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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…
By:
Jody Klinger, Business Risk Consultant, Univest Insurance, Inc. November 1, 2017
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…
By:
Jody Klinger, Business Risk Consultant, Univest Insurance, Inc. September 20, 2017
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…
By:
Jody Klinger, Business Risk Consultant, Univest Insurance, Inc. May 24, 2017
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…
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…
As our society becomes more and more digital, it is increasingly important to protect your businesses from the repercussions of a cyber-attack. While creating privacy policies, building secure firewalls and being diligent with security are all critical to preventing a cyber-attack, it is equally critical to have the proper insurance program in place, should a breach occur. Cyber-attacks can be extremely costly and it is a common misconception that the associated damages would be covered under conventional insurance policies.
A common target of online criminals, the life sciences and healthcare industries need to be extra diligent when it comes to…
