You may assume that insurance companies make more money than they know what to do with.
In the last few years, insurers have actually paid out more in claims than they’ve taken in in premiums, losing five cents for every dollar taken in. However, insurance companies continue to operate throughout all types of economic climates.
So, how do insurance companies make money? [Read more…] about How insurance companies make money
In today’s world, it is more important than ever to make sure your business computer network is secure. Here are a few steps to get you started. [Read more…] about Simple tips for securing your computer network
Auto insurance premiums are on the rise. They have been for years.
For nearly a decade, auto insurers have experienced claimed losses that are significantly higher than projected. Across the auto insurance industry, companies have been paying $1.05 in costs for every $1.00 in premium revenue received. Just ten years ago that amount was $0.95. Because of this phenomenon, according to the United States Department of Labor, the pace of premium increases is at a 13-year high.
Here are a few reasons costs are going up. [Read more…] about The rising cost of auto insurance
Total cost of risk is well known to risk managers in large companies but it is a concept that even small business owners should know…as it can save you lots of money!
Total cost of risk is generally defined as, insurance costs + losses + costs of risk management. The goal is to minimize the number.
The philosophy is “what gets measured gets better”. In this case it’s a way of saving you unnecessary expenses. Let’s take a closer look at why you may want to start measuring your total cost of risk.
Workers’ compensation (also known as “workers’ comp”) is insurance that offers compensation to employees who suffer from a job-related illness or injury. It’s the law in New Jersey that most employers must have workers’ comp.
Here’s a quick briefing on workers’ compensation insurance.
15 million Americans were victims of identity theft in 2016, according to the latest research from Javelin Strategy & Research.
The most common forms of identity theft are misuse of your credit card or bank account, accounting for 86% of identity theft cases according to the Department of Justice.
Here are some tips on avoiding identity theft and for putting alerts in place to let you know if it happens.
[Read more…] about What you need to know about identity theft
Medicare will cover your health costs when you reach the age of 65. Well, sort of…
As you’ve been working you’ve been paying into Medicare every month. Now when you reach retirement age Medicare will pay you back by paying for your healthcare costs.
That’s the theory, but of course Medicare was designed by the government, so it’s more complicated than that. Here’s a quick primer on Medicare choices.
We will say right upfront that you probably want to talk to an insurance agent before you finalize your plan. [Read more…] about How to choose Medicare coverage
Nobody wants to think about getting hurt or succumbing to a disease that makes it hard for them to work but according to the Council for Disability Awareness a 20-year old worker has 1 in 4 chance of this happening before they retire.
The federal government and the state of New Jersey provide workers with disability coverage, as do many employers, but even so many workers find that having additional private insurance makes sense. [Read more…] about Do you need more disability insurance?
You probably don’t want to think about getting old. You definitely don’t want to think about living in a nursing home or needing someone to help you with the basics of living.
But the facts are that around 70% of adults over the age of 65 need long term care assistance sometime in their life.
You may rely on the idea that Medicare will cover all these expenses but that just isn’t the case. This is where long term care insurance comes in. Here’s what you need to know.
[Read more…] about What you need to know about long term care insurance
Some people never review their auto insurance policy. This is not the best approach. Changes in your life can affect the coverage that is best for you.
Here are some times when it makes sense to review your auto policy. [Read more…] about When to review your auto insurance