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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…


How Late Insurance Payments Can Affect Your Business

Paying bills is something we all do as a part of life. Whether it’s personal or business, we have expenses that must be paid. I must admit, I’ve overlooked a bill in the past. For most of us, missing a payment can lead to a service being disconnected temporarily which is an inconvenience, but it doesn’t have a major long-term impact. However, missing an insurance payment is very different – it can result in having your policy canceled and leaving your business uninsured. Missing payments can also have major effects on how much you will pay for insurance premiums…


What Changes to Obamacare Could Mean for Employee Benefits

In the midst of the national debate surrounding what will happen next with the proposed replacement of the Affordable Care Act (ACA), there are some key trends that have emerged regarding the options and strategies that all employers face at benefits renewal time each year.

As the benefits industry braces itself for inevitable changes, there is certainly a feeling of uncertainty. Employers and advisors who embrace change and have strategies that incorporate these emerging trends will be prepared regardless of what happens next. Any employer offering health benefits plans should be aware of these key topics:

American Health Care Act: The…


Is Your Business Protected? Property Coverage Insight

A business often has several different types of property to insure such as buildings, equipment, automobiles, cargo, inventory, and even customer’s property. Insurance policies all contain coverage forms that specify the details, limitations and exclusions governing each policy. Included in those forms is a valuation clause that determines how an insured’s property is valued at the time of a loss/claim.

Understanding these valuation details is critical to ensure you have the proper coverage to replace the damaged/missing property while avoiding unfriendly co-insurance penalties. Below is a list of the commonly used terms in property policies with which you should be…


Why We Need Transparency to Combat Rising Healthcare Costs

Have you ever paid more than $20,000 for a service without knowing the price before buying? Sounds crazy, but this is exactly what happened when I needed to spend two nights in a hospital in 2010. And, it happens constantly when it comes to healthcare. Many thought the inception of Health Savings Accounts in 2004 would lead to consumerism in the healthcare industry, including pricing transparency, but change has been slow.

With nearly all non-healthcare purchases, even insured, higher-ticket items like cars or houses, the price is transparent. Not so in the healthcare economy. I spent two nights in a…

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