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LPL Risk Management
148 Remington Blvd. Suite 2
Ronkonkoma, NY 11779
Uber
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About Us
Auto, Home, and Personal Insurance
Business Insurance
Life & Health Insurance
About Us
About Us
At LPL Risk Management we pride ourselves in offering the highest quality insurance products and personalized service to our customers.
We are committed to maintaining the utmost level of customer service and insurance expertise. We treat each of our customers like a person, not a policy. That’s why we make it our goal to customize the right plan for each individual customer.
Being an Independent Insurance Agency gives us the ability to market your insurance with multiple companies.
This enables us to find you the best coverage for your unique situation at an affordable cost. It’s our mission to find the perfect plan to keep you covered throughout all of life’s storms.
For over 24 years we have provided our individual and commercial customers with the highest quality of insurance products.
Our well trained and experienced staff is dedicated to giving you the service you need. If you have any questions about insurance, please call one of our agents today. We look forward to answering all of your questions and protecting you and your assets.
An Independent Advantage
We are Independent Agents, free to choose the best carrier for your insurance needs.
We do not work for an insurance company; we work for you. We work on your side when you have a loss and follow through to see that you get fair, prompt payment and service. LPL Risk Management represents a carefully selected group of financially strong, reputable insurance companies, therefore, we are able to offer you the best coverage at the most competitive price.
What is an Independent Insurance Agent?
When you decide to buy a car, you wouldn’t purchase the first one you see.
What if one day the automobile industry decided to make only one type of car, one make and one model. You wouldn’t have a choice!
The same situation holds true for insurance.
You need insurance to drive a car, to purchase a house, to protect your family’s financial future and to run a small business. But if there was only one insurance company that offered only one type of insurance, car insurance, home insurance or businessowner policy - you wouldn’t have a choice. The only solution would be going to that one company.
With an independent insurance agent, you have choices.
Independent agents are not tied to any one insurance company. One of the advantages of using an independent agent is that he or she works to satisfy your needs. You are using an expert for an important financial decision.
An independent agent has several companies that he or she can approach to get you the best coverage at the best price.
And your independent agent will know the companies with the most efficient claims departments to recover your losses as quickly as possible.
When you buy insurance, whether it’s for your home
your car or your business, you want an advocate who will properly assess the risks you face and give you an objective analysis of the marketplace, it’s up to you to make the final choice.
Auto, Home, and Personal Insurance
At LPL Risk Management, our personal insurance products provide our customers with protection for their homes, automobiles and personal possessions, along with personal liability coverages. How we serve you is as important as what we provide. First, we listen to you, then we discuss your needs and answer your questions. Next, we look at both your short-term and long-term objectives and help put your insurance and planning needs in perspective. LPL Risk Management provides the following types of personal insurance protection:
ATV Insurance
All-Terrain Vehicles (ATV) are becoming increasingly popular. ATVs now come in a variety of models. Insurance companies have a different set of rules for providing coverage for ATVs, depending on the vehicle type. ATV insurance is very similar to motorcycle insurance. All-terrain vehicles are three, four or six-wheeled buggies used off-road. 4×4 insurance has the same basic coverages included in the motorcycle insurance policy, tweaked for the needs of off-road enthusiasts. LPL Risk Management can help you get the specialized coverage you need for your specialized vehicles. We can help you protect your investment and let you get focus on having fun.
Auto Insurance
Auto or car insurance coverage has two parts. The first is the liability section of the policy. It covers your financial responsibility for injuring others. Some liability coverage is required by most states. The second part of auto insurance covers the car itself: comprehensive coverage reimburses losses from fire, theft or other perils; collision coverage pays to repair losses caused by an accident. Often this coverage is mandated by leasing companies or banks. There are also ancillary medical, car rental and other coverages which vary by state. Utilizing high deductibles on the physical damage coverages can help reduce premiums. If you carry umbrella insurance, you must be sure that you carry the required amount of basic liability insurance to avoid a gap in coverage for a serious accident.
Boat & Marine Insurance
Boat or Marine insurance is available for small boats, yachts, high performance powerboats, live-aboard houseboats, catamarans, or pontoons. Marine insurance will cover intended use including personal recreation, commercial, or charter vessels. Boat policies can cover damage to your boat, motor, trailer, and personal effects in the boat. Available coverage includes liability, medical payments, injury to a water skier and damage to the boat itself, sometimes called hull coverage. Availability varies by state and by insurance company. Even though boat insurance premiums are low, shopping your rate can sometimes save a substantial amount.
Collector Car Insurance
You may have noticed there’s a big difference between collector car insurance policies and regular use policies, including cost. Classic car insurance or collector car insurance can save you a significant amount of money and increase your coverage because traditional auto insurance carriers are geared towards insuring a larger volume of vehicles. They simply don’t know how to treat your specialty or collector car. Classic cars are usually considered antique vehicles (15 – 20 years old or older). Collector cars can also include: Exotic autos new and old, Muscle cars, Sports cars of all ages, Rare or desirable. We understand what collector car owners want and need to protect their investment.
Condominium Insurance
Condominium insurance provides coverage for your unit where your condominium association insurance stops. Your association typically insures the building and other common areas. You are responsible for the interior of your unit. Typically you need personal property and liability coverage in addition to coverage for your floors, walls, cabinets and fixtures that your association’s insurance probably will not cover. Every association’s insurance policy is different regarding what each unit owner is responsible for, so it is important to review your association policy and condominium by-laws carefully.
Earthquake Insurance
Most standard homeowners, mobilehome owners, condominium, and renters insurance policies do not cover earthquake damage. Similar to flood insurance, earthquake insurance usually must be purchased separately. Many people assume their residential insurance policy fully protects them, but if you look at a typical policy, you will see it does not cover earthquake loss. In addition, government disaster-relief programs are extremely limited - they are designed to help you get partly back on your feet, but not to replace your home and everything you lose. So if an earthquake strikes tomorrow, will you have the financial resources to pay for earthquake damage to your home and its contents?
Flood Insurance
Did you know that your homeowners insurance does not cover flood damage? Insurance against flood must be obtained separately. A flood insurance policy also reimburses you for the work that you and other family members did to sandbag your homes, move furniture and remove debris. The Federal Emergency Management Agency’s (FEMA) maps are important when it comes to flood insurance because if they show that your home sits in a 100-year flood plain, you must buy federal flood insurance in order to get a mortgage. If you live outside a high-risk zone, or if you no longer have a mortgage, flood insurance is optional.
High Net Worth Coverage
LPL Risk Management recognizes that high net worth individuals require coverage that goes beyond the typical, off the shelf insurance plan. That is why we are now offering concierge level service and fully customizable insurance plans to satisfy your specific needs. Our high net worth coverage includes provisions for primary and secondary residences, private collections, identity theft, and even kidnap and ransom. When it comes to replacing the lost income of high earners, traditional insurance plans are insufficient. Stop jeopardizing your family’s financial well-being and contact us to find out how high net worth coverage can assure that everything you’ve worked for will be protected.
Homeowners Insurance
If you have tangible assets, you need the protection of a homeowners insurance policy. These policies cover you in a home or an apartment, whether you are an owner or a renter. A well-written homeowners policy will pay to replace any of your personal property that is destroyed in a fire or other disaster. The policy will also be your first line of defense against a lawsuit from someone injured at your home. The cost of this coverage is determined by many rating factors. The quality of the coverage, however, is determined by the quality of the insurer and whether the policy is written on a named perils or all-risk basis. A named-perils policy covers only those losses specifically cited in the contract. The all-risk policy works the opposite way - unless a peril is specifically excluded, coverage is provided. The all-risk policy is broader and the burden of proof is on the carrier, not you, in the event of a loss.
Rental Property Insurance
If you own a rental or investment property, you should make sure that you carry adequate rental property insurance coverage. Accidents may occur and ultimately cause damage to your investment property. If you do not have the necessary insurance, you will be responsible for the full financial cost. Owning an investment property brings with it a large degree of liability. In addition to the building itself, you may be responsible for injuries received by others while they are on your property. You could also be held responsible for damage to their belongings. Types of Properties Include: Commercial Property, Vacant Property & Land, Rental Home, Commercial Investment, Residential Investment.
Mobile (Manufactured) Home Insurance
Mobile home or manufactured home insurance not only covers your mobile home; it can also cover: Detached structures on your property, such as a carport or garage. Your personal belongings. Living expenses if your home is seriously damaged by a covered loss. Injuries that might occur on your property (up to the limits you choose on your mobile home insurance policy). Mobile homes, manufactured homes, and modular homes are all eligible for coverage under a mobile home insurance policy.
Motor Home / RV Insurance
As much as you expend efforts to purchase your dream motor home, it is important to select appropriate motor home insurance policy. Legally speaking, you are required to have a certain minimum amount of coverage when you have your motor home registered. However, there are many insurance policies to ensure that your motor home obtains maximum coverage and protection. It is important to choose a policy that incorporates the recreational value of your motor home and does not treat it as another automobile. Whether your Motor Home / RV Insurance needs are travel trailer, fifth wheel, camper, or Class A Motor Home Insurance, LPL Risk Management offers you a variety of motor home insurance coverages.
Motorcycle Insurance
Whether you’re an enthusiast or a first-timer, having fun, being responsible and being safe is what it’s all about. Being responsible includes finding the right insurance for your motorcycle. Motorcycle insurance is a way of sharing the risks of riding between you and your insurance company. The way it works is simple. You pay a set premium to an insurance company for coverage. In return, the company promises to pay for specific financial losses that might occur during the term of the policy. Most people rely on motorcycle insurance to protect themselves against loss in case of an accident. In many states, you must carry basic insurance to cover the cost of losses you cause to others in an accident. If the unexpected happens, insurance gives you peace of mind in knowing you are protected. At LPL Risk Management, we have a variety of motorcycle policy options to meet your needs.
Personal Umbrella Insurance
You don’t have to be a millionaire to be sued like one. Million-dollar judgments against individuals for negligence are still relatively rare. However, receiving a lawsuit with a million-dollar demand is more common. If you receive such a court summons and you have only $100,000 of coverage, you may lose a lot of sleep. Umbrella policies offer inexpensive “peace of mind” for most types of negligence claims. Automobile accidents are probably the most common source of serious claims. This policy supplements your basic automobile liability with extra million-dollar layers of protection. It also covers other types of catastrophic claims such as a neighbor’s child drowning in your pool or the delivery man being seriously injured by falling over your child’s toys.
Personal Watercraft Insurance
Personal watercraft, such as jet skis and wave runners, are often our customer’s first step into the boating world. Personal watercraft are extremely invigorating and fun for water lovers of all ages; however, they are not toys. If you have several personal watercraft, you may qualify for a multi-boat discount on your insurance. Additional coverage can also be purchased for trailers and other accessories. Whether you are a first time boater or experienced captain, it is important that you have proper coverage for these vessels. At LPL Risk Management, we have policies that are geared specifically for your personal watercraft.
Renters Insurance
If you live in a rented house or an apartment, renters insurance provides important coverage for both you and your possessions. In case your house or apartment is broken into, destroyed by a fire, or perhaps a friend gets injured at your home, renters insurance provides financial protection for you and your family. It pays for the repair and replacement of lost items as well as any liability issues you may be responsible for. A renters insurance policy from LPL Risk Management can provide you with coverage for your personal items and personal liability to protect you from the unexpected.
Snowmobile Insurance
Because people use their snowmobiles in so many different ways, it can be very challenging to find good, low cost insurance. From a classic Ski-Doo to the latest Yamaha Apex model, from touring sleds to back country machines, every snowmobile and every rider has a different insurance need. At LPL Risk Management, we can insure your home and cars, and we take care of your snowmobiles, too. Affordable snowmobile insurance coverage that helps protect you, your passenger, and your snowmobile.
Valuable Items Insurance
Your possessions may be more valuable than you realize. Most homeowners policies offer limited coverage for personal articles such as jewelry, cameras, golf equipment, fine art and collectibles, and computer equipment. We can provide the additional protection you need with a comprehensive valuable items insurance policy. A variety of property may be covered by valuable items coverage.
Artwork
Baseball cards
Books
Coins
Firearms
Furs
Jewelry
Memorabilia
Musical Instruments
Oriental Rugs
Silverware
Stamps
Business Insurance
As a business owner, you have enough on your mind without having to worry about your insurance needs.
You want to have the confidence that the business you’ve built is covered by a company that understands your business insurance needs.
Commercial business insurance provides wide-ranging protection for businesses and their subsidiaries under a single policy.
There are various types of commercial business insurance that takes care of property, liability and workers’ compensation, to name a few. While property insurance covers damages to business property and products stored within the premises; liability insurance provides coverage for damages to third parties; and workers’ compensation insurance covers injuries to employees.
Commercial business insurance is an important aspect of any business that cannot be ignored especially if the business premises are leased or rented and even otherwise.
Whatever your commercial insurance needs, we can design a protection program that’s right for you.
We specialize in Auto Repair Insurance, Garage Insurance, Pet Plus Insurance, Contractor Insurance, Restaurant Insurance, Vineyards Insurance, Property Management Insurance, & more
Business Insurance Protection
LPL Risk Management provides the following types of business insurance protection:
Auto Repair Insurance
We represent various Insurance Companies specializing in the Auto Repair & Service Industry; this gives us the ability to choose the best policy for you and eliminate any gaps in your current coverage. We have over 40 years of experience in writing cost effective policies for all sorts of companies in the auto service industry. We specialize in writing comprehensive cost effective polices for: Convenience Stores, Service Stations, General Auto Repair, Auto Body Shops, Transmission Shops, Muffler Shops, Glass Shops, Fuel Distributors.
Business Owners Package Insurance
Business Owners Package policy, commonly called a “BOP” contains many of the insurance coverages needed by most small businesses. While these policies are not standard, there is great variation from insurance company to insurance company; there are certain common elements. The basic BOP offers business property for both building and contents, and liability insurance protection for the operation of your business. This liability protection will generally include both the operation of your business, at its established location, and the liability from your products or completed operations. Some, but not all of the policies, will also offer business income and extra expense protection after an insured loss. BOP policies do not contain all of the coverages needed by a small business. Notably they do not cover any workers’ compensation, professional liability, or business vehicle coverage.
Commercial Auto Insurance
A commercial auto insurance policy is required under most circumstances when the vehicle is used for business purposes and meets certain other requirements. It is not just the registration that determines the requirement for a business automobile insurance policy. Other requirements are ownership by a corporation, use in hauling goods for hire and gross vehicle weight of the vehicle. Some small trucks can be owned and insured under a personal automobile insurance policy under specific circumstances. Commercial automobile insurance policies are not regulated in pricing, as are private passenger policies. There is price competition between insurance companies for good commercial automobile insurance.
Commercial Property Insurance
Commercial property insurance is a special type of insurance that covers the company building as well as the contents owned by the company. “Property” can include a variety of types: lost income or business interruption, buildings, computers, money, and valuable papers. Under the liability policy coverage, the building should be protected from damaging events such as fire, burglary and vandalism. It may not be enough to cover just the building; the aftermath of such damage should be covered as well.
Commercial Umbrella Insurance
If you own a business, you probably own some form of general liability insurance to protect you in the event of a lawsuit due to negligence on your part. However, there may be situations where the limits of your general policy may not provide adequate protection. A commercial umbrella can provide you and your business with additional liability protection.
Directors and Officers Liability Insurance
Directors and Officers Liability Insurance provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Think of Directors and Officers Insurance as a management Errors and Omissions policy. Directors and Officers Insurance is often confused with Errors & Omissions Liability. The two are not synonymous; Errors & Omissions is concerned with performance failures and negligence with respect to your products and services, not the performance and duties of management. Generally it is a good idea to carry both Directors and Officers Liability Insurance and Errors and Omissions Liability Insurance.
Commercial Earthquake Insurance
Commercial earthquake insurance can be very important in some parts of the United States, where earthquakes can cause severe damage. Most commercial property policies exclude coverage for earthquake damage (including earthquake sprinkler damage, etc.). If you own office, industrial or apartment property in an earthquake prone area of the country, consider purchasing commercial earthquake insurance coverage.
Employment Practices Liability Insurance (EPLI)
Employment Practices Liability Insurance otherwise known as EPLI is insurance that helps protect you against claims from your employees that result from the general conduct of your business. Common examples of employee related claims include claims relating to: Discrimination, Wrongful Discharge, Sexual Harassment, Hostile Working Environment, Wrongful Termination, Lack of Advancement.
Garage Insurance
Car dealerships, repair shops, service stations and other companies that work with automobiles have special insurance needs that aren’t adequately addressed by the general liability policies available to most commercial customers. Garage liability insurance is a type of liability coverage that is purchased by businesses that operate some type of auto service center. Garages, general repair shops, body repair shops, tire service centers and automobile dealers that offer auto repair services often carry this type of coverage. The scope of coverage that is offered with a garage liability insurance plan will typically focus on protecting the insured party in the event that a customer encounters difficulties as the result of the installation of faulty parts. Policy terms and provisions may also cover issues that are caused by the processes used by a service technician in servicing a customer’s vehicle.
Hotel & Motel Hospitality Insurance
Running a hotel or motel in today’s competitive environment is a big challenge. Getting the proper hotel / motel insurance at a reasonable price can be frustrating and time consuming. Hotel insurance provides business protection coverage for owners and managers of hotels. Hotel insurance covers motels, resorts, spas, ranches and more. Learn more about the coverages included in the hotel and motel insurance policy. Hotel insurance includes a multitude of coverages specific to the needs of a hotel manager or owner.
Liquor Liability Insurance
Liquor Liability Insurance is designed to provide liability insurance protection for those businesses who manufacture, distribute, or sell liquor. You need liquor liability insurance if you sell liquor and your business is a: Bar, Tavern, Nightclub, Fraternal Club, Convenience Store, Liquor Store, Restaurant.
Medical Malpractice Insurance
In today’s challenging healthcare marketplace, medical malpractice insurance is a necessity. we can help guide you to better results and a higher set of expectations with our value added services. We understand your struggle to deliver quality health care and avoid medical malpractice claims. Working in partnership with your practice, we will address affordability issues regarding medical malpractice insurance, while improving safety and quality.
Pet Plus Coverage
Our Pet Plus Coverage protects you, your employees and your customers. We can help you combine various types of policies to make sure that your business is properly covered for an affordable cost. This can appeal to: Pet Stores, Groomers, Kennels & Boarding, Pet Supply Stores, Veterinarians, Animal Hospitals.
Product Liability Insurance
Product liability insurance protects you in case a product you produce or provide causes harm to a user or a user’s property. A “product” is anything that is tangibly used, touched, or consumed. This type of insurance is recommended for every business that manufactures a product, but is especially important for companies that produce food, clothing, toys or anything else that could conceivably cause harm to someone. Most business owners policies include limited product liability coverage. If, for some reason, you do not have this coverage through a business owner’s policy and your product runs the risk of inflicting harm on other people, you may need to buy product liability separately. Similarly, if your product presents a higher risk of injury (for example, it contains a hazardous material), you may need to purchase additional coverage.
Professional Liability (Errors & Omissions) Insurance
Professional liability insurance, also sometimes referred to as Errors and Omissions insurance or E&O, protects businesses or individuals in the event that a customer holds your company or business owner responsible for a service that was provided, or failed to be provided, and did not have the expected or intended results. Professional liability insurance is separate from a General Liability (GL) insurance policy which would cover you mainly for bodily injury or property damage liability.
Property Management Insurance
Different types of properties have different types of insurance requirements, whether you’re a commercial property manager who manages offices buildings, strip malls or main street properties or a property manager who manages apartments and condos, we can help customize the right policy to fit your needs. According to the National Association of Realtors, in recent years, the number of lawsuits filed against the real estate industry escalated. The biggest increase and largest claim type was property management. This is why it’s important to manage your exposure.
Restaurant & Bar Insurance
Today’s restaurant environment is more complex than ever and you want to know you’re covered for the unexpected occurrence with insurance specific to the unique needs of restaurants and bars. Whether you run a small cafe or a national chain, you could be held liable for anything from contaminated or spoiled food to spilled coffee. That’s why you deserve an insurance company with commercial restaurant insurance coverage specifically designed for the risks you face. Restaurant & Bar Insurance is needed for the following: Fine Dining, Casual Dining, Fast Food, Ethnic Cuisine, Delicatessen, Coffee Shop, Micro Brewery.
Special Event Insurance
Whether you are planning a corporate event, holding a large rock concert, or organizing a local flower festival, you will need special event insurance to ensure that you are covered for unexpected occurrences that may spoil the success you and your company may receive when the big day arrives. Sample List of Special Events: Corporate Events, Company Meetings, Auto Shows, Concerts, Sporting Events, Proms, Dances, Dog Shows, Parades, Ethnic Celebrations, and Horse Shows.
Technology Insurance
Many companies are unaware that their current business and insurance policies most likely do not cover them for all of their technology-related risks. Our technology insurance protection offers coverage options tailored to fit your company’s unique needs. In today’s technology-driven world, companies face a number of dynamic exposures. Whether it is faulty software, inappropriate advice, misconfigured firewalls or inadequate anti-virus software, hardware failure – companies are increasingly at risk. Claims are growing rapidly, leaving companies liable for expensive lawsuits.
Vineyard & Winery Insurance
We understand that you have worked hard to become experts in your winery and vineyard, and we want to insure your growth. Our Vineyard and Winery Insurance policies are designed to protect your business throughout the entire wine making process. Our extensive experience in agribusiness and farm insurance, combined with our expertise of the wine industry, enables us to work with you and your independent insurance agent to adapt winery insurance programs to your business’ unique protection needs.
Wholesalers & Distributors Insurance
We offer a broad range of coverages that are cost-effective and perfectly tailored for your business requirements if wholesaling or distributing. Get coverage specifically designed for today’s wholesalers and distributors. Our wholesalers and distributors insurance programs include detailed risk assessment and loss control expertise that can help reduce insurance costs for everyone from the small supplier to the large distributor.
Workers’ Compensation Insurance
Workers’ compensation insurance protects employers from claims resulting from injuries to employees. It protects your business from lawsuits and provides employees with compensation for on-the-job injuries. By law, most employers are required to provide coverage for lost wages and medical bills incurred as a result of on-the-job accidents or illnesses. For many businesses, workers comp coverage is the largest part of its insurance expense.
Surety Bonds
A Surety Bond is a three-party agreement whereby the surety guarantees to the obligee (the project owner) that the principal (the contractor) is capable of performing the contract in accordance with the contract documents. Performance of the contract, which is the subject of the bond, determines the rights and obligations of the surety and the obligee. Here are the eight different families of surety bonds: Fidelity Bonds, Public Official Bonds, Judicial Bonds, Fiduciary Bonds, License and Permit Bonds, Contract Bonds (Bid and Performance Bonds), Miscellaneous and Federal Bonds, Notary Bonds.
Builders’ Risk Insurance
Builders Risk Insurance is a policy is designed to provide coverage for buildings while under construction.
It covers the contractor’s interest in materials at the job site before they are installed, materials in transit intended for the job, and the value of the property being constructed until it is completed and accepted by the owner. The policy may be written to cover the whole structure for new construction or the cost of remodeling and renovation projects. It can also be used to cover specific projects, such as a new room addition, a deck, or a remodeled bathroom.
Builders risk insurance usually is in the name of the contractor or the property developer
but it could also be in the name of the property owner if he is responsible for insuring it while the property is under construction. Both commercial and residential construction sites might be covered under a builders risk insurance policy.
There are also additional built-in schemes for the specialized needs of a particular construction project, whether it’s commercial or residential.
Often, insurance companies request a certain level of experience of the builder before they provide insurance coverage for their commercial sites. Usually, an experience level of 2-3 years in commercial construction is desired.
An additional option that can be attached with builders risk insurance coverage is movement of earth. I
If the construction is extremely large, then the cost of moving earth from the digging site could amount to a great deal.
A builders risk insurance policy is essential for people who have a financial interest in property construction, either commercial or residential.
It doesn’t mean only new construction, but also any remodeling or renovation project.
If any damage to construction material occurs in transit or during storage, then this cost could also be covered under a builders risk insurance policy.
Commercial Trucking Insurance
As a private carrier, you are responsible for hauling goods in your own truck for your company or employer. Whether you’re working in construction, excavation, manufacturing, or any other private carrier capacity, we have truck insurance solutions for you.
Primary Liability
Every trucker/trucking company who operates under their own authority is required to carry primary liability coverage on all owned units and either provide this insurance for their leased vehicles or insure that the leased operator carries it on their own. Generally, the motor carrier provides this coverage for the leased operators but there are rare instances when this is not the case.
Cargo Insurance
Provides coverage for loss or damage to the property a truck is transporting (the load). Generally, though not always, provided by the motor carrier for leased operators.
Physical Damage (Collision, Specified Perils)
Provides coverage for repair or replacement for damage resulting from a covered loss (collision, fire, theft, hail, windstorm, earthquake, flood, mischief, or vandalism) to owned vehicles.
Occupational Accident
Product designed specifically for owner operators in the trucking industry. In most states, by being self-employed owner operators can opt out of state mandated workers compensation coverage. While not the same as workers compensation, occ/acc is similar in scope and intent. Most motor carriers require their leased operators to be covered either by workers compensation or occ/acc at the leased operators expense. For those who qualify, occ/acc is generally a lower cost alternative.
Contractor’s General Liability Insurance
Contractor’s General Liability insurance is for residential and commercial builders, general contractors, construction managers, design and build firms, specialty contractors or subcontractors, owners or public and private construction projects. We offer contractor policies for every type of project:
Property
Builders risk insurance and course of construction
Liability insurance
General liability insurance
Contractor insurance
Commercial auto
Umbrella
Workers’ compensation
Railroad protective
Equipment insurance
Contractor bond
General Liability Insurance
Normally, it is difficult for businesses or general contractors to work without general insurance.
General liability insurance is intended to guard operators and owners of companies from claims that may come from a broad spectrum of sources. These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.
The liability you select, whether it is one, two, or three million dollars, determines the cost of general liability insurance.
Also factored into the rates are the kind of work undertaken, gross receipts and total payroll expenses. Similar to auto insurance, when it comes to general liability insurance, you will first have to make a down payment and then follow it up with installments. Before buying general liability insurance, it is best to compare the quotes available in the market.
The liability you select, whether it is one, two, or three million dollars, determines the cost of general liability insurance.
If for example, a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.
Group Benefits
LPL Risk Management offers a complete line of insurance and group benefits for employers ranging from group health insurance to life and FSAs. Many businesses today face challenges in attracting and retaining top employees. As a business owner, you know the importance of employee benefits and their contribution to your business success. We will work with you to develop a program tailored to your individual circumstances. These products and services are designed to provide solutions to your personal and business financial needs, including:
401(k) Retirement Plans
401(K) plans are tax-deferred retirement savings plans for employees. The employer sets them up and each company has a slightly different 401(k). They are part of a family of retirement plans known as “defined contribution” plans – the amount contributed is defined by the employer or the employee. When you join a 401(K) plan, you tell your employer how much money you want to contribute to your account. This amount is deducted from your salary before taxes are applied, so you pay less income tax. More importantly, the money is deducted even before you have received it, making it the easiest savings plan to contribute to. Your employer may match a portion of your contribution. The money is invested by the plan administrator (on your behalf) in mutual funds, bonds, money market accounts, etc. You decide the mix of investments. They usually have a list of investment vehicles you can choose from as well as some guidelines for the level of risk you are willing to take. Since the plan is an incentive for retirement savings, there is one condition: if you withdraw the money before you are 59½ years old, you will have to pay tax as well as a 10% penalty fine to the IRS.
Flexible Spending Accounts (FSA)
Create Tax-Saving Opportunities for You and Your Employees. Flexible Spending Accounts or FSAs will allow employers and employees to expand the tax-saving benefits of a premium only plan. They also enable companies to provide superior health care benefits, increasing employee satisfaction, and retention. Flexible Spending Accounts allow your employees to set aside a portion of their paychecks for healthcare and dependent day care expenses before taxes are calculated. The more they take advantage of this benefit, the less you’ll pay for payroll taxes, including Social Security and Medicare. Depending on your state, a Flexible Spending Account program may also reduce the cost of your workers’ compensation insurance.
Group Dental Insurance
Group Dental Insurance is one of the benefits most requested by employees. Many employers provide dental insurance for their employees, but a growing number of employers are offering this as a voluntary benefit that is paid 100% by the employee through payroll deductions. Most dental plans provide full coverage with a 100% benefit for preventive exams & cleanings, an 80% benefit for basic services such as fillings and root canals, and 50% benefit for major services and prosthodontics such as dentures, crowns, etc. Some dental insurance companies provide a dental buy-up plan which allows the employer to purchase a base plan, while employees purchase additional benefits as needed. Another newer option for dental insurance is a dual option plan that allows each employee to choose a basic plan or a more comprehensive plan based on his needs. This is a voluntary benefit, which means that each employee gets the coverage he needs for himself and his family.
Group Health Insurance
In today’s environment, offering the right health insurance benefits can be a challenge. You want to provide the best possible plan for your employees yet it must to be cost efficient for your business. LPL Risk Management is committed to health insurance for both our commercial customers, who need group coverage for their employees, as well as the individual or family that needs coverage. With the changing face of health insurance in today’s market, we are staying abreast of the latest developments that will affect the coverage you expect as well as the cost impact upon you. We have the wide array of health insurance options available in our area, and we will always present to our customers the best options at the best price available.
Group Life Insurance
Group life insurance is an integral part of most employee benefits packages. When provided by an employer, employees appreciate the value of life coverage and the additional security it provides to their families. Employers have a wide variety of optional plan designs to customize a Group Life Insurance plan. Optional coverages include Voluntary Life insurance, Supplemental Life coverage, Accidental Death and Dismemberment policies, and Dependent Life insurance. The premium paid for Group Life Insurance is generally a business deduction, and this stand-alone contract is usually less expensive than the life coverage provided with medical / health insurance.
Group Long-Term Care (LTC) Insurance
Did you know… over 40% of people receiving long term care services are under the age of 65? This is one of the reasons why long term care insurance has become a frequently requested employee benefit. Employer-based long term care insurance is an essential part of a comprehensive benefits package. Long-Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age. Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities. Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.
Group Vision Insurance
A Group Vision Insurance plan is especially attractive for employers because it is inexpensive to offer, yet it’s another employee favorite. This is a separate plan that provides coverage for eye exams and/or for frames, lenses and contact lenses. Many times the basic health insurance plan may provide for routine eye examinations; however, it will usually not provide any benefit for frames, lenses or contact lenses; this is where a separate group vision benefit would be used.
Health Reimbursement Arrangement
A Health Reimbursement Arrangement (HRA) is a tax-advantaged benefit that allows both employees and employers to save on the cost of healthcare. HRA plans are employer-funded medical reimbursement plans. The employer sets aside a specific amount of pre-tax dollars for employees to pay for health care expenses on an annual basis. Based on the plan design, HRAs can generate significant savings in overall health benefits. The primary requirements for an HRA are that (1) the plan must be funded solely by the employer and cannot be funded by salary reduction, and (2) the plan may only provide benefits for substantiated medical expenses. HRAs may be designed in many fashions to suit the specific needs of the employer and employees. It is one of the most flexible types of employee benefit plans making it very attractive to most employers.
Health Savings Accounts (HSA)
A Health Savings Account (HSA) helps you save money on health care. By making you a part of the medical services decision process, Health Savings Accounts are designed to help you manage medical expenses and reduce the continuing raising of health care expenses. Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. You can also save the money in your account and grow your account through investment earnings. Funds in the account can grow tax-free through investment earnings, just like an IRA. In short, if you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. One final benefit, HSAs can pay for many more procedures than were ever allowed before by government sponsored programs. Health Savings Accounts help you save money on unavoidable expenses and build investment savings for your retirement. Account funds are used to cover medical expenses before the plan deductible has been met. Unspent account balances accumulate and accrue interest from year-to-year. Unlike amounts in Flexible Spending Accounts that are forfeited if not used by the end of the year, unused funds remain available for use in later years. Once the health plan’s annual deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs.
Group Disability Insurance
Long-Term Disability (LTD)
In the event that an accident or illness prevents an employee from working for an extended period of time, the financial impact can be severe for the employee and employers. Long Term Disability (LTD) insurance is designed to help cover the employee’s expenses while their regular income is interrupted. Flexible plan design options and benefit alternatives are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.
Short-Term Disability (STD)
A steady income is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. Short Term Disability (STD) insurance is designed to replace a portion of the wages lost when a short term disability occurs. An affordable, flexible short-term insurance plan can provide needed benefits to both the employer and employee.
Life & Health Insurance
Finding the right Life and Health Insurance products can be challenging in today’s insurance environment. LPL Risk Management offers a complete line of individual health and life insurance products that are crafted to meet you and your family’s specific needs. We work with several different top-rated insurance companies, and will place your account with the company that will provide you with the coverage and benefits you want. LPL Risk Management can help you make sound, informed decisions about issues affecting your life, health and insurance needs. Our philosophy is to fully understand your objectives and then translate them into solutions that provide assurance and peace-of-mind. Our life and health insurance products include:
Fixed Annuities
A fixed annuity can help you accumulate tax-deferred earnings as part of your overall retirement plan. Annuities offer the opportunity for lifetime payments and tax-deferred earnings, and provide a guaranteed death benefit for your beneficiaries. All guarantees are backed by the continued claims-paying ability of the issuing insurance company. You may want to consider investing in an annuity as part of your long-term financial strategy if: You’re in a higher tax bracket, and want to defer additional income. You’ve reached your deductible limit on all your retirement accounts and wish to save more for retirement. An annuity is different from most other retirement savings vehicles - it’s actually a contract between you and an insurance company. In return for making one or more premium payments, the insurance company agrees to provide you an income stream - usually during retirement. You can elect to receive payment all at once or as a series of payments, even for the rest of your life.
Individual Dental Insurance
Individual Dental Insurance is available to individuals and families that are not covered on group dental insurance. For people without dental insurance, cost often stands in the way of getting the care they need to maintain the health of their teeth and gums. Even for routine preventive care, a trip to the dentist’s office could mean a substantial amount of money out of your pocket. A freedom-of-choice plan allows you to see any dentist you wish. However, this plan does impose 6- to 12-month waiting periods for some services. This is not the best plan for an individual who needs comprehensive coverage within the first 12 months. However, if dental coverage is desired for a long period of time, and there is no rush to receive the major benefits, this plan may work for you.
Individual Disability Insurance
Individual Disability Income Protection is a must for a business owner, and highly recommended for executives. If you are a business owner, you should consider purchasing both group and individual policies, if possible. As an executive, you should be sure to obtain group coverage if it is available. Only forty three percent of large companies provide group long term disability insurance. Your chances are even less likely to get long term disability insurance if you work for a small company. The cost of a plan provided by your employer is usually less than you would pay for an individual disability policy and often you can get coverage automatically without having to qualify medically. If your employer doesn’t provide disability insurance then you may want to consider an individual disability policy. Or, you may need a personal disability insurance policy to supplement an employer group plan. Be sure to check the group provisions carefully: How long does the group disability insurance coverage last? How much is the benefit? Does the disability insurance policy cover bonus and commission income? Will the coverage continue if you leave that employer? A typical Individual Disability Income Protection plan starts to pay benefits after you have been off work for 1 to 6 months, and pays benefits for several years or until retirement age, depending on the policy.
Individual & Family Health Insurance
Individual health insurance programs are designed for individuals and families who cannot obtain health insurance through an employer. Due to the continually rising cost of medical care, it has become more important to provide health insurance for you and your families. LPL Risk Management offers health insurance programs to individuals which offer extensive coverage as well as high-deductible programs which are designed to protect against catastrophic financial losses. As an independent agency, LPL Risk Management can provide insurance plans from numerous health insurance companies. With the health insurance market changing frequently, we are always on the lookout for quality, service-oriented insurance companies for our clients.
Individual Long-Term Care (LTC) Insurance
Long Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age. Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities. Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.
Mortgage Protection Insurance
For most homeowners, the mortgage is the single largest source of personal debt. Mortgage protection insurance is a specialized life insurance policy designed to pay off that debt in the event of your death. Imagine the worst case scenario. A fatal accident today would force your loved ones to immediately experience financial hardship. On top of your final expenses, the mortgage is due, but your family has no way to pay it without your income. They haven’t even had enough time to grieve and now they have to deal with the impending tragedy of foreclosure. Like most life insurance, mortgage protection insurance eases the financial burden of your loved ones. It is an affordable way of ensuring that your home is paid for no matter the circumstances. Cancer, stroke, heart attack, injury, death… your family will never be in jeopardy of losing its home as long as you put a custom mortgage protection insurance plan in place.
Life Insurance FAQs
How Do Know If I Need Life Insurance?
f you died tomorrow, how would your family pay for your funeral and burial costs, outstanding medical bills, and any other outstanding debts? How would they pay for their own ongoing living expenses such as food, utilities, and a mortgage? Life insurance is a safe, simple way to guarantee that the people who depend on you now will be taken care of after you’re gone. Beneficiaries receive a tax-free cash payment that ensures their standard of living and way of life does not suffer. Please, don’t make a tragic situation even worse by failing to plan now. If you are the primary earner in your household, life insurance is not an option. It’s a responsibility. Contact your LPL Risk Management agent to discuss your life insurance options today.
How Do I Know How Much Coverage I Need?
There is no “one size fits all” policy that is right for everyone, because no two people have exactly the same needs. An elderly widow who only wishes to pay for her own burial expenses would require a much different policy than a 40 year old who is the primary earner in a family with children. While experts disagree on the exact formula for income replacement, most estimate that, at a minimum, a person needs coverage equal to six times their annual income. Ultimately, the only “wrong” answer is no coverage at all. Contact your LPL Risk Management agent today, and they can assist you with balancing future needs with your current financial capabilities.
What’s The Difference Between Term And Permanent Life Insurance Coverage?
Term Life insurance is the most affordable type of life insurance, because it only provides coverage for a limited period of time. Policies vary, though, and can range from five years up to thirty years. As long as the policyholder dies within the time period specified in his or her policy, the insurer is obligated to pay the benefits in full. The risk with buying term life insurance is that the policy holder may “outlive” the coverage. When this happens, the policy terminates, and you are given the option to renew. However, the new premiums will most certainly be higher, because you have aged. Still, term life insurance is an attractive option for many people, because it allows them to buy coverage at a lower cost and when it’s needed most. Permanent life insurance, on the other hand, offers lifetime protection as long as you continue to pay your premiums. All age groups can take advantage of the security and peace of mind that permanent life insurance offers. Retirees can guarantee that their loved ones will be provided for after they are gone, and young people looking to start a family can take advantage by buying early and locking in a great, low rate. In some instances, a combination of both term life and permanent coverage is desirable. Contact your LPL Risk Management agent today to determine which solution is best for you.
Can I Use Life Insurance While I’m Living?
While the primary reason for purchasing life insurance is to provide financial security for your loved ones after your death, many policies offer benefits that can be used by the policy holder during their lifetime. Accelerated Death Benefit: Terminally ill patients can forgo their death benefit in exchange for a payment equal to the life insurance policy’s face value. Portability: Take advantage of group rates and the convenience of direct billing by taking your life insurance plan with you when you retire or switch careers. Waiver Of Premium: This feature allows you keep your coverage even if you become seriously ill or disabled and are unable to pay your premiums. Cash Accumulation: By paying in excess of your regular premiums, some policies allow you to increase the amount of your death benefit. Likewise, cash accumulation can also be used to increase the loan amount available to policy holders while they are living.
Can I Borrow Money Against My Life Insurance Policy?
The ability to borrow money is one of the biggest differences between term life and permanent life insurance. Only permanent insurance allows the policy holder to take out a loan against the cash value built up in the policy. Policy holders are required to repay this loan including interest, and any outstanding balances owed at the time of death will be deducted from the death benefit. Term life insurance policies, on the other hand, do not have a loan option available, because they do not accrue cash value. This is why these types of policies are commonly referred to as “Death Benefit Only” policies.
Can The Same Person Have More Than One Life Insurance Policy?
Currently, there are no laws restricting the number of life insurance policies one person can hold. Individuals are also allowed to purchase policies from as many different companies as they want. Frequently, a person will purchase an individual life insurance policy to supplement the one they receive through their employer. No policy cancels another policy out, and all effective policies will be paid concurrently at the time of death.
What Should I Consider In Naming My Beneficiaries?
Who you choose as your beneficiaries is one of the most important decisions a policy holder makes. You will have the option to designate one primary beneficiary or multiple ones. If multiple beneficiaries are designated, you will need to decide how the death benefit is allocated between them. Beneficiaries are not required to be actual people. Legal entities such as a foundations, charities, or trusts can are also eligible. As a precautionary measure, you will also need to designate “contingent” or secondary beneficiaries in the event that you outlive your primary beneficiaries. You should take the time to review your beneficiaries annually as they can be changed throughout the life of the policy for any reason. If you have additional questions regarding the process of choosing your beneficiaries, please contact your agent, and they will be happy to assist you.
Is A Physical Exam Always Required To Obtain Life Insurance?
Not all life insurance policies require a physical examination. However, policies that pay a high death benefit usually do. This physical is typically performed in your home by a paramedic or licensed health care worker. Most exams consist of a height and weight check, blood and urine samples, and an EKG. You will also need to be prepared to answer questions relating to your medical history. In some instances, additional documentation such as a credit history and even your driving record is required.
Group Disability Insurance
Long-Term Disability (LTD)
In the event that an accident or illness prevents an employee from working for an extended period of time, the financial impact can be severe for the employee and employers. Long Term Disability (LTD) insurance is designed to help cover the employee’s expenses while their regular income is interrupted. Flexible plan design options and benefit alternatives are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.
Short-Term Disability (STD)
A steady income is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. Short Term Disability (STD) insurance is designed to replace a portion of the wages lost when a short term disability occurs. An affordable, flexible short-term insurance plan can provide needed benefits to both the employer and employee.
Individual Life Insurance
Life insurance from LPL Risk Management can help you secure your family’s financial future by providing the funds they need to: cover burial expenses, uninsured medical bills, pay off your mortgage and other outstanding debts, and maintain a comfortable standard of living. There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs:
Term Life Insurance
Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including 1 year annual renewable term. Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar. Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.
Universal Life Insurance
Universal Life is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments – i.e., the more you pay, the less time you will need to pay. Your premiums cover the insurance part also the savings or investment element and the expense part. The stated interest on the investment portion changes along with movement in interest rates; moves in 1/4 % interest steps are typical as banks and other financial institutions make similar moves.
Whole Life Insurance
Whole Life Insurance provides permanent protection for the whole of life – from the date of policy issue to the date of the insured’s death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy’s life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child’s education, or cash surrender value if the policy is ever cancelled. These products are continually changing and we can provide you with the latest information and policies available!
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About Us
At LPL Risk Management we pride ourselves in offering the highest quality insurance products and personalized service to our customers. We are committed to maintaining the utmost level of customer service and insurance expertise. We treat each of our customers like a person, not a policy. That’s why we make it our goal to customize the right plan for each individual customer.