Most small businesses find paying for healthcare for their employees challenging. But what if your small business could make money on its healthcare premiums?

That’s possible because of changes in the tax law and captive insurance, a way of insuring your employees.

At Taake Insurance, we advise certain companies to consider captive health insurance. If your company has:

• Healthcare premiums of $500K to $2.3M a year, and
• A five-year history of your employees filing 50 percent less in claims than your premiums and
• The cash to fund one year of premiums, then

We can help you set up your own health plan and get a recognized insurance company to administer it. Your subsidiary keeps the savings and, for up to $2.3 million a year, transfers them back to you largely tax-free.

What’s the catch?

You do need to have enough cash to fund a full year. You will need to have actual claims. The IRS looks at askance at 100% profitability. And you need to rely on professional actuaries to set your premiums. Setting premiums is not a DIY operation.

Thousands of firms across the USA self-insure. You can cooperate with other small businesses to self-insure together and make meeting capital requirements easier.

If you spend more than $2.3 million annually on healthcare premiums, Taake Insurance Agency can help you create a subsidiary that will work for you.

Since a national insurer will administer your plan, your employees will get all the same coverage as they do now. In many cases, your plan administrator may even be the company you have now.

Whether you run your business in Columbia, IL, or anywhere in the state, we can help you set up captive health insurance. Call us today to get started!

Choosing between term life and whole life insurance policies depends heavily on your financial circumstances and insurance requirements. While both options have their own strengths and weaknesses, whole life insurance often emerges as a favored choice due to its unique benefits. Contact us at Taake Insurance Agency in Columbia, IL to learn more.

No Expiry Date

One of the most appealing aspects of whole life insurance is its absence of an expiration date. Unlike term life policies that expire after a predetermined period, whole life policies provide continual coverage as long as the premiums are paid. Neither you nor the insurance company can discontinue it, which provides you with steadfast peace of mind.

Accumulating Cash Value

Another significant advantage of this policy is the cash value it accrues over time. As you continue to pay your premiums, a small portion of the insurance company’s profits from your payments contribute towards this cash value. Over the years, this value builds up, providing a financial reserve you can borrow against in an emergency.

Securing Whole Life Insurance

To learn more about whole life insurance policies and how to procure one, call Taake Insurance Agency in Columbia, IL, today.

Assess the inventory that you use at your place of business. Seek insurance coverage upgrades that protect the inventory while it is stored within your commercial property.

Risks

Inventory stored on your property could be stolen or damaged. Flooding waters, fires, criminal activities, and other risk factors should also be considered.

Before you insure the inventory, schedule an appointment to inspect your place of business. The inspection will reveal any damage within your business. Damage to structural walls, for instance, could increase the risk of a flood.

The location of your business may also help you determine how much insurance coverage you need. If your business is located within a busy area, increasing the amount of insurance your inventory is provided with will give you peace of mind.

Inventory Records

Keep track of how much inventory you keep on hand on a regular basis. Take into account any seasonal items or other special items that you will be featuring at your place of business.

The records will help you decide if you will need more insurance coverage at specific times of the year.

Security

Make sure the inventory remains secure during normal business operations. Camera equipment and other security aids can help keep the inventory protected.

Prepare a storage plan for any overstock kept onsite. Overstock should be stored in an inconspicuous area where it won’t be subjected to theft.

Contact Taake Insurance Agency for Commercial Insurance

Contact one of our Taake Insurance Agency representatives to schedule a time to sit down with them. An agent who serves the Columbia, IL, area will help you pick out coverage to protect the commercial inventory.

Health insurance is important for your physical and financial health. However, you may have questions about your health insurance policy. We provide health insurance policies at Taake Insurance Agency in Columbia, IL. 

What is Out of Network Coverage? 

Health insurers make agreements with some providers. In exchange for becoming part of the network, the provider agrees to a lower price for services. Providers that don’t have this agreement are considered out-of-network providers. 

 All health insurance policies cover in-network providers. Some policies provide some coverage for out-of-network providers, and others don’t offer any. 

Is Emergency Care Covered? 

Yes. Federal law states that health insurance plans must cover emergency care, regardless of whether the provider or hospital is in-network. 

You should also know that the insurance provider can’t charge a higher copay for out-of-network emergency care. 

How Do I Choose the Best Plan?

Several factors must be considered when buying health insurance. Your deductible, copay, coverage limits, and the services covered will vary from plan to plan. 

If you rarely go to the doctor, you may want to choose a plan with a lower premium and a higher deductible. However, a plan with a higher premium and a lower copay may be the best option if you visit the doctor regularly. 

Does Health Insurance cover Prescription Medications? 

Yes. Most health insurance policies cover prescription medications. However, which drugs are covered will vary from plan to plan. The copay for medication will vary as well. When selecting a plan, you should consider how often you need medication. If you are currently taking a medication, ask if it’s covered by the policy you are considering. 

Health Insurance at Taake Insurance Agency

If you need health insurance in Columbia, IL, contact us at Taake Insurance Agency. We offer various insurance options, including health, home, and life insurance.

At Taake Insurance Agency, we proudly serve the community of Columbia, IL, providing comprehensive personal insurance policies that ensure financial security for individuals and their families. One such vital service we provide is life insurance, which serves as a financial safety net for your loved ones during your absence. Let’s explore the process and ideal timing for securing your first life insurance policy.

Understanding Life Insurance and Its Benefits

Life Insurance, often misunderstood, is not just about covering final expenses and debts. It has a broader role in securing your family’s financial health in your absence. This flexible financial tool comes in various forms, such as term insurance and whole life or permanent insurance, each serving different needs.

When Should You Get Your First Life Insurance Policy?

The timing for securing the first life insurance policy can vary significantly among individuals. Here are a few common life stages when many people consider getting their first policy:

• Infancy: Parents or grandparents may purchase a life insurance policy for a baby or young child, ensuring their insurability in later life while also serving as a savings plan.
• Upon Graduation: A lot of individuals secure their first policy as they step into adulthood post-high school or college graduation, taking on financial responsibilities and possibly even debts.
• Marriage: Tying the knot often brings added responsibilities, including home ownership and parenthood. This is a common stage for considering life insurance to protect income and secure financial futures.
• Starting a Business: If you’re starting a business, especially with partners who play key roles, a life insurance policy can help ensure the venture’s continued success.

Get Your Life Insurance Quote Today!

Life insurance becomes surprisingly affordable when you’re young and healthy. If you haven’t established your life insurance program, let us at Taake Insurance Agency, serving Columbia, IL, assist you. After answering a few straightforward questions, you and your family will have greater peace of mind knowing that you’re financially protected.

When you are in the Columbia, IL area, you will find it is a great place to start and run a business. When building a company here, you need to get the right insurance. There are various scenarios when a business will benefit by having commercial coverage. 

Those with Significant Assets

One situation when a business will greatly benefit from having commercial insurance is when it has significant assets. Investing in assets to get a business off the ground is very common for any organization. Moving forward, many businesses will continue to rely on these assets to operate. When you have insurance, you will have support and protection for these items if you incur a covered loss, which can include damage or theft.

Those with Liability Risks

Any business today is going to take on some liability risk. This can include the risk that someone is injured by the use of your product or service or an employee is hurt while working. As these risks will always exist, insuring against them is quite important. One of the most effective ways to do this is by getting commercial insurance, which will include a provision for liability insurance to ensure you are supported. 

Building a business in the Columbia, IL, area can be an excellent option for many people. When you are trying to build a company here, you will want to know that you always have the right insurance. For those in the area, it might be a good idea to call our team at the Taake Insurance Agency. When you contact us, you will get plenty of guidance to ensure you select the right policy that meets your needs.