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Monthly Archive for: ‘August, 2013’

Labor Day Facts

burger-friesLabor Day, celebrated on the first Monday of September, is an important and treasured holiday for American workers.

Below are a few “fun” facts we hope you enjoy:

  • Labor Day achieved national recognition in 1894. Oregon was the first state to recognize the holiday in 1887.
  • Labor Day weekend is the second most important sales weekend for American retailers, surpassed only by the infamous Black Friday.
  • According to the National Hot Dog & Sausage Council, hot dog season begins on Memorial Day and ends on Labor Day.
  • With 57 percent of Americans taking part, Labor Day is the 3rd most popular grilling holiday behind July 4th (71 percent) and Memorial Day (57 percent).

TMIB hopes you have a fun, safe and restful Labor Day.

Do You Need a Buy-Sell Agreement?

business-meetingBuy-sell agreements are used to preserve the control and value of a business at the death, disability or retirement of an owner.

The agreements generally provide that the estate of an owner who dies will be paid fair value for his/her interest and that the surviving owners will maintain control and ownership of the business. Life insurance on the owners can provide the tax-free money to fund these agreements.

Buy-Sell Agreements – There are typically two ways to structure a buy-sell agreement:

  • Entity Purchase Agreement: The business agrees to purchase the interest upon each owner’s death, disability or retirement.
  • Cross Purchase Agreement: The owners agree among themselves to buy or sell their individual interest upon death, disability or retirement.

The tax results may differ in the two methods, leading to a third type:

  • “Wait and See” Agreement: Provides the flexibility to use either of the above methods at an owner’s death.

Business owners should have the proper life insurance and disability insurance in place to fund for the premature death or disability of a business owner.

Contact Tegner-Miller Insurance Brokers to discuss ways to protect your business for future generations.  We can be reached at 310-828-9662.

Is Your In-Home Business Insured?

man-at-laptop-yellow-lightWorking from home is becoming an increasingly attractive and lucrative form of employment for many people. According to a recent survey by the Bureau of Labor Statistics, nearly 40% of college-educated Americans are putting in at least some work hours at home.

If you work from home, you should speak to your broker at Tegner-Miller Insurance Brokers (TMIB) to determine if you are covered for business-related claims as most homeowners policies do not include coverage  for an at home business or damage to or loss of business property.

For example, if your home is burglarized and your in-home business computer is stolen, it is unlikely your homeowner’s policy will cover the loss (if there is coverage it will be extremely limited).

Below, Tegner-Miller Insurance Brokers has listed a few types of insurance you should consider if you work from home:

  • Home Insurance Endorsement: Occasionally, you can purchase a business endorsement on a home insurance policy. While not every insurer offers this endorsement, it can be very useful if you operate a small home business or work from home for another company.
  • In-Home Business Policy: These policies provide more extensive coverage than a Home Insurance Endorsement provides and include some business liability.
  • Business Owner’s Policy: A “BOP”, as these are often called, is an even more comprehensive policy that would provide you with product liability, loss of income and coverage for company vehicles. However, a BOP, like the Home Insurance Endorsement and In-Home Business Policy, does not provide workers’ compensation insurance.
  • Commercial Package Policy: A much more comprehensive policy for larger in-home businesses.
  • Workers’ Compensation: If you have employees, you will also need a workers compensation insurance policy as none of the policies listed above include this required coverage.

If you are not sure which of the above policies is best for you, don’t hesitate to call your knowledgeable TMIB broker at 310-828-9662.

Back to School – Already!!?

teacher w studentEvery year, it seems like “back-to-school” sales are advertised earlier and earlier (much to the horror of our kids).

Retailers are eager to make big sales in the weeks leading up to the first day of school, and they have reason to celebrate – the month of August is one of the most profitable months for certain products. Below, Tegner-Miller Insurance Brokers has posted some surprising figures about the back-to-school shopping craze, courtesy of the US Census Bureau:

  • $7.7 Billion
    The amount spent at family clothing stores in August 2011. This includes over 28,000 shops nationwide.
  • $2.4 Billion
    The amount spent on books in August 2011.
  • Over 25%
    The percentage of Americans over the age of 3 who are enrolled in some type of school.
  • 79 million
    The number of Americans attending school in 2010.
  • $8,000
    The average difference in annual salaries between those who finished high school and those who did not.

Tegner-Miller hopes your children have a great 2013- 2014 school year!

Do You Know Who is Covered under Your Home Insurance Policy?

Tegner Miller Did You KnowWho IS covered under my home insurance policy?

When you purchase home insurance, there are three basic types of coverage that are typically included in the policy: property insurance that covers your home and other structures, personal property insurance that covers any personal belongings within your home, and liability insurance that covers any bodily harm or property damage caused by elements of the property.

While all of these types of coverage are included in your basic home insurance policy, they do not necessarily apply to every resident, guest or visitor in your home.  In fact, the level of coverage for each member of your household can vary greatly. In order to understand how much coverage you, your family, and visitors have, please review the following list:

  • Named Insured and spouse residing in the home: When you purchase a home insurance policy, you will be listed as the “named insured”, meaning that your name is on the policy. The named insured is almost always the owner of the property.  The named insured has the most coverage, and is able to take advantage of property insurance, personal property insurance, and liability insurance.
  • Children of the Named Insured: Children of the named insured, regardless of age, will have coverage for their personal property and liability, as long as they are still living at home.
  • Invited Visitors: invited guests and visitors will usually be covered by personal property insurance. However, this coverage is not available in every policy, so be sure to check with your broker at TMIB to make sure your policy covers visitors.
  • Tenants: Please note, tenants are NOT generally covered by your home insurance policy. Tenants will have to purchase their own renter’s insurance policy to ensure that they are covered.

This is not a complete list of policy details or coverages, please speak to your broker at TMIB for additional information.  Please call us at 310-828-9662.