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commercial insurance fire insurance Commercial fire Insurance california

As California burns, here's what you need to know about fire insurance

The Los Angeles Times:
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california burns

Most homeowners insurance covers both your home and all property within. More than 90% of homeowners buy coverage, according to recent estimates, and as many as 40% of renters purchase insurance for their belongings.

After the recent drought turned California into a huge pile of kindling, insurers racked up billions of dollars in fire-related claims. Some, such as Allstate, stopped writing new policies. Others, such as Farmers and State Farm, became choosier about homes they'd cover.

The insurance industry says it's ready to handle claims from the fires now raging statewide.

"Insurers will 100% be there for homeowners," said Nicole Ganley, a spokeswoman for the western region of the Property Casualty Insurers Assn. of America, a trade group. "Insurers are moving very quickly to help policyholders."

Read more here: http://www.latimes.com/business/lazarus/la-fi-lazarus-fire-insurance-20171011-story.html

 

 

commercial insurance

Defying Trump, California Legislature bans short-term health insurance

The San Francisco Chronicle had an article on California banning low quality insurance in our state, a type of Insurance it said that the Trump administration is seeking to expand.  "The California Legislature has passed a bill banning the sale of short-term health insurance plans — a type of insurance the Trump administration is seeking to expand. The bill, SB910, authored by State Sen. Ed Hernandez (D-West Covina), was approved by the Senate on Monday and the Assembly last week. It will need the signature of Gov. Jerry Brown to become law."

Even though the subject can often be complex, it's important to know the benefit structure of the insurance you are buying for your employees and what is covered. You can call us here at Humanomics, and we can help.

For more on this move by the California legislature, see the article: 
https://www.sfchronicle.com/business/article/Defying-Trump-California-legislature-bans-13169686.php

Long-Term Disability Insurance Gets Little Attention But Can Pay Off Big Time

“It won’t happen to me.” Maybe that sentiment explains consumers’ attitude toward long-term disability insurance, which pays a portion of your income if you are unable to work.

Sixty-five percent of respondents surveyed this year by LIMRA, an association of financial services and insurance companies, said that most people need disability insurance. But the figure shrank to 48 percent when people were asked if they believe they personally need it. The proportion shriveled to 20 percent when people were asked if they actually have disability insurance. ...

Read More Here:  https://californiahealthline.org/news/long-term-disability-insurance-gets-little-attention-but-can-pay-off-big-time/

california insurance

Another year of high California wildfire losses likely: Moody’s

 

The Carr wildfire in California has likely caused an estimated $1.5 billion in insured losses to date, foreshadowing another major wildfire loss event for insurers in the state, according to a report by Moody’s Investors Service Inc.

See More at Link:

https://www.businessinsurance.com/article/20180802/NEWS06/912323091/Another-year-of-high-California-wildfire-losses-likely-Moodys-report-Carr-fire

Business Insurance commercial insurance

Business Insurance Demystified: Consider These Policies

Business Insurance

How Much Does General Liability Insurance Cost for Your Business?

 

Commercial Insurance cost

According to a 2010 survey by Travelers Insurance, 94 percent of small-business owners are confident their business is protected against insurable risks, despite only 56 percent having disaster-recovery insurance. Levesque's story is actually a rarity in the business insurance world. Many business owners don't understand how small business insurance works, and how to budget for it correctly.

To find out more - go here: How to Budget for Business Insurance

 

 

california insurance commercial insurance

California Commercial Insurance Guide for Consumers

 

About the Department

The California Department of Insurance publishes a commercial insurance guide for consumers that teaches you the important things to know about purchasing insurance for your business.

From their guide:

How Can I Purchase Commercial Insurance? (Contacting a Broker-Agent)

One of the first steps in purchasing small business insurance is to contact a licensed insurance broker-agent who specializes in commercial coverages. Beginning a working relationship with a reliable, competent broker-agent can be as crucial to your business plan as getting professional advice from an accountant, banker, human resources analyst, payroll specialist, lawyer, or a trusted business mentor.

Business contacts that you have made are excellent referral sources for recommending a commercial lines broker-agent, especially if the contacts are in the same industry as your business or in a closely related industry.

Professional broker-agent associations can assist you in your search for a licensed commercial insurance broker-agent. The Insurance Brokers and Agents of the West (IBA West) and the Western Insurance Agents Association (WIAA Group) are professional associations that can assist you in contacting a commercial insurance broker-agent in your local area. Please see the "Resources" section of this brochure if you would like to contact the IBA West or the WIAA Group. Also, looking through the local yellow pages under the insurance section can aid you in locating the phone numbers for those broker-agents specializing in commercial insurance.

You can contact Humanomics Insurance Services Inc to get commercial insurance for your business.

Call To Get a Quote for Your Business Now 

 Phone: (877) 315-4195 

 We Have Fast and Professional Insurance Consultants Standing By 

california insurance

Covered California sees big rate hike from federal tax law, but not from Trump's legal moves

The Los Angeles Times reported that Covered California’s premiums are expected to rise significantly next year. But the head of the state’s insurance exchange said the Trump administration’s legal bid to dismantle protections for people with preexisting medical conditions will likely not contribute to the increases.

Health plans will only be “pricing for the changes that they can absolutely see,” Peter Lee, executive director of the agency, said Wednesday. And because the legal challenge will take time to work its way through the courts, California will have “an opportunity to implement state protections” should they be needed, Lee said.

Business Insurance employee insurance

New Employee Healthcare Company Being Created "Free From Profit-Making Incentives" 

Amazon, Berkshire Hathaway, and JPMorgan Chase on Tuesday announced a partnership to cut health-care costs and improve services for their U.S. employees. The announcement slammed the shares of multiple companies in the health-care sector.

The giant companies, which together employ more than 1.1 million workers, will launch an independent operation that's intended to be free from profit-making incentives.

The new company's goal at first will be to target technology solutions to simplify the health-care system.

Details of the new company were sketchy, with principals of Amazon, Berkshire and J.P. Morgan noting that the way it will work remains to be seen. They're hoping that their sheer size will help bring the necessary scale and resources to tackle the issue.

"The ballooning costs of healthcare act as a hungry tapeworm on the American economy," Berkshire CEO Warren Buffett said in a statement. "Our group does not come to this problem with answers. But we also do not accept it as inevitable. Rather, we share the belief that putting our collective resources behind the country's best talent can, in time, check the rise in health costs while concurrently enhancing patient satisfaction and outcomes."
 

The announcement makes sense of Amazon's early moves in health care over the last year. It speaks to the desire to rip apart the traditional health-care system from distinctive silos. Experts have anticipated more deals and vertical integration in wake of CVS announcing its intention to buy Aetna.

Adam Fein, president of Pembroke Consulting, said it's "long past time" for employers like these three to force innovation into the health-care system.

"For better or worse, there are warped incentives baked into every aspect of the U.S. health-care system, from medical innovation to care delivery to insurance and benefit management," Fein told CNBC. "Rather than merely bashing the current system, I hope this new organization can help patients and their physicians make more informed and more cost-effective decisions. Technology will be necessary but not sufficient to make positive changes."

Analysts echoed the sentiment that the health-care system is outdated and ripe for disruption, paving the way for the new endeavor. However, they cautioned it could take time. Some experts are skeptical the three companies can meaningfully lower costs and improve outcomes.

"If this winds up being the low cost provider to make insurance more affordable at employer level, it could wind up being a real disruptive competitor to an industry that has not seen any new players in years/decades," Jefferies analyst Jared Holz told CNBC. "[I'm] not going to call this black swan event yet because there are few details and would be making too many assumptions but it has potential to be."

J.P. Morgan currently uses Cigna and UnitedHealth Group to administer health benefits on a self-insured basis and Amazon uses nonprofit Premera Blue Cross, according to Evercore analysts. Amazon uses ExpressScripts as its pharmacy benefits manager, said Leerink Partners' Ana Gupte.

Shares of Berkshire and J.P. Morgan fell slightly, while Amazon edged higher.

However, shares of health-care companies fell sharply. Express Scriptsand Aetna sank 3 percent; Cigna slid percent while CVS and UnitedHealth fell 4 percent.

"Today's announcement by Amazon, J.P. Morgan & Chase company, and Berkshire Hathaway is clear recognition that the healthcare system needs to continue to create and deliver meaningful value to payors and patients," Express Scripts said in a statement."...We look forward to hearing more about this new initiative and how we can work together to improve health care for everyone."

Amazon in particular can play a strong role if it promotes a greater presence for technological advances including artificial intelligence and information sharing platforms into health care, said Idris Adjerid, management information technology professor at the University of Notre Dame's Mendoza College of Business.

"We find that technology initiatives which facilitated information sharing between disconnected hospitals resulted in significant reductions in healthcare spending," Adjerid said in a statement. "That said, it is unclear what the scope of this effort will be. If this partnership is to meaningfully improve healthcare delivery, it needs to include more than the employees of these companies."

The announcement was light on details but said three top executives, one from each company, will take the lead on the project: Berkshire investment officer Todd Combs, J.P. Morgan's Marvelle Sullivan Berchtold and Beth Galetti, a senior vice president at Amazon.

Combs was a hedge fund manager before joining Berkshire in 2010. Berchtold was previously global head of mergers and acquisitions at drugmaker Novartis before joining J.P. Morgan last year, and Galetti was FedEx's vice president for planning, engineering and operations before joining Amazon in 2013, according to their LinkedIn profiles.

"The healthcare system is complex, and we enter into this challenge open-eyed about the degree of difficulty," said Amazon CEO Jeff Bezos. "Hard as it might be, reducing healthcare's burden on the economy while improving outcomes for employees and their families would be worth the effort."

"Our people want transparency, knowledge and control when it comes to managing their healthcare," said J.P. Morgan CEO Jamie Dimon. "The three of our companies have extraordinary resources, and our goal is to create solutions that benefit our U.S. employees, their families and, potentially, all Americans."

Here's the full press release:

Amazon (NASDAQ: AMZN), Berkshire Hathaway (NYSE: BRK.A, BRK.B) and JPMorgan Chase & Co. (NYSE: JPM) announced today that they are partnering on ways to address healthcare for their U.S. employees, with the aim of improving employee satisfaction and reducing costs. The three companies, which bring their scale and complementary expertise to this long-term effort, will pursue this objective through an independent company that is free from profit-making incentives and constraints. The initial focus of the new company will be on technology solutions that will provide U.S. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost.

Tackling the enormous challenges of healthcare and harnessing its full benefits are among the greatest issues facing society today. By bringing together three of the world's leading organizations into this new and innovative construct, the group hopes to draw on its combined capabilities and resources to take a fresh approach to these critical matters.

"The ballooning costs of healthcare act as a hungry tapeworm on the American economy. Our group does not come to this problem with answers. But we also do not accept it as inevitable. Rather, we share the belief that putting our collective resources behind the country's best talent can, in time, check the rise in health costs while concurrently enhancing patient satisfaction and outcomes," said Berkshire Hathaway Chairman and CEO, Warren Buffett.

"The healthcare system is complex, and we enter into this challenge open-eyed about the degree of difficulty," said Jeff Bezos, Amazon founder and CEO. "Hard as it might be, reducing healthcare's burden on the economy while improving outcomes for employees and their families would be worth the effort. Success is going to require talented experts, a beginner's mind, and a long-term orientation."

"Our people want transparency, knowledge and control when it comes to managing their healthcare," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. "The three of our companies have extraordinary resources, and our goal is to create solutions that benefit our U.S. employees, their families and, potentially, all Americans," he added.

The effort announced today is in its early planning stages, with the initial formation of the company jointly spearheaded by Todd Combs, an investment officer of Berkshire Hathaway; Marvelle Sullivan Berchtold, a Managing Director of JPMorgan Chase; and Beth Galetti, a Senior Vice President at Amazon. The longer-term management team, headquarters location and key operational details will be communicated in due course.

Business Insurance

Insurance 101 for new business owners

 

Business Insurance Meeting

If you’re thinking about starting a business, you know a thing or two about taking risks. But remember, it’s smart business to limit your risks however and wherever you can.

That’s where business insurance — and solid advice from your agent — come into play.

Is business insurance necessary?

The short answer is absolutely. Especially if you have employees, in which case some types of insurance, including workers’ compensation and disability insurance, may be required by law.

What’s the risk?

Many small businesses go without insurance because of the cost. But those businesses haven’t carefully considered what not having insurance could cost them.

Tips for protecting your business

These tips can help you secure the right insurance for your company:

  • Work With an Agent
  • Create a Detailed Business Plan
  • Assess the Unique Risks Common to Your Business
  • Packages Many Smaller Risks Into Umbrella Policies
  • If You Have a Home-based Business, Make Sure You Cover Both
  • Review Annually

 

To see this article in full, go to Pittsburgh Business Times