Financial Services

Financial Services

If you are new to a country, it is normal not to have a full understanding of how business run in that country. Finance is an area where ther are too many parameters. Different tax rates, different regulations, different rules. If you need a financial advice, buy a house, make an investment or require help on insurance policies, thanks to our members, TACCS can assist you in the following domains:

• Mortgage Services
• Investment Services
• Insurance Services
• CPA & Tax Services

INVESTMENT

Whatever our goals may be, it is important to have a financial road map. The goal of Wealth Management Services in the United States is to offer the highest level of financial services that aims to provide a comprehensive financial plan for each individual. This plan incorporates financial advice, investment management and strategies to protect the individual’s wealth, ultimately passing it to their next generation. Below are some questions that can help us navigate through our daily concerns/goals. The goal of TACCS financial services comittee is to make sure that not only we ourselves, have the answers to these questions, but can also help others understand and improve the overall financial literacy in our community.

Daily Questions:

• Do you keep track of your finances on a regular basis?
• Is there anything that is keeping you up at night?
• What are your short-term and long-term goals?
• Do you have any big purchases coming up that is going to affect your finances?
• Do you keep track of your expenses, assets and debts?

For Retirement:

• What is your ideal retirement lifestyle?
• When do you want to retire?
• Will you be able to retire comfortably?
• How did you prepare for retirement?
• Do you have investment accounts, 401k, IRA’s etc. that can supplement your retirement?

For your children:

• What are you goals for your children?
• Do you have an investment account dedicated for your children’s wealth?
• What do you want to leave for your next generation?
• Do you have an education plan set up for your children?

For Business Owners:

• Do you have a strategy for your retirement?
• What are your short-term goals for your company?
• Are you in need for a banking-lending service?
• Do you provide retirement benefits for your employees?
• Do you have an exit strategy?

For Estate Planning:

• Do you have a will?
• Are the beneficiaries on your accounts updated?
• Do you have the necessary insurance protection for your family?
• Are you aware of the tax consequences after death?
• Who and how do you want your assets to be transferred to?

INSURANCE

In general we can identify insurance as a contract that will provide payment on your name to a third-party after a covered peril happens. Insurance contracts also provide payment to you if your property is damaged due to a covered peril identified in the contract. Basically, life happens and the insurance company provides money to make sure that you can continue with your life. To mitigate this risk insurance carrier will charge you a sum which is called the policy premium. Many insurance policies include defense costs where an insurance lawyer or a lawyer assigned by the insurance company will defend you against a third-party. The cost for this defense is usually built into the insurance premium.

Product Liability Insurance: A product liability insurance will protect you against any third-party demands for losses due to malfunction, misalignment or any other reason originating from your product. Together with a product liability insurance we do suggest that you also consider adding product recall expenses option in case you need to recall your product from the market. 

A few examples: 

Say you are selling kitchen cabinets. Your customer claims that they were harmed by the fumes or smell of the chemicals used to manufacture the cabinets. They are asking you damages payment against an alleged nerve damage (Real Case).
Say you are operating a restaurant and a patron claims that he/she had an upset stomach because of the food served at your restaurant. The claimant missed a very important business interview which caused them to lose an opportunity because they were not able to attend the interview due to their upset stomach. The claimant may demand from you to cover the losses.

General Liability Insurance: Commercial general liability policy will protect your business against monetary demands originating from bodily injury and property damage such as customer slip and falls. Commercial general liability policy will also protect your business against advertising injury like defaming someone or another company.

The general Liability policy will cover the cost for the claims against your business, administrative costs to handle these claims and defense costs.

General liability insurance policies are prepared based on the location, service type (classification of the Business) and other factors. It is very important that these details are properly disclosed to the insurance carrier for proper premium calculation. If the insurance carrier is not aware of every detail of your operations, they will not be able to defend you, protect your business.

Workers Compensation Insurance: Worker’s Compensation insurance protects the employees against injuries or illnesses resulting from their work. Workers compensation insurance will cover medical expenses, also on-going expenses, in some cases a part of the loss of income as well. Depending on the type of your business, it may be mandated to carry Workers’ Compensation insurance if you employ people. 

Examples:
A prep cook at your restaurant cuts his finger during preparing salad.
A painter falling down from the ladder during work and breaking a bone. 

Commercial Property Insurance: Commercial Property Insurance protects the business and its Building, Equipment Tools, Inventory, Furniture, Personal property.

It can pay your repair or replacement costs if your business property gets damaged or destroyed. Office Buildings, Hotels, Financial Institutions, Retail centers, HOA’s & Condominium Associations 

Professional Liability Insurance: If a customer thinks that a mistake in your professional service caused a financial loss, they can demand this loss to be covered by you. Professional liability insurance helps protect you and your company if you are making a mistake in your professional service. This is also known as errors and omissions insurance.

For example, a realtor representing the buyer, providing a contract to the seller forgets including a contingency clause into the contract. And if the contingency does not happen the buyer may be obligated to go through with the purchase because of this error from the realtor. The realtor’s professional liability insurance will respond in such a case.

Cyber Insurance: If your business is using computers, or you are accepting credit cards you definitely need cyber Incident insurance. Cyber Incident insurance includes first party coverage, meaning that would cover your company. This insurance will pay the costs associated with a cyber attack, ransomware, forensic analysis, restoration of business interruption, reputational harm and others.

Business interruption insurance helps replace lost income and pay for extra expenses when a business is affected by a covered peril.

Business interruption Insurance covers
– For lost income from the destroyed merchandise (minus expenses you may have already paid, such as shipping).
– For extra expenses if you must temporarily relocate your business because of the fire (for example, the cost of rent at the temporary location).

Commercial Auto Insurance: If you are using your vehicle for your business purposes you may want to consider having a commercial or the insurance. Even if you’re using a four-door sedan or a large truck the commercial auto insurance may be the right coverage for you. A commercial auto insurance will protect your business against claims that were caused while the vehicle was being used for business or personal purposes.

Employment Practices Liability Insurance: Employment process is a difficult process with many detailed regulations to follow. A small business may not have the adequate HR department to do everything the way it’s required. Employment practices liability insurance will protect your business against claims such as wrongful termination, discrimination, sexual harassment, retaliation etc. This insurance will also respond if there is an altercation between employees of the same company.

Group Health Insurance: Businesses and organizations buy group health insurance plans to provide medical coverage to their employees or members. Offering health insurance coverage as a benefit increases worker loyalty and reduces turnover. Most employees treat health insurance as their most important employee benefit.