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IRS Audit – Is Your Business ACA Compliant?

Henry Ford once said, “quality means doing it right when no one is looking.” The same applies for your business in matters of compliance. With the IRS beginning audits of Applicable Large Employers (ALEs), and reporting penalties in the millions, it is important to understand the facts and next steps.

Letter 226J

This letter is being sent out to ALEs that the IRS believes were not in compliance with the Affordable Care Act (ACA). It addresses penalties associated with forms filed in 2015. These penalties are also known as Employer-Shared Responsibility Payments (ESRPs) or the “pay or play” penalties. While a…

What You Should Expect from an Insurance Agent

Whether you use the term agent, broker or consultant, all refer to a licensed insurance professional. It goes without saying that your agent should provide necessary certificates of insurance, return phone calls promptly and begin the renewal process at least 60-90 days in advance so changes to your company’s operations, exposures and payroll can be discussed.

In addition, your insurance consultant should be devoted to providing personalized service that is unique to your business and beneficial to your bottom-line. Beyond the bare necessities, look for an agent who provides additional services, such as:

Liability and Workers Compensation Audits: Your agent should…

Why Your Business Needs a Long-Term Benefits Strategy

You know the drill, renewal time rolls around and for many it’s a scramble to re-evaluate the benefit options you’re providing employees. Often times, you don’t even know what new options or emerging strategies are available for your organization. So, with the clock ticking, you start the process of reviewing how to potentially cut costs and make critical decisions that will impact your business and employees.

Starting this process at renewal time is often too late. Instead, your organization needs to develop both short- and long-term strategies to accommodate the ever-changing environment. Without a plan, you may be forced to…

Warning: Insurance Agent Tactics

When we’re deciding between two similar items, it is wise to compare their costs and benefits side by side to make the best choice. Unfortunately, some people falsify information or misrepresent their product or service to make it look or sound better than the other. I think we’ve all purchased services or items that weren’t what they initially appeared.

Regrettably, this is also true in the world of insurance. Some insurance agents may use tactics in an effort to block their competition, protect their own interest or paint a false picture. Below are some tactics you should be aware of…

Employee Benefit Trends to Watch

Fall is upon us which means we’re approaching another season of open enrollment. Year after year, renewal after renewal, employers (and their employees) are faced with the challenge of providing a comprehensive benefits package that is also competitively priced. This leaves many to feel as if this is a mutually exclusive proposition. But the challenge remains the same. How do we attract and retain the top talent in our industry? There are no silver bullets and the healthcare system shows no signs of providing relief. However, there are some strategies and emerging trends that employers may want to consider…

Why You Should Consider Manufacturers E&O Liability Protection

As a business professional, you know your company is vulnerable to losses. In the event your product hurts someone or damages property, general liability insurance can protect your business against a claim. However, what if you’re sued for an error or mistake in the product manufacturing that does NOT cause bodily injury or property damage yet causes financial loss to your client? Manufacturers errors and omissions (E&O) liability insurance is available to bridge a potential gap in your coverage. Manufacturers E&O is designed to pay financial damages to a third party resulting from negligence in manufacturing or designing your…

Get the Facts About Employment Practices Liability

What to Consider
Employment practices liability insurance (EPLI) provides coverage to employers against claims made by employees alleging discrimination (based on sex, race, age or disability, for example), wrongful termination, harassment and other employment-related issues, such as failure to promote. Most insurance carriers can provide EPLI coverage as either part of a general liability policy or as a stand-alone coverage; however coverage and conditions within each of these policies can vary greatly.

Third-Party Coverage
Third-party EPLI refers to claims made by non-employees, usually customers, clients, vendors and suppliers who allege that an employee engaged in wrongful conduct, typically sexual harassment or…

Do You Know Your Employee Value Proposition?

Can you recall exactly why you chose to work at the job you have now? Was it for the salary, benefits, opportunity for advancement or culture? I remember when I finished college, I had several job offers. I was drawn to one in particular, not because of where it was located or the salary, but rather the office atmosphere, the hiring manager and the attitude of the employees I met. My salary may have been lower than other offers, however, I felt it was a better fit. What I realize now is that it was the employee value proposition…

Who is Your Insurance Agent Protecting?

As discussed in a previous blog, shopping your insurance has many benefits. To fully maximize these benefits and avoid some of the common pitfalls, it is recommended to follow a thought-out strategy. Once your strategy determines it’s time to shop insurance, how do you really know if your agent is looking out for your best interest and not just their own?

Competition Is Your Friend

As Merriam-Webster explains, competition is the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms. I think we can all agree…

Protecting Your Business from Social Engineering Fraud

Fraud has been around for thousands of years, probably since the existence of man. As technology continues to advance, thieves are adapting as well. The FBI has identified more than 14,000 U.S. companies that have been plagued by social engineering fraud. This type of attack is on the rise – since January of 2015 incidents have increased more than 1300%.

Thieves use social engineering fraud to attack businesses that send wire transfers on a fairly regular basis, typically targeting CFOs and controllers who pay the bills. The fraudsters will hack into an email server to see who requests these wires…

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