Regardless of the industry your business is in, it’s critical for it to be protected from certain inherent risks. Fortunately, New City Insurance provides high-quality insurance services that can shield your organizations against a variety of risks and liabilities. Here is a close look at this subject.
Who Needs Business Insurance?
Both new, small businesses and established corporations can benefit from commercial insurance. However, it’s important to thoroughly evaluate your business’s risks, needs, and goals before choosing a policy. Here are the different types of insurance plans that New City offers:
Group Health Insurance
Group health insurance is an excellent option if you’re an HR manager or business owner who is seeking to provide your employees with medical insurance. Of course, it’s important for the insurance plans you offer to be affordable. You can offer either high-premium plans (with low deductibles) or low-premium plans (with higher deductibles). New City offers three distinct group health insurance plans: Health Maintenance Organization plans (HMOs), Preferred Provider Organization plans (PPOs), and Exclusive Provider Organization plans (EPOs). You can also acquire dental, life, and vision coverage with some of these plans.
Minimum Essential Coverage
Minimum essential coverage (MEC) plans are designed for businesses called Applicable Large Employers (ALEs). These companies are required to offer their employees health coverage but cannot because the total cost to do this is too high. Per the Affordable Care Act (ACA), any organization with at least 50 full-time equivalent employees qualify as ALEs. New City can help you stay in compliance with the ACA with regards to MEC insurance plans and avoid penalties.
Self-Funding
A self-funding insurance model can allow your business to pay all of your employees’ claims out-of-pocket rather than pay a full, established premium. On paper, this may seem like a high-risk choice, you can work closely with insurance carriers to set maximums for each employee. It’s also highly recommended that you create a trust fund to help pay your workers’ claims. There are many advantages to self-funding, including prescription drug customization, price transparency, and improved cash flow.
Commercial Insurance
Business insurance can help shield your organization from risks such as theft, injuries (liability), property damage, and lawsuits. A standard policy will cover your employees, stakeholders, and your company’s physical structure (building). Common examples of different types of commercial insurance include commercial auto insurance, workers’ compensation, cyber liability insurance, general liability insurance, and errors & omissions insurance. New City’s consultants can help you determine which type of insurance best fits your unique needs.
Speak To The Insurance Pros
Reach out to the experienced consultants at New City Insurance to learn more about how we can help protect your business with commercial insurance and help you offer group health insurance to your employees. Since 2008, we’ve been dedicated to reshaping the insurance industry. We service clients in multiple industries, including aerospace, biotech, cannabis, manufacturing, and oil & gas. Call New City Insurance today or visit us online for more information.