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Differences Between Commercial Insurance and Medicare

Both Medicare and Commercial Insurance have their strengths when it comes to coverage. In this time of debate over insurance and its costs, it’s more important than ever to know the differences between the two.

For business owners, you might be nearing the Medicare age and wondering which insurance you should focus on, or even how to balance them. While both have their merits, they each shine in their own way.

people in a meeting over commercial insurance and medicare — *It’s easier to see the difference between two concepts if you know how they work independently.*

Basically, Medicare was created to absorb risk for people with complex or expensive health issues. Commercial Insurance is a mandatory business expense for companies to operate in our economic sphere. One is social; the other is commercial.

Let’s expand more on these concepts, and how they actually help you.

How Commercial Insurance Helps

You can refer to our guides for commercial insurance if you are starting a new business, but for everyone else, the simple answer is minimizing risk.

Commercial insurance works to protect businesses from extenuating circumstances. From Worker’s Compensation to Business Owner’s Policy, these coverage types are put into place specifically to help businesses navigate through bad luck or human error.

Without this insurance, the negligence cases alone would bury any small business trying to set up. Any theft or property damage could cripple a company, not to mention the rising rate of cybercrime. It’s a dangerous world and the protection offered by this type is critical, if not enforced as mandatory by the state, to make sure business can continue.

How Medicare Helps

Medicare is completely different in conception. Instead of strategically sidestepping risk, it instead was created to help as many people as possible. American citizens pay into it throughout their careers so that when we arrive at either old age or a disability, we can access health care.

Medicare provides protection in these cases only, not for lawsuits or property damage. So, it is more effective for the average citizen. There is still confusion over whether Medicare offers the most coverage or an employer’s group health insurance. For more on that topic, read this.

One For Each Need

With what we’ve covered, commercial insurance is fantastic in the business world, as it has been designed to work in that sphere. On the other hand, Medicare, as a federally administered program, is a different beast entirely.

people discussing commercial insurance and medicare — *A simple look: Medicare is for everyone, while commercial insurance is just for businesses. Each individual must see how these stack in their case.*

While they can be used simultaneously, the different insurance types must be used properly in specific situations. These can be overwhelming to look at, especially if you want to use both to the best of respective strengths. Ready to get your best coverage?

EZ.Insure can give you the help you need to navigate both Medicare and Commercial Insurance. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.

The Beginner’s Guide to Professional Liability Insurance

If you sell products or provide services, you need professional liability. Your business can only benefit from this coverage.

Here, we’ll take a look at what Professional Liability covers, real-life examples, and costs.

business owner looking at professional liability coverage — *Running a company is difficult, but professional liability will bring peace of mind.*

What is Professional Liability?

This policy is often called “Errors and Omissions,” so if you see either, know they mean the same thing. Businesses need protection from professional mistakes, and this insurance type offers just that.

The worst-case scenario is a negligence lawsuit against your company. But, with this policy, you’ll be covered! A Professional Liability plan will help cover all costs and fees associated with the lawsuit, this includes legal fees and damages you have to pay. For businesses offering things like advice or services, it comes with the territory. An example of this would be a construction worker who is sued because a wall he built fell during a storm and the customer believes it was because of the companies negligence. A lawsuit like this has the ability to shut down a small business, but with professional liability, they would be covered!

This policy brings peace of mind, knowing that should unforeseen circumstances take place, you’ll be safe from the negative effects lawsuits bring to your company.

What is Covered?

While there could be exceptions, these are the typical circumstances covered by professional liability:

Business Mistakes– If your client incurs losses, and your business is at fault, then the financial costs will be covered.
Legal Costs – Should a lawsuit come your way, your company won’t have to pay the court fees or otherwise. This is regardless of the court’s decision.
Negligence– Should you incur a lawsuit due to failing to meet a client’s standards, then you are covered.

You might think these don’t apply to your business, but reading further will give you a better perspective.

Real-World Examples

Example: Let’s say you’ve been contracted to clean office space for a client. Your staff was sent out, but the client calls back, complaining that the work was unsatisfactory. To make matters worse, the client purchased the cleaning before a work event, so they are blaming the loss of the event on your company. Then comes the lawsuit.

Now, this example seems unfair, but even in an unfair case, you’ll still be charged several thousand dollars in legal fees. Do you really want that for your company?

man arguing on a call with headset — *Lawsuits come to even the best prepared. Liability can help recover when this happens.*

Example: You’ve performed surgery on someone but made a small medical mistake resulting in calling the patient back. The results are what you’d expect. While this mistake is human, it could cost you heavily in a negligence lawsuit. These range into over $100,000, especially with medical cases.

Example: Your business has a contract with another for financial advice, and you were confident that your advice would increase their profit margins, but it didn’t.

Now, the other company is suing you to make up for their own profit losses. Think this situation doesn’t apply to you? It can be any type of undelivered service. If you are promising something, simple human error or bad luck can intervene.

What Are the Costs?

Thankfully, professional liability is a less expensive option. However, you do want to keep continuous coverage to reap the benefits mentioned above.

For the average small business, professional liability will cost between $60-$80 a month–around $700 a year. This, of course, can be even less if the business is low-risk. If you run a high-risk business like construction, the costs can rise to nearly $2000 a year.

office table with plants, phone, and notebook for professional liability — *EZ.Insure is designed simply to get you access to the best coverage.*

Purchasing professional liability is easy enough, especially with an agent on your side. They will have the most up to date information about what level of coverage your company really needs to keep you safe–without overspending.

EZ.Insure is here to help. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.

At EZ.Insure, we know that starting a business can be overwhelming, so we’re putting together an easy series for reference. If you need more information, see our Business Insurance Masterlist and our Group Insurance Guide.

What Senate Bill 86 Means For Your Group Health Policy

Are you satisfied with your current group health policy? Whether you are or not, Senate Bill 86 is going to shake things up. As a business owner, you need to stay up to date with what new legislation will do for your bottom line. Our representatives in Washington are always working on something new.

senator looking at senate bill 86 on a clipboard — *Here are some great changes to look forward to! Get ready for new AHP rules.*

In this case, we have some great news. Besides the new HRA changes, small business owners will benefit greatly from this new Senate bill. It’s a change in group health insurance policies affecting Association Health Plans (AHPs).

What is an AHP?

An association health plan is a health insurance option requiring a group of employers to purchase. For small businesses, options for purchasing coverage can seem expensive and limiting. Most simply do not have the capital for group health insurance that the larger corporations do. However, with AHPs, small businesses, sole proprietors, and similar employers can form an association to purchase coverage together. As a group, the businesses have more capital to work with, providing a more attractive offer for insurance companies.

What Will Senate Bill 86 Do?

Senate Bill 86 is “an act to establish standards for Association Health Plans and multiple employer welfare arrangements.” Springboarding off similar previous legislation, the bill provides an easy way to group closely-related employers and give them access to AHPs.

The bill enhances AHPs, and small businesses of at least 50 employees are eligible to join. Because of changes by the Trump administration last June, this bill reduces the stringent requirements put in place with North Carolina’s AHPs specifically. However, there are still requirements for gaining one:

An AHP must be offered by a non-profit organization.
The non-profit must have been in business for two years beyond selling insurance.
500 employees are the minimum for a qualifying non-profit.

If you meet these requirements, you are eligible for joining with other businesses in your area. Enrollment will be on a case-by-case basis. Checking with specific associations in your area is your next step should you choose to enroll.

What Does This Mean For You?

government building at night with an orange moon — *With this bill set, what new legislation can the Senate give us to make group health easier?*

As a small business owner, you can use this legislation to acquire group health plans that before you did not have access to before. Besides access, this bill gives more security to the benefits you receive. There were rumors before of “junk” health plans or scams that preyed upon employers seeking coverage. Through this new legislation, not only does it save you money, but you also can look forward to coverage of:

Mental health care
Emergency care
Hospitalization
Maternity
Doctor visits
Prescription drugs
Maternity

If you think these are good policies, consider looking into AHPs in your area. This is a great time with the new Senate legislation.

EZ.Insure will help your business succeed. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-615-4893. EZ.Insure makes the entire process easy, and quick.

Theft Exclusion: Ways Your Insurance Might Not Cover You

It is a fact that insurance policies have loopholes in them. One loophole is theft exclusion, and it affects most commercial insurance policies, even if the words “theft exclusion” are not presented in black and white.

close up of broken window — *Have you been robbed before? Break-in’s happen, so you’ll want to prepare for the worst.*

These tiny words can spell disaster for you should a theft occur on your property. Not only can they leave you high and dry during an unfortunate time, but you can also feel bad for not reading the fine print. More simple mistakes business owners make can be found here. Not to worry, there are steps you can take to prevent being blindsided by theft exclusion. Before that, let’s talk about what you need to know.

What Theft Exclusion Is

Most exclusion clauses come in mighty fine print. It’s no secret companies make excellent use of wordy contracts. Who reads complete terms and conditions anyway? Forget the owner’s manuals…

However, we must look into theft exclusion. The clause removes an insurance company’s duty to provide financial assistance to you in your time of need, depending on the situation. While in most cases your property insurance (within a Business Owner’s Policy) covers a loss, the rules set down for covering said losses are outlined when you purchase a policy. It is extremely important that business owners read the fine print completely before signing.

This can be a challenging situation for anyone with commercial insurance to understand without seeing it in action. Consider this:

Example:

You own a restaurant. One night, you pass by and notice a broken window. Heart pounding, you discover your beautiful business was robbed. The criminal shattered the entry window, cut the power to your security system, and made off with your cash register.

security cameras for a business — *No matter how much security you have, a good thief can find a way in.*

To make matters worse, the food in your refrigerated coolers was in the “danger zone” for too long and is now unsafe. Not only are you out of money, but you are also unable to continue running your business.

So, you file a reimbursement claim. Most claims support damage incurred during the looting, but excludes the peripheral damage. You might receive compensation for the window and cash register, but you can kiss food reparations goodbye.

What You Can Do

When signing for your policy, speak with the underwriter so that you completely understand the coverage you qualify for. Further, look into what exclusions apply. For example, the situation above was exacerbated by the clause “due to temperature changes, the loss is disclaimed for property damage.”

It might cost you more money during the sign-up period, but it can make a complete difference come bad times. Whether you are looking to purchase a new policy or renew an old one, the wise business owner will take a good look at what their policy covers–and what it excludes.

EZ.Insure saves you from these headaches. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.

The Beginner’s Guide to a Business Owner’s Policy

Seeking for advice for your new business? EZ.Insure provides not only ease with insurance, but also these simple guides. Reading them should arm you with the knowledge you’ll need to navigate the business world, like what our policies cover. Curious about more than just a Business Owner’s Policy? See our Business Insurance Masterlist and our Beginner’s Guide to Worker’s Compensation. Here, we’ll take a look at what our Business Owner’s Policy (BOP) covers, application times, and costs.

business owner looking into insurance coverage — *Want to start your workday with a smile? Think of the ways you set yourself up for success like coverage.*

What is a Business Owner’s Policy?

So, what defines a BOP? One of the most important types of coverage, or at least the most useful for the business owner, is this policy combining both liability and major property insurance. With the combination, both policyholder and insurance company can benefit. The choice of what you actually want to combine is up to you. Here are your options:

General liability
Property liability
Business Income/Interruption
Cyber insurance

The above coverage types extend protection should any property damage, bodily harm, or income loss happen to your company. No one ever wants these types of things to happen, but it is always better to be prepared just in case.

Without a Business Owner’s Policy, you take the financial brunt of any misfortune happening on your company property, including cyber theft. Take for instance if while at your businesses someone slips on a cracked floor and breaks an ankle, if you do not have a business owners policy, and a lawsuit ensues, you will be responsible for any reparations, plus the loss of when you have to shut down for repairs.

When Can You Apply?

The short answer is now! There is no open enrollment for a Business Owner’s Policy. However, you may ask your agent about special offers, especially if they are time-dependant With EZ.Insure, your agent will make sure to get you the best policy for exactly what you need. The best time to apply is when you feel you need coverage.

business laptop with a new product for a business owner — *New products? If you’re moving up in business, you might consider new coverage.*

If you feel you are ready for a Business Owners Policy the next step is to reach out to an agent to have any questions answered and get a quote for different types of coverage. You can reach an EZ.Insure agent at PHONE NUMBER. Before you call, write down what you think will be right for your business. If you hold most of your information online, we would suggest adding cyber liability insurance, or, if your business is mostly physical property and equipment, property liability would be best. Taking a small amount of time to take note of your assets will make your application process smoother.

What Is Not Covered?

A Business Owner’s Policy does cover quite a bit, but there are exceptions. Worker’s Compensation and Professional Liability are not covered in a BOP but are solid policies to hold. Remember, Worker’s Comp is mandatory in most cases, but Professional Liability is not. While these are not included in the BOP, be sure to do your research if your company has a high risk for malpractice suits. People make mistakes, but certain professions like doctors need extra protection with insurance.

What Are the Costs of a Business Owner’s Policy?

The average cost ranges between $30 to $200 per month. Of course, this will vary based on your needs. Ask your agent to help keep costs down. Also, keep in mind that while this may seem like an extra bill per month, the median cost of just one business lawsuit is $54,000. That’s the price of a good car. Can you afford a surprise purchase like that? To make matters worse, millions of cases pass through U.S. courts annually. Do you like those odds?

two business owners talking about insurance — *Talk to your friends in the business. What advice could they give you about their own coverage?*

The process can be easy enough, especially with an agent on your side. They will have the most up to date information about what level of coverage your company really needs to keep you safe, but not overspending.

Freelancers – You Need Coverage! Here’s Why.

You might think that working from home means you do not need freelance commercial insurance, but that couldn’t be further from the truth. Even though you work for yourself and might not be in a ‘traditional’ job environment you still need to be covered!

work computer with plants and pictures on desk — *Keeping a good workspace is more than just cleaning. It’s also insuring your materials.*

Are you working with web design or freelance writing? Are you part of Amazon’s crowd work team or a virtual assistant? The choice to do freelance work is usually made with the many benefits in mind like setting your own hours, choosing daily workloads, or even working from a laptop in your pajamas.

While these are sought after, many new freelancers overlook an important benefit: choosing your own insurance coverage. Without a company over your head, you are not restrained to their options for group health or otherwise. The same goes for commercial insurance since you can be considered a business of one. But like any businesses you will have to put in the work to get the proper coverage. This can be daunting but if you have a professional agent on your side it will be much easier. If you want free advice, quotes, and help to sign up EZ.Insure can help you by calling 888-615-4893.

Why Get Freelance Commercial Insurance?

Like any type of business, even a freelancer is subject to bad luck. Working for a company with group health insurance can give you security, so if you land in the hospital, you have some cushion with your medical bills. When you work for yourself, none of that is the case. So, what will you do if misfortune comes your way?

brunette freelancer with coffee mug at computer — *No matter where you are, you can work a bit better knowing you’re covered.*

You can try to justify not getting covered with thoughts like, “But I rarely leave the house?” or “I can take care of myself. This lifestyle proves it.” Do not be misled by these. If you work for yourself, then that means you have to take more care of yourself. As a business of one, your entire career rides on your health and ability to recover in bad times. This is why it is important that you get your own health insurance.

Other than health insurance, you also need a business owner’s policy just like the storefronts, corporate buildings, and bakeries. Just because you work from your laptop doesn’t exclude you from insurance benefitting a business. In fact, this puts you at higher risk for cybertheft, considering your source of income and tools involve the internet.

In essence, freelancers like you deserve proper insurance just as much as an employee at a traditional job. While you don’t work in an office or take lunch breaks, you are subject to the same dangers that befall other workers. You may be in even more danger without the support of a large business behind you.

Which Insurance Types Cover You?

Similar to other businesses, the standard plans will protect you in the same ways. However, unlike most businesses, you will need to file under a small business or sole proprietor. The differences are minor but necessary for the terms of your coverage. Here is the standard set of freelance commercial insurance, and why you need them:

man at a bar working freelance — *Take a moment to think. If you work from home, why not get insurance from home too with EZ.Insure. It’s quick and easy.*

Business Owner’s Policy – As a sole proprietor, business mistakes can be all on you. That makes it worse. Take out a policy to protect yourself in the future. Potential clients will also think better of you when you land on your feet after unfortunate circumstances.
Group Health Insurance – You can apply for Group Health as a sole proprietor, but you must be a legitimate business. Interested in health coverage? If you are interested, you will find a solid start both here and here.
Disability – Whats happens if you break an arm and can’t work? This is a scary time for you, especially when not covered. There are both long-term and short-term options for you.

With any of these plans, also consider adding a Health Savings Account (HSA). These accounts save money and help come tax season. All of these together take the sting out of any bad luck that rolls your way. As a freelancer, you probably already know that your luck can vary from week to week.

Planning for and getting coverage can get frustrating. One other factor freelancers should consider is time. Your time is precious, so why waste it attempting this on your own?

If you are looking for peace of mind, EZ.Insure offers solutions. Your agent will answer any questions you have, compare the plans available to you, and even sign you up when you are ready, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-998-2027. EZ.Insure makes the entire process simple, easy, and quick.

Tag: insurance