Monthly Archives: May 2016

Business Insurance for Young Entrepreneurs

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Congratulations, you started a YouTube channel and one of your videos has gone viral and you have morphed into an entrepreneur.  You now have a product or service to sell; you are on the right path to building a successful business.

As a business owner you realize you have a multitude of moving pieces that must be taken care of – one being the need to insure your new venture and assets.

Important components to insure:

  • Your property
    • Your computers, office furniture, equipment, and any other business personal property you need to run your business
  • Your space
    • Home-based operations? Your homeowners or renters  insurance may not cover you if you are operating a business
    • Renting space? Your landlord may require you to submit a certificate of insurance and name them as Additional Insured
    • Purchasing a building or condo for your business operations and taking out a mortgage?  You will be required to purchase insurance prior to the closing. And if you do not have a mortgage, it is important to insure your investment
    • Whether you are renting or purchasing you must insure your location
  • Your liability
    • Insurance will protect and provide you with defense against lawsuits arising out of you or your employee’s negligence. For example:  personal injury or property damage claims such as your product causes injury to someone or an entity,  someone trips and falls while visiting your business location, or your product damages someone else’s property.

You can bundle these valuable coverages into one policy, often referred to as a Business Owners Policy (BOP) or a Commercial Package Policy (CPP).

Other components:

  • Workers’ compensation– If you have employees, you are legally required to carry Workers’ Compensation insurance. This covers lost wages and medical costs due to an on the job illness, or injury.
  • Disability benefits insurance – covers lost wages due to an off-the-job injury or illness.
  • Professional Liability– Do you give professional advice or provide a professional service? If so, you should consider purchasing Professional Liability insurance.

Has this got you thinking?  Getting all your answers from Google may not be as easy as you think.  Google does not know your business.  However, by contacting an Independent Insurance Agent  like ourselves, will connect you with an insurance consultant that will provide you with ALL your answers !

Please don’t let your dream be destroyed by an uninsured event.   Think about it and contact us today!

Disability Income Insurance: What Every Professional Needs to Know

Most people know they need to insure their life, their car, and their home or condo.  But they often overlook insuring their most important asset – their ability to earn an income.  Your income is the primary source of funding for a lifetime of things, from basic necessities to the hopes and dreams you have for yourself and those you love.  The $3-9 million or more you’ll likely earn over the course of your career is surely an asset worth insuring.

But what would happen if your income stopped because you were too sick or injured to work? Without a paycheck, how long could you pay your rent and utilities, buy groceries, make student loan payments, etc.?  In all likelihood, your life would be thrown significantly off course.

Before you say this could never happen to you, consider the fact that 1 in 4 of today’s 20-year-olds will become disabled before they retire.1  And if you’re thinking that most disabilities are the result of freak accidents, you’re in for a surprise. The vast majority of disabilities, about 90%, are caused by various forms of illness including cancer, mental disorders like anxiety and depression, muscle and back problems, and heart disease.2

What to Look for in a Disability Income Policy

Disability income insurance (DI) can help replace your income if you become too sick or hurt to work. It provides a buffer against the unexpected.  Should disability strike, DI provides income that can be used to keep your household running as well as to help you adjust to your changed circumstances.

But before you go shopping for a DI policy, you need to know what features to look for to get income protection you can count on:

How Disability is Defined

The definition of Total Disability outlines what constitutes being totally disabled.

  • If a policy defines Total Disability as inability to return to work in any occupation, then it would typically pay benefits only if you were unable to perform any job, either your own or a job in a new field or occupation.
  • If the policy defines Total Disability as an inability to work in your own occupation, it typically pays benefits if you cannot perform the duties of the occupation you were engaged in prior to becoming ill or injured.

Coverage for a Partial Disability and/or Recovery

A policy’s Residual Disability benefit provides protection in the event of partial disability or during a recovery period.

  • Typically payable in an amount that is proportionate to the loss of income suffered due to sickness or injury.
  • Supports your financial recovery while you recover physically.
  • Not available with most group plans.

Flexibility to Tailor Coverage to Your Specific Needs

Both now and in the future, options (also called “riders”) like these let you:

  • Increase coverage as your income grows with no medical insurability requirement.3
  • Adjust benefits to help keep pace with the cost of living.
  • Safeguard retirement contributions.
  • Protect student loan payments.

Portability

Most professionals expect to change jobs or employers multiple times during the course of their career.

  • You can take individual DI coverage with you when you change jobs.
  • Group Long-Term Disability (Group LTD) plans typically are not portable.

Cancellability

To avoid the possibility of losing your coverage just when you need it most, choose a policy that’s both non-cancellable and guaranteed renewable to age 65—with premiums also guaranteed until age 65.

  • With group or association group coverage, you run the risk of being dropped and left unprotected at a time in your life when, due to your age or to a change in your health, it would be very difficult to qualify for coverage from another provider.

Timing

It’s important to note that the cost of individual disability income protection is age-based, so you can lock in a lower rate by buying now while you’re young and healthy.

You’ve made a significant investment of time and money to build your career with the promise of financial security and the other rewards your profession provides. But should you become too ill or injured to work, that promise evaporates. Contact a reputable DI insurance agent to ensure you have adequate protection for your greatest asset.

 

Nicholas V. Limongeli | NRL Wealth Creation Strategies, LLC
Disability Income Specialist & Financial Representative
25 Carle Road, Westbury, NY 11590
Office : 516-334-4900 x254
Fax : 516-334-0564
Nicholas_V_Limongelli@NRLagency.com
www.nrlagency.com

 

1 U.S. Social Security Administration Fact Sheet, October 2015.

2 Council for Disability Awareness 2014 Long-Term Disability Claims Review.

3 Restrictions and limitations apply. The amount of additional coverage available will be financially underwritten based on the amount of disability insurance you have or are eligible to receive, as well as your income at the time you apply.

 

Prepared by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America, New York, NY. Product provisions and availability may vary by state. Optional riders are available for an additional premium.

2016 Mother’s Day Message from Our President

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If I had to use one word to describe how I’m feeling on this Mother’s Day, it would have to be “Blessed”.   I am so blessed to have the love and support of my mom, Ingrid Petschauer.  It is her encouragement, smiles and gentle voice that keeps me energized and positive during my busy work days and her check-in calls or our fun shopping dates that help me refuel and laugh on the weekends.

On this Mother’s Day, I find myself reflecting as we recently celebrated our first anniversary in our new home in Garden City.  Where does my strength, positive attitude, perseverance and resiliency come from that has allowed me to take the opportunity to move our home and build a professional  team of insurance consultants to continue to promote our Petschauer brand of honesty, integrity and trust?  There is no doubt in my mind that it is the wisdom and strength of my mom that is the powerful “force” behind the success of Petschauer Insurance !

This blog is dedicated to my mom as I wish you a very Happy Mother’s Day.  It is my wish for you that you are recognized and celebrated in a fun and loving way so that you feel as extraordinary as you are.

And I offer a spiritual Mother’s Day wish for those whose special woman is no longer present.  May the memories of her life and love fill your day and your heart with smiles and joy as she is with you forever.

Wishing you a very Happy Mother’s Day !

Ever Think of a Career in the Insurance Industry?

Today’s job market can be quite overwhelming for young job-seekers.  What industry is open to hiring young and ambitious individuals looking real world experience?  

Have you thought about going into the insurance world? There are amazing career opportunities awaiting you in our field.

Millennial Careers Chart

 

PERKS OF THE INDUSTRY:

  • There is lots of room for growth
    • There are a variety of careers to choose from including accounting, customer service, marketing, sales, IT, HR, operations and underwriting.
    • Companies are looking for young talent to train and potentially fill these roles
  • Insurance will be around “forever”, providing great job security for those in the industry
    • Insurance is always needed, no matter the economic climate, so it is safe to say that you will always have a job.
  • No work day is ever the same
    • If you are looking for a job where you learn and experience new things every day, then insurance is perfect for you
  • You will feel a sense of purpose as you will be part of an industry dedicated to helping people and protecting their assets and families

If you are looking for more than just a glamorous industry and want real world experience that relates to your skills, than the Insurance industry is for you. We at Petschauer Insurance have a number of opportunities that you can find at our careers page:

LIFE

 

Protect Your First Apartment with Renters Insurance

Protect Your First Apartment with Renters InsuranceSo you have finally decided to make that big move to your very own apartment. For the first time in your life, you will be living by yourself – no roommates, no parents, no siblings. You have complete say over the space, décor and furnishings. Although you may think that you are in total control, there are events that can occur that you may have absolutely no control over.

Some of these events can include a neighbor’s candle starts a building fire, someone breaks into your apartment, or a kitchen pipe bursts causing severe water damage. These are all instances that unfortunately occur. Many people are under the impression that their landlord’s policy will cover them. However this is not the case – a landlord’s policy will only cover their building, not their tenant’s belongings. This is why you should consider a policy of your own.

The most common occurrences that a Renters Insurance policy would cover are:

Below are some additional benefits of having a Renters Insurance Policy:

  1. Personal Liability: protects you if you are found legally responsible for injuring someone else or damaging someone’s property
    • It will cover your legal fees
    • If you are found negligent, it will also cover any legal settlements up to your coverage limit
    • Medical payments to others – provides payment of medical expenses for guests who are accidently injured in your home regardless of fault
  2. Personal Property: It will cover most of your belongings, including:
    • Furniture
    • Appliances
    • Clothing
    • Electronics
  3. Loss of use: If your apartment is uninhabitable due to a covered loss, the policy will pay for any additional costs incurred such as Temporary housing
    • Additional grocery/ restaurant bills
    • Cost of moving your personal property to a storage space

With all these benefits included in Renters Insurance you may think that the cost of a policy is astronomical. However, Renters insurance is one of the most affordable coverages that you can purchase, averaging under $20 a month. So why wait for something unfortunate to happen before you consider it? Get it now, and save yourself from any regrets!

Phone: 516-419-5050
Fax: 516-871-0691