Personal Insurance
Should I have my home and auto insurance with the same company?
Absolutely YES! If you can package your home and auto together with the same insurance company you should do it. There could be significant cost savings involved, in addition to other benefits.
Do claims and tickets affect my insurance premiums?
Yes. Claims for homes and claims and violations for autos do make a difference in the rating of your policy. The impact depends on the severity of the claim and if you were at fault. Tickets and accidents will impact your premiums for a three-year period while major tickets such as DUI’s and careless driving can impact your rates for five years.
Is my credit considered when rating my policies?
Yes. Your credit will be checked when an insurance company is rating a home or automobile policy for you. This is an insurance score, which is slightly different than your credit score. The insurance score does not show as a “hit” on your credit, like other credit inquiries (multiple credit inquiries can actually lower your credit score).
Business Insurance
Is Business Insurance Tax Deductible?
Business insurance is tax deductible, as long as the coverage is for the purpose of operating a business, profession, or a trade. Businesses may not deduct their business insurance premiums if the coverage is for the purpose of a self-insurance reserve fund or a loss of earning insurance policy.
What is the difference between general liability and professional liability?
At a 10,000 foot view general liability is slips, trips and falls meaning bodily injury and/or property damage to a 3rd party. Professional liability is protecting your business against bad advice or guidance. Any time you give professional opinion, advice or guidance you are opening yourself up to a professional liability claim.
Should my small business have business income insurance?
Business income provides reimbursement for lost revenue after a covered insurance loss. For a company that does not have a physical address that is crucial to its business, such as a contractor, business income is probably not necessary. For store front or main street businesses, like a coffee shop, business income is a must.
Farm & Agri-Business
What types of farms and agri-business do you serve?
The types of farms and agribusinesses we serve include:
- Crop Farms
- Dairy Farms
- Potato Farms
- Sod Farms
- Cranberry Farms
- Fruit Farms
- Hobby Farms
- Country Estate
- Agribusiness
Life & Health
What determines whether I am a large or small employer?
An employer’s size is based on the number of its employees. Generally, an employer with 50 or more full-time employees, including full-time equivalents (FTEs), is considered a large employer. If you have fewer than 50 full-time employees or equivalents, you are considered a small employer.
Does health-care reform apply to our company?
Effective January 1, 2015, companies that employ 50 or more full-time employees, including full-time equivalent employees, must offer an affordable group health plan to their full-time employees (and dependent children up to age 26) or possibly be liable for a penalty.
Small businesses, those with fewer than 50 full-time employees, are not subject to this provision. In fact, small businesses have the option to purchase plans on state-run or federally run Exchanges and may qualify for tax credits to offset the cost of providing insurance coverage to employees.
Can employees pay for or share in the cost of healthcare?
Yes. You as the employer may choose how much of the cost you would like to share with your employees. This gives you tremendous flexibility to tailor a benefit package for your company at a price you will feel comfortable with.
Financial Services
Do you have a financial planning and investment division?
Yes. We partner with two Michigan-based financial planning and investment firms. Our goal is to take the mystery out of investing, managing risk, preparing for retirement, and preserving your wealth.
