About luisl

Friends –

Like many of you, we’ve been experiencing power outages and – at times – no water over the last few days.  These are unprecedent times and we are right there with you.  Whatever you need, however we can help, please reach out to us.

If you can’t get a hold of us right away, please be patience, we’ll get back to you shortly as our physical office location is not accessible for the rest of the week and our team is working from home.  If you need immediate assistance, please text us at (210) 277-7544 and we will we respond as soon as possible.

If you need to file a claim, you can do so on our website, here: https://www.lealinsurance.com/claims-submission/

Here are some tips on what to do in the event you experience a loss:

  • First and foremost – BE SAFE.  If your home is not safe, evacuate to safe place.
  • Contact your utility company to report possible gas leak or downed power lines right away.  If you are to do safely, shut off your water, electricity and/or gas supply.
  • If you experience a busted pipe, turn off your water from the main water connection.
  • Take pictures.  Lots of them.  This will help document the loss to your carrier.
  • Help prevent additional damage if it is safe to do so.
  • File a claim.  You may contact your carrier directly or file your claim with our office as soon as possible.
  • Save receipts.  If you pay for any repairs (even if they are temporary repairs) or pay for remediation services to clean up water, make sure you save all receipts/paid invoices and detail any work done to submit to your insurance provider for reimbursement consideration.

Check your exterior pipes regularly over the coming days/weeks.  Look for any breaks or leaks.  Look out for water spots in the ceiling or walls.  This might indicate a busted pipe and you will want to address it quickly to prevent a large water loss.

If you do experience a loss and are looking to hire a contractor to repair damages, please, please, PLEASE make sure the contractor is a reputable, local, and insured.  DO NOT pay the contractor in full “in order to secure your spot” on their calendar.  Insurance companies have no way of getting you your money back or reimbursing you for that kind of theft.

Lastly, we all know that claims can be a such an inconvenience and time suck.  We are happy to help you assess whether your loss will exceed your deductible and advocate for you when you need to file a claim.  Do not hesitate to get us involved if there is something you don’t understand or need help facilitating a phone call with your claims adjustor.  Please be patient as claims teams handle what will surely be a catastrophic number of claims in the next few days and weeks.  Remember that claims adjustors are people too.

Stay safe.  Stay warm.  Be well.

– The Leal Insurance Services team

Many of our insurance partners are offering customers premium refunds or policy credits in light of the “shelter-in-place” orders in Texas.  Because our Core Values include: Advocacy, we wanted to provide a breakdown of how each carrier is applying the credit/refund you will receive.

In the table below, you’ll find a list of carriers and how they will handle relief.

Carrier

Relief

Safeco

Amount: 15% refund of April and May’s premium payment. 

 

How: Refunds will be automatically returned to insured’s most recent method of payment.  Example: If paid-in-full, Safeco will mail out refund check. If you paid $150 each month for a total of $300 x 15% = $45 refund

When: Once Texas Department of Insurance (TDI), refunds will be sent.

More info: Customer’s don’t need to do anything to receive the refund.  See company press release here.


Progressive  

Amount: 20% premium credit for April and May’s premium payment.

 

How: Personal auto customers with an active policy on 4/30 will be credited 20% of their April premiums in May.  Customers with an active policy on 5/31, will be credited 20% of their May’s premium in June.

 

When: As noted above, pending TDI approval.

More info: Customer’s don’t need to do anything to receive the premium credit.  See company press release here.


Nationwide  

Amount: A one-time premium refund of $50 per personal auto policies active as of 3/31.

 

How: Refunds will be automatically returned to insured’s most recent method of payment.  If paid-in-full, Nationwide will mail out refund check.

 

When: Pending TDI approval.

More info: Customer’s don’t need to do anything to receive the refund.  See company press release here.


Kemper Personal Insurance  

Amount: 15% premium credit for April and May’s premium payment.

 

How: Personal auto customers with an active policy on 4/30 will be credited 15% of their April premiums in May.  Customers with an active policy on 5/31, will be credited 15% of their May’s premium in June.

 

When: As noted above, pending TDI approval.

More info: Customer’s don’t need to do anything to receive the premium credit.  See company press release here.


MetLife  

Amount: 20% premium credit for April and May’s premium payment.

 

How: Personal auto customers with an active policy on 4/30 will be credited 20% of their April premiums in May.  Customers with an active policy on 5/31, will be credited 20% of their May’s premium in June.

 

When: As noted above, pending TDI approval.

More info: Customer’s don’t need to do anything to receive the premium credit.  See company press release here.


Travelers  

Amount: 15% refund of April and May’s premium payment. 

 

How: Refunds will be automatically returned to insured’s most recent method of payment.  If paid-in-full, Travelers will mail out refund check. Example: If you paid $150 each month for a total of $300 x 15% = $45 refund

When: Once Texas Department of Insurance (TDI), refunds will be sent.

More info: Customer’s don’t need to do anything to receive the refund.  See company press release here.

 

If you don’t see your insurance provider listed above, reach out to us and we can help find you the information.

Most carriers are going to see a highly profitable year.  Some will keep that all to themselves and others will become very aggressive in their rates.

If you don’t already have a strong relationship with your insurance agent, give us a call, shoot us a text or DM on the socials.  Now is a great time to review your current auto coverage and pricing.

If you love your current agent, give them a call to discuss opportunities to improve your current situation.

There is some good news today for small business owners.  The Coronavirus Aid, Relief & Economic Security (CARES) Act was passed by the house and signed into law by the President.  In it, small business who are negatively impacted by the current state of affairs, can find some relief.

Here’s is a breakdown of how it can help you as a small business, get back to work, pay the bills, keep your team employed and curve some of the effects to your bottom line.

How it works:

  • First, you should know that some or all of the loan is forgivable if certain criteria are met.
  • No personal guarantee or collateral will be required.
  • You’ll be asked for a good faith certification that states the loan is necessary to support continuing your business operations.
  • You are going to use the money to pay rent/mortgage, utility bills, retain workers and maintain payroll.

Eligibility:

  • Small business with less than 500 employees or otherwise meets the SBA’s size standard
  • 501(c)3 with less than 500 employees
  • 501(c)(19) Veterans Organization that meets the SBA size standard
  • Sole proprietors, self-employed individuals, contractors, are eligible for the loan if you meet certain criteria.

You can borrow:

  • up to 2.5x your average monthly payroll cost, not to exceed $10 million
  • The payroll cost (for 1099 AND W2 employees) is considered to be: salary, wage, commission, cash tips, vacation leave, FMLA, sick leave, group health benefits, including insurance premiums, retirement benefit and local/state unemployment tax
  • What is EXCLUDED from payroll cost: Any employees salary over $100K/year pro-rated for the period 2/15 through 6/30, payroll taxes, income tax, any compensation for an employee whose principal residence is out the US

Requirements for Loan Forgiveness:

  • The amount eligible to be forgiven can be equal to the amount you spend in an 8-week period beginning on the date of the origination of the loan for the following:
    • payroll costs (as described above)
    • Interest on a Mortgage loan incurred ordinary to the business
    • Rent for business
    • Utilities (electricity, gas, water, transportation, telephone or internet)
    • Tipped wages which includes additional wages paid to the employee
  • Your loan forgiveness can be reduced if you reduce the number of employees or reduce you payroll cost greater than 25%
  • If you’ve already laid off employees or furloughed employees, you can bring them back by 6/30 to avoid a reduction in loan forgiveness.

Get back to work:

  • Bring your employees back and let them help make your business better! This is a perfect opportunity to help to your team members shine!  There is obviously going to be more downtime than you’re used to seeing, so invest in your team and bring out their abilities to benefit the business as a whole.
    • Allow them the creative leeway to help advertise your business. You know that kid on your team who is or has the potential to be a social media influencer?  Get them to build a campaign for your business on social media, NOW.  So, when things return to normal, you can implement the plan.
    • Have a server who is tech savvy? Allow them to look at ways to improve your technology. Investigate new or innovative ways that allow you and your business to function better and become efficient.  Bring on new software that might improve your business long-term.
    • Have someone on your team who wants the chance to make in management? Start training them now.  Let them shadow you to learn what you do.  Give them something to be in charge of and send them off.
    • You never know where you’ll find your rising star. That kid that you invest in today, won’t forget what you did for them tomorrow.  You won’t regret it.

We hope this has been helpful for you and that it gives you just a little bit of hope for surviving this tough season.  We’re here with you and in it till then end.  Please share this info with anyone you might know who could benefit for it.

 

You can apply for the COVID-19 Relief Loan Program through LiftFund by clicking the link here.

Leal Insurance Services, LLC is a full-service, independent insurance agency offering: auto, home and business insurance.  We’re located in San Antonio, Texas serving all of Texas.  Our mission is to enhance the insurance experience for our clients through Listening, Education and Advocacy of Local community.  Request a quote here.

Please talk with your CPA or tax professional for tax implications.  This is for informational purposes only and is not intended to imply or express insurance coverage of any kind.

Source: https://www.uschamber.com/co/start/strategy/federal-small-business-stimulus-aid-programs-guide