Business Interruption Insurance

In a time like the current pandemic of COVID-19, we are all experiencing some serious interruption. As individuals, it’s come in the form our personal relationships, children’s schools, sports, social events, networking, and even the everyday errand of running to the grocery store. Those restrictions are inconvenient and may be aggravating but in the end, not totally life changing. After all, some may even be enjoying the forced slow down and more time at home with their families.

But for businesses, it’s a different story. Think about your favorite restaurant, retailer, hardware store, caterer or event venue… your dentist, your hair stylist, your daycare and your gym. Think about how difficult it would be to tell employees of 20 years that you can’t afford to pay them or that you have to close the doors. Think about the students that work hourly to pay their way through school and support themselves, already living paycheck to paycheck to make ends meet.

This is a tough time, no doubt about it. It’s terrible. And it’s forcing business owners to look anywhere and everywhere for options. One avenue business owners are exploring is Business Interruption coverage on their commercial insurance policy, which is what we’d like to clarify.

Unfortunately, in most cases, this type of coverage does not apply to any type of disease or outbreak. In the event of a natural disaster or man-made crisis, this coverage would help protect businesses against financial losses if they had to suspend operations or operate at a reduced rate/capacity.

Some of the things Business Interruption typically covers are:
• lost revenue
• rent and lease payments
• mortgage payments
• other loan payments and taxes
• employee payroll or relocation costs

This coverage may not extend for the situation we’re in right now but it’s comforting to know it’s there when applicable. If there’s property damage, closure, or lack of operations that does qualify for coverage, this could get a company back up and running rather quickly. Suffering from economic shock and financial losses is stressful enough, so the silver lining in those situations would be that this is there to help.

There really isn’t a great solution or magic answer to how we’ll recover from this Coronavirus situation but if we can stay positive, band together, and help where we’re able… surely, we’ll come out of it okay and as best prepared as we can be to get to work on recovering.

Benefits of Auto Pay for Your Insurance Premiums

We currently happen to be in a time of uncertainty with some businesses temporarily closing or being short staffed due to Covid-19 social distancing recommendations. One of the concerns that has developed is people still being able to pay their bills, such as insurance premiums.

Thankfully, most insurance carriers accept payment either online or via an automated phone system but Auto Pay could alleviate any worry or doubt you might have about these payments being processed correctly and on time. There are several benefits to Auto Pay, depending on what type of policy it is.


• When it comes to life or disability insurance, a lapse without timely reinstatement could mean that you will now require an underwriting review, sometimes involving medical evidence… or you could even have to secure new coverage at your current, older age and possibly lesser health.


• For a health insurance policy that cancels due to late or non-payment, it cannot be reinstated at all and you would be left without coverage until the next open enrollment period for the following year. Scary, right?!


• For auto or home insurance, it would depend on the company if they were willing to reinstate or rewrite the coverage. The biggest risk here is that something detrimental and very expensive could happen in that lapse period where you would have no coverage at all.


Auto Pay is convenient, yes. It saves paper and printing costs, yes. It’s peace of mind and one less thing to worry about, yes. But it’s also imperative for maintaining some pretty important coverage. This is coverage that you may not be able to get back if you elect to receive a paper bill that gets lost or doesn’t get paid. An Added bonus is cost savings as well… you can almost always save on installment fees by going this route.


If you’re able to arrange Auto Pay either through EFT (electronic funds transfer from a checking account), recurring credit card, online bill pay with your bank, or whatever options there are… it’s definitely the safest way to ensure that your coverage will not be interrupted or affected.


If you have questions about a specific policy or company that we work with, please let us know anytime at info@mcgriffwilliams.com or (352) 371-7977.

Emergency Coronavirus Bill Passed by the House

Terin Cremer of Barbas Cremer, an Employment and Business Law firm, explains why employers should be paying close attention to this pandemic and how it can directly affect their teams:

https://www.barbascremer.com/latest-news

In the event you should need to utilize Barbas Cremer’s services, their contact information is below. Hang in there and stay well!

Barbas Cremer: https://www.barbascremer.com/contact

“Run Your Day The Intentional Way”

THEME. By definition, it is “the subject of a talk, a piece of writing, a person’s thoughts, or an exhibition; a topic.” In our situation, it’s what we want as our personal and professional priority for this year. It’s our compass. It’s what we want every decision to be guided by and a focus that everyone on our team keeps at the forefront of their minds at all times.

INTENTIONAL. By definition, it is “done on purpose; deliberate.” It takes thought, effort, and strategy. It means you are purposeful in every word and action. It takes engagement and belief in both the process and the end result.

We, as a company, were challenged to come up with a “theme” for 2020. We’re making some changes and shifting some things we do as an organization and wanted this theme to kick off some really exciting things for our future as a company. So, we tapped into the best resource of all… our people. We involved everyone on our team to participate and contribute ideas to get to our theme. We talked a lot about focusing on the core values our company has always lived by. We want to make them a top priority and shift our minds back to what’s truly important, rather than just getting caught up in a busy routine and going through the motions day in and day out. We discussed how if you don’t run your day, your day will run you. So… drumroll… we are proud to reveal our 2020 theme: “RUN YOUR DAY THE INTENTIONAL WAY.”

Intentionality can be accomplished in many ways. Here is how we are striving to be intentional rather than accidental:


• The way we show appreciation to our staff and foster our culture
• How we treat our clients and the guidance we provide them
• Taking a holistic approach to their individual situation and exposure
• Getting creative with solutions to problems some may not even know exist
• Who we partner and do business with

Running your day the intentional way starts with the second your eyes open in the morning (side note: it helps to have coffee) and your feet hit the floor. Your attitude and intentions can set the tone for the rest of the day, week, month, and year. We plan to give everything we’ve got to stick to our goals and support eachother throughout this year to really do things on purpose with purpose. Join us! Go choose a word, a resolution, a theme… and run your day the intentional way!

How do I know if I need a Medicare Advantage Plan or a Supplement?

Medicare can be confusing. We can all agree on that. But it doesn’t have to be. What it really boils down to is that your options are limited, which makes things quite simple. You can go one of two routes. The first is an Advantage Plan and the second is a Supplement, or what some people may refer to as Medigap. Let us break these down to hopefully help you decide which is the best fit for you and your health care needs.
Keep in mind that this is after you’ve already enrolled in “original” Medicare Parts A and B, which provides the basic hospital and physician coverage. See our video here for instructions on enrolling in Parts A and B: How to enroll in Medicare parts A and B. That must be done first, and then you can essentially “buy up” whichever other coverage you’d like.

•    Route 1: Medicare Advantage Plan
Think of this option as a replacement policy for A and B. It essentially takes the place of your original coverage and is used just like an individual under 65 health plan would be. Most times, there are copays or coinsurance for services, a deductible to meet and an out of pocket maximum. This plan will have out of pocket expenses but the monthly premium is typically very low, considering. With this plan, you would use this card at the doctor in place of the original Medicare ID card. Advantage Plans and their provider networks can vary by county so it’s always safe to confirm that your physicians are part of the network.

Example of coverage: The current Florida Blue Medicare Advantage Plan for 2020 has a monthly premium of $47.90. Pretty inexpensive, right? There is coverage such as a $10 copay for an in-network family physician, $45 copay for a specialist, $50 copay for urgent care, $90 copay for ER visit, $295/day for inpatient hospital care, and a $6,500 out of pocket maximum. This plan also has prescription drug coverage built in at different tiers depending on the medication.

Ideal client for this plan: Someone that may not visit the doctor often, has no major health concerns or current struggles, has the financial ability to pay the out of pocket maximum in the event something big happens unexpectedly.

•    Route 2: Medicare Supplement (“Medigap”)
A supplement is in addition to original parts A and B. It fills in the blanks of what A and B don’t cover. Now because of that, it will only cover things that Medicare does because it basically follows suit with Medicare and then supplements the gaps afterwards. This plan does not have copays or coinsurance or out of pocket expenses. It has a higher monthly premium so that it covers almost everything at the time of service. At a Doctor visit, you would use your original Medicare ID card first along with this one.

Example of coverage: There are several different levels of supplements but the most popular one that is available now is the plan G. There is an annual deductible for the part B coverage that the supplement will have, which is $198. Once that is met, essentially everything is covered at 100%. The current plan G monthly premium in Gainesville, FL is $180.60. It’s important to note that the supplement does not cover prescription drugs and those must be purchased in a separate Part D plan. I know this sounds like alphabet soup but stay with us!

Ideal client for this plan: Someone that frequents the doctor, has some health issues or is prone to illness, can afford the higher monthly premium for peace of mind, or someone that just doesn’t want to have to worry about health care costs.

That’s it! Congrats! You made it through the treacherous trenches of Medicare. There are only two routes and you get to pick! We always like to get a better feel for clients’ individual situations and health care needs to better advise the best fit but it’s pretty simple. And as we mentioned, there’s a separate Part D drug plan for prescription coverage with the supplement route… you can get more information on that here: Part D drug coverage. If we can ever be of assistance and help simplify this process or guide you to a decision you’re comfortable with, please contact us at 352-371-7977 or info@mcgriffwilliams.com.