When you start a business, it is likely that you will be considered a high risk individual. Over time, insurance companies will consider your loss ratio and the details of your claims when they are determining the business insurance premiums that you will need to pay for your coverage.

What is a Loss Ratio?

Before you can understand how it impacts your premiums, you must recognize what the ratio is and how it is calculated. The ratio refers to the amount of money that the insurance company pays out to the business in claims when compared to the amount that the company is paid. For example, if you pay $100 per month and your total claims over the year add up to $600, then you would have a loss ratio of 50 percent for the full year. The company made $1200 from your premiums, but paid out $600 in claims, resulting in a profit of $600.

How it Impacts Your Premiums

The reason that the ratio impacts your premiums is the risk assessment. If you have a history of a higher-than-average ratio when compared to other businesses within the same industry, then you can expect to pay more to the company because of your claims.

Furthermore, you can expect to pay more when you have a high ratio over a particular year, even if you have a low ratio over the course of several years prior to the current time.

Ratios, statistics and average data help insurance companies identify the amount of risk that comes with protecting your business. Ideally, you want to have a low or reasonable ratio to get the best rates. Contact us to speak to an agent to learn more about your options and the policies that are appropriate for your business.

The Affordable Care Act was designed to give every American, access to health care coverage without worrying about being denied care because of pre-existing conditions, limits on coverage, or termination because you used your policy too much. There is still a lot of confusion about terminology, coverage specifics and what you can expect from your health insurance and how the payment system will work. As your independent agent, we’re here to clarify things for you, and to make sure you have a good understanding of how your coverage works.

When you see your doctor, the office files a claim with your insurance company. The insurance company pays a percentage of the cost of services you received. That percentage is subtracted from the amount the insurance company allows for that particular service. Whatever is left after your insurance company pays their part, which is typically 80 percent, is the coinsurance, or amount you have to pay out-of-pocket. If you have a deductible, the insurance company subtracts that amount from what they pay, so you’ll have to pay the deductible and the percentage.

In New York state, however, your insurance company can’t charge you a co-payment, or expect you to pay a deductible when you see your doctor for routine preventive care services. The insurance company will pay whatever percentage they allow, and for these services only, you won’t have to pay anything.

New York also has a cost-sharing program to help people whose income falls below a certain threshold. When you apply or applied for medical insurance through the state’s sign-up program, you can find out if you qualify for help from the state.

If you have Medicare, and you have a supplement to your Medicare policy, your supplement may cover what Medicare doesn’t pay. If your doctor bills Medicare directly and accepts direct payment from Medicare, then you can’t be charged a co-payment for what Medicare doesn’t cover. If you have Medicare and also have prescription drug coverage through Medicare, you are responsible for the amount that your drug insurance doesn’t pay for your medicine. The amount you pay is also called coinsurance, which is the same as a co-payment.

The coinsurance does not affect your health insurance when you go to the doctor for things that aren’t considered basic preventive care because you pay nothing for these visits.

Contact your independent agent in one of our Schenectady or Saratoga Springs, New York offices to compare prices on health insurance coverage for you, and your family.

Medical costs are a primary reason for bankruptcy in the United States, even if you hold health insurance. One way to protect yourself against unexpected medical costs is by setting up a health savings account alongside your health plan. Not all health plans are eligible for a health savings account, however.

Generally, the only plans that work with HSAs are high deductible plans, sometimes called catastrophic health insurance. These plans have deductibles over $5,000 and are intended to defray costs related to major hospitalization. The monthly premiums are quite low, making this an affordable option for the younger demographic who doesn’t have ongoing medical needs.

After purchasing a compatible plan, you set up a health savings account through a financial institution. You deposit money into this account as you would a typical savings account, but you do not pay tax on this income as long as it’s used for medical expenses. This tax advantaged account helps you save for your medical expenses, while not carrying around more of a health insurance plan than you need.

Sometimes your employer may offer a health savings account directly, saving you the need of setting up your own through a bank. While the employer may set it up for you, you own the account and have complete control over the money going in and out. It’s a good system for putting your medical money in a place you can easily get to it, without being tempted by it in your actual bank account.

Don’t get caught flat footed by medical bills that come out of nowhere. Contact your local independent agent in Albany, NY to get an eligible health insurance plan to pair up with a health savings account.

The difference between general and professional liability is definitely something that any business owner will need to be aware of. The majority of businesses in New York will need to retain both of these types of liability insurance coverage, but every situation is unique so you should discuss your individual needs with your insurance provider before making a decision about your liability insurance needs.

General liability coverage is necessary for any business. So much so, that virtually all United States businesses are required to hold this coverage by the laws specific to their state. General coverage is that which protects your business from lawsuits that might be filed when someone is hurt while on the business property. Another thing that general coverage typically encompasses is product liability. If your company produces an item or a service that is consumed or used by the public, there is potential for that item or service to cause damage, for which you would be held responsible. This coverage will also protect you from legal actions from product damage to consumers.

Professional liability is a more specific type of coverage that is geared towards contracts. As a business owner, you will have business obligations that are usually outlined in contracts. If your business fails to meet contractual obligations, and another party suffers some type of damage due to that, this coverage will protect you legally.

Every business has different needs. If you are a Saratoga Springs, Schenectady, or Albany NY business owner, you may feel that the minimum insurance will work well for you – however, a careful perusal of your liability coverage can really help. There is no reason to leave your business, and therefore your future, under-insured. Our agents can give you quotes anytime, free of charge. We want to help you grow your business while being fully protected by a great liability policy!

Time to boost your life insurance? You might want to consider universal life insurance, a type of life insurance that provides coverage for your entire life and can also earn you money while doing so.

The good news? Plenty of insurance companies in the Albany, NY area offer universal life insurance policies. And you can shop online for these policies, which gives you the opportunity to compare rates from competing life insurance companies without leaving your computer screen.

Before you shop for this specialized life insurance policy, it’s important to understand what it is. Much like whole life insurance policies, this type of policy provides coverage for the insured’s entire life. Unlike term life insurance, universal insurance won’t expire as long as you continue to make your regular payments on time. When you die, your insurance policy will provide payouts to your beneficiaries.

Universal life insurance policies differ in one key way, though: In such policies, you’ll regularly set aside dollars to invest. The face value of your policy, then, can increase or decrease over your life as the investments behind it rise or fall. When you die, your beneficiaries might receive the face value of your policy or the face value and additional cash from the investment account attached to the policy.

Because this form of insurance offers more benefits, it generally costs more than does basic term life insurance. Because of this, it’s especially important to shop around when looking for a universal policy. Doing this is the best way to guarantee that you’ll pay the lowest rates possible for this life insurance protection.

Shopping for life insurance used to be a chore. It required you to call several different insurers to ask individually about their rates. Today, though, you can shop entirely online, something that will save you valuable time.

Here at the NY Twin Bridges Insurance Agency, we have a long history of helping customers from Albany, New York in all age groups with their insurance needs. An independent agent at our agency can provide advice that might just save you some money, especially if you are recently retired and then have a change in employment status. When a person retires from work, they often call their health care provider and report their new status which may lead to changes in their policy.

As a retiree, perhaps you were looking forward to paying lower premiums on your polices as you head towards your golden years. It’s not unheard of though for someone who recently retired to become bored and decide to become reemployed. If you are reentering the workforce as an employee of the federal government, it’s possible there may be options available to you for free or otherwise discounted insurance.

It is true that the United States federal government often provides health insurance for some of its employees but these programs often involve deducting money from the employee’s paycheck. It is possible that a plan through the NY Twin Bridges Insurance Agency may be more cost effective than the government’s health care options.

There are a number of health plans that are built specifically for government workers. If you are part of the Albany, Saratoga Springs or Schenectady region, you owe it to yourself to stop in to the NY Twin Bridges Insurance Agency today to find out how we can help you on your path back into the workforce.

The Albany, Saratoga Springs and Schenectady areas of New York have been served by the NY Twin Bridges Insurance Agency for years. Our agency is used to helping people from all walks of life, including those who are the owner of their own commercial business or are a partner or corporate officer within their company.

Each independent agent at our offices is professional trained on unique situations just like yours. You probably took out a worker’s compensation policy for your business because it made sense to you to have your workers covered in case something should happen while on the job.

You may be wondering though what would happen if you yourself decided that you wanted to be covered under your business’s policy. Would your monthly premium go up? Would it be affected by the amount of money that you personally bring home or would it be affected by your entire payroll?

At NY Twin Bridges Insurance Agency, we have the answers to your questions. We can’t give you all of the specific answers in this blog, as each business owner’s situation will be unique.

But if you are located in Albany or the surrounding area, you owe it to yourself and to your employees to give us a call to discuss your worker’s compensation concerns today. Chances are, we may be able to give you an overview of your entire policy and possibly save you some money, in addition to answering your specific questions about your own coverage options. To get started call us today.

Depending on the type of life insurance policy you choose, you may be able to purchase a policy for your small business in Albany, New York, without needing to qualify by undergoing a medical exam. NY Twin Bridges Insurance Agency can help you find a policy if you are in Albany, Schenectady or Saratoga Springs.

As an independent agency, we can help you research life insurance policies that may not require medical exams or medical information. That may be the case with a guaranteed issue life insurance policy, although those policies are typically the most expensive.

Other types of policies, such as a simplified issue life policy, may require some medical information but not an exam. Simplified issue life policies are typically less costly than guaranteed issue life insurance policies yet more expensive than those that require a medical exam to qualify. You may run into exceptions if the amount of life insurance you wish to purchase is very high, in which case an exam may be required for policies that normally would not need one.

Even if you do have to undergo a medical exam to qualify for your small business life insurance policy, the exam is typically brief and only covers basic information. A life insurance medical exam usually takes about 20 minutes, and the paramedic administering the exam can often come to your home or office so you don’t have to go to them. The paramedic may ask a few questions, check your height and weight, take blood and urine samples, and request past medical records.

To learn more about your life insurance options and their qualifications call NY Twin Bridges Insurance Agency today.

As a business owner, it is usually best to obtain a commercial general liability insurance policy to protect the assets of your company from potential losses. Although liability protection in Albany, New York may not seem necessary, it ensures that you will not face financial hardships when accidents occur on company property.

Basic Coverage

The details of any liability protection plan can vary based on the type of business that you own, so the specific coverage can differ between insurers and policies. Regardless of the situation, a basic plan will usually provide protection against accidents that may take place on company property or against injuries from defective products.

A variety of options are available based on the needs of your company. In some cases, the plan may focus on products that you produce while other businesses may focus on potential accidents on company property due to the higher risk of potential accidents.

Finding the Right Plan For Your Business

The best general liability policy for your company depends on your specific concerns and the potential problems that your business may face. You may be held responsible for slip and fall accidents, injuries related to improper use of products if you did not have a warning label, defective products or similar situations that cause injuries.

The right plan for your company will depend on the situations that you may face. Every business has different needs and requirements, but the protection plan ensures that you will not pay for accidents and injuries by selling company property.

Taking responsibility for the injuries that your products, employees or services cause is essential for any company. Contact NY Twin Bridges Insurance Agency to talk to an independent agent to learn more about your plan and what is covered.

When it comes to your employment there is nothing more critical than getting your retirement in order before the time comes to call it quits. The big problem that some people have is that they do not stay at one job long enough to qualify for any kind of retirement benefits. Here are some things that you can do if you find that you do not have any retirement benefits in Albany, New York.

Your Retirement Options When You Leave Your Job

• Just because you leave a job with no pension does not mean you do not have options. One of the first things you can do is participate in the 401k program. Most companies have a matching plan that you can have to save money for retirement.
• Look into whether you are eligible to buy company stock. Some companies allow their people to buy general stock at a discounted rate.
• Get a life insurance policy that builds cash value. This can give your family and yourself the peace of mind knowing that your funeral expenses are taken care of.
• You can also look into opening an IRA account for future retirement expenses. An IRA gives you a pretax contribution option to grow your money.

There are a lot of things that you can do in order to build for your retirement once you have left your job. If you have any questions about your insurance needs, then you need to contact your independent agent today. As your agent we can help answer your questions and help you get the coverage you need for when you are ready to retire from being in the work force.