Business Umbrella Insurance for a Rainy Day

What does commercial insurance need a business umbrella for? You might be thinking like this and we get this question a lot. Well, I’ve got a corporation. My veil is protected. Nobody’s ever gonna be able to pierce, the corporate veil. Sure about that? We hope not. And any corporate documents, any LLC documents, any written legal documents, are only as good as the person that wrote them, and the maintenance there of them.

At the end of the day, what I want you to think about when you’re thinking about protecting your empire, is the entity. Because insurance follows the entity first.

You’ve got to look at the underlying limit requirements, of the contract, and you need to evaluate your business auto; your workers’ comp; your general liability; and any other operations that you’ve got, to make sure they’re all protected under the umbrella. That underlying limit schedule, which is part of the policy, is a key component, to make sure that your umbrella coverage, responds and steps up. If that claim ever does happen, we want to make sure that protection is there, for you.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 951-600-5751
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“I have dealt with Stromsoe Ins for 13 years.  They have been outstanding in customer service and finding me the best policies for my needs.  I regret having to say good-bye as I say hello to retirement.”
Robert Siever – Gasket Pro – Costa Mesa, CA – Client Since 2014

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Your Financial Plan and the Role of Insurance

Creating a Financial Plan

Having a rough idea of what your future should look like isn’t enough to secure a comfortable retirement. A financial plan won’t guarantee that you’ll enjoy your golden years, but it can help you work toward making that happen. So what is this magical financial plan? It’s a comprehensive assessment of your current financial status, an overview of your short-, mid- and long-term goals and a strategy that will help you reach them.

Set Financial Goals

The first step in developing your financial plan is to know what you’re saving for. Think short-term, mid-term and long-term. Do you plan on buying a home in the next three years? Write it down. Do you want to have your business running without you in the next nine years? Write it down. Do you have visions of the Bahamas after you retire? Write. It. Down.

Whatever your goals are, write them down so you can better plan for your actions leading up to those achievements. You can’t build the roadmap to financial security without knowing the destination.

Create a Budget

Run through your statements and receipts to figure out where you are now. This is an opportunity to find places where you can tighten your belt, but be realistic in your discretionary spending and allow room to breathe.

Fixed Expenses

  • Housing | mortgage/rent, insurance, property taxes, dues, maintenance/repairs, utilities, phone, internet
  • Healthcare | health premiums, copayments, deductibles, medication/supplies, dental, vision
  • Transportation | vehicle payments, insurance, gas & oil, maintenance/repairs, parking, public transportation
  • Debt | loan payments, payments on credit cards, other debts

Discretionary Expenses

  • Food | groceries, dining out, ordering in
  • Personal | clothing, gifts, personal care, charitable contributions
  • Entertainment and Recreation | sports, hobbies, gym/club dues, cable/streaming, subscriptions, travel, movies, music, pet expenses
  • Dependents | extracurricular activities and lessons, childcare, K-12 education
  • Savings Toward Goals & Insurance | 401(k) contribution (pre-tax), IRA contribution, mutual funds, stocks, bonds, college savings, emergency savings, life insurance, disability insurance, other insurance, additional payments on credit cards/loans

Build an Emergency Fund

An emergency fund can be useful in situations ranging from minor home-appliance repair to longer-term unemployment. How much should you save in your emergency fund? Most financial experts recommend that you have somewhere between three months and six months of basic living expenses in your emergency fund. The three-month guideline is generally recommended for those who are in salaried positions and have more secure employment.

Address Your Debts

Fully understanding your debts is a key piece of planning for a financially sound future. Take a minute to write down the balance, interest rate and minimum payment for each debt you have. Now that you have all of the numbers down in front of you, decide the best method to manage your debts:

Snowball Method | The debt snowball method is a debt reduction strategy where you pay off debt in order of smallest to largest, gaining momentum as you knock out each balance. When the smallest debt is paid in full, you roll the money you were paying on that debt into the next smallest balance.

Avalanche Method | The debt avalanche targets debts with the highest interest rates first. This route may help you save time and interest over your debt payoff journey.

Protect Yourself with Insurance

Purchasing insurance is about protecting yourself against risk.

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How Can Insurance Protect Your Financial Future?

Insurance is an essential part of any sound financial plan. Being prepared for the unexpected will ensure that you can still reach your goals after facing a financial crisis. Certain situations can be expensive for those without coverage, or with insufficient coverage.

One of our own Stromsoe Insurance Protection Coaches knows the importance of insurance from personal experience. Our teammate’s mother was hit by a drunk driver and because of that crash, she lost her leg. The drunk driver wasn’t insured, so the buck stopped with her. Months of recovery had wracked up medical bills. Her own insurance was able to provide her with some support through her Uninsured/Underinsured Motorist coverage, taking a great deal of the burden off of her own family.

For a number of people, this is the sad truth they find themselves facing. Insurance is meant to protect you in the event that one of those risks becomes reality. All too many out there are either uninsured or severely underinsured. It’s important to work with your local, experienced, independent insurance coach to find the coverage that works for you.

Why is Insurance Considered a Financial Product?

To answer this questions, let’s take a look at Life Insurance. The purpose of life insurance is to provide a replacement of your income in the event of your passing. Life insurance policies can be one of the most important financial products you can purchase, and they are often more affordable than you might think. But how much life insurance do you need?

The amount of life insurance is going to depend on you and your situation. How much annual income would you need to replace if something were to happen to you? Do you have any debts? How much do you have in savings and investment accounts? Do you already have life insurance policies?

There are two general rules of thumb when it comes to deciding how much to purchase:

  1. Multiply your annual income by 10
  2. Multiply your income by 10 and add $100,000 per child for college expenses

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“After a little accident with a parked car, we called [Stromsoe Insurance] for advice, [they] took time to answer all my questions, and gave me some practical advice in handling the situation.”

Louisa Hsieh – Temecula, CA – Clients Since 1993

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Essential Car Insurance | Deep Paint Scratches

Car Insurance Scenario

You have to pick something up from the grocery store for dinner on your way home from work. The parking lot is absolutely packed. You feel like the luckiest person in the world when you find a spot close to the doors! You hop out and run in to get your things. When you come back out you see that someone has keyed the entire side of your car. What can and should you do about deep paint scratches?

How Much Does it Cost to Fix Extensive Paint Scratches?

Like most repairs, the cost to repaint a car can vary depending on the damage and the type of vehicle.

However, let’s assume that one entire side of the vehicle is severely damaged. On the cheap side, a single-stage enamel paint that basically just refreshes the look of the car can run between $300 and $1,000 depending on the vehicle. In this scenario, you’re probably going to need some repair work and a more detailed paint job due to the massive scratches which will most likely push the price range up to $1,000 to $3,500.

If you’re looking for a top of the line paint job or are driving a luxury vehicle, the cost of repainting a car can easily skyrocket up to $7,000.

Your Insurance Coverage

Collision coverage helps pay to repair your car if it’s damaged in a collision with another vehicle or object. Generally, collision coverage comes into play because a driver gets into a car accident. If you cannot find the other driver, you may be able to file a claim under your policy’s collision coverage.

Comprehensive coverage pays to repair or replace a covered vehicle that’s stolen or damaged by something other than collision. There are many scenarios that should be covered under comprehensive. For example: fire, wind, hail, flood, theft, vandalism, falling objects, and hitting an animal.

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Should You File a Claim?

In many circumstances, when you’re not at fault, a comprehensive claim may not raise your premium. It’s best to talk to your experienced, local independent insurance agent to see what is right for your situation.

 

Previously in this series: Essential Car Insurance | Bumper Damage
Next in this series: Essential Car Insurance | Cracked Windshield

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“I have been dealing with Erica Gates for almost 8 years now. She has helped me with my house insurance, car insurance adding my wedding ring to my home owners insurance and now with my earthquake insurance. Erica does what she says she’s going to do, whether it’s check on something for you or return your phone calls. She has been “OUTSTANDING” since day one. You just don’t find people like Erica everyday. Her customer service has been above and beyond. A real keeper. Thanks Erica for all that you do.”
Norma Gold – Winchester, CA 92596 – Client Since 2010

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Non-Profit Spotlight: Rose Again Foundation

Our community is full of incredible people and organizations out making a difference for others! In this month’s Non-Profit Spotlight we’d like to recognize the Rose Again Foundation!

Rose Again was founded in May of 2013 by high school senior Natalie Shadle Dixon following her volunteer work at a orphanage in Guatemala. Natalie wanted to find a way to provide for the needs of foster children who did not have the blessing of parents, a good education, and basic needs. She put together a Board of Directors who met with local foster parents, social workers, city officials, and emancipated foster youth to learn of the needs that would benefit foster children the most, and otherwise not being met.

The initial goals were to provide needs that improve the health, wellness, and education of foster children in the community. Programs and services were developed after much research. Additional programs have been added due to critical needs that were recognized over the years and especially during COVID-19.

We asked Rose Again Foundation Program Administrator, Maria Baldovinos, what the non-profit offers and who can benefit from their programs, and here is what she had to say:

RAF provides the following programs to Emergency/New placement foster children who arrive most often with little to nothing but the clothes on their backs. These children often arrive traumatized, severely neglected, and abused. They struggle daily with their circumstance and the loss and separation from family. Programs provided are:
1) Emergency / New gifting
2) Tutor Me program
3) Kids Soar – Extra curricular activities
4) Good Start Breakfast program
5) Financial aid for Emergency or special needs
6) Bless the children – Gifting program

The above services are provided to: foster infants, children, teens and emancipated youth.

CEO Rhonda Reinke comes with years of experience in volunteering with local non-profits. She has been a full-time volunteer CEO since her granddaughter Natalie founded the non profit. Rhonda and Maria both work out of their home office to save the expense of a store front and all the expenses that go along with that. This allows for more money to be available to serve the children in need. The Board of Directors is a working Board and have helped to provide services to over 1,000 foster children in their community. With the support of the cities, local businesses and community members together they are changing lives for foster children living in the community.

For the month of May 2021 Stromsoe Insurance will donate $21 to the Rose Again Foundation, for every referral that comes to our team!

Learn More about The 2021 Vision Referral Rewards Program HERE…

 

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Many have the misconception that a foster family’s expenses for taking in foster children are completely covered and may even give them extra money for their own use. This is not the case. Many foster parents spend a great deal of time and money meeting the needs of these children day and night, helping them through their trauma, lack of education, and driving them to many required appointments and visitations. Rose Again Foundation provides services to the children which helps foster parents accepting foster children into their home. This also gives siblings a chance of staying together in a single foster home.

A misconception of the non-profit as a whole is that Rose Again Foundation is a placement agency for foster children. RAF is not a placement agency but rather a support resource for the families who open their heart and home to these children in great need.

Baldovinos gave us some insight into the affects of COVID on the non-profit and the children they support:

With COVID restrictions all the annual fundraisers were cancelled. This change the way on how we fundraise with the goal of continuing to provide our critical and healing services to the foster children living in our community.

In addition, foster families who were struggling with the loss of income reached out to us for additional help so they would be able to keep the children in their home. In addition, some foster families that they were able to take another foster child or siblings because of the help they received from Rose Again Foundation. We began providing food, basic needs and in home tutoring. Due to the pandemic we continue providing all of those services in addition to our regular services. At this time because the need still exists for many of our families.

News have stated since COVID many foster children are lonely due to not being able to visit siblings and parents in person. Social workers are having a difficult time placing foster children in homes due to foster parents being afraid of taking in these children with concerns of COVID risks. The pandemic has made being in foster care much more challenging.

If you would like to help support the Rose Again Foundation, please engage with them via Facebook, Instagram and YouTube.

Rose Again Foundation is excited to share that they are celebrating their eight year anniversary this May 2021! They have served over 1,000 local foster infants, children, teens and emancipated youth since the non-profit’s founding in May of 2013. They are celebrating their anniversary through a campaign to the community asking for monthly donations of $8 which will allow them to continue providing services to “their” kids and to be prepared to serve the large increase of foster children that they are anticipating to come once schools open up and that teachers and staff recognize abuse and severe neglect. These are the children that have been suffering over the past year during the pandemic in their home.

Emergency placement children arrive with a few hours notice and with little to nothing but the clothes on their backs. It is important that Rose Again Foundation is able to immediately respond to children’s needs including:

  • New clothes
  • Shoes
  • Hygiene items
  • Basic needs
  • Special needs

Monthly donors allow Rose Again to respond immediately to the children’s needs. This sometimes includes a bed for a child, a mattress, crib, car seat, high chair, owlet socket for a heart monitor for drug addicted babies suffering withdrawals, and other special needs.

For the month of May 2021 Stromsoe Insurance will donate $21 to the Rose Again Foundation, for every referral that comes to our team!

Learn More about The 2021 Vision Referral Rewards Program HERE…

Would you like to learn more about how we can help protect your non-profit , call your Stromsoe Insurance Total Protection Team at (951) 600-5751 or email insure@siaonline.com today!