Insurance

Before we get to claims, let’s understand what life insurance is. It is an agreement between an insurance company and a policyholder in which the insurer agrees to pay a mutually agreed sum to the beneficiary in the unfortunate case of the policyholder’s demise during the policy term. When such an unfortunate scenario occurs, the need of filing a life insurance claim arises.

When it comes to claims, life insurance policies include several conditions and clauses which you must stay aware of beforehand. Here are six things you can do as a policyholder to ensure that your life insurance claims are taken care of in a smooth and hassle-free manner.

Always pay your premiums on time.

When it comes to life insurance, you should avoid a lapse in policy coverage at all costs. A sensible way to do so is by setting up auto-pay on your life insurance premium.

If a claim is made after the policy has lapsed, the claim gets rejected. Now while life insurance companies do offer a grace period after the premium due date, it’s best to be on time with your premium payments on life insurance policies.

Always disclose complete personal information.

Any information you do not (or forget to) disclose to your life insurance company is deemed concealment of information. Ensure that specifics such as your age, qualification, occupation, and income are filled accurately at the time of proposal. Your life insurance coverage and premiums are based on this information, so be honest and forthright while providing it.

The same goes for medical history and lifestyle habits.

These are two integral aspects that must be disclosed upfront when buying life insurance. Your medical history, habits like smoking and drinking, and lifestyle preferences, like taking part in adventure sports, will have a direct bearing on your life insurance cover and premium. Not notifying the same to your life insurance company may lead to the rejection of a claim on the grounds of non-disclosure of such important information.

Fill up your insurance application form yourself.

Details regarding personal information and specifics about medical history and lifestyle habits are best understood by yourself. On the plus side, application forms for online life insurance are pretty concise so filling them out isn’t confusing or time-consuming either. But in case needed, a financial advisor or an expert should be reached out for guidance.

Read the fine print.

From what is life insurance to the terms and conditions as well as inclusions and exclusions – it is essential to understand them all. There are exceptions as well in the policy contract that you must stay aware of. At the end of the day, you’ve taken life insurance to keep the future of your loved ones secured so it is critical to carefully examine your policy statement to ensure that there are no claim rejections in the future because of a certain clause or exclusion.

Last but not least, keep your nominee details updated.

While processing a life insurance claim, your insurer must be able to verify the nominee’s details via documents such as legal heirship and succession certificates so that the claim settlement is seamless.

Life insurance is more than just a tax-saving instrument; it’s a way to take care of the financial needs of your loved ones so that their future is secured.

Form 1094B is a form that can be submitted by an insurance company or group health plan to report the number of benefits paid for individuals covered under a group health plan. It is used when calculating employee taxable compensation and must be reported on Form W-2.

The Role of the 1095-B

The 1095-B is a form that’s sent to you by your employer. It provides information about the coverage you received from them, including:

1. How Much Do I Owe?
2. What kind of plan does my employer offer?
3. What will be done with the money I pay for health coverage if I don’t have insurance or can’t afford it?

You may be covered by this form if:

You’re an employee working for a company that provides health insurance to its employees (or former employees). It includes businesses like retail stores and restaurants and some government agencies such as colleges and universities; nonprofit organizations like churches may offer some benefits package through their payroll department. If so, they’ll send out one copy each year via mail after filing their annual tax return at the end of January or February (depending on when tax season falls).

What’s in the 1094-B?

Apart from knowing what is What is form 1094 b, you need to know what it contains. The 1094-B form reports the number of individuals covered by your health insurance plan and their coverage dates and names.

The number of individuals covered: This section should include the total number of persons enrolled in your plan at any time during the year (including yourself). If you’re self-employed or have multiple employers, list them all here.

Coverage Dates

You should note when each person started receiving benefits from your health care provider(s), but don’t worry about it if you don’t know for sure! Just state what month/year they started receiving benefits from one or more providers. For example: “John Smith began receiving coverage on December 1st.”

Names

Information about each individual’s name (and TIN) is required by law; however, we recommend checking this box only if there are some unusual circumstances present—like maybe someone didn’t want their full name listed or another reason not wanting to disclose personal information like this publicly online!

Filing Information

Form 1094 b describes the information that an employer must electronically submit to an IRS office, rather than submitting a paper Form 1094, for each payment of wages for the calendar year to which the form relates. It provides information on wages paid, tax withheld from each income, or both to a specific person or people.

You must file Form 1095-B with your tax return after March 16th, 2019.

You must also submit Form 8965 if you have an eligible health plan for yourself, your spouse, and dependents during the year.

Why do I need Form 1094-B with Form 1095-B?

If you had specific health insurance coverage during 2017, you might have received a Form 1094-B from your insurer or Medicare Part D plan. If so, it’s essential that you complete and mails this form along with your federal income tax return (Form 1040).

As you can see, the 1094B form gives you all the information you would need to know. Millions of taxpayers use this form annually to file their federal tax returns. This information is most often used for businesses and nonprofits. If you are unfamiliar with the 1095-B, there are other forms you can use instead, such as Schedule C or Form 1041.

Does your contractor insurance in Covid-19 times give you the coverage you need? Your circumstances may have changed.  Projects may be on hold temporarily. They may be moving slower than planned due to various restrictions. Some may have stopped altogether. Let’s look at why you may need to review your insurance and how you should go about it.

Why review your insurance?

In the normal course of business it is important to review your insurance regularly, at least on an annual basis.  Your needs could have changed.  Maybe you are now operating in a new location.  Your company could have grown and with more employees.  You could have bought additional equipment and tools.  Your business could even have gotten smaller and you have coverage you longer need.

Contractors insurance in COVID-19 times

If your construction projects have changed as a result of the pandemic, your insurance may need to change too.  This is especially true of insurance like Builder’s Risk.  A Builder’s Risk policy has a beginning and an end date.  There can also be clauses for when it ends, for example, if a project halts.

It is important to read your policy wording. This is to see if, in any way the changes impact it. Furthermore, our agents at Contractors Liability are available to answer any questions and provide you with assistance.

What insurance do you require in construction?

Now is a good time to reassess the risks that your business faces and if you can transfer some of this risk to another party.  This is the classic purpose of insurance. The insurance that you typically need in construction inlcudes general liability insurance, workers compensation, property coverage and auto insurance.

• Contractors Liability- this is general liability insurance.  It protects you from damages if you cause harm to a third party.  This includes bodily injury, property damage, personal damages or damages from advertising/marketing.
• Workers Compensation- this insurance assists with medical care costs and loss of income if an employee as a result of injury at work.  Liability insurance does not provide coverage for this.
• Builder’s Risk Insurance- this is property coverage that pays replacement costs if listed perils occur.  It is one shot insurance tailored per project and covers loss events like fire, theft, vandalism and adverse weather.
• Commercial Auto Insurance- this covers the vehicles that you use in your business.  In construction there are a variety of vehicles required for transporting workers and equipment, and moving things on the site itself.

How To Reassess Your Contractors Insurance in Covid-19 Times

To begin, review the insurance that you currently have. Consider if it protects you from the risks you face. Our agents at Contractors Liability are available to assist.  Workers Compensation and Contractors Insurance is mandatory, and we can review it for you.

We can talk you through any gaps that you have in your insurance and provide expert advice on how to optimize your protection.  Let us help you get any discounts applicable and find you the lowest rate for your coverage.  Call Contractors Liability on 866-225-1950.