Injuries are unpredictable, and most of us are not equipped or prepared for the implications they can bring. Have you ever lifted something heavy and strained your back? Or missed a step while walking down the stairs causing you to take a ride? That is sure to leave some bumps and bruises! Even worse is when those injuries or a serious illness forces you to miss work for an extended period of time. Health is wealth, and not being able to earn a wage and support yourself and/or your family because of an injury or illness can cause financial hardships. What if there were ways to protect yourself and/or your employees in the event that an unforeseen accident occurs, and they are unable to work? For those that are unaware of the mechanics of a disability income insurance plan, essentially it pays out when a person is unable to work because of a disabling injury or illness. Doesn’t that sound like music to your ears? Before you purchase a plan, there are some things you need to know. Disability insurance can have a variety of different features that you may need to review to see what may fit your needs best.

Structure

Short-term disability, or STD insurance, usually provides a benefit after an elimination period. The period can be as short as 0 to 14 days of being disabled. STD may pay benefits for up to two years, but many pay for three months to a year. Long-term disability insurance, or LTD, would have an elimination period of 30 to 720 days and pay benefits for a year to a lifetime. A benefit period of “To Age 65” is common, but with changing regulations this age could limit could increase as people are working until they are older. The LTD can be designed to start when the STD ends.

Cost

For those who are concerned with the cost of disability insurance, there are options for you. Group disability insurance can be a lower cost option than an individual plan because your employer would pay all or part of the premium. Many employers offer this benefit to their employees. When enrolling for a group plan, there can be 2 different options, contributory and noncontributory.

Contributory is when you sign-up and must contribute to the premium. As you may have guessed, noncontributory is when your employer covers 100% of the premium. Another reason that premiums may be lower for a group versus an individual is because the insurance company is able to spread their risk. Insuring a group of people is less risky than insuring one person. There are also fewer underwriting restrictions for a group than for an individual, partly because groups may have a favorable percentage of people who are considered “good risks.” Some of the price dictators that could affect the price of your premium include percentage of insured wage, the age you select until it stops payment, long-term or short-term, as well as the elimination period (the time between the accident or illness, to the time the plan begins to payout).

Benefits

The benefit of an individual disability policy is that it has “portability.” This means that you can take it with you even if you move or change employers. You can design it to your likes so that it fits all of your needs, such as determining the waiting period and the percentage of wages that it will pay. They can be very flexible. The benefit of an employer having a good disability plan for its employees is raising company morale. It’s proven that employees who feel like they are valued and taken care of will work harder and exercise more loyalty. Also, you will have the peace of mind knowing that if someone was injured or developed a serious illness, they will still receive compensation.

MHG Insurance Brokers offer many different insurance solutions for many areas of business. If you are interested in purchasing a disability plan, health insurance, or life insurance, contact us at mhginsurance.com or call us at +1 954 828 1819. Our insurance specialists have the knowledge and experience to assist and guide you to the best coverage for your budget.

Good help is hard to find. Everyone has heard different horror stories about coworkers and colleagues from their friends, or even ones they have experienced firsthand. Filling open positions properly within your company can have a great impact on your bottom line. From having unproductive and inefficient workers, or workers who go above and beyond, one thing that can have a direct effect to your bottom line is workers’ compensation. Workplace injuries can be quite expensive for employers, especially those companies that require skilled or physical labor. So, if you are interested in helping your businesses’ bottom line, use some of these tips to help avoid hiring your next costly claim.

Before the Hiring Process

Much like having a good foundation determines the strength of a building, hiring practices can have a similar effect to your business and its future. Preparation is very important when starting the hiring process. You want to be sure the right people are in the right jobs to get the most out of your team. Putting someone into a position that has no experience or background in said position could result in mistakes and possible injury if they lack training and experience. There are many ways to do your homework when beginning the hiring process, from gathering analytics of the mistakes that people make in the workplace, to psychology of people that will put them in the best position. Assessing problems before you make a hire can be best form of preventing a loss.

During the Hiring Process

Job interviews and job shadowing, or any other form of evaluating someone before hiring them is a great opportunity to see if someone is not only a perfect fit for the position, but your company culture as well. Unfortunately, you can’t ask someone about previous claims they were involved in, however, you can ask them about any gaps in their employment. Also, be sure to ask them how they would handle certain situations that can arise such as emergencies or other scenarios that may put them or their coworkers in danger. So far so good? If so, you should contact all their references to get a feel for how they are viewed from their past employers.

Don’t Stop Once They’re Hired

Once your new employee has passed all screening and gone through all the training necessary, welcome him or her to the company! An employment offer should be contingent on successful completion of screenings. Completion of a thorough hiring process should help to ensure the new employee will be a good fit. But the process shouldn’t stop there. Just because you have found your new employee, doesn’t mean you should stop working to avoid a claim. Implementing regular safety and training programs for all employees is a good practice that helps to avoid catastrophic and frequent claim. Lastly, all processes and procedures should be communicated loud and clear so that everyone in your workforce is aware of the company’s expectations. 

Workers’ Compensation Insurance should be a top priority for all businesses. If you have any questions, or are interested in purchasing workers’ compensation insurance, or any other form of Property & Casualty Insurance, please contact us at 954-828-1819 or visit our website mhginsurance.com. Our insurance specialists have the knowledge and experience to assist and advise your business about all the necessary business insurances.

Life insurance provides many valuable benefits. It can protect our assets, provide a way to make charitable contributions, and perhaps most importantly, it is the one way we can make sure our loved ones’ needs will be taken care of long after we are able to look after them ourselves. While most adults realize the importance of buying life insurance, lack of knowledge about the process may cause some to put off purchasing this essential coverage until it is too late. Purchasing life insurance may seem complicated, but, it doesn’t have to be. Read on to learn 5 things to know when buying life insurance:

What should I expect when buying life insurance?

You will need to determine your most important needs as well as any additional coverage you may wish to purchase. Many policies offer riders that may be of value for you, such as critical illness or disability. Expect to answer questions about your and your family’s health and medical history, and be certain to answer completely and truthfully because any falsehoods could disqualify you for coverage or invalidate your policy.

How much life insurance coverage do I need?

The amount of life insurance coverage you need is determined by many variables, and while coverage is important at every age, the amount you need will change over time. To determine the amount of coverage you need now, you should calculate what would be needed to clear your debts and care for your loved ones’ current, ongoing, and future needs. That will include replacing the income of a passing spouse or the value of services provided by a homemaker spouse, as well as medical and schooling expenses.

What type of life insurance should I buy?

There are two basic types of life insurance: term life insurance and cash value insurance. Term life insurance generally has lower premiums, but does not build up cash values that you can use in the future. Cash value life insurance, which includes whole life, universal life, and variable life, provides an investment or cash accumulation feature that can be used if needed. Most individuals find a mixture of policies is the best way to meet their coverage needs while keeping premiums at an affordable level.

When is the best time to buy life insurance?

The short answer is NOW! When you purchase a life insurance policy, you lock in premium rates for the length of the policy. Since rates increase as you age, as do the health problems that can make it difficult to qualify for coverage, you should purchase life insurance as early as possible.

Should I buy life insurance from an insurance agent or an insurance broker?

You should always buy life insurance from a professional insurance broker like MHG. An insurance agent works for a single company, while insurance brokers work with several insurance companies, so they can find you the best life insurance coverage for the lowest rates. While life insurance has become more complicated over the years, it has never been easier to purchase than now.

If you are interested in purchasing life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

Yacht Crew, and other professions that require world travel, need special medical insurance plans. Plans should include international coverage, a support system that can guide them when in need in a foreign country, and repatriation. While many different areas of the world offer these types of insurance policies, yacht crew should be considering certain aspects of the plan other than just international coverage. For example, if a crew is working on a vessel that is spending a great amount of time in the United States or the surrounding waters, they may want to consider having a U.S. friendly insurance plan. Here’s why:

1. May not be recognized

If you happen to get sick while in the U.S. and need medical attention, you will want the process to go as smoothly as possible. However, with non-friendly U.S. plans, the doctors or hospitals may not recognize the plan. This may result in an initial denial of insurance, leaving you responsible to pay for your treatment, which can be particularly expensive in an emergency situation.

2. May need preapproval

Many times, with an international medical insurance policy, you will have to get preapproval of your treatments before you receive them. Which is a bit different compared to how things work in the U.S. Typically, doctors and hospitals are well versed in the different types of insurance, and with a U.S. friendly plan, you will be able to go and get the treatment you need without having to stress about the insurance part. After all, if you are needing to use your insurance, it is because you are in pain or are ill, and the last thing you will want to do is have to stress about getting your insurance approved before you can get treatment.

3. There may be a delay

Typically, if you have insurance that is not U.S. friendly, it is because the country where the insurance is offered is not in the Americas. Whether it is Europe, Asia, etc. the insurance company will be in a different time zone, making communication difficult, potentially resulting in delays. In the event of an emergency situation, the last thing you will want to hear is “we cannot get ahold of your insurance carrier”, or “we left a message and are waiting for hear back from them”. Also, it should be noted that in other parts of the world, insurance is not handled with the same urgency as it is in the U.S.

4. Different benefit structure

While the above issues can cause a headache for you when trying to use your international medical insurance plan in the U.S, this particular issue can cause a headache for the doctor’s office or hospitals. Depending on where you can your insurance, there will be a different benefit structure than what medical personnel in the U.S. are used to seeing. Since they will be unfamiliar with the benefit structure, it will only add to the stress and issues you are dealing with when trying to use your insurance.

Having proper insurance is important whether you are at sea, or docked at a shipyard. MHG is your specialized broker when it comes to crew insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at

or visit us online at mhginsurance.com. 

Cruises are made to be a fun memorable vacation that individuals, couples, and families can remember for years to come. A major part of the cruise industry are excursions. As Tour and Excursion Operators know, one of the first things guests do when stepping onboard a cruise ship is to book all the excursions they plan to take part in. While excursions are often considered one of the most fun parts of going on a cruise, there are still liabilities, and accidents that can happen, which is why waivers should be signed, and you should be insured! Below are some of the most common injuries reported by Tour and Excursion Operators.

Snorkeling

We were notified of 2 separate incidents where the individuals both suffered fatal heart attacks whilst snorkeling. Both had long term medical histories which showed it was effectively ‘natural causes’ and no law suit was filed.

Diving

Seeing the world under the surface of the ocean is amazing. However, there is heavy and expensive equipment involved with scuba diving. Luckily, many places will not let people dive without a proper license, but that doesn’t mean you still aren’t exposed to liabilities upon injuries. For instance, what if someone doesn’t come up to the surface properly?

Animal Bites

Many of the top attractions and excursions throughout the Caribbean include swimming with a variety of sea creatures. Whether it be dolphins, sharks, sting rays, or other fish, accidents can happen, and there have been reports of people getting bitten or stung.

Jet Skis

Jet skis are one of the most thrilling and exciting excursions that people choose to partake in. While they can be a very enjoyable time, such thrills and excitement can come at a cost. Improper use of Jet skis has been responsible for tragic crashes, injuries, or even worse. One of the main causes of this stems from inexperience of the individual that is operating the craft, who aren’t well versed in the rules and laws of the water when it comes to other boats or vessels in the area.

Zip Lines

Last but not least, many believe that the most frequent injuries are sustained on zip lines. While you may be thinking that many of the injuries occur because of a fall that is not necessarily the case. Far more common, is injury that is sustained when reaching the end of the line and impacting against poorly maintained equipment at speed.

Now that you are further aware of some of the accidents that can happen in the Shore-Ex industry, cover your liabilities with Shore Excursion insurance, also known as Tour and Excursion Operators Liability Insurance. Shore-Ex Insurance is a package contingent liability program designed specifically for tour operators seeking to work with the cruise line industry. If you are interested in purchasing a Tour & Excursion Operators Legal Liability Policy, or simply need some more information contact us at mhginsurance.com or call us at +1 954 828 1819 or +44 (0) 1624 678668. Our team of brokers have the knowledge and experience to consult with you on the best coverage for your budget, and can also assist you with any insurance questions you may have.

Did you know? About 250,000 Americans turn 65 each month, and many don’t feel financially prepared to retire. How is your retirement planning coming along? Are you on track to retire with the lifestyle you have gotten used to?

Studies show that many workers haven’t saved enough money to last them from the time they stop working through the rest of their lives. Part of the reason is the increase of life expectancy due to the advancement of medical technology and services. Many don’t account for the increased amount of medical costs that people experience as they climb in age, as well as the increase in the cost of living. No matter how much you are saving for retirement, it can never hurt to save more. You’ll thank yourself later.

Who Can Benefit?

Diversifying your retirement portfolio is important if you would like to reach your savings goals. A Universal Life insurance policy (UL) can act as another option for those looking to add to their portfolio in other ways than the stock market. It can work well for many; those who are looking for a long term savings option that is tax efficient, executives who would like to save more than the allotment of the company plan, or clients who are concerned with future tax rates and are looking for different options for tax free distributions in retirement.

What You Need to Know

You can invest more money into a Universal Life policy than you can in an IRA or 401-K, however there are still limits. The amount of your policy will determine your premium, which will then determine the window as to how much you can overfund. From there you can decide whether you would like to overfund the policy to invest money.

The Benefits

Some of the main benefits are tax-favored growth, asset protection, no penalty for distribution before age 59 ½, and a disability waiver. One of the great benefits of a Universal Life policy is that you can access your savings through a tax favored loan, essentially borrowing money from yourself. Other benefits include:

· Tax free withdrawals

· Additional retirement savings

· Accrue interest tax deferred

· Little to no market risk

· Death benefit

· Protected from creditors

The Fine Print

If you do happen to use the benefit of borrowing money from the policy, there is something you should know. If you were to pass away prematurely, the dollar amount that you owe will then be taken out of the death benefit before it is paid to your beneficiaries.

It’s important to note that we are not financial advisors. If you would like advice or guidance about your investment portfolio, please contact your financial advisor.

If you are interested in purchasing Life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

Are you expecting to become a parent soon? If so, there are some important things you should be doing to prepare yourself. First and foremost, get as much sleep as you can! Secondly, sleep some more! In all seriousness, having a baby is one of life’s most magical moments, and being a parent can be one of the most fulfilling jobs you will ever have. It is also a huge responsibility, and there are many parts of your life that are about to change. With so many new things to plan for and prioritize, it can be overwhelming at times, and some things may slip your mind, such as insurance. So, we decided to create a reminder of things regarding insurance and a few others that you should be doing to get ready for this next step in your life.

Before the Baby

Before your new family member arrives, there are a few things to consider:

1. Selecting a doctor or midwife to perform the birth. This is an important step because you want to be as comfortable as possible during the delivery. It can be a very intimate and let’s be honest, painful experience, so being as comfortable as possible with whomever is performing the procedure will aid in your experience.

2. Figure out how much of the delivery will be covered by your insurance. Having a baby is expensive. Many times, it can be the one of the most expensive health related events that you will experience. If you are planning on starting a family, it is a clever idea to contact your insurance carrier, as well as review your policy documents to prepare for what the costs will be. Similarly, if you have just become pregnant, it may be a good idea to let your insurance carrier know you are having a baby, and figuring out the costs involved as well as what the next step will be.

3. Select a pediatrician that is in network. Having a pediatrician that you trust and you are comfortable with should be a top priority. Also, it’s important to choose one that is in your insurance network. Children are in and out of the doctor when they are young, partly because their immune systems are still developing, but also because there are many check-ups and immunizations they must receive. Selecting an out of network provider is your choice, but it will certainly cost you more.

After the Baby Arrives                

Once your newborn has arrived, there are some tasks that should be completed, as well as some things to know that may help you save a few bucks.

1. Add your baby to your health insurance plan. You would think that after all the medical bills and doctor visits for your pregnancy, that your insurance company would know to add your new baby to your plan, however in most cases you need to contact them to do so. The good news is under the Affordable Care Act, having a child is one of the qualifying life events that can afford you the opportunity to get an ACA compliant plan, if you do not have coverage already.

2. Claim tax credit. For those that don’t know, the IRS allows taxpayers to claim the Child Tax Credit for children under the age of 17 if your adjusted gross income falls below a certain amount. What this means is a potential reduction in your premium if you qualify and take advantage of the tax credits on the marketplace plans. Also, you now have a dependent that you can claim on your taxes which may also give you some tax breaks or returns. Don’t forget to update your W4!

Preparing for the Future

Having a child is a huge responsibility, both financially and time wise. A child can also give you a reason to start planning the future if you haven’t already.

1. Purchase a life insurance policy. Having life insurance should be a top priority when becoming a parent. Making sure your child will be taken care of financially should be a responsibility all parents take advantage of. After all, life is fragile, and can be taken from you without a moment’s notice. If something were to ever happen to you what would happen to your child? That’s a question every parent should be able to answer. 

2. Make a will. Making a will can fall in the same uncomfortable category as life insurance. However, when a child is in the picture, it should be a must. If there is anything you want to leave to your child, or things you want others to have instead of your child, a will is the way to go. It must be obeyed by law, so be sure to name a trustee that is close and who you trust to manage any property on behalf of your minor children.

3. Start saving for college/university. A four-year degree is getting more and more expensive these days, and it is almost a necessity to have secondary education to land a good job. Our advice, start saving now, or as early as possible. There are a plethora of different saving options you can use from savings bonds, to different savings accounts, even prepaid state college/university plans.

MHG is here to assist you and offer any advice and help we can in this exciting time in your life. If you have any questions, please contact us today at 954 828 1819 or visit mhginsurance.com. We have the insurance specialists to guide and assist you in finding the best insurance options for you, your family, and loved ones.

Having the proper life insurance policy is very important in order to protect loved ones in the event of an unexpected tragedy. A difficult part is deciding what the proper life insurance policy is for you. While at one point in your life, term life insurance made sense, now it may seem like it isn't the best option. Maybe at this point in time, having a permanent life insurance policy is a better option. If you find yourself in this dilemma, the following may help you make a decision on whether or not you should convert your term life insurance policy into a whole life insurance policy.

Is it Convertible?

Before you consider converting your term life policy to a whole life policy, you must first find out if it is convertible. Depending on the policy, there is a chance that you will not be able to convert to a whole life plan. If it is an older policy, it is more likely unconvertible as newer policies are more flexible to make changes.

Have You Developed an Illness?

Have you developed an illness that may be life threatening at some point? If so, most insurance companies will deny you coverage due to a pre-existing condition. Most insurance companies do not provide coverage for those with a pre-existing condition because the risk is too high. If you had a term life policy, you would be able to convert it to a whole life policy where the benefit never expires because you had already been insured. This is a way to get continued coverage if you have developed a condition that will make life insurance a necessity in the future.

Would You Like More Time?

When many people purchase a term life insurance plan, they make a decision on the number of years they would like to be covered, maybe 15 or 20 years to cover a child until they are an adult. However, life is full of surprises, and what you once thought was the right amount of years has turned out to be too short of time. Maybe you had more children, or have new dependents. You also could have new debt that you want to cover in the event something happens to you. If that is the case, converting to a whole life policy is crucial as the policy doesn't end until it is cancelled, or the policy holder passes away.

Want to Build Cash Value?

A term policy and a whole life policy can be compared to renting and owning. A term policy often costs less than a whole life policy, however you only have coverage for a limited period of time, like renting an apartment. A whole life policy lasts as long as you would like it to last, and the money that you use to pay for it will collect and build a cash value or become an asset, much like buying a house. Another benefit is that after a certain amount of time, you can take out a loan from your whole life policy, essentially borrowing money from yourself.

Whether you are purchasing Life insurance for the first time, looking for better coverage or are interested in learning more about other types of insurance available to you, we can help! Visit our website at mhginsurance.com or speak with an Insurance Specialist at 954 828 1819.

Filing an insurance claim can be a confusing and lengthy process. In many cases, people have never been involved in a claim before. They may not think to do things in the moment that may help them later during the claims process. Let us help by offering some tips when filing a Marine General Liability insurance claim.

Call Insurance Agent and Insurance Company

The most important place to start when there has been a loss is with your insurance agent. If you are unsure whether a claim should to be filed, your agent can help. Your agent will collect the necessary information, and guide you with the next steps that you will need to take. Do not hesitate to contact your agent, he or she handles claims daily and will be able to give you advise that can save you time and aggravation.

List All Damages Incurred

Make a list of all the damages that have been incurred. Some damages may not be obvious, and may require further investigation by the adjuster or another trained professional. Make notes of any specifics about the incident like time of day, weather, and people present at the time of the incident.

Take Pictures

Having proof of damage can affect the outcome of a claim. If an incident occurs, take pictures to document the damage to property as soon as possible. This will help the adjuster if emergency repairs need to be completed to prevent further damage. Keep all photos and receipts for emergency repairs in a safe place and be sure to hand them off to the adjuster as soon as possible.

Prevent Further Damage

After assessing and documenting the damages, do what you can to prevent further damages from occurring. Whether that means clearing the area of other materials, or securing machinery, do what you can to limit the extent of the damage. It is also important to exercise caution when trying to prevent further damage. If it is not safe to be in the area, do not risk injury to yourself or others by trying to limit damages to property.

Who Should the Company Contact to Follow Up on Claim?

It is important to organize who will oversee the claims process within your company. Make sure this person has access to certain information about your business that may be needed during the process. Also, having one person be in charge may also make this process more efficient and ultimately help close the claim faster.

Having the proper insurance coverage is crucial for the success of any business, and every business needs coverage specific for its characteristics. If you have any more questions, would like further explanation, want to change your general liability policy to a marine general liability policy, or are interested in any other form of business insurance, please contact us by calling 954-828-1819 or visiting mhginsurance.com. We look forward to assisting you with all your insurance needs.

Do you have Life Insurance? Do you ever wonder what will happen to your family if anything ever happens to you? If you do have Life Insurance, you don’t need to ask yourself questions like that. The problem is not everyone has life insurance. Many don’t even see it as an option because they think it is too expensive. However, that isn’t the case. There are plenty of ways to secure your family without going broke.  

What are my Options?

There are two types of Life Insurance, Temporary and Permanent. Temporary Life Insurance covers you for a period of time such as 5 years, 10 years, etc. If you should pass away within the term, your beneficiary will receive the death benefit. Permanent Life Insurance covers you for your entire life. So no matter when you should pass away, your beneficiary will receive the death benefit. Also, for either type of life insurance, the death benefit will pass to your beneficiaries income tax free.

Permanent Life Insurance

Permanent Life Insurance covers you for your whole life. You should purchase Permanent Life Insurance if you have a life-long dependent, or have an estate or business to protect. In some permanent plans, your money may collect in an account, and after a number of years, you may be able withdraw money, borrow cash, or surrender the policy and receive the surrendering value.

Temporary Life Insurance

Temporary Life Insurance, also known as Term Life Insurance, is a good option if you would like to have coverage for a certain period of time. Usually an individual will have this coverage during the most vulnerable time of their life. For instance, until the kids are grown and graduated from college, or your house has been paid off. Many times, the premiums are lower than the premiums of a permanent life insurance plan. The only downfall of this type of plan is that once the term is over, IT’S OVER. You may be able to renew your plan once it expires, but your premiums may increase because you will be older than when you purchased your prior plan.

Not Going Broke

“So how do I purchase Life Insurance without going broke?” First off, there are a number of factors to determine which plan is right for you and which plan you can afford. But in general terms, the route to go would be purchasing a Temporary Life Insurance policy. As stated before, the premiums generally are less money than those of a permanent policy, and you and your family or dependents will also be protected during the length of the term.

Not for Everyone          

Buying Life Insurance is not for everyone. There may be no need to purchase it if you don’t have any dependents and enough assets to cover your debt and the cost of dying. Death can very expensive, having to pay for the funeral, estate lawyer’s fees, etc. So if you are unsure about the need to purchase a Life Insurance Plan, or would like to purchase one, please contact us. We would be happy to assist you with all of your questions and concerns.

Call MHG Insurance today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting Life Insurance and other coverage to ensure you and your loved ones have the protection you need at every stage of life.