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How to Nurture a Culture of Financial Wellness

By: Kevin Davis, Senior Employee Benefits Consultant, Univest Insurance, Inc. March 5, 2020

Financial wellness refers to the overall financial health of an individual. Simply put, it means you have the ability to have a healthy financial life. For example, you can pay your debts without crisis, have and emergency fund and are saving for retirement. Financial wellness is also about feeling good about your financial situation now and in the future.

What is your company’s financial wellness culture? The employers who embrace the power of nurturing a culture of financial wellness and have strategies in place to provide resources and lessen stress will be in the best position going forward.

Let’s look at…

Why Your Organization Needs to Consider Directors and Officers Liability Insurance

By: Tom Morrissey, Senior Business Risk Consultant, Univest Insurance, Inc. February 28, 2020

In today’s litigious business world, a company’s insurance portfolio is more than likely vast and includes multiple coverages. While sometimes overlooked, one insurance policy that should be seriously considered is Directors and Officers (D&O) Liability insurance.

D&O liability insurance is coverage that protects the personal assets of directors and officers if they are sued as a result of decisions they make while serving as a director or officer of a business or organization. It can also protect the organization itself if named in a lawsuit.

Examples of the types of claims that can trigger D&O liability insurance include mismanagement of employee…

OSHA Part 1904 Deadline Approaching

By: Univest February 3, 2020

In an ongoing effort to notify clients about risk management trends and regulatory information, Univest Insurance would like to remind you of OSHA’s requirement regarding electronic submission of injury and illness records and the upcoming deadline.

ELECTRONIC SUBMISSION OF INJURY AND ILLNESS RECORDS TO OSHA

OSHA’s rule within Part 1904 requires the electronic reporting of workplace injuries and illnesses through their online services. Employers are required to electronically report their calendar year 2019 Form 300A data to OSHA by March 2, 2020.

Reporting requirements are as follows:

  • Establishments with 250 or more employees that are currently required to keep OSHA…

Providing Benefits to The Multi-Generational Workforce

By: Greg Blemlek, SVP, Employee Benefits Practice Leader, Univest Insurance, LLC December 31, 2019

The beginning of a new decade provides the perfect backdrop to examine the employee benefits landscape and the evolving partnership between organizations and employee benefit consultants. One of the biggest challenges facing employers today is how to offer and effectively communicate benefits that satisfy the different needs of the multi-generational workforce. For perhaps the first time, there are now five different generations in the workforce from generation Z just graduating from college through pre-retiree baby boomers focused more and more on sailing off into the sunset. Benefits need to attract new employees to businesses and then retain those new…

Are Bonds a Form of Insurance?

By: Andrew Detweiler, Senior Business Risk Consultant, Univest Insurance, Inc. November 26, 2019

In the business world, there are various scenarios that may require posting a bond such as a construction project on which you are bidding or to a government agency for a license or permit. A bond is a guarantee that you will provide the services or products required by a contract.  Many people simply call their insurance broker and ask for a bond without really knowing the implications. Is a bond the same thing as an insurance policy?

To put it simply, NO. With an insurance policy you pay your annual premium each year, and if there are claims, the…

Is Your Culture Driving Business Success?

By: Kevin Davis, Senior Employee Benefits Consultant, Univest Insurance, Inc. October 31, 2019

At Univest, we highly value our culture and truly believe it drives performance. We also realize that culture isn’t something that just happens – it has to be defined and cultivated. We firmly believe that an engaged workforce who follows a common set of fundamental behaviors creates success. The Univest Way consists of 18 fundamentals that describe the daily principles and practices that make our five core values come to life and truly serves as the foundation of our culture.

One of my favorite of the fundamentals is “Assume Positive Intent.” Which the Univest Way defines as:

“Believe in the goodness…

Tips to Protect your Business from a Fire-Related Emergency

By: Brian Deutsch, Risk Management & Safety Consultant, Univest Insurance, Inc. October 28, 2019

October is National Fire Safety Month. Although the prevention of residential fires is the focal point of the month, employers should also spend some time reviewing workplace fire safety and prevention as it pertains to employees, equipment and property. In 2017, there were 123 occupational fatalities involving fire. Here are some steps to help prevent or prepare for a fire-related emergency at your facility:

  1. Practice good housekeeping throughout your facility to eliminate potential fuel sources as well as trip hazards when evacuating the premises.
  2. Maintain the proper type and amount of fire extinguishers onsite and…

How Are You Controlling Business Risk?

By: Andrew Detweiler, Senior Business Risk Consultant, Univest Insurance, Inc. August 28, 2019

Businesses deal with risk dozens of times throughout the day. Which employee should I hire? Should I submit this quote at $50,000 and be conservative or $35,000 to ensure we earn the business? Do I need to update my employee handbook to include distracted driving guidelines? These are just some examples of the decisions those running a business make every day, some with more thought than others.

So what happens when a business makes the wrong decision, fails to act properly or even has an accident? Many business owners buy insurance and assume they will be protected if something goes…

If a Tree Falls, Who Pays?

By: Christy Lightfoot June 5, 2019

This year’s weather has wreaked havoc on trees. So, if a tree does come down on your property, who is responsible for the cost of cleaning-up and repairing any damage caused by them?

Here is a general summary of what your homeowners insurance may or may not cover.

  • If a tree falls and does NOT hit another structure, your homeowners insurance will NOT cover the clean- up and disposal of the tree.
  • If a tree falls and DOES hit another insured structure (for instance, your home or garage), damage to the structure would be covered, subject…

How Senior Care Providers Can Weather the Hardening Insurance Market

By: Chip Schofield, VP and Senior Business Risk Consultant, Univest Insurance, Inc. May 31, 2019

Over the past year, there have been numerous carriers that specialize in the senior living space that have evacuated the market and are no longer writing coverage. Although there have been mixed messages, it is expected that more carriers will cease writing senior living and long term care accounts depending on various circumstances such as if the company is for-profit or not-for-profit and the level of specialization a care facility provides.

Why the exodus? The average frequency and severity per claim is steadily increasing. In fact, the average severity of an assisted living and memory care community claim surpasses the average…

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