuring the business owner or partners against unforeseen diseases
or accidents
Employee Benefit Plans
Health
• Medical
• Dental
• Vision
Disability Coverage
• Protecting the employee
• Buy/Sell agreement
Life Insurance
• Protecting the employee’s families
• Buy/Sell agreement
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• The average annual premiums for employer-sponsored health
insurance in 2016:
Cost
Single • $6,251
• ($521 per month)
Family• $17,545
• ($1,462 per month)
EHBS Survey dtd 9-22-15 KFF.org
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• Individuals and families who legally reside in their state exchange,
including those who are:
• Uninsured or are under insured
• Part-time workers and independent contractors
• However, Medicaid and Medicare eligible cannot apply on the
exchange
Who Can Shop for Health Insurance on the Exchanges?
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• Plans are categorized into “metal levels” for easy comparison
• Metal level provides a general idea of what portion of covered
healthcare expenses will be paid by the plan, with the remaining
portion to be paid by the consumer (not including premiums).
• Plans between, and within, the metal levels have different designs,
such as deductibles, out of pocket maximums, and copays.
Plan Comparisons
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• The insured could be responsible for co-insurance costs as outlined
below:
Plan Comparisons
Metal Level Plan pays (approximately) You pay (approximately)
Platinum 90% 10%
Gold 80% 20%
Silver 70% 30%
Bronze 60%
of covered health expenses
40%
of covered health expenses
Metal Level Deductible Out of Pocket Maximum
Platinum Up to $1,000 $1,500 - $6,850
Gold Up to $1,500 $1,500 - $6,850
Silver Up to $3,000 $1,500 - $6,850
Bronze Up to $5,500 $1,500 - $6,850
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DC Health Link SHOP Rates
https://moneywise.wufoo.com/forms/mz8x5aj0jsk3hh/
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DC Health Benefit Exchange Individual Rates
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• What would happen to your business:
• If you were disabled for one year?
• How about inability to work for 6 months due to an eye injury?
Disability Coverage
To the unprepared small business owner, an illness or
accident resulting in disability can be devastating to
the business.
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• US Couples are underinsured.
• The average amount of life insurance is:
• Insured husbands in the U.S. have enough to replace income for 4.2
years. Wives have enough to replace 4.9 years.
• To meet the standard term of 7 to 9 years, couples need to double
current coverages.
• 56% of married participants with children say their current
insurance protection is inadequate.
Life Insurance
Husbands $235,600
Wives $147,800
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How to Contact Us
(703) 961-8886
Sami Satouri
Lisa Sheffey
Evelyn Waters
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