Bennett Insurance Group, Inc.: August 2012

Friday, August 31, 2012

Insurance Needs and Your Business

Do you have a contingency plan to take care of unplanned events or emergencies? Is your business risk-proof?

No matter how big or small your business is, it faces risks that could lower profit margins and eventually force you to close your doors - often without much notice.

Being true business professionals, we understand how serious these risks can be. We also realize that every dollar spent counts in business. That's why we have created customized business insurance plans to protect your business from unforeseen and unexpected events.

As your Insurance agent, I believe there’s more to insurance than the policy itself. It’s about providing dependable protection and service. That’s why earning your trust is my policy.

Bennett Insurance Group, Inc. has been in the insurance industry for over 20 years and takes tremendous pride in serving you to the very best of his abilities.

Ask our sales team and you will get to know why it's pure fun to work with us.

We are a diversified group of people, past pioneers, and present day visionaries, all moving towards our goal of providing peace of mind through insurance solutions. With a relaxed workplace culture, flexible benefit programs tailored to individual employees, ongoing training and professional development and a keen focus on internal communications, we expect to grow together with our trusted partner - you.

Our Corporate Culture

• Be accessible, professional and friendly as we strive for service excellence.

• Promote a culture with a broad range of products to meet member needs.

• Offer innovative products and be responsive to the marketplace with superior product delivery.

• Offer technology to meet member needs.

• Build member loyalty, advocacy and insistence.

• Be community-involved and recognized as a good corporate citizen.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Thursday, August 30, 2012

Protecting Your Condominium Investment

Because it can be more efficient or economical, your association may insure all the building and common elements under a single package policy, commonly called an association master policy.

Condominium insurance provides coverage for your unit where your condominium association insurance stops. Your association typically insures the building and other common areas. You are responsible for the interior of your unit. Typically you need personal property and liability coverage. In addition to coverage for your floors, walls, cabinets and fixtures that your association's insurance probably will not cover.

Every association's insurance policy is different regarding what each unit owner is responsible for, so it is important to review your association policy and condominium by-laws carefully.

Unfortunately there are many cases where that insurance policy won’t cover you or your things, like a break in, water damage to your living room walls, or someone injuring themselves slipping on your wet kitchen floor. That's why you need condominium insurance designed specifically for condo or co-op owners.

Condominium policies help protect your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others. It's easy to get a quote for a condominium insurance policy that will provide these coverages.

Remember that if your bathtube overflows it may not be just your unit that is damaged and cleaning up the water will not be where your headache stops.

The nature of condominium living is very different from a stand alone home and you need an agent who understands your very specific needs as a condominium owner or renter.

You need to understand that even something as simple as a repair to your unit can open you up to the need for an insurance policy that covers what you do and who you hire.

You want to know how what a guest does on the property will affect your liability to the condominium association.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Wednesday, August 29, 2012

Bennett Insurance Group Presents: AZ Challenger Space Center

With the passing of Neil Armstrong on August 25, 2012 we thought it would be a good time to look at the AZ Challenger Space Center here in the West Valley. http://www.azchallenger.org

The Mission of the Challenger Space Center is to inspire, excite and educate people of all ages about the mysteries and wonders of space, science and the universe in which we live.

Challenger Learning Center of Arizona is a nonprofit organization, 501.c.3., providing vital science, technology, engineering, and math (STEM) programs to students primarily in grades K-8. In addition, the Center is a public museum open daily 10 a.m. to 4 p.m. Challenger Space Center Arizona is one of only three Smithsonian Institution Affiliates in the greater Phoenix Valley, offering quality exhibits and programs for families and people of all ages amidst an exciting backdrop of space exploration.

History of the Center
In 1996, the late U.S. Congressman Bob Stump approached the Peoria Unified School District (PUSD) and asked the district to provide the leadership to build a world-class space science education complex to serve students from around the state. District officials and the PUSD Governing Board enthusiastically accepted this exciting and unique challenge: to host the first stand-alone Challenger Center in Arizona and the Southwest.

Just as it is often said that it takes a village to raise a child, it has taken an entire community to build this one-of-a-kind facility. With an incredible outpouring of community support, from the students who helped design the Center, to major corporations and local businesses, to the many members of the construction community who have come together to build the $7.3 million facility for $3.5 million, the Challenger Space Center is an outstanding example of a public/private partnership.

The story of the Challenger Space Center would not be complete without Peoria residents Kevin and Sydney Knight, who donated $1 million to the Center in January of 2000. In gratitude for their exceedingly generous donation, the Center’s building name is The Knight Space Science Education Center.

Numbers Tell The Story
The Challenger Space Center celebrated its Grand Opening on July 23, 2000. Since that time more than 450,000 multi-generational visitors, consisting of entire families, from first-graders to senior citizens, have experienced space missions, Open Houses, space camps, lectures, classes, stargazing nights, and more.

Dedicated Volunteers
They enjoy a robust volunteer staff, consisting of nearly 100 individuals, many of whom are retirees from nearby senior communities. These enthusiastic supporters have quite a varied background, with many volunteers coming from the military, high tech companies, education, NASA, etc.

When considering your need for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Tuesday, August 28, 2012

Key Person Coverage

Many small businesses rely on the individual employees for the special skills they bring to the business. Without them the business will suffer a very negative impact. You can help protect the business through a special type of coverage.

Key person insurance, also commonly called keyman insurance or key man insurance, is an important form of business insurance. There is no legal definition for "key person insurance". In general, it can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified on the policy. The policy’s term does not extend beyond the period of the key person’s usefulness to the business. The aim is to compensate the business for losses and facilitate business continuity. Key person insurance does not indemnify the actual losses incurred but compensates with a fixed monetary sum as specified on the insurance policy.

An employer may take out a key person insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. The employer does this to offset the costs (such as hiring temporary help or recruiting a successor) and losses (such as a decreased ability to transact business until successors are trained) which the employer is likely to suffer in the event of the loss of a key person.

There are four categories of loss for which key person insurance can provide compensation:

Losses related to the extended period when a key person is unable to work, to provide temporary personnel and, if necessary to finance the recruitment and training of a replacement.

Insurance to protect profits. For example, offsetting lost income from lost sales, losses resulting from the delay or cancellation of any business project that the key person was involved in, loss of opportunity to expand, loss of specialized skills or knowledge.

Insurance to protect shareholders or partnership interests. Typically this is insurance to enable shareholdings or partnership interests to be purchased by existing shareholders or partners.

Insurance for anyone involved in guaranteeing business loans or banking facilities. The value of insurance coverage is arranged to equal the value of the guarantee.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim @jimbennettinsurance.com

Monday, August 27, 2012

Consider Health Savings Accounts

Health Savings Accounts (HSAs) were created in 2003 so that individuals covered by high-deductible health plans could receive tax-preferred treatment of money saved for medical expenses. Generally, an adult who is covered by a high-deductible health plan (and has no other first-dollar coverage) may establish an HSA.

A Health Savings Account (HSA) helps you save money on health care. By making you a part of the medical services decision process, HSAs are designed to help you manage medical expenses and reduce the continuing raising of health care expenses.

Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. You can also save the money in your account and grow your account through investment earnings.

Funds in the account can grow tax-free through investment earnings, just like an IRA In short, if you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. One final benefit, HSAs can pay for many more procedures than were ever allowed before by government sponsored programs. Health Savings Accounts help you save money on unavoidable expenses and build investment savings for your retirement.

Account funds are used to cover medical expenses before the plan deductible has been met. Unspent account balances accumulate and accrue interest from year-to-year. Unlike amounts in Flexible Spending Accounts that are forfeited if not used by the end of the year, unused funds remain available for use in later years.

Once the health plan’s annual deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs.

Keep in mind that the nature of Health Savings Accounts and other programs of this type can change from year to year and you need to keep informed on the changes and how they may affect you. Please consider Bennett Insurance Group to help you manage your HSA.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim @jimbennettinsurance.com

Friday, August 24, 2012

Insurance Needs and Your Business

Thursday, August 23, 2012

Insurance Needs and Restaurants

At Bennett Insurance Group we know how hard you work to make your restaurant a success and the pride of your neighborhood, city or even the country. But how much time to do you have to think about and understand your insurance needs?

That’s why you need a strong and knowledge insurance broker on your side.

Insurance for today’s restaurants.

Today’s restaurant environment is more complex than ever and you want to know you’re covered for the unexpected and unforeseen occurrence.

Whether you run a small cafe or a national chain, you could be held liable for anything from contaminated or spoiled food to spilled coffee. That’s why you deserve an insurance company with commercial restaurant insurance coverage specifically designed for the risks you face. It doesn’t matter if a food problem truly lies with a vendor you must first protect yourself and your restaurant with the best in insurance coverage.

Eligible classes include, but are not limited to:
• Fine Dining
• Casual Dining
• Fast Food
• Ethnic Cuisine
• Delicatessen
• Coffee Shop
• Micro Brewery

When thinking about your restaurant’s insurance needs don’t forget Workers' Compensation.

Workers' compensation insurance protects employers from claims resulting from injuries to employees. It protects your business from lawsuits and provides employees with compensation for on-the-job injuries.
By law, most employers are required to provide coverage for lost wages and medical bills incurred as a result of on-the-job accidents or illnesses. For many businesses, this coverage is the largest part of its insurance expense.

When considering your needs for insurance products for your home or business remember contacting Bennett Insurance Group is the right move. Give us a call at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Wednesday, August 22, 2012

Bennett Insurance Group Presents: Arizona Experience Museum

The Bennett Insurance Group is very proud to be part of Arizona and once a week we will feature places in the state that we feel should be part of the knowledge, culture and heritage of all of those who love this state.

In 2012, Arizona celebrated its first statehood centennial. Many events were held throughout the Arizona to commemorate this important milestone. Part of the preparations for this centennial celebration was the opening of the Arizona Experience Museum on West Washington Street in downtown Phoenix where SKY Renewable will construct the first renewable energy project for this facility.

“The 66 kw solar roof installation has been made possible by American Recovery and Reinvestment Act (ARRA) funding,” said SKY Renewable Vice President Scott Young who will be the project manager for this solar panel installation that will begin in early July.

Previously named the Arizona Mining and Mineral Museum, the Arizona Experience Museum located near the State Capitol will be more energy efficient and expand its purpose from exhibiting mining techniques in Arizona to engaging visitors with Arizona history with such features as the orientation theater, “Remember.” According to the www.az100years.org, “The program combines carefully choreographed sounds, music, spoken words, video, photographs, artifacts, lighting, and even scents and vibrations to take visitors on an entertaining and educational journey from Arizona’s geologic past to its post-World War II technology boom.”

Not only will visitors have a better understanding of Arizona’s past at this new museum but they will also see where Arizona is headed which is certainly demonstrated by the installation of the SKY Renewable solar energy project.

When considering your need for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Tuesday, August 21, 2012

Consider A Personal Umbrella Policy

Umbrella insurance refers to a liability insurance policy that protects the assets and future income of the name insured in addition to his or her primary policies. It is distinguished from excess insurance in that excess coverage goes into effect only when all underlying policies are totally exhausted, while umbrella is able to "drop down" to fill coverage gaps in underlying policies. Therefore, an umbrella policy can become the primary policy "on the risk" in certain situations. The term "umbrella" refers to how the policy shields the insured's assets more broadly than primary coverage.

Typically, an umbrella policy is pure liability coverage over and above the coverage afforded by the regular policy, and is sold in increments of one million dollars. The term "umbrella" is used because it covers liability claims from all policies underneath it, such as auto insurance and homeowners insurance policies. For example, if the insured carries an auto insurance policy with liability limits of $500,000 and a homeowners insurance policy with a limit of $300,000, then with a million dollar umbrella, the insured's limits become in effect, $1,500,000 on an auto liability claim and $1,300,000 on a homeowners liability claim.

Umbrella insurance provides broad insurance beyond traditional home and auto. It provides additional liability coverage above the limits of homeowner's, auto, and boat insurance policies.

Personal Umbrella Policies

You don't have to be a millionaire to be sued like one. Million-dollar judgments against individuals for negligence are still relatively rare. However, receiving a lawsuit with a million-dollar demand is more common. If you receive such a court summons and you have only $100,000 of coverage, you may lose a lot of sleep.

Umbrella policies offer inexpensive "peace of mind" for most types of negligence claims. Automobile accidents are probably the most common source of serious claims. This policy supplements your basic automobile liability with extra million-dollar layers of protection. It also covers other types of catastrophic claims such as a neighbor's child drowning in your pool or the delivery man being seriously injured by falling over your child's toys.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Monday, August 20, 2012

History Of Insurance

In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: natural or non-monetary economies (using barter and trade with no centralized nor standardized set of financial instruments) and more modern monetary economies (with markets, currency, financial instruments and so on). The former is more primitive and the insurance in such economies entails agreements of mutual aid. If one family's house is destroyed the neighbors are committed to help rebuild. Granaries housed another primitive form of insurance to indemnify against famines. Often informal or formally intrinsic to local religious customs, this type of insurance has survived to the present day in some countries where a modern money economy with its financial instruments is not widespread.

Turning to insurance in the modern sense, early methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants traveling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea.

A thousand years later, the inhabitants of Rhodes invented the concept of the general average. Merchants whose goods were being shipped together would pay a proportionally divided premium, which would be used to reimburse any merchant whose goods were deliberately jettisoned in order to lighten the ship and save it from total loss.

The ancient Athenian "maritime loan" advanced money for voyages with repayment being cancelled if the ship was lost. In the 4th century BC, rates for the loans differed according to safe or dangerous times of year, implying an intuitive pricing of risk with an effect similar to insurance. The Greeks and Romans introduced the origins of health and life insurance c. 600 BCE when they created guilds called "benevolent societies" which cared for the families of deceased members, as well as paying funeral expenses of members. Guilds in the Middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies.

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Friday, August 17, 2012

Insurance Needs and Your Business

Thursday, August 16, 2012

Insurance… What Is It Exactly?

The subscription room at Lloyd's of London in the early 19th century.

Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be insurable, the risk insured against must meet certain characteristics in order to be an insurable risk. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.

Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud, on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies.

Insurance can influence the probability of losses through moral hazard, insurance fraud, and preventive steps by the insurance company. Insurance scholars have typically used morale hazard to refer to the increased loss due to unintentional carelessness and moral hazard to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures - particularly to prevent disaster losses such as hurricanes - because of concerns over rate reductions and legal battles. However, since about 1996 insurers began to take a more active role in loss mitigation, such as through building codes.

When considering your needs for insurance products for yourself, your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Wednesday, August 15, 2012

After The Storm Is Not The Time To Find Out What Is Not Covered

After your property is damaged in a storm is not the time to find out what is not covered. Take time to go over your home owners coverage before the storm. Call and speak with your insurance agent or broker to find out about your coverage, policy limits and limitations in what is covered.

Your agent or broker should welcome the opportunity to speak with you about your home owners policy. If something has changed you want to have a review.

Coverage is a complex issue and you really need a professional to help you understand your coverage and its limitations.

A typical homeowners policy and most property policies include coverage for windstorm damage to your home, other structures, and personal property subject to your deductible.

If a windstorm blows down your tree and it lands on your neighbors car you are not covered. This issue is among the most misunderstood by the average person. Although you may feel bad for your neighbor and even feel somehow responsible, under “Tort” or “Common” law, the finding of legal liability requires that you be found “negligent”. A windstorm is considered an “Act of God”, a legal term for natural events outside of human control for which no one can be held responsible. This well established common law is why a claim of this type is almost always denied for liability. Your neighbor should be covered by his own policies.

If that same tree lands in your yard and does no damage to anything, then its removal is not normally covered by your insurance. Your homeowners policy is primarily concerned with insuring real and personal property – your home, other structures, and personal property. Any coverage afforded to “trees” is incidental to the policy. In some cases you can purchase additional coverage that will include tree removal.

If your roof is damaged you are covered for the initial damage. You must take measures to protect your property from any damage that occurs (more rain for example) after the first storm. Some policies will even cover what are termed emergency repairs (roofs, windows, doors and electrical). This allows the homeowner to hire help following the first storm.

If you have questions about your homeowners policy give Bennett Insurance Group a call at 623-979-4140 and lets us help put your mind at rest, even if we didn’t write your policy.

Presented By:
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Tuesday, August 14, 2012

Retirement Plans Help Keep Employees

Good employees are very hard to find. Keeping them means competing with other business who want to steal the good employees you have.

Retirement plans as part of an overall benefit plan can help stop employees from jumping ship.

Competitive base pay, medical insurance and a 401(k) plan are the must have benefits necessary to attract and keep talent in your company.

A 401(k) retirement plan demonstrates that you care about and value your employees and want to provide a means for them to plan for their future.

The 401(k) is the most flexible type of retirement plan. Employers can contribute to the plan for employees or your company can sponsor a plan to which only the employees contribute with salary deferral. The 401k plan may be most appropriate for companies with at least 10 employees.

401(k) Retirement Plans
401(k) plans are tax-deferred retirement savings plans for employees. The employer sets them up and each company has a slightly different 401(k). They are part of a family of retirement plans known as "defined contribution" plans - the amount contributed is defined by the employer or the employee.

When the employee joins a 401(k) plan, he tells the employer how much money he wants to contribute to the account. This amount is deducted from the salary before taxes are applied, so the employee pay less in income tax. More importantly, the money is deducted even before they have received it, making it the easiest savings plan to contribute to.

The employer may match a portion of the employee contribution. The money is invested by the plan administrator (on the employees behalf) in mutual funds, bonds, money market accounts, etc. In some cases the employee can decide the mix of investments. They usually have a list of investment vehicles that can be choosen from as well as some guidelines for the level of risk they are willing to take.

Since the plan is an incentive for retirement savings, there is one condition: if you withdraw the money before you are 59½ years old, you will have to pay tax as well as a 10% penalty fine to the IRS.

Interested in a 401(k) for your business? Give the Bennett Insurance Group a call at 623-979-4140 and get answers tailored to your business.

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Monday, August 13, 2012

Health Insurance For Your Business

Bennett Insurance Group, Inc. offers a complete line of insurance products and services ranging from life and disability income to group life and health insurance. These products and services are designed to provide solutions to your business financial needs, including:

Group Health
We are committed to health insurance for both our commercial customers, who need group coverage for their employees, as well as the individual or family that needs coverage.

With the changing face of health insurance in today's market, we at Bennett Insurance Group, Inc. are staying abreast of the latest developments that will affect the coverage you expect as well as the cost impact upon you.

Dental Insurance is one of the benefits most requested by employees. Many employers provide dental insurance for their employees, but a growing number of employers are offering this as a voluntary benefit that is paid 100% by the employee through payroll deductions. Most dental plans provide full coverage with a 100% benefit for preventive exams & cleanings, an 80% benefit for basic services such as fillings and root canals, and 50% benefit for major services and prosthodontics such as dentures, crowns, etc.
Employer-sponsored flexible spending accounts (FSAs) are benefit plan arrangements that allow employees to pay for certain health care or dependent care expenses on a pre-tax basis. There are two FSA options. A Health Care FSA is an alternate way of paying your share of your health care costs. In the same manner, a Dependent/Child Care FSA reimburses you for expenses for dependents and childcare which are necessary to allow you and your spouse to work.

An FSA enables you to use pretax dollars to pay for qualified health care expenses which are not reimbursed under any health care plan or insurance plan, while a Dependent Care FSA pays for your qualified dependent/child care expenses. However, FSA funds are not interchangeable.

A Group Vision plan is especially attractive for employers because it is inexpensive to offer, yet it's another employee favorite. This is a separate plan that provides coverage for eye exams and/or for frames, lenses and contact lenses. Many times the basic health plan may provide for routine eye examinations. However, it will usually not provide any benefit for frames, lenses or contact lenses; this is where a separate group vision benefit would be used.

Life insurance is an integral part of most employee benefits packages. When provided by an employer, employees appreciate the value of life coverage and the additional security it provides to their families.
Employers have a wide variety of optional plan designs to customize a Group Life plan. Optional coverages include Voluntary Life insurance, Supplemental Life coverage, Accidental Death and Dismemberment policies, and Dependent Life insurance. The premium paid for Group Life is generally a business deduction, and this stand-alone contract is usually less expensive than the life coverage provided with medical insurance.

Presented By:
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Friday, August 10, 2012

Insurance Needs and Your Business

Thursday, August 9, 2012

Is Your Home Properly Covered?

For many people, their home is their greatest asset, so it is crucial to avoid being underinsured. To protect their investment from disasters, homeowners should update their insurance regularly to include improvements, major purchases and increased rebuilding costs.

Since the end of the Great Recession in June 2009, despite the major drop off in construction activity, construction prices have actually risen significantly. Furthermore, after a disaster, materials and labor may become scare, driving repair and rebuilding costs up even further.

To properly insure your home, it is important to know the answers to these insurance items.

Do I have enough insurance to rebuild my home?

Your policy needs to cover the cost of rebuilding your home at current construction costs. Unfortunately, some homeowners simply purchase enough insurance protection to satisfy their mortgage lender. Others confuse the real estate value of their home with what it would cost to rebuild it. Quite simply, you should have enough insurance to rebuild your home in the event that it is completely destroyed. Be sure to consider the following:

Replacement Cost
Most policies cover replacement cost for damage to the structure. A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind and quality.

Extended Replacement Cost
This type of policy provides additional insurance coverage of 20 percent or more over the limits in your policy, which can be critical if there is a widespread disaster that pushes up the cost of building materials and labor.

Inflation Guard
This coverage automatically adjusts the rebuilding costs of your home to reflect changes in construction costs. Find out if your policy includes this coverage or if you have to purchase it separately.

Ordinance or Law Coverage
If your home is badly damaged, you may be required to rebuild it to meet new (and often stricter) building codes. Ordinance or law coverage pays a specific amount toward these costs.

Water Back-Up
This coverage insures your property for damage from sewer or drain back-up. Most insurers offer it as an add-on to a standard policy.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Wednesday, August 8, 2012

Bennett Insurance Group Presents: Heard Museum

The Bennett Insurance Group is very proud to be part of Arizona and once a week we will feature places in the state that we feel should be part of the knowledge, culture and heritage of all of those who love this state.
The Heard Museum is a perfect example of that thinking. If you have never taken the time to visit try to work in a trip to this institution.

Explore the museum’s rich history as one of the Phoenix area’s first cultural attractions, and see how the museum has grown to be one of the world’s finest destinations for learning about American Indian arts and cultures.

Since its founding by Dwight and Maie Heard in 1929, the Heard Museum has grown in size and stature to become recognized internationally for the quality of its collections, its educational programming and its festivals. Dedicated to the sensitive and accurate portrayal of Native arts and cultures, the Heard is an institution that successfully combines the stories of American Indian people from a personal perspective with the beauty of art.

Through innovative programs, world-class exhibitions and unmatched festivals, the Heard Museum sets the standard nationally for collaborating with Native people to present first-person voices. Partnerships with American Indian artists and tribal communities provide visitors with a distinctive perspective about the art and cultures of Native people, especially those from the Southwest.

The museum's activities revolve around collecting, preserving and presenting art ranging from ancestral artifacts to contemporary paintings and jewelry. Exhibitions lay the foundation for learning about the cultures and experiences of the people -- past and present -- who create art. The Heard draws on its extensive collection as well as loaned artwork to present a mixture of long-term and changing exhibitions.

The Heard Museum actively collects American Indian fine art, and a variety of paintings, drawings, prints, photography and sculpture can be found throughout the museum's galleries and grounds. Fine art exhibitions reflect the scope of the museum collection, which contains historic drawings more than a century old as well as contemporary canvases.

When considering your need for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Tuesday, August 7, 2012

Business Owners and Disability Insurance

Think of disability insurance as a protection to continue your income should you become disabled. This can be from a physical injury, a car accident, a unexpected health issue or one of many other causes.

The mistake people make is that they look only at the price of the policy, and neglect the provisions of the contract, believing that all of them are the same. They are not. Every disability policy has different provisions and definitions. While one might consider you to be disabled if you can’t do your own occupation, another might consider you to be disabled if you can’t do any occupation. There will be a difference in price between these policies, but also a difference in benefits should you ever need to use them.

Don’t only look at the price, but consider the provisions of when and how you get paid. You’ll need an experienced agent to do this.

There isn’t a long term disability policy out there that will cover pre-existing conditions. Basically, it’s something that was a medical concern before you applied. Insurance companies don’t insure for these, and they exclude them from coverage. If you’ve had a back problem, and have regularly seen a chiropractor to alleviate the discomfort, you should expect some form of a back exclusion. The disability insurance policy won’t pay for anything related to your back pain because it will be excluded from coverage.

The mistake people make is that they won’t accept the policy with this exclusion on it. Even though they didn’t initially want coverage because of their back, and they don’t ever think that they will be disabled because of their back condition, they don’t want a policy that isn’t 100% perfect. What they should do is accept the policy and work with their agent over time to ensure that they still have the best possible offer.

Individual Disability Income Protection is a must for a business owner, and highly recommended for executives. If you are a business owner, you should consider purchasing both group and individual policies, if possible. As an executive, you should be sure to obtain group coverage if it is available. Only forty three percent of large companies provide group long term disability insurance.

We think this a must have for every business owner. It is there to protect you and your family from a common occurrence.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Monday, August 6, 2012

Now is the Time To Think About Flood Insurance

Did you know that your homeowners insurance does not cover flood damage? Insurance against flood must be obtained separately. A flood insurance policy also reimburses you for the work that you and other family members did to sandbag your homes, move furniture and remove debris.

It may seem strange to be talking about flood insurance in the middle of the Arizona desert. But floods do happen here in the Phoenix Metro area. Just a few days ago the folks in the Anthem area were affected by local flash flooding.

Nationwide, only 20% of American homes at risk for floods are covered by flood insurance. Most private insurers do not insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood. In traditional insurance, insurers use the economic law of large numbers to charge a relatively small fee to large numbers of people in order to pay the claims of the small numbers of claimants who have suffered a loss.

The National Association of Insurance Commissioners (NAIC) found that 33 percent of U.S. heads of household still hold the false belief that flood damage is covered by a standard homeowners policy. FEMA states that approximately 50% of low flood zone risk borrowers think they are ineligible and cannot buy flood insurance. Anyone residing in a community participating in the NFIP can buy flood insurance, even renters. However, unless one lives in a designated floodplain and is required under the terms of a mortgage to purchase flood insurance, flood insurance does not go into effect until 30 days after the policy is first purchased.

The Federal Emergency Management Agency's (FEMA) maps are important when it comes to flood insurance because if they show that your home sits in a 100-year flood plain, you must buy federal flood insurance in order to get a mortgage. If you live outside a high-risk zone, or if you no longer have a mortgage, flood insurance is optional.

Two excellent informational web sites are;http://www.fema.gov/national-flood-insurance-program
http://www.floodsmart.gov/floodsmart/

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140 we can help protect you from loses do to flooding in the Arizona desert.

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Friday, August 3, 2012

Insurance Needs and Your Business

Thursday, August 2, 2012

Top Five Reasons You Need Life Insurance

There are many reasons that life insurance needs to be part of your family’s future. These five reasons may help you focus your decision.

To Protect Your Family’s Future
Talk with us to determine what company and policy is the right one to protect your family’s financial needs, such as living expenses, mortgage and college fees.

Benefits Can Be Paid Immediately
Life Insurance can help pay for immediate needs, like funeral costs, medical expenses and taxes.

No Federal Taxes On Benefits
Your family can access to these funds without the tax burden of other types of inheritances.

Your Life Insurance Won’t End With Your Job
Unlike insurance coverage tied to a job, direct insurance can stay with you even if your employer doesn’t.

Peace Of Mind
You will worry less and have piece of mind that your family is taken care of even when you are not around to help them out.

Bennett Insurance Group, Inc. has been in the insurance industry for over 20 years and takes tremendous pride in serving you to the very best of his abilities.

Ask our sales team and you will get to know why it's pure fun to work with us.

We are a diversified group of people, past pioneers, and present day visionaries, all moving towards our goal of providing peace of mind through insurance solutions. With a relaxed workplace culture, flexible benefit programs tailored to individual employees, ongoing training and professional development and a keen focus on internal communications, we expect to grow together with our trusted partner - you.

Take the time to talk over your insurance needs with us at 623-979-4140.

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Wednesday, August 1, 2012

Insurance Brokers Save Time and Money

An insurance agent represents a single insurance company. An insurance broker represents you, and is in contact with many insurance companies and their agents. A broker can shop around for you, help you compare quotes and will work on your behalf to find the coverage you need at the lowest price. A broker can also help you put together a customized policy that may not be available through an agent. A broker is also familiar with the benefits and restrictions of various insurance companies.

Most importantly, an insurance broker can cover more than one type of insurance for you at any one time. He can help you with your car insurance, home, health and business insurance. Working for you and your specialized needs an insurance broker can match you with the right insurance product or products.

Insurance brokers have a wide contact list of various providers, so they can efficiently contact each insurance company to see if they can give you the insurance coverage you're looking for.

Saves You Time
When you give your information to an insurance broker, the broker submits it to all the different insurance providers with which he or she has contacts. By "applying" once to the broker, you've essentially applied to every insurance provider on file. What's more, the broker can sift through rates to find the insurance that is as close as possible to whatever you specify. A single application to an insurance broker saves you the time you would otherwise use applying to multiple providers.

Maximizes Comparability
Most people can probably list a few insurance providers off the top of their head, based on popular commercials and word of mouth. Insurance brokers have much more than "a few" providers on file, and can go through all of them to make sure you're getting the best rates for your desired coverage. Where you might miss the one provider that would have given you the greatest deal, the job of an insurance broker is to make sure that provider isn't skipped.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com