Insurance Protection

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Risky Business – Does Your Broker Speak Straight?

By: Kenneth Rush, Business Risk Consultant, Univest Insurance, LLC March 1, 2019

For 15 years, I was the president and owner of a gourmet dog treat manufacturing company. I know firsthand that the demands of running a business can make dealing with insurance low on the list of priorities. While businesses know it is a necessity, most do not spend much time on securing business insurance. I know for me, when it was time for my annual review it was often difficult to even locate a copy of my policy.

My experience as a business owner has been very helpful in dealing with my current clients and prospects. The mistakes I made…

Tips to Improve Employee Retention

By: Lisa Perry, Senior Employee Benefits Consultant, Univest Insurance, Inc. February 1, 2019

According to a 2018 report from the U.S. Bureau of Labor Statistics, employees are quitting their jobs in record numbers, reaching levels that we haven’t seen since 2001. This should make it clear that retaining talented and skilled employees should be one of your company’s TOP priorities.

Studies on the cost of employee turnover are all over the board. Some studies (such as SHRM) predict that every time a business replaces a salaried employee it costs six to nine months’ salary. For a manager making $40,000 a year, that’s $20,000 to $30,000 in recruiting and training expenses.

Another interesting statistic –…

Top 7 HR Compliance Trends to Watch in 2019

By: Jodi Krawitz, PHR, SVP, HR Practice Leader, Univest Insurance, Inc. January 9, 2019

Every employer must comply with employment law, rules and regulations. Business owners have to take a proactive approach to ensure that their organization meets all of its legal obligations at the Federal, State and Local levels. Deciding how to meet these new compliance responsibilities is an ongoing challenge that is critical to preventing liability. Below are the top seven HR compliance trends to watch in 2019.

1. Ban-the-Box laws

Traditionally, job applicants would have to check a box to indicate whether they have a criminal history, but more than 25 states have adopted “ban-the-box” laws or policies that stop employers from…

8 Things to Consider when Choosing a Business Insurance Agent

By: Fran McKeever, Business Risk Consultant, Univest Insurance, Inc. December 6, 2018

Some business owners view insurance as a commodity that is purchased annually from a vendor only visible during the renewal process who provides offerings differentiated only by price. However, is it prudent to relegate the financial well-being of your organization to the lowest bidder?

Insurance is a vital tool to protect the long-term financial health of an organization by transferring risk. The lowest price can often mean inferior coverage that cannot adequately respond to a catastrophic event which can cripple an organization and even force it to shut down permanently, depending on the severity of the loss.

Given the importance of…

Emerging Trends and Strategies for Employee Benefits

By: Kevin Davis, Senior Employee Benefits Consultant, Univest Insurance, Inc. November 1, 2018

Due to the impact of health care reform, alternative funding solutions for health benefits continue to gain traction among small to mid-size employers. Amidst all this change, there are a number of emerging benefits trends and strategies that can help mitigate the financial impact of rising benefits costs.

These alternatives, including level-funding, can provide greater certainty and protection than the typical, partially self-funded solutions for larger employers. Self-insuring your benefits offers several advantages over traditional insurance. These alternatives don’t work for every employer, but are worth consideration for the potential cost-savings, transparency, and flexibility of the plans.

Consumer-Driven-Health-Plans (CDHPs) and Health…

Protecting Your Practice – What You Need to Know

By: Univest September 4, 2018

All physicians know malpractice insurance is a very important topic that can’t be taken lightly. Determining which type of coverage is best can be frustrating. Malpractice coverage is a significant expense so it is important to know how rates are determined, what policies are available and what to look for in an insurance carrier.

How are rates determined?

There are several factors that impact the rates for malpractice coverage including the physician’s specialty, claims history and geographic location.

Claims have decreased in the last decade which has led to a somewhat stabilized medical malpractice market. The common adage, “the higher the…

Why Financial Wellness Needs to be Part of Your Employee Benefits

By: Megan McLaughlin, Employee Benefits Consultant, Univest Insurance, Inc. July 31, 2018

STRESS. It’s a word that most people are familiar with, but none enjoy. It affects your emotions and wears you down physically. A huge stressor for many Americans is related to money, specifically not having enough of it. In fact, research by The Pew Charitable Trusts found that 41 percent of American households do not have enough liquid savings to cover a $2,000 expense in the event of a financial hardship.

Financial hardships often cause employees to be distracted or even miss work. Employers have recently taken notice and are making efforts to help mitigate this stress through financial…

Don’t Be Another Distracted Driving Statistic

By: Brian Deutsch, Risk Management & Safety Consultant, Univest Insurance, Inc. May 9, 2018

Distracted driving – you’ve probably heard the term, but did you realize that distracted driving claimed 3,450 lives in 2016, according to the National Highway Traffic Safety Administration (NHTSA)? There are hundreds of examples in our area. A recent article on Philly.com recounted a 2016 crash that killed a pedestrian in Allentown and a 2017 accident that took the life of a 12-year-old in Northampton County, in both instances the drivers were charged with texting.

A 2016 State Farm survey revealed some other startling facts: more than 35 percent of drivers reported texting while driving and that number skyrockets…

Cost Containment Strategies for Employee Benefits

By: Jill Homan, Senior Employee Benefits Consultant, Univest Insurance, Inc. May 2, 2018

A major challenge faced by today’s employers is how to maintain a competitive benefits package while containing or reducing costs. New options continue to emerge. Below is a summary of some of the alternatives that can help contain costs while limiting employee frustrations due to decreased coverage.

Health Reimbursement Account

Health Reimbursement Accounts (HRAs) are healthcare plans paid for by an employer to reimburse medical expenses of its employees, their spouses, and dependents. The employer sets aside a pre-determined amount on an annual basis and establishes the parameters for what expenses the HRA funds may be used. Any unused dollars remain…

Is Your Business Protected from Cyber Threats?

By: Reggie Reiter, Senior Vice President and Commercial Lines team leader, Univest Insurance, Inc. April 23, 2018

As business becomes increasingly digital, there are new threats that business owners need to be prepared for. As companies experienced losses and damages due to computer viruses, data breaches, malicious hacking, and other cyber crimes, the industry responded with insurance policies tailored to cover the costs related to these exposures.

What is Cyber Liability Insurance?

Cyber liability insurance is a newer coverage that has evolved from the digitization of business in the 21^st century. Cyber liability insurance generally covers your business’ liabilities for a data breach or cyber crimes involving sensitive customer information, such as Social Security numbers, credit card…

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