GNYADA March 2015 Newsletter

11 Which Life Insurance Plan Makes Sense

employee for a salary continuation plan. To indemnify a business for the loss of a key employee. GNYADA Insurance Brokerage is now offering both Individual and Group Life Insurance. Employer- sponsored Life Insurance also offers an advantage since insurance carriers will normally offer a certain amount of Guaranteed Issue, which is attrac- tive for any employee who has a health concern and might be turned down for an individual policy. The GNYADA Insurance Brokerage can help you determine which Life Insurance Program is right for you or your business. You can reach Michael W. Conway at 718.746.8100 or mconway@gnyada.com to help you select the proper Life Insurance Plan for your business. n

Life insurance can fill the needs of both an individual and a business. But with so many different types out there, it’s easy to get confused. Here is a rundown of the various types of life insurance you can offer employ- ees or buy to bolster your business. Term Insurance —provides coverage at a fixed rate of payments for a limit- ed period of time. There is no cash value and is often referred to as tem- porary insurance. Whole Life Insurance —is guaran- teed to remain in force for the insured’s entire lifetime. Premiums are fixed, based on the age of the applicant at the time the policy is issued, and usually does not increase with age. There is also a cash value component to this insurance. Universal Life Insurance —pays interest on the premiums that are paid

into the policy account and from which expenses are also deducted. There is also a cash value component to this insurance. Variable Life Insurance —allows the policyholder to invest their premiums in separate accounts similar to mutual funds and from which expenses are also deducted. Again, there is a cash value component to this insurance. A few of the uses of Life Insurance for Individuals are: To provide income for dependent family members To provide cash for education purposes To pay estate taxes n n n A few of the uses of Life Insurance for Businesses are: To provide funds for a business continuation such as a Buy-Sell To provide funds for a key n n

Is Your Eye Wash Station up to OSHA Snuff?

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Is your eye wash station being used for additional storage space, as a fish tank, or anything other than an eye wash station? OSHA requires that an eye wash station be avail- able whenever employees may come into contact with corrosive chemicals or irritants. Dealership repair shops must follow OSHA requirements for eye wash stations. Eye wash station requirements include: Heads All eye wash stations must provide 0.4 gallons per minute (GPM) for a minimum of 15 minutes. Valves Activate in one second or less and stay-open valve (leaving hands free). Installation Eye wash station must be located in an area that requires no more than 10 seconds to get to and no n n n

more than 55 feet away from work area. The location of the eye wash station shall be in a well- lit area and identified with a sign. Maintenance and Training A plumbed eye wash station must be activated weekly to verify proper operation. Gravity-fed units must be maintained according to the manufacturer's instructions. Inspections must be performed monthly and must include flushing to remove any potential rust. Self-contained units must have a sealed tank and the solution must be replaced every 90 days. Eye wash stations must be kept unobstructed and clean. If your dealership maintains a detail shop that is 55 feet or more from the nearest eye wash station, you must install and maintain an additional eye wash station in the detail area. n n n n n n n

Greater New York Automobile Dealers Association • www.gnyada.com

The Newsletter • March 2015 7