Archive for December 22, 2010
Business overhead expense disability insurance – Wikipedia, the free encyclopedia
December 22, 2010 | Author admin
Business overhead expense (BOE) disability insurance pays the insured’s business overhead expenses if he or she becomes disabled. A BOE policy pays a monthly benefit based on actual expenses, not anticipated profits. It is designed for businesses that rely on a small number of people (or one person) to produce revenue.
[edit] Coverage
The following business overhead expenses are typically covered by a BOE disability policy:[1]
* Rent
* Interest payments on some business debts
* Utilities
* Employees’ salaries and payroll taxes
* Postage and stationery
* Equipment maintenance
* Rental, lease, or depreciation of office equipment
* Taxes on the business property location
* Insurance premiums for Workers’ Compensation, employee medical, and liability
* Accounting fees
* Professional memberships and subscriptions
Policies do not cover the salary of a temporary employee hired to do the duties of the disabled. Income taxes, the cost of inventory, and the cost of furniture are some expenses that are not covered. .
[edit] Characteristics
* Benefit Periods: BOE insurance policies have short benefit periods that do not usually exceed two years.
* Elimination Periods: BOE policies typically have short elimination periods; either 30, 60 or 90 days.
* Maximum Benefits: BOE insurance policies offer a maximum monthly benefit, but only pay actual overhead expenses if they are less than that maximum benefit. With some insurers, any unused benefit can be applied to increase future monthly maximums or to extend the benefit period.
* Taxation: BOE insurance benefits are subject to income tax, but the premiums are tax deductible as a business expense.
* Rates: BOE insurance rates are based on the insured’s age (at time of purchase), occupation, and health status. Once a BOE policy is owned, coverage can be increased without providing evidence of medical insurability.
via Business overhead expense disability insurance – Wikipedia, the free encyclopedia.
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Business Overhead Expense Insurance
December 22, 2010 | Author admin
How long would your business survive if you were temporarily disabled? How would you pay the salaries of your employees and meet your monthly expense obligations? Some statistics would have you believe at least 50% of persons aged 35 will suffer a disability lasting at least 90 days before they attain the age of 65.
When a disability occurs, generally three things are sure to happen to a business owner:
* their regular living expenses will continue to occur;
* business expenses will continue to occur; and,
* at this most inopportune time, the income earned from the business will be severely interrupted.
Business overhead expense (BOE) insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. This is not the same as personal disability insurance which usually pays benefits to age 65. A business overhead expense policy pays a shorter benefit of one to two years after a waiting (elimination) period. It is generally considered that no business can stay open more than two years if the owner is disabled and the business will either be shut-down or sold.
These policies also work where there is more than one owner. If there is a business partner each partner can take out a policy to accommodate their share of the expenses.
The premiums paid for the business overhead expense insurance is a legitimate, tax-deductible business expense; however, the benefits are treated as taxable income when paid.
Generally, there are two conditions which must be met to trigger the payment of benefits:
* total disability due to injury or sickness must be present and
* the expenses covered by the policy must be incurred during the disability.
Typically, eligible business overhead expenses are:
* employee salaries
* employment taxes
* employee benefit costs
* rental payments for property and equipment
* principal and interest on mortgaged business property
* utilities
* accounting and legal fees
* business insurance expenses
* interest on business debts
* property taxes
* general office supplies
Any agreements and insurance polices within a business must be integrated with the overall plan and objectives of the business. Careful consideration must be given to the selection of the plan which is right for your business and to the method of funding your plan.
* * *
This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contract your insurance agent. Our articles are intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.
Section 902 Definition of the Term Disability
December 22, 2010 | Author admin
Notice Concerning The Americans With Disabilities Act Amendments Act Of 2008
This document was adopted by the Commission in 1995 to explain its interpretation of the term “disability as used in the ADA. In 1999, the Commission published an Addendum to this document explaining that the discussion of mitigating measures in Section 902.5 was no longer correct due to the Supreme Court’s decision in Sutton v. United Airlines, Inc. The Americans with Disabilities Act Amendments Act of 2008 (ADAAA) was signed into law on September 25, 2008 and became effective January 1, 2009. Because this law makes several significant changes to the definition of the term “disability,” the EEOC will eventually make extensive changes to this document, but not before publication of a final regulation implementing the ADAAA.
Since the ADAAA applies only to acts of alleged discrimination that occur on or after January 1, 2009, the guidance offered on the meaning of “disability” in this document (with the exception of Section 902.5) will still apply to alleged discrimination that occurred prior to January 1, 2009.
The EEOC published a Notice of Proposed Rulemaking on September 23, 2009. For information on the proposed ADAAA regulation and to learn about the major changes made to the definition of “disability”, see http://www.eeoc.gov/policy/docs/qanda_adaaa_nprm.html.
Disability Planner: What We Mean By Disability
December 22, 2010 | Author admin
The definition of disability under Social Security is different than other programs. Social Security pays only for total disability. No benefits are payable for partial disability or for short-term disability.
“Disability” under Social Security is based on your inability to work. We consider you disabled under Social Security rules if:
* You cannot do work that you did before;
* We decide that you cannot adjust to other work because of your medical condition(s); and
* Your disability has lasted or is expected to last for at least one year or to result in death.
This is a strict definition of disability. Social Security program rules assume that working families have access to other resources to provide support during periods of short-term disabilities, including workers’ compensation, insurance, savings and investments.
Disability – Wikipedia, the free encyclopedia
December 22, 2010 | Author admin
A disability (or lack of a given ability, as the “dis” qualifier denotes) in humans may be physical, cognitive/mental, sensory, emotional, developmental or some combination of these.
An impairment is a problem in body function or structure; an activity limitation is a difficulty encountered by an individual in executing a task or action; while a participation restriction is a problem experienced by an individual in involvement in life situations. Thus disability is a complex phenomenon, reflecting an interaction between features of a person’s body and features of the society in which he or she lives.”[1]
An individual may also qualify as disabled if he/she has had an impairment in the past or is seen as disabled based on a personal or group standard or norm. Such impairments may include physical, sensory, and cognitive or developmental disabilities. Mental disorders (also known as psychiatric or psychosocial disability) and various types of chronic disease may also qualify as disabilities.
Some advocates object to describing certain conditions (notably deafness and autism) as “disabilities”, arguing that it is more appropriate to consider them developmental differences that have been unfairly stigmatized by society.[citation needed]
A disability may occur during a person’s lifetime or may be present from birth.
Third-party claim | Define Third-party claim at Dictionary.com
December 22, 2010 | Author admin
Legal Dictionary
Main Entry: third–party claim
Function: noun
1 : a claim made against a third party in a third-party complaint —compare COUNTERCLAIM, CROSS-ACTION, CROSS-CLAIM
2 : a claim made by an injured third party (as a third-party beneficiary of workers’ compensation insurance) against an insurer or insured for indemnification
via Third-party claim | Define Third-party claim at Dictionary.com.
third-party claim – Wiktionary
December 22, 2010 | Author admin
third-party claim (plural third-party claims)
1. A derivative lawsuit brought by a defendant in an original lawsuit, claiming that another new party being brought in is responsible for or should share in the plaintiff’s damages against the defendant.
* Practise note: the third party being sued by the defendant is cited as “First Third Party”, “Second Third Party” etc.
Business Insurance – And What You Need To Know – Article Blast! Free Articles And Content For Reprint On Your Website, Newsletters and Ezines. Submit Your Articles For Free!
December 22, 2010 | Author admin
Getting your business up and running is exciting, challenging and hard work. You’re finally making money – and you are the driving force that is making your business grow. But have you taken care of the “What ifs”. Like – “What if I get sick, how do I pay my bills” or “What if I have a fire, how do I keep my business running”. Simply put, the one thing you do not want is to have the business that you have labored so
tirelessly on, hit a financial snag.
If you are a sole proprietor or a partnership – both your business and personal liabilities are at risk. Do you think you’re safe if you incorporate or have an LLC? Many are misled into believing this is so, however, you too can become personally liable if you sign a personal guarantee on a loan, personally injure someone or act irresponsibility. As you will see, owning business liability insurance can and
does protects your business and personal life from financial ruin. My discussion here will be limited to Business Interruption,Overhead, Umbrella Liability and Liability Insurance – explaining what these four types of insurance are, and what they can offer you and your business.
Business Interruption Insurance
Business Interruption Insurance helps to insure against any economic losses that you may encounter if something should happen to close down your business. For example, you have a fire in your corner of the house – your business office.
Your home is covered for property damage – thus, the rebuilding is covered, however, what about the lose income you’re losing while you rebuild? That’s where Business Interruption Insurance can come in to play.
Overhead Insurance
There is one type of business insurance that you may want to consider when your business is making a good profit, and that would be Overhead Insurance. Overhead Insurance covers rent, salaries, utilities, insurance premiums and/or interest payments that are related to the business – this type of insurance would cover you in case of a major illness or accident.
Umbrella Liability Insurance
Umbrella Liability Insurance is used for catastrophic losses. This will protect you in the event someone wants to sue you. An umbrella policy will upgrade your basic auto, homeowners or business insurance to cover these unforeseen events.
Liability Insurance
If you have people coming to your home-based business, than liability insurance may be something you should look into it. Liability insurance will cover you against
claims made by others against you for injuries or damages that occurred on your property.
Yes, your homeowner’s policy includes some liability insurance, but it may not cover you for liability claims caused by your business.
To conclude, life offers many unexpected turns in the road – and basically, that’s what all insurance does – it protects you against those unexpected bumps in the
road – and keeps you moving toward your goals with only limited stales. Personally, I believe I can deal with a small bump in the road better than a complete halt in
business. How about you?
How To Get Best Auto Insurance – Article Blast! Free Articles And Content For Reprint On Your Website, Newsletters and Ezines. Submit Your Articles For Free!
December 22, 2010 | Author admin
Insurance is something to make life secure easier and clearer. Financial help after any accident whether be natural or man-made is very hard to bear. But at this high time if we get any financial help it is enough to console us mentally. The money of insurance works like friend in need is friend indeed. In case of auto insurance we can invest the money and can go for repairmen. The insurance company pays complete compensation for the accident.
These were the basic advantage of insurance company; now let us find the way to get the best insurance deal and what are the formality require for getting an insurance. To get an insurance first you have to go through the companies and give the quote according to your need and want. Make sure that you have gone through a long and detailed search before applying for the one. Go through the price tag and the installment you have to pay for availing the best cover. To know more about car finance and car loan click here.
There will be instances when you have a pressure of your friends or relative to go for a particular insurance company. For instance one of your friends tells you to opt go for xyz car finance in South Florida. For situation like this you do a good search and then confirm his/her request if found suitable.
Generally insurance money is actually your own money because it is deducted from your own salary on monthly basis for a particular period of time. The insurance company on account of that money provides a security circle around your particulars for which you are paying. Natural disasters, at times can churn your life to pieces it can bring to a big halt. Here insurance will work for you. There are insurance companies who take monthly installment on time but never pay the compensation on time. Never ever stick to that sort of company. Always go for that company who deliver right service on right time.
To know more about the best insurance quote it is very important that you have a very warm relation with your insurance agent, many insurance company appoint independent insurance agent to promote and bring the business. Insurance company are very frequent with changes they keep on bringing new changes to attract customer. So, if you will have a good relation with your agent you will be well informed about the profitable deal. By this way you will earn a good profit with minimum investment.
Now when comes about getting car insurance then companies tends to check your previous records. For instance, if you accidentally meet an auto accident then make sure you are not going to get the same deal. So always try to drive safely on the road to enjoy the cheap service.
To sum it all, it is important to take your time when shopping for your Maryland Auto Insurance, interview a representative of the company and ask friends and neighbors if they can refer an insurance company.It can save you time and money in the end.
Worker’s Compensation – A thing that every worker should know – Article Blast! Free Articles And Content For Reprint On Your Website, Newsletters and Ezines. Submit Your Articles For Free!
December 22, 2010 | Author admin
Work place accidents occur. It’s a fact. From very minor incidents such as small cuts and bruises to very serious accidents that may result in death. Previously known as “workman’s comp” for short, the name has been changed to Workers’ Compensation. Worker’s compensation is basically an insurance policy, derived from state statutes, which protect employees if they become injured or sick while carrying out the duties of a job. Worker’s compensation may also pay damages to a worker’s family if the worker is unable to return to work for a long time or suffers a fatal injury.
Each state has its own worker’s compensation regulations and rules, and state laws control an employer’s responsibility to its workers. State law establishes the types of injuries and sicknesses, which are actionable, and the award an injured party could receive for those conditions. Federal law only relates to employees of the national government or those persons who carry out interstate commerce. Coverage includes work-associated illnesses, sickness, falls and other accidents in the workplace.
Workers compensation does not just cover medical costs; it also provides income replacement for the injured worker due to an on the job injury or accident. Depending on the state of jurisdiction, the employee might get up to 2/3 of his or her usual wages, until they are able to return to work.
Worker’s Compensation is insurance that provides medical and disability benefits for work related injuries and diseases. For many employers this insurance is an experience rated system that encourages injury prevention by charging higher premiums to those employers whose workers have more injuries.
Workers’ Compensation sole purpose is to cover the medical expenses accumulated by the injury, as well as financially support of the employee while they are recovering. As an incentive to encourage businesses to accept full responsibility for the premium costs of workers compensation, the workers gave up the right to sue the employer for damages resulting from a job related injury. Many seem to think workers compensation should be treated as an employee benefit. However rather than a benefit, workers compensation is a legally mandated right of the worker. As a mandated right all medical bills and loss wages relating to an on-the-job injury are covered by the workers compensation coverage.
