Employers with insured group health plans may soon receive a medical loss ratio (MLR) rebate from their health insurance issuers. Issuers who did not meet the applicable MLR percentage for the last calendar year must provide rebates to plan sponsors by September 30th. These rebates may be in the form of a premium credit or a lump-sum payment.
Most group health plans sponsored by employers in the private sector are subject to ERISA. Employers with ERISA plans should not assume they can simply retain an MLR rebate. In general, unless an employer pays the entire cost of health coverage without any employee contribution, at least a portion of the rebate will be a plan asset under ERISA.
Any rebate amount that qualifies as a plan asset must be used for the exclusive benefit of the plan’s participants and beneficiaries. The question is: do you know how to determine that? Furthermore, once you have determined that, do you know how to distribute the assets appropriately?
R&R Insurance has assisted our benefits clients with this challenge every year, providing them with the proper guidance and proprietary tools to help them conduct the proper analysis.
If you’re feeling lost and don’t know what you should be doing to be in compliance with your ERISA Fiduciary requirements, contact one of our Knowledge Brokers – we know!
Water damage, one of the leading and most costly causes of property damage in the U.S., is also one of the easiest and least expensive threats to mitigate. However, many homeowners are unaware of one simple solution that can prevent damage, save them money and give them peace of mind.
The Cost of water damage
According to two of our personal insurance carrier partners, roughly 1 in 60 homeowners suffer water damage inside their homes each year, and approximately 40% of homeowners have experienced water damage at some point. The average water damage claim costs approximately $12,500 to repair, but claims costing as much as $50,000 are common. In addition to the monetary expense, homeowners often spend months displaced from their homes while restoration is completed.
Often, water damage inside the home is caused by leaks in the plumbing system. These leaks may be as slow as a few drops per minute to gallons a day or worse; however, all leaks pose a serious threat to your home and can cause significant damage and expense. Slow leaks have the potential to facilitate the growth of mold for long periods without the homeowner knowing, while large leaks can quickly cause damage to floors, ceilings, walls, furniture, irreplaceable belongings and even the structure itself.
the solution
Today, simple automatic water shut-off devices can quickly detect even the slowest leaks, automatically alert you and turn off the flow of water to your house when a leak is detected. It is estimated that at least 40% of water losses could be avoided with the installation of such devices.
While smoke detectors are required in a home and security systems to prevent theft are common, water damage due to plumbing leaks is thirteen times more likely to occur than fire and six times more likely to occur than theft, yet many homes do not have automatic water shut-off devices. On average, these devices cost less than $1000 and can easily be installed on your main water line by a trusted plumber. Once installed, the device can be monitored and controlled through an app.
Added benefits
In addition to protecting your home from costly damages, the installation of an automatic water shut-off device provides the following benefits:
Peace of mind while you are away
A possible reduction to your homeowner’s premium
Avoiding higher water bills due to small, otherwise undetected leaks
Additional Tips to Avoid Water Damage
While installing an automatic water shut-off device is the best and easiest way to protect your home and belongings against water damage due to plumbing issues, here are a few additional precautions to take:
Shut off your main water supply line if you will be away from your house for more than two days.
Routinely check all water supply lines for appliances, toilets and sinks and replace them every three years. Steel braided hoses are best, as they do not require replacement as often.
Ensure everyone in your home knows how to locate and turn off the main water line in the event of a leak.
Routinely check around your air conditioner, water heater and appliances with water lines for leaks or moisture.
For more information or to discuss your personal insurance needs, contact our Personal Insurance team.
Renting a home can provide residents with a flexible and relaxed living arrangement, allowing them to maintain limited financial investment while still maintaining safety, security and stability in their daily lives. However, while renters may not have a direct stake in the actual structures in which they live, they may still need to account for many of the same risks and exposures as homeowners. With this in mind, understanding the complexities and common misconceptions of renters insurance becomes paramount.
What Are Three Common Renters Insurance Myths?
Renters insurance can be a nuanced and confusing topic, requiring policyholders to fully understand their coverage’s capabilities, limitations and exclusions. Even a slight misunderstanding can have dire ramifications and long-lasting financial repercussions.
Myth: Landlords are responsible for tenants’ belongings.
Fact: Landlords typically bear no responsibility for their renters’ possessions. In most cases, a landlord’s insurance-related responsibilities entail the exterior of structures, building-wide infrastructure (e.g., heating and electrical systems) and common areas. Renters insurance is needed to cover a tenant’s own possessions and may assist with repair or replacement costs for items such as furniture, electronics and clothing.
Myth: Renters insurance only covers physical belongings.
Fact: Renters insurance policies may include many of the same features as homeowners insurance, including liability coverage and loss-of-use coverage. Liability coverage can help financially protect an insured from third-party losses for which they may be at fault, such as if they injure someone or cause property damage. Meanwhile, loss-of-use coverage can provide financial assistance in response to covered incidents, should they render a home temporarily uninhabitable. As such, a policyholder may recoup expenses arising from these situations, including hotel accommodations, restaurant meals and storage unit fees.
Myth: If a roommate has renters insurance, it can cover all tenants of the residence.
Fact: This is a risky assumption that could result in catastrophic financial losses. While some renters insurance companies may allow policyholders to add their roommates as additional insureds, this may not always be possible. Each resident should ensure they are listed on a policy should roommates decide to share one. It may be generally advisable for each tenant to retain their own coverage, as adding and removing insureds each time someone moves in or out can be difficult. Additionally, when renters share an insurance policy, losses and subsequent claims affecting only one roommate could lead to higher premiums for everyone.
We’re Here to Help
The team at Amco Auto Insurance has helped insure those in the Houston area since 1987. Our team will draw on this extensive knowledge and experience to help tenants understand the details of their coverage and ensure it suits their needs.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
“The boat is safer anchored at the port, but that is not the aim of boats.” ― Paulo Coelho, The Pilgrimage
Did you know that you are not required to have boat insurance to operate a vessel on the water in New Jersey? In fact, the Garden State is not alone as most states do not mandate insurance coverage in order to operate a boat or personal watercraft (PWC). Boat Insurance is not required in neighboring Pennsylvania or New York, either.
Beyond the coverage for physical damage to your vessel and liability included in a typical boat insurance policy, additional coverages you may consider include:
So if it’s not required, why bother with the expense? The answer is the same as similar questions about other types of insurance: Because accidents happen.
You may have invested a lot of money in your boat. For many, their boat is their second-most expensive purchase after their house. Boat insurance protects that investment and also covers you for liability, in case others are injured or you damage someone else’s property while operating your boat.
Taking an uninsured boat on the water is not a wise decision.
According to the Insurance Information Institute, there are thousands of recreational boating accidents each year, which can be costly in injuries and damages. In a recent safety article by the III, contributing factors to boating disasters were listed as, “traveling too fast for water or weather conditions, driving under the influence of drugs or alcohol, failing to follow boating rules and regulations, carelessness and inexperience.â€
Generally, boat insurance policies cover liability, damage to the boat, along with costs to remove the boat (if it should sink), and liability from fuel spills. The size, type, value of the craft, and the water in which you use it factor into how much you will pay for insurance coverage. Plus, there are numerous optional/additional coverages and discounts that may apply in your unique circumstance.
Personal Property – covers personal items and sporting/fishing equipment, navigation and radar systems, etc.
Emergency Towing & Assistance – reimburses you for costs of emergency assistance.
Be sure to ask your insurance agent whether your boat insurance policy covers your trailer. Your agent should also be able to discuss whether an Agreed Value policy or actual cash value policy is best for you.
As with any insurance policy, make sure you understand exactly what perils are covered and what your policy limits are. If you have questions about boat/yacht/personal watercraft insurance, call Glenn Insurance at 1-888-OK GLENN.
If you own a trucking business, your vehicles travel a lot of ground. Some trips stay within one state’s borders, while others cross state lines or even international borders. In the trucking world, two terms often come up: intrastate and interstate trucking. But what exactly do they mean, and how do they impact your business? Understanding the differences is crucial for choosing the right trucking authority and ensuring compliance with the necessary regulations.
In this article, we’ll break down the distinctions between intrastate and interstate trucking, explain the requirements for each, and guide you on the next steps to keep your business running smoothly.
What Do Intrastate and Interstate Mean in Trucking?
Let’s start by seeing how the Federal Motor Carrier Safety Administration (FMCSA) defines these terms:
Intrastate Trucking: This refers to transporting goods entirely within one state. The cargo doesn’t cross state lines at any point.
Interstate Trucking: This involves moving goods across state borders or even internationally. There are a few scenarios that qualify as interstate trucking:
Traveling from one state to another
Delivering goods within the same state but crossing into another state during the trip
Transporting items from one location in a state when the cargo originates outside that state
The Rules and Regulations for Each Type
The type of trucking your business does—intrastate or interstate—will determine which regulations you need to follow. Here’s how it breaks down:
Intrastate Commerce: You’ll follow your state’s specific rules and regulations, which may vary significantly from federal requirements. This can include guidelines on vehicle maintenance, driver qualifications, and hours of service.
Interstate Commerce: For interstate trucking, you must comply with FMCSA regulations. These federal rules cover aspects like safety standards, driver qualifications, and record-keeping requirements. Given the nature of interstate commerce, federal regulations ensure consistent standards across state lines.
Common Trucks Used in Intrastate vs. Interstate Commerce
Different types of trucks are typically used depending on the nature of the cargo and the distance involved:
Intrastate Trucks:
Tow trucks
Bucket trucks
Garbage trucks
Concrete mixing trucks
Dump trucks
Dry van trucks for local freight delivery
Interstate Trucks:
Semi trucks, tractor-trailers, and 18-wheelers for long-haul transportation
Reefers (refrigerated trucks)
Flatbed trucks for oversized loads
Tanker trucks for liquid cargo
The Importance of DOT Numbers
Regardless of whether you operate intrastate or interstate, you might need a USDOT Number. This number serves as an identifier used by the government to track safety records and compliance information for motor carriers.
You are required to have a USDOT Number if:
You operate in interstate commerce with a vehicle that:
Has a Gross Vehicle Weight Rating (GVWR), Gross Combination Weight Rating (GCWR), Gross Vehicle Weight (GVW), or Gross Combination Weight (GCW) of 10,001 pounds or more
Is designed to transport eight or more passengers for compensation, or more than 15 passengers (including the driver) without compensation
Transports hazardous materials that require a safety permit
For intrastate commerce, a USDOT Number may also be required if your state mandates it for certain types of vehicles or cargo. Always check with your state’s licensing agency to ensure compliance.
Do You Need an Operating Authority?
If you run an interstate trucking business, you’ll need operating authority (an MC Number) in addition to your USDOT Number. The MC Number specifies what type of operations you are authorized to conduct and what types of cargo you can carry.
You’ll need an MC Number if:
You operate as a for-hire carrier (for compensation)
You transport passengers or arrange their transport across state lines
You haul regulated commodities in interstate commerce
Having the appropriate operating authority is critical because it also dictates the level of insurance coverage required. For instance, a carrier transporting hazardous materials across state lines will need higher coverage limits than a dry van truck delivering non-hazardous goods within a single state.
Ensuring the Right Insurance Coverage
Insurance is a fundamental requirement for both intrastate and interstate trucking businesses. The type of insurance coverage you need may vary depending on your operating authority and the cargo you transport.
For intrastate trucking, states may have specific insurance requirements, which can include liability, cargo, and physical damage coverage.
For interstate trucking, federal regulations will dictate the minimum insurance requirements. The coverage must be sufficient to protect your business, vehicles, and cargo against potential risks. For instance, a semi truck used in interstate commerce will likely need higher liability limits than a tow truck used solely for local operations.
Our team can help you get truck insurance quotes tailored to your business’s needs, whether you’re running a fleet of semi trucks across state lines or a few dump trucks within your state.
How to Register for a USDOT Number and Operating Authority
If you’re new to the trucking industry and need to register, you can do so through the Unified Registration System (URS) online. New applicants will receive a USDOT Number as part of the registration process. Make sure you complete the necessary steps to secure your operating authority if you plan on conducting interstate commerce.
Key Takeaways: Intrastate vs. Interstate Trucking
To recap, intrastate trucking means staying within your state, while interstate trucking involves crossing state or international borders. Each type of operation comes with its own set of regulatory requirements, including registration, insurance, and compliance standards. Ensuring your trucking business is properly registered and covered will help you avoid penalties and operate more efficiently.
Whether you’re transporting goods locally with dry van trucks or running a long-haul fleet of semi trucks, having the right insurance coverage is crucial. Our team is here to help you navigate the complexities of truck insurance. Get started with truck insurance quotes by filling out our online form, calling us, or using our LiveChat. We’re here to support you with all your transportation insurance needs.
Fiscal stimulus remains an upside risk to growth in both Canada and the U.S.. Government bonds remain attractive heading into the second half of the year. Corporate bond holders are not being compensated as much for taking on corporate credit risk, with spreads at near 20-year lows, although all-in yields look attractive.
For the second year in a row, Plymouth Rock Assurance will welcome Boston Bruins defenseman Hampus Lindholm as the official brand ambassador for Plymouth Rock’s Bruins Insurance Program. Lindholm will also return for his second season of Plymouth Rock’s “The Bostonians” creative campaign as part of this partnership.
As the only recurring celebrity guest of “The Bostonians,” Hampus will re-join the crew made up of New England mascots Wally, Pat Patriot and Blades, along with the Red Sox groundskeeper, the Bruins ice cleaner, Patriots Militia Man and the beloved sister from Lawrence. Launched in 2022 with Boston-based creative agency Rival, the advertising campaign features the motley crew of Boston sports personalities living together in a fictional home. The new commercials will be featured in several TV spots airing on NESN in October as well as on Plymouth Rock’s YouTube page.
Lindholm shared that “being a part of Plymouth Rock’s ‘The Bostonians’ family continues to bring me closer to the Boston community, and I’m excited to return for another season representing my team, Plymouth Rock Assurance and the entire Bruins fanbase.”
Lindholm is back with the Bruins for his third season as a key player for the team. Hailing from Helsingborg, Sweden, Lindholm is celebrated for his smooth skating, offensive flair, and defensive skills, making him one of the NHL’s top defensemen. During the 2023-24 season, Lindholm made significant contributions with three goals and 23 assists, totaling 26 points.
“We’re passionate about supporting our local sports community at Plymouth Rock and we couldn’t be more excited to welcome Hampus Lindholm back as a brand ambassador,” said Brad Baker, Managing Director, Marketing at Plymouth Rock Assurance. “Hampus is an integral part of the Bruins, and his dedication on and off the ice mirrors our commitment to serving the die-hard fans of this city. We look forward to continuing our partnership with the Boston Bruins and TD Garden, and we’re proud to have Hampus along for the journey.”
Since 2018, Plymouth Rock has worked with the Boston Bruins and TD Garden to offer the Bruins Insurance Program to Plymouth Rock auto insurance customers in CT, MA and NH. For just an additional $10 per year, Plymouth Rock customers can score special perks including:
Discounted ticket offers to Bruins home games
Priority access to concerts and events at TD Garden
Invitations to skate on the Bruins ice
Membership to the TD Garden Insider Club
Complimentary passes to The Sports Museum and Heritage Hall at TD Garden
Savings at the Boston ProShop powered by ’47
To learn more about Plymouth Rock’s Bruins Insurance Program, visit: www.plymouthrock.com/insurance/auto/ma/discounts-benefits/bruins-fan-program
When it comes to motorcycle safety, attention to detail is critical.
According to the National Highway Traffic Safety Administration (NHTSA), motorcyclists face significantly higher risks in comparison to passengers in other vehicles. For every mile traveled, the risk of injury for motorcyclists is four times higher than that for passenger car occupants. The risk for fatality is far worse: seven times that of injury — or 28 times more likely than car passengers.
Considering the dramatic difference in risk between motorbike and passenger car travel, it’s worth taking a detailed look at both common and lesser-known motorcycle safety practices.
When it comes to motorcycle safety, attention to detail is critical.
According to the National Highway Traffic Safety Administration (NHTSA), motorcyclists face significantly higher risks in comparison to passengers in other vehicles. For every mile traveled, the risk of injury for motorcyclists is four times higher than that for passenger car occupants. The risk for fatality is far worse: seven times that of injury — or 28 times more likely than car passengers.
Considering the dramatic difference in risk between motorbike and passenger car travel, it’s worth taking a detailed look at both common and lesser-known motorcycle safety practices.
Safety For All
Simply due to the lack of protection atop their bikes, motorcyclists are inherently exposed to more danger than other motorists. This exposure should be cause for heightened caution when they take to the road.
Drivers should look carefully before turning out of driveways or side streets and before changing lanes. Both car drivers and motorcyclists should afford each other adequate space on the road, especially when signaling turns or passing.
Even homeowners play a role in motorcycle safety by ensuring clear sightlines and proper disposal of lawn debris. Grass clippings strewn across a curve in the road can create a dangerously slick surface, and even a small dog with a passion for chasing vehicles can represent a hazard to motorcyclists.
Good Maintenance Is Good Safety
Even with everyone on the alert for motorcycle traffic, the ultimate responsibility for motorcycle safety lies with the riders themselves — starting with maintenance. A boat with a hole in the hull won’t make for a relaxed day of safe sailing. Likewise, a motorcycle with defective or worn components is an ongoing hazard to its rider.
Whether you own an adventure bike, a cruiser or a street bike, a regimented equipment check is vital to safe riding. When setting out for the open road, remember to perform a thorough T-CLOCS inspection, covering:
Tires
Wheels
Controls
Lights and Electrical
Oil and Other Fluids
Chassis
Stands
Of these items, tires may be the most important. Proper inflation and lack of wear are major contributors to safe operation. Running this sort of mechanical check before each ride will help make sure you don’t wind up on the wrong side of a component failure.
Brakes are another critically important safety factor, often allowing a biker to engineer a quick exit from a bad situation. Brake fluid can absorb moisture over time, and brake pads or shoes can wear quickly, so always check your braking system for proper function.
Also, regularly inspect your chain for slack and wear. It will not only contribute to the safety of your ride, it will help ensure the sort of smooth performance that allows you to enjoy the experience.
Good Gear
Gear malfunctions can be more than a nuisance; they can be downright dangerous. Be sure to maintain your gear as well as your machine.
Helmet. Always wear an approved helmet and make sure it’s in good working order — snap, strap, liner and visor.
Attire. Good clothing can be the difference between some bumps or bruises and a trip to the emergency room. If your attire is becoming worn, check your warranty for potential replacement. A good selection of gloves can keep your hands comfortably in contact with the grips in any kind of weather.
Accessories. If you ride with panniers or bags, check them for security before every ride. A dropped bag might not change your ride, but it might make a world of difference to the person following you.
Riding Right
One of the most important safety aspects of motorcycling is technique. Effective riding habits make a big difference in reaction time and collision avoidance by allowing the rider to avoid trouble before it happens.
For example, covering brake and clutch levers with at least one finger prepares you for emergency maneuvers. Studies have shown that at surface-street speeds of about 35 miles per hour, every tenth-of-a-second in delayed braking reaction time can result in almost five additional feet of forward travel.
The use of mirrors is important to maintain situational awareness by identifying potential hazards and escape paths. However, mirrors should not be relied upon exclusively to track your surroundings, and frequent head-checks should be used to determine the proximity of other vehicles before maneuvering.
Staying focused at all times and avoiding distractions while maintaining both hands on the grips at all times will help you react swiftly and confidently to unforeseen events.
Above all, maintain a safe distance between you and other vehicles. You never know when somebody’s surfboard is going to fly off the roof rack in front of you and turn your dream ride into a nightmare.
Manage Your Risks
Part of the deal of motorcycling is managing the risks involved. At Erie Insurance, we can show you how to enjoy even more peace of mind with great motorcycle insurance. Talk to a local ERIE agent today to learn how we can help you enjoy the open road with confidence.
QuotersCast Host Renee: “Today on the Quoterscast, I’m talking to Anmol Singh who is a stock market trader and investor, and he’s based in New York. He’s been featured on Forbes, Fox and ABC News. He’s the author of the book, Prepping For Success, as well as the founder of LiveTraders at livetraders.com.
So I’m really looking forward to speaking with you mom and let’s start with the live traders. I’m curious about your background and how you came to found your platform.”
Anmol Singh: “Yeah, definitely. So I started trading in my dorm room, I went to Brunel University in London, so study for a business degree, and the way the university’s weren’t there is before you graduate, you have to do a year of internship or a job. And I found myself in a situation where I apply everywhere, but couldn’t get a call back, didn’t get a job, and I saw all my friends getting a great job, so I really kinda done on me that it can’t rely on anybody to have to figure out something to do so while I was just sitting there, and that’s a little introvert kid in my dorm room researching on things that I could do from home. What else can I start? ‘Cause I have a year that I have to do some sort of work, and that’s where the stock market really caught my eye, caught my attention, and I just started reading a lot of books, taking a lot of courses and really finding the mentors in that area, and while I was in my dorm, I just started trading the stock market and rest has been history, but you started right there in college, and I’ve been doing that ever since. Basically.
QC: Alright. That’s an amazing success story. And I think a lot of people would love to be able to say the same thing. And why is it different for you because I think a lot of people are fascinated with the stock market and they’ve tried it, why did you get success when so many other people don’t?
AS: Yeah, I think because as you said, a lot of people try it. I go all in, if I wanna learn something about a particular field, a particular endeavor, I devour myself and all the information that I can get my hands on, and that’s also because I think you’re curious about it. I think if you get in it just for the money or the stock market, let’s appealing, it’s not gonna get you through those tough times, ’cause the whole first year I didn’t make any money. So most people would have already quit by then and say, Oh, this doesn’t work out for me, whereas I just kept going, I kept tracking my trades and maintaining spreadsheets of this type of a trade versus that type of trade, really collecting the different types of data and then finding the right mentors, even if I had to pay a big amount of money to find somebody who was a successful trader and just basically did everything that they told me to do, they took me under the wing as an older gentleman, and you basically talked me out of trade, and then he gave me a job at his trading company and kinda took me under the wing a little bit more, and then eventually we started our own company together, which is life traders today.
QC: Oh, really? Wow, okay, so that’s interesting. So a mentorship as well as being a founder, so take us through how that developed again, it just seems… I appreciate your work ethic, it just seems like almost a little bit like a fairy tale, really the way you describe it, and I don’t wanna take away from your work ethic at all, it just seems like not everyone gets that opportunity, and the fact that your mentor is now a Co-Founder and took you under his wing. What did he see in you that was really special?
AS: I think in the beginning, I didn’t see anything in it, I had to actually outlay a lot of money to work with him, right, so I’d saved up a lot of money, and his program at that point used to be tens of thousands of dollars, which I say working through college, doing different jobs. I saved about 78,000 and I paid him for taking his programs and taking his courses. That’s kind of how I got there. And that’s how the relationship started. But one of the things that I did that most people don’t is that they would just learn from somebody and then that would be that. Whereas I would constantly be emailing him, “Hey, what do you think about this trade.” “What do you think about that?” So he could see that I’m actually interested in my own learning and not just one of those people who just purchased a program and never follow through with it. So, I kept asking them questions and I kept sharing with him… Not even expecting a reply. I would just email him every day, “Hey, here’s what I did today.” They just wanna give you an update. And he kinda liked that and he started giving me feedback back via email and we kept our relationship going.
AS: Eventually, we got on Skype calls. Back in the day when there was Skype, so we used to get on it. That’s how we did our calls, and that’s how it started. Then one day they were short on staff on their trading company that he was a part of, he’s like, “Hey, you’ve been doing really well with the program and stuff, I need your help, I need you to come on here for an hour.”
“I was like, Oh yeah, I’ll be there.”
And I was there, that’s kind of how I got my foot in the door. Then an internship. That little gig for an hour turned into an internship, then that turned into me working for the company, and then eventually… When that company got bought out, I called him up.
I said, “Hey, are you joining the new company that’s being bought out or… I think we should start our own thing, I’m a case study, right here, you have everything. And as part of the firm, I was splitting a percentage of everything I made from my trading and giving it to the firm, I said, We don’t need to give them a percentage anymore, so I could handle all the online stuff.”
AS: You can leave it up to me, the online marketing and whatever we need to do for the business. You focus on what you’ve done with me, just teaching others how to do it, and I kind of phrased it as a win-win situation, and that’s kind of how it led to… Livetraders. One thing led to another.”
QC: Well, that’s an excellent story to suggest to people, how you can make your own opportunities. To that point, I was taking a look at LiveTraders, and it seems to be a combination of a trading platform as well as a teaching platform, and I also know you’re big on trading psychology, and I think that seems to be a little different. Not a lot of platforms are incorporating all three of those, so can you speak to the uniqueness of your platform?
AS: So we basically use the same model that were on me, because a lot of traders usually take about three years for people to really get it, but I was one of the traders in the firm who kind of got it about the year two. I got it a bit quicker than other people, so I said, “Hey, let’s use the exact same model of people who go through the programs that they have to email us the feedback and do the exact same thing you did with me. And then that’ll be a case study to shorten people’s learning curve and get them the results that they want. So we say, “Okay, how can we do that?” Well, we definitely need to provide them education, but then not only that, is there any way that they can virtually even sit next to us and watch us do it. ‘Cause it’s one thing to learn from a textbook or a course, but another thing to actually watch somebody do it live in front of you. So then we started the live platform where I meet my partner. We trade every single day, and people get to see it in real time win or lose.
AS: It’s happening in life. So there’s nothing that could be changed. And I think that also keeps us accountable ’cause what we’re teaching, we’re doing, but then also teaches the student too. Hey, how are they handling themselves when there is a lot of money on the line, or you’re making money then you’re losing money, how is he emotionally handling it… I think that was important, the missing piece to that, so we just kept adding different tools and things that we can offer to help shorten their learning curve, ’cause that’s what it’s kinda all about right now.
QC: Okay, one thing also I noticed about Livetraders is that you seem to have a simpler method, you’ve sort of boiled it down to something that works well and you keep it simple. Please tell us more about that.
AS: Yeah, I think a lot of people when it comes to trading, they over complicated a lot of it, they wanna look at fundamentals; like let me look at the company and what the CEO is doing. What’s the balance sheet like? Let’s look at the chart. Let’s look at the indicators. And what happens is you get stuck in the global analysis. Now you’re an analyst, you’re not a trader. Traders needs to trade. So you get stuck in, well, one thing is telling me to buy, but then the company is not that great, I don’t know…
Don’t know if I should buy. And then you just keep doubting yourself. So, what we’ve done is we’ve created a simple system, which is just based on price action, we’re not looking at anything else, and what we’ve done with the system as we back-tested it over the last 30, 40, 50 years, and to see that, Okay, this is something that works and that continuously will work in the future as well, so we got it down to something that could be teachable. That you learn that everybody can follow and in an online platform offer a lot of different opportunities for people to learn via live streams, we have educational courses and things of that nature.
QC: Right. Okay. And so what would be the best place for people to start if they wanted to or go to the website? And then what would you suggest? And you have the newsletter and you have several offerings, so…
AS: I think the first thing people will need to do is to determine how deep they wanna get into it, like if you’re somebody who already has another job, you’re working on to five, you have another business that’s your main focus that day trading, which is trading in and out every single day. It’s probably not right for you. Right, but then there’s other styles of trading you can do, which is swing trading where you’re holding stocks for a few weeks, maybe sometimes a few days, so you’re not in and out all day like I am… I can do that ’cause that’s my job, I do it every single day, I have to do it. But if somebody is looking to get started, then how much time can you give into this is number one.
Then once you determine that, the next step for you is to go to LiveTraders.com, where it’s a free account, make an account… You get a free introductory course, you get the guides, there’s hours and hours of free lectures on our YouTube channel, a tons of blog posts, 90% of our stuff that we offer is completely for free, and then obviously, once you learn that and you determine, Okay, I can maybe do this, this is something I can get into, and then that’s the point where you might just email us, get in touch and see how we can help you go further.
QC: Alright, excellent. So what about diversification? Are you into real estate? Do you do options? Anything like that, how does it spill over into other areas?
AS: Yeah, no, I think that’s the beauty about trading, ’cause I started, as I said, in my dorm room and didn’t have any money to do real estate or any of that, so started with training and the training was a way for me to get the money, so once I generate cash, lower income from my trading, when I take a percentage of my trading profits that automatically gets invested either an index fund or a different stocks, but I’m not really touching, I’m just putting it and I’m keypad into it every month.
So that’s one thing that I do, and then a percentage of my income goes towards my investment fund, so let’s say 10 or 20, 20%. So once that as investment fund is accumulated to a decent investable amount, and at that point, I either look for opportunities that could be the real estate, so I do a lot of Airbnb stuff, not in the US, but internationally, so we have a few properties that we have on Airbnb. And then the other things that I might do is I also angel invest to have about 32 different startup companies that have an investment in, so we would get two to three deals every single day.
People offering their companies or this project and invest in that project, but I only invest in two or three per year, so I look at a lot of deals and I make my decision on which one I invest in, so that’ll be part of the angel investments.
QC: Wow, you’re busy. You’ve been mentored. Do you mentor others? Do you take somebody directly under your wing.
AS: At Livetraders, we do. So, we have a different coaching program, but primarily I’ve been sticking to group coaching just to make the best use of my time. But that’s kind of what I’ve been doing at the moment. There’s certain clients that I work with one-on-one, but they would only be if they’ve already seen a lot of success and maybe now they wanna start a hedge fund, so then I’ll help them with that process to get the ball rolling.
QC: That sounds like a big deal, like a hedge fund, and I know in recent years it’s been… There’s a trend with combining a lot of different investments like forex and crypto into a hedge fund, and so can you speak to that? Beause it seems like a bit of a phenomenon now…
AS: Yeah, I think with the Internet, with technology, especially what recently happened in 2020, people are looking to see what else they can do, so launching a hedge fund has obviously been popularized in the last few years, but I think it’s a risky thing that’s going on ’cause a lot of people are… They’re looking at the funds, they’re good at raising money, they’re good at networking, but I don’t think it’s gonna end well, ’cause these type of firms shouldn’t really be formed in a fun format.
Where now I’m teaching people how to a fund with a traditional hedge fund that will be like a traditional hedge fund, you’re only doing investment in stock markets and you’re not doing everything… I don’t know about how this would play out, ’cause I’ve seen a lot of people who don’t really have the industry experience, but they have a big network, they’re raising money, and from what I’ve seen lately, it hasn’t been going too well for a lot of people…
QC: That’s interesting. Now, with the QuotersCast, we talk a lot about insurance, and so how does insurance play into what you do, or does it at all… Do you need to mitigate risk… In that way and need insurance.
AS: Yeah, so in trading, we don’t really need insurance per se, but there’s different ways to protect the risk on your trades. Like Options. So if you have a stock, you can always sell an option against your stock, so that way your risk is protected. So those are the strategies that we might employ, but we don’t really have any play in the insurance space per se. Although my Airbnb properties and stuff they require a good amount of insurance…
QC Right, okay, so let’s talk about your book Prepping for Success, and I know you’ve got 10 steps, and I want to go through them a bit and tell us why you wrote the book and what people can expect to get from it.
AS: Sure, so I initially, this book wasn’t really meant to be published as a book or for me to publish it, it was kind of part of my journal, so I was kinda embarking on a personal development journey when I moved to America and I was kind of finding myself, I was going through my own little journey of attending personal development workshops, seminars, books, courses, hiring trainers, hiring coaches, I’ve spent a lot of money, like six figures, as I’m just working on myself, and then obviously what I realize is that not everybody has that amount. Yet many want to try to learn it.
And there’s a lot of information out there. So initially, this was written as notes to myself, when I land in to America, I was like, Okay, these are things, 10 things I need to do in my own life. I need to operate and live my life by them. If I’m to get to where I wanna go to, which is what I call success…
So that’s what it’s called, Prepping for Success, ’cause I was preparing for success, and then one of my friends, he read the notes, he’s like, This is actually great, you should sell these notes! I’m like, No, these are my journal, I can’t give it to…
He’s like, You should publish it in a book format, and that’s kind of when I hired an editor, we kind of sat together and it turn into a book. So basically, I wrote a book that I wish somebody gave me 10 years ago would have made a life a whole lot easier when I intend to plan on doing the same for other people.
QC: Alright, well, excellent. That’s great. What’s your favorite… Tip for success in on of the 10.
AS: So one of those, this is actually a very simple one, but it’s also the hardest one and also the biggest needle moving one, whether you’re a man or a woman… Have integrity being a person of integrity.
Meaning, do what you said you’re gonna do and then do it. When you said you’re gonna do it, I just think about it, how much would our lives be different if we did every single thing we said we’re gonna do, and then we did it when we said we’re gonna do it, so just operating by that paradigm of, hey, paying a close attention to what’s coming out of my mouth, like really believing in my own words, ’cause that leads to self-esteem and self-confidence, ’cause if you don’t believe in your own word, if you say, I’m gonna do something that you don’t… Slowly, our unconscious mind starts saying, Well, here she doesn’t believe it. They just keep saying, and they’re not gonna do it, and that leads into a low self-esteem, low confidence, and then that leads into a visual where you keep saying you’re gonna do it, but that you don’t… A lot of people find them so stuck in that loop and just short it…
AS: So I think that was one of the things to realize is that, hey, whatever I’m gonna say, Make sure I really mean it. Otherwise, I’m not gonna say it, ’cause if I don’t believe in my own word, how do I expect the world, how do you expect the universe to believe in me?
QC: Right, I think there’s excellent advice, and I wish more politicians would take it. So it sounds to me like you’ve had such a tremendous rise in your career, what’s been the most difficult part? And how did you handle it?
AS: How did I handle it? The most difficult part was I have a tendency to get really involved with my work, like my intensity, so to speak, so when I get to into it, then I sometimes can tend to ignore other areas, and that was one of the challenges that I had was like… I was very introverted, I was like, Alright, I’m gonna just sit down and I’m gonna get this done, it’s me and the computer, we’re gonna figure it out. And I had a very kind of not so humble mentality… it was like me against the world, I’ll figure it out. It was very angry mindset, I had to get a lot of work to go on that, and maybe I don’t know where it was coming from, but it was one of those things that I wanted to improve something to the world, and that was kind of how it was going, but now I’m in a phase of my life where I don’t have to prove anything to anybody, just have to prove something to myself, which is go in to the next level to the hardest challenge was just balancing or trying to manage all of those different areas like social life and then manage your health and manager or finance manager, employees.
AS: So that could have got it been overwhelming at the beginning, but that’s also because I was in here, so now that I’ve been doing it for a while there, I realized that there’s no such thing as balance, you just try to harmonize everything, create harmony between all those areas.
QC: That’s an interesting view point, ’cause you seem like a young guy… And I was gonna ask about your social life. You seem so busy that you don’t have time to date or find a wife, I don’t wanna pry too much, but how do you sort of harmonize all that…
AS: Yeah, so the way I did it initially, was by not doing anything, it was just work, work, work, and then after that I realized, Okay, you got… What’s the use of the money if you’re not gonna build relationships or have a good family life, so at that point, I kinda made a conscious effort to start get in touch with my family, getting in touch with everybody and amending the relationships and same thing for social life hosting events, I started hosting my own events, inviting people to it, and that’s kind of how I made it happen, ’cause I realized that with the things that I’m doing, I wouldn’t have time to hang out with everybody one-on-one, but I can host an event and get everybody together, so that way I can only just do one big event a week or one a month and meet everybody in one go. So that’s kinda how I fix that situation.
QC: Oh, that’s excellent. So where are you based and what kind of hobbies do you do?
AS: I’m in New York City and work on Wall Street and as far as hobbies… That’s a really good question. I always get stumped on that specific question ’cause for me, it doesn’t feel like work for trading as a sport to me, ’cause just like a sports person goes through ups and downs forms, not struggling, then you’re doing well, and trading is more like that. So a lot of my time is involved with the stock market, advising my clients and things of that nature, but I do love to put on my headphones, go by the water, take a nice little stroll, take a walk, that’s kind of my typical routine, and I host a lot of events, so once a month, we’ll do an event in New York City where we’ll invite everybody, it could be a brunch event, could be a dinner event, could be a big party, and that’s pretty much my… Has specific coffees, although working out, I guess, recently getting back in the habit… That’s one of the things as well.
QC: Great, so what do you think about the banking system and some of the things we’ve seen recently, and how have your clients approached you and your students approach you about that?
AS: Yeah, so the banking situation, the ones I think that have had to fall have already been fallen, and that started with the whole crypto-currency situation, ’cause a lot of those banks had investments in venture capital and private equity and angel investments and crypto projects. So this was the whole domino effect that started long ago, where FTC was when that fell and that resulted in an other stakeholders losing money, and then they had money store Silicon Valley Bank, and then they ended up losing, so it was like a whole domino effect that slowly trickled down. I do think that the worst is behind us, but there still might be one or two banks still in the news to go, which we’ll find out whether it’s gonna be, but as far as navigating it for me, my students and traders, it doesn’t affect too much ’cause we didn’t have any positions in any of those banks, so that we just mitigated that all together, we try to focus on trades that are not gonna be in the limelight, I call them hype phrase, Everybody in the world is talking about cryptocurrencies or GM or EMC or whatever, things of that nature, we’re always looking for the slow and boring movers that are predictable, that are statistically been tested to give us the return that we’re looking for, so we try to just mitigate all of those situations, the volatility…
AS: I will say though, it’s a very interesting time that we’re in overall duplicate and politically, but a very interesting turning point is a crossroad where our whole entire, I guess, humanity… Could go here or either you could go there, so we’re kind of right there right now in the next few years will really determine their direction we’re gonna head to…
QC: Yeah, I totally agree with you. So it almost sounds like you’re not a big fan of crypto, is that right? Not really.
AS: I’m not a fan of Bitcoin. I am a fan of crypto, and I’ve found certain projects, but just like any new thing, there’s a lot of bad actors that come into it, just like back in the dot com bubble, internet bubble, you would have seen every single internet stock which is going… It could be called literally. Well, when it was called ROCK.com, just a piece of rock, a billion dollars evaluation. I think that’s what’s happening in the cryptocurrencies. There’s some good solid projects like algorithm. Those are some good, good projects, but then there’s a lot of noise, there’s a lot of hype… There’s a lot of projects that aren’t really gonna go anywhere, they’re just purely based on an influencer or DogeCoin or Chico, they have no utility… No use in the real world. But there still exists, so I think there needs to be one of those down trending crashes where… And after that, you’re gonna see a few cryptocurrencies go down and then 90% of them won’t exist a few years from now.
QC: Okay, well, that’s an interesting forecast. One thing I do know about the insurance industry is that a lot of people predict that if something happens, we’ve just been talking about, it would be the last domino to fall for many reasons, and it’s… The fact is, many of these older well-established insurance companies weather the ups and downs and recessions, the dot com and real estate bubbles very well.
So how do you feel about the industry as a whole, and how does that fit in with your training… Is the insurance industry?
AS: Yes, yeah. Yeah, I think Tesla, believe it or not, I believe is gonna be the biggest disruptor to the insurance industry, so that’s gonna be very interesting to see, ’cause Tesla is now getting into the share business, so they already offer insurance on their Tesla cars and you could buy insurance from Tesla, now they have a very specific advantage, which is they have all your cars data it… How fast… How much do you break… Right. Do you serve a lot, they have cameras inside your car heater, you didn’t wear your seatbelt or the car was jerking, you’re breaking… What was the speed? They have all that data, the traditional insurance companies don’t have, so I think a lot of people still think Tesla’s a car company, but I think that’s gonna be the biggest surprise people are gonna get a few years from now…
QC: Oh, that’s fascinating. I did not know that, and how… That must be very, very new, I had no idea that they had their own insurance company…
AS: Yeah, my friend sent me a screenshot of all the data, it says that there’s a test to insurance model on every test owner and their phone, they have an app and it tracks everything from your average speed when your speed was… How much did you break… Did you serve a lot, they put you a safety score, the e-sign you based on which your insurance was gonna be calculated, and every minutia detail which… Where do you drive?
How long do you stay where you part… They have cameras in there. Easel or not. They have all that data, I show me a screenshot, I was like… And they’ve already started in offering a cartoon Tesla cars just on their own cars, but that’s where it’s headed eventually, when all cars do become Electric and they have that data, Tesla will be weigh in of everybody else, I think that’s where the insurance industry is ready for disruption, and I think Tesla’s gonna get it done
QC: Really. Okay, well, only because I question electric cars, because we’ve seen a lot of footage where the batteries are dangerous, they’ll spontaneously combust, not only that, but people don’t see… We don’t seem to be talking about the fact that it takes fossil fuels to create electricity, and there’s a lot of problems with Tesla, it takes many hours to recharge and it doesn’t go that long, so… I appreciate what you’re saying, and I know you’re an expert in this area, so I kind of always felt that eventually it would peter out once the money stopped being put into Tesla, it’d be gone. What do you think about that?
AS: Yeah, so I think majority of… A lot of the subsidies have already ended and Tesla actually had their best quarter and sold more cars than ever before without the subsidies, so I think that that’s already shown that they can still keep that going, and then eventually it’s just… It’s a friend that is just in my pain, technology is like a one-way street, so once you start something, it doesn’t go back in the bag, developers are not gonna go back in the bag, and you’re also seeing other car manufacturers also start going to leave you out because they realize it’s not even about the EV, it’s about you giving a person the consumer and electric car, but now you have all the data.
It’s all about the data, and they have every little street, they can map out all the streets where you drove and where the pothole was, where it wasn’t, so it’s not really about the… Even in my opinion, it’s all about the electronics in the car that are capturing all that data, and another advantage, I guess, with Tesla is that their full service driving is way ahead of all the competitors, like the Mercedes doesn’t let you change the lane when it’s on for self-driving, so it’s not really self driving, so Tesl is still way ahead of all of those competitors, and I think just like when cars were brand new, there was a lot of problems with engines and maintenance and all of that, so all of these battery issues all the issues you’re seeing, it’s just a matter of technology that in a year or two, they’re gonna be way better than what they are now, and all of those issues will be fixed, their chargers will be everywhere across the location, which is already happening.
AS: So I think it’s about a two to three-year window where there’s gonna be acceleration and be adoption for that, as also as battery prices come down, car prices come down, and Tesla is already lowering their prices. So I think that’s one of the things to keep in mind. There’s always risks, but traditional auto manufacturers obviously haven’t grown at all, they’re seeing compression, and so that’s where the money is flowing into right now.
QC: Alright, yeah, that’s an excellent point about the data. So speaking to that, do you use a lot of artificial intelligence and some type of technology to gather data to make your decisions for trading?
AS: Not so much for trading, I rely on like we have our systems as guidelines and then we still have an element of looking at it ourselves in the moment, although we do have softwares that I’ve built that helped me manage this trade now that I’m in IT, software can take control and I could do the exit for me, I just have to take the trade myself manually, and then I have my software I could program, I could set it up, it’ll do everything and I can go work out. Basically.
QC: Alright, that’s great. Alright, so we’ve come to the end of the time. I really appreciate this and all… Is there anything that you’d like to add before we leave it?
AS: I just would like to add that there’s obviously it’s one of the very pivotal environments, I think the decisions that people make about their careers professions, whatever it is in this next year or two, they’re gonna be pivotal for the rest of our life, so I think really potential to which field you’re in, where that’s headed, where that’s doing… How could you maybe capitalize on using AI thinking in terms of those things would really help people, and obviously there’s… They wanna get into trading or anything like that, feel for… Get in touch with me and I’ll be happy to help you out.
QC: That is actually a great point in telling people to… The decision they make will affect… Really effect in the next few years, just like what we talked about, things are changing so fast, so just… It makes me think of what do you see are the most advantageous careers and past ways people could go for the next few years?
AS: Yeah, I think there’s a few careers that I think are not going anywhere, if you’re in sales, it’s not going anywhere, you’re still gonna need it regardless of the field that you’re in, if you’re in marketing, that’s not gonna go anywhere as well, those… Some feel a in stock market investing, it’s not going anywhere, stock market was here before we were born, it’s gonna be here long after we leave the earth, so there’s certain things like that, but if you’re in a smaller executive kind of role where… Let’s say you are responsible for writing the copy writing for our websites or emails, that’s already just… ChatGPT already does it. You can just tell it to write you in the email, write me a sales page for this thing, so those smaller jobs are right for disruption already, and on a bigger scale of things, is that insurance industry and crypto industry, the traditional… The traditional finance is pretty much on its way out, I think three to five years timeline, but their traditional finances, it’s out of the way and the decentralized finance will take over. So some of the things people can look into his projects like Algerian by an MIT professor, so that’s where I’m seeing at least all the academics and all the regulators kind of focus on as maybe the one that CDC could be formed upon…
QC: Right, right. Okay, wow. Well, you’ve given us a lot to think about. I really appreciate this, Anmol Really impressive, and I would encourage everyone to go to LiveTraders.com to check out your work.
AS: Prepping for Success is on Amazon and on Barnes and Nobles and I think even Walmart.
WQ Host: Excellent, thank you very much, and I wish you all the best and thanks for being here.
AS: It was good chatting with you. Thanks for having me.
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WikiQuoters – Where A Licensed Agent Picks Up The First Time!
Insurance is an age-old concept. Historically, the idea of insurance dates back to 1750 B.C., when the Babylonians carved the Code of Hammurabi into stone tablets. The code defined that a ship’s cargo could be pledged in exchange for a loan.
During the Middle Ages, the concept of insurance was developed with tradespeople and craftsmen working in guilds. The guild system enabled the trades to pay into the guild so that there were funds available to support them as an early type of business insurance.
Today, there are multiple business insurance policies available that empower businesses through increased protection of physical assets, confidential data and employees in the workplace.
Contents
What are the different types of business insurance?
How business insurance delivers peace of mind.
Safeguard your business with GasanMamo insurance.
What are the different types of business insurance?
Insurance companies have evolved to cover the wide variety of needs within business communities. Just a few years ago, it would have been likely that businesses would have bought into a general, all-purpose business insurance policy that covered most of their needs.
Nowadays, insurance companies react to market requirements and look to the future to prepare coverage that will enable businesses to grow and adapt while staying protected.
There are plenty of options when it comes to business insurance, with the ability to customise and tailor insurance offerings to align with your business objectives. Here are some of the main types of business insurance to cover your organisation:
Business asset insurance
Providing protection for all of your physical assets is a must in our current economic climate. Many businesses are dealing with streamlined budgets, meaning that preserving your buildings, stock and equipment is key to uninterrupted business workflows.
Some insurance companies can supply cover in the event of fire, storms, floods and other perilous natural events. Incidents of theft might also be included, which you can check with your insurance provider.
Loss of income insurance
If something happens to restrict your normal business operations, this can be destabilising. That is why a loss of income insurance policy is essential for any business.
In the event of an unexpected occurrence, your policy should help to cover operational costs to ensure continued production and pay any outstanding bills.
Liability insurance
Any third-party incidents that occur on your business premises may create a third-party claim against your business. As a sensible precaution, investing in liability insurance will allow your business to have liability cover in case any third party suffers an injury or property damage on your premises.
Employee protection insurance
Having a safe place to work is important for your employees and for your business. Putting an employee protection plan in place will help you reassure workers that they are safe at work and have cover in place if they are injured and need compensation.
Cyber protection insurance
Providing cover in the event of a cyber attack or data breach may be a new phenomenon for some businesses, but with cyber hacks at an all time high, there’s never been a better time to start protecting your digital and data assets.
With over 2.5 billion known records breached so far by 2024 in Europe, safeguarding your confidential information and that of your customers is a vital step in making sure your business can survive if there is a breach of your security defences.
Cyber protection insurancepolicies should cover you for responses if an attack takes place and for the recovery of stolen or compromised data. This protection will help to reassure employees or customers that normal service can resume.
How business insurance delivers peace of mind
As a business owner, it is imperative that you ensure safety and protection across your whole organisation. With the appropriate business insurance policy or policies, you will feel happy in the knowledge that all operations are safeguarded. This allows you to focus on running your business without having to worry about accidents or incidents.
Enabling credibility and building trust, having the right insurance policies available for your employees and any third parties means you increase the strength of your brand reputation. Insurance also helps you to meet any compliance requirements, generating transparency and improving regulatory alignment.
Safeguard your business with GasanMamo insurance
With a wide range of business insurance policies available, we are Malta’s leading insurance specialists. We work closely with businesses to ensure that our business insurance policies are robust and comprehensive in nature.
If you’re looking for a specific business insurance policy, whether it is employee protection insurance, liability insurance or cyber protection insurance, GasanMamo has ideal business insurance policies that can be tailored to keep your assets and employees safe.
Discover more details about our extensive range of business insurance policies in our business insurance section or get in touch with our team for a chat.
GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.
