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By:
Andrew Detweiler, Vice President & Senior Business Risk Consultant, Univest Insurance, LLC June 3, 2021
Workers’ compensation is a required benefit that all employers must provide for their employees. By 1949, it was adopted by all 50 states and it used to pay for lost wages and medical bills when an employee is injured on the job. Some employers look at workers’ comp as a sunk cost or a cost of doing business. These businesses typically spend more for workers’ comp than businesses that work to proactively improve their safety culture and minimize on-the-job accidents. The rate in Pennsylvania for a carpenter can range from $5.91 per $100 of payroll to as much as…
By:
Andrew Detweiler, Vice President & Senior Business Risk Consultant, Univest Insurance, LLC April 7, 2020
The insurance industry is known for many things and responding in a crisis is where they typically shine. When a hurricane is heading towards Florida, insurance companies will send adjusters and disaster recovery units, among other resources, in advance of the storm ever hitting. They do this because people buy insurance for peace of mind in case disaster strikes.
Right now, we keep hearing the statement, “We are in unprecedented times,” and I would have to agree. We have never seen businesses be forced to close without much warning which has led to layoffs and severe reductions in income, yet…
By:
Andrew Detweiler, Vice President & Senior Business Risk Consultant, Univest Insurance, LLC 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…
By:
Andrew Detweiler, Vice President & Senior Business Risk Consultant, Univest Insurance, LLC 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…
By:
Andrew Detweiler, Vice President & Senior Business Risk Consultant, Univest Insurance, LLC May 1, 2017
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…
