Catastrophic Insurance

We’d like to believe that disasters caused by floods or earthquakes are rare. But as we have seen with the recent natural disasters in the United States and abroad, the impact can be financially devastating. If you were to fall victim to a natural disaster, could you pay for the damages out-of-pocket? Will your homeowners insurance provide adequate coverage? Could any of us depend on the government for assistance?

Standard homeowners insurance generally does not cover damage directly caused by either floods or earthquakes. Federal disaster assistance is usually in the form of loans or grants and is only available if the damage is widespread and very serious, and the affected area is declared a disaster area by the Federal Emergency Management Agency (FEMA). So what should you do? First, review your current insurance with your insurance professional to determine what is, and especially what isn’t, covered. Assuming you aren’t covered for damage caused by flood or earthquake, consider buying flood or earthquake insurance, especially if you live in an area prone to recurrent disasters of this type.

Posted in Commercial Insurance, PMJ Insurance

Tobacco Use & Health Insurance

Effective January 1, 2014 the Affordable Care Act (ACA) allows health insurance companies to surcharge small group health policies (2-50 employees)  for tobacco use.

However, due to several factors tobacco rates are not allowed in California, Texas, Washington, New York, Connecticut, and New Jersey.

Posted in blog

Healthcare Reform Update

Healthcare Reform Update October 1st Deadline Approaches
Recently,  The Department of Labor issued a ruling whereby employers that fail to inform employees by October 1 about the availability of health insurance through the California Exchange will not incur a fine.

http://www.dol.gov/ebsa/faqs/faqnoticeofcoverageoptions.html for additional information and sample letters for your staff
To find more information on the Fair Labor Standards Act from the DOL’s website.
http://www.dol.gov/whd/flsa/
Visit the DOL site to see if you need to be Fair Labor Standards Act compliant –  http://www.dol.gov/elaws/flsa.htm

PMJ has issued this blog or informational purposes only and we hope you find it useful.

Posted in blog

LLC V. Incorporation Which to Choose?

Your dream to own your own business is becoming a reality. But, should you incorporate or file your business as an LLC? Find out the pro’s and con’s in this article that we thought was worth sharing.

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New Employer Law Carries Hefty Fines

Effective January 1st, several new laws were implemented by the California Legislature. One in particular you don’t want to ignore. Senate Bill 459 imposes fines of up to $25,000 for mis-classifying “employees” as independant contractors. These fines are IN ADDITION to the premiums that you  would be obligated to pay your Workers Compensation Insurance Company at your annual audit. For a complete description please click here

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