FAQ: What Happens After I Apply for Disability Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

By deciding to purchase disability insurance, you have taken a positive step in protecting future income in the case of a debilitating accident. Whether you have an individual long-term disability policy that you purchased from an insurance agent or a group disability policy provided by your employer, what happens next is the same. In this blog post, Gregg S. Marcus, a Long Island Insurance Executive discusses what happens after you apply for disability insurance.

The first thing that happens is that you will receive a phone call from the insurance company to review some of the questions on the application and to have you re-answer the medical questions. This may seem redundant since you may have already answered the same questions, but his step ensures that the underwriter has all of the information he/she needs and that there are no discrepancies on your application. In many cases, the next step is to take a medical exam. The exam consists of taking your height and weight, blood pressure and pulse and obtaining a urine and blood sample. If you apply for a very high amount of coverage, and/or you are over a certain age, you may be required to do a resting EKG. The insurance company covers the cost of the exam.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Advertisements

FAQ: Do I Need Landlord Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

Maybe you’re moving up to a bigger home and holding on to your former residence as a rental property. Or maybe you’ve tried to sell your home without success. Whatever the reason, if you’re thinking about renting out your home, you need to look into landlord insurance. A comprehensive landlord’s rental property insurance policy will protect your investment property, so that you can rent it out with confidence. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains the importance of a landlord insurance policy for rental property owners.

Your rental property is an important investment and can provide a steady source of income. But all sorts of hazards, from lightning to kitchen fires, could damage your property—and your wallet. Landlord’s insurance provides all the coverage you need to protect your property from damage, and you from legal and personal liability.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.


FAQ: Why Add an ‘Additional Insured’ on Your Business Insurance Policy

Here is an excerpt from a new blog post at GreggMarcus.com:

Businesses must work with other businesses to operate on a daily basis. For example, when a contractor builds a home, they must use the work of sub-contractors for materials or labor for the project. These businesses sign contracts or agreements prior to any work being completed. The different companies may be at the same place at the same time, and they all need to be covered against risk. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains why a business will add an additional insured on their commercial policy.

Additional insured endorsements are added to protect the mutual customer of each individual business. One party will add the other on their commercial liability business insurance policy as an “additional insured.” By adding an entity to your policy as an additional insured you are protecting that entity against your company’s negligence. By having another entity add your business as an additional insured that company is protecting you against their negligence. This most commonly occurs between event promoters, commercial landlords, construction contractors or another business that involves independent contractors or sub-contractors.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.


FAQ: How is the Value of a Totaled Car Calculated?

Here is an excerpt from a new blog post at GreggMarcus.com:

You’ve been in a bad car accident. Your car is a mangled mess. Now what? A car is considered totaled when the cost of repairing it exceeds the cost of replacing the vehicle. Understanding what you will get from totaled car insurance is essential to know what will happen in the event that an accident writes off your vehicle. In this post, Long Island Insurance Executive, Gregg S. Marcus, explains how your insurance company calculates the value of a totaled car.

When your car is totaled, your insurance company will give you what’s called “fair market value” for your car. The auto insurance company takes the following four factors into consideration when determining the fair market value:

Vehicle Type
The type of vehicle that has been totaled and will be covered by the insurance plays a large part in the determination of value. Classic and luxury cars will be treated in a different way than an average car as they depreciate in value differently.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.


FAQ: What is Employment Practices Liability Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

Any small business that has employees is at risk at litigation. Employment Practices Liability Insurance (EPLI) is a policy that helps protect small business owners from any claim that can arise from employees in relation to how the owners conduct their business. Employees can file a claim for discrimination, wrongful termination, sexual harassment or wrongful discharge. Small business owners need to protect themselves against these types of threats. Gregg S. Marcus, a Long Island Insurance Executive explains the basics on Employment Practices Liability Insurance.

EPLI may be part of a comprehensive directors and officers policy or a stand-alone policy. It can be purchased in amounts from $1 million to $25 million with subsequent deductible levels. Many policies exclude coverage in the event of a merger or major downsize. Deliberate actions such as criminal conduct are also excluded. The policy can provide coverage for employees, independent contractors and even leased employees. Coverage for independent contractors is particularly important, due to the lack of direct supervision associated with performance.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.


FAQ: What does ‘Licensed, Bonded and Insured’ Mean?

Here is an excerpt from a new blog post at GreggMarcus.com:

If you’ve ever looked for a business to perform any type of homebuilding, renovation or repair project, you’ve come across the term “licensed, bonded and insured.” In this post, Long Island Insurance Executive, Gregg S. Marcus, explains what it means to be licensed, bonded and insured. The federal government contracts require contractors to be bonded and insured, to reduce the financial risk. House cleaning services, moving companies and pet sitting companies are bonded and insured in case any thievery, accident or other damage caused by the company.

Licensed
For certain professions, a license is necessary to show that you’re competent and permitted to conduct business in the city, municipality, or state in which the license was issued. Generally, to be licensed in a field means that the person has completed a certain amount of education and training, been rigorously tested on this knowledge, and been approved by the state to perform the type of work on which they were tested on. In most cases it also means that the person must keep up with current information and advances within his field through continuing education in order to maintain the license. Consumers can look up a business’ performance history in most states through the Better Business Bureau using their license number.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.


FAQ: What is the Difference between Workers’ Compensation and Disability Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

“This is a question that a lot of people, including many small employers, don’t know the answer to,” says Gregg S. Marcus, a Long Island Insurance Executive. “Many are under the impression that disability insurance and workers’ compensation are the same thing. Although they are similar in benefits, there are fundamental differences.” By understanding the differentiation between the two, you will be more prepared in the case of a major financial loss due to inability to work because of injury.

Workers’ Compensation
Essentially, workers compensation insurance is a “no fault” claim. This means that in exchange for an employee’s waiver of the right to file a suit against an employer, the employee’s medical expenses are paid by the employer’s insurance company until the situation is resolved and the employee returns to work.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.