Ask the Professionals – Apr 3

Bernie del Hierro
Vice President / Escrow Officer
Lone Star Title

Question: Why is title insurance important?

When you purchase real property, title insurance protects you against defects or claims for past occurrences!

Any tips on how to have a smooth closing?

Take care of the financial process up front and always ask questions and discuss the details of your closing ahead of time with your Agent, Loan Officer and/or Settlement Officer. Proper planning, preparation, communication and common courtesy will go a long way in making the closing successful. 

How has Lone Star Title Co. of El Paso changed over the years?

We’ve had to evolve with the times and market conditions. From cyber security to on-demand services, and digital closing (i.e. hybrids, Remote Online Notarization, Remote Ink Signed Notarization). 
The pandemic and increased volumes introduced us to new ways of accommodating our clients in order to get deals closed & funded; convenience without compromising security.

How is the current market in El Paso?

The general consensus is that 2022 has started off strong. We’re seeing heavy demand on the commercial side, including some very creative projects. On the residential side, while inventory haas been lower; demand & pricing remain high. 

Shane Lipson
Principal
Mt. Franklin Insurance

Question: I was told about Workers Compensation Insurance. What is it?

Workers Compensation insurance protects a business from lawsuits by employees that are injured while working. The policy provides for medical treatment, rehabilitation, and some limited income replacement while they can’t work.

Why does my business need Workers Comp? We don’t have jobs that subject our employees to dangerous conditions.

I recommend it for every business. By law, a company with a workers comp policy is legally protected from being sued by injured employees in most cases. Their benefits are provided by the policy, not by your business. Going without a policy exposes your business up to unnecessary liability. 

Remember, even the most innocuous jobs have injury potencial. For example, an administrative assistant might be injured while running an errand in a car which would likely be covered by a workers comp policy.

Are there a minimum of employees required?

No. In fact, workers compensation can even be purchased just for a single owner.

Is it expensive?

It’s not. Based on the type of work your business does, it can be very inexpensive. Especially compared to thee threat of lawsuits, it is a cheap insurance policy against future unknowns. Speak with knowledgeable insurance brokers to look at options for your business.

Jimmy Garza
Owner
Jimmy Garza Emergency Water Removal

Question:Who should I hire when my home or business has water damage?

Hiring a company that specializes in water removal and drying services. Consequences of NOT hiring a company that specializes in water removal and drying services. With any kind of moisture situation, you can have secondary damages and mold. Mold can develop as fast as 24 two 72 hours (1-3 days)

Key to preventing secondary damages or mold within the home is hiring a water mitigation company to assess or complete a moisture inspection. First step is to remove the water within the home, then insure proper clean up techniques, and apply proper structural drying techniques. This will assist to speed up the drying process thus preventing the chances of further secondary damages and mold in your home. 

As many contractor to hire. Contractor should always give a written price estimate with a written scope of work before commencing any work on the property. This prevents any type of misunderstanding and holds the contractor liable. This also prevents fraud from contractor. It is suggested hiring a company that provides ” Emergency Services” during regular and after hours. The word “mitigation” means to prevent.

Mitigation company with the right qualifications, experience, and capabilities can help prevent & save thousands in costs for mold, clean up and removal. Hiring an IICRC Certified Firm assured the company has the correct qualifications, credentials (such as insurance) to provide such services within industry guidelines and IICRC standards. 

Thomas B. Goldfarb
Financial Advisor
Goldfarb Financial

Question: I had a client ask if there was aa way that she could provide health insurance to her employees less expensively than traditional fully insured health insurance companies offer? 

The answer depends on the specific makeup and health conditions of her employees. Under the Affordable Care Act (ACA) a company’s employees’ individual health conditions can no longer be taken into consideration when an insurance company calculates the rates to charge for coverage.

For those groups who had previously experienced unmanageable price increases due to their individual employees’ large health claims, the ACA was a refreshing change, as their costs for similar coverage declined; recall that they could no longer be “surcharged” for high claims in their group. 

At the same time, however, those companies who had not experienced huge rate increases prior to ACA because they had “healthier” than average employees, saw their rates increase significantly. 

Health insurance companies responded to those who saw their rates rise dramatically with a strategy know as a “level funding arrangement”.  A level funded health insurance plan can and does calculate the pricing based on the company’s employee’s health conditions. If, as is desired, the company’s risk profile is less than ” average or ACA rates”, the company is potentially able to save up to 25% on its health care premiums versus an ACA priced plan. Additionally, if the company’s total claims are less than what the plan estimates, the company can potentially receive a refund for the un needed premium they sent in.

Goldfarb Financial is experienced in helping our clients explore all options to provide affordable and comprehensive employee benefits coverage.