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Protecting Your Practice – What You Need to Know

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

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

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 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

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?

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 21st 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…

If a Tree Falls, Who Pays?

This year’s winter weather has wreaked havoc on trees. Wind, snow and freezing rain is tough on tree branches. Thunderstorms in the summer months can also pose a threat. 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…

Is Your Business Protected from Employee Lawsuits?

Media headlines today are filled with claims of sexual harassment and discrimination. In the last 20 years, employee lawsuits have risen more than 400% with wrongful termination suits up more than 260%. Today’s employers are more likely to be sued by an employee than to experience a fire at their facility.

Most companies purchase property, general liability, auto, and workers compensation insurance to protect their assets from direct loss and third party claims and to comply with statutorily mandated coverage. Considering today’s business environment, an additional critical insurance protection to consider is Employment Practices Liability Insurance (EPL). This coverage protects an…

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…

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