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Commercial Insurance Outlook and What Businesses Can Do Now to Prepare

2022 has been a year of tremendous instability in the insurance market. Supply chain disruptions, labor shortages, geopolitical instability, and inflation (both economic and social), have challenged the most seasoned executives and business owners in ways they could never have imagined. As we prepare to close out 2022 and begin forecasting for 2023, our hope is that this short article gives you a glimpse of what we’re expecting from the Property & Casualty business insurance market in the year ahead as well as a few things businesses can do starting today to put themselves in a position…


Responding to Claims of Sexual Harassment

Dear HR:

One of my female employees left a handwritten note on my chair alleging sexual harassment by a male coworker. The allegations are lurid and serious. I know the accuser to be an honest, trustworthy employee. I feel like I need to take action ASAP, but am not sure where to start. What’s next?

Signed, Confused supervisor

Despite widespread attention in the media, advances in awareness and…


Builders and Contractors – Four Tips to Control Insurance Costs

Insurance costs for builders and contractors are on the rise. While it is helpful to understand the why, more important is understanding what you can do to help suppress these cost increases. Here are a few things that builders and contractors can do to help put them in a more favorable pricing position:

  • Complete a full loss control assessment of your safety practices. Do you have a formal safety program? A safety manual? When was the last time they were updated?  Do you have daily “toolbox talks” or other sharing sessions? …

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…


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…


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…


Insurance – Shopping, Strategy & Sabotage

It is important to shop commercial insurance and there are many reasons to do so, the most common being to control expenses and improve coverages. However, it is necessary to develop a strategy in advance to avoid pitfalls. Planning your approach will help ensure you are maximizing your efforts, meeting your objectives and are not sabotaged by an agent. Here are guidelines to create your plan.

When to Shop: Shopping your insurance policies is not something that should be viewed as an annual routine, but rather as part of a larger strategy. Your strategy should be focused on maximizing your…


Cyber-Attacks Target Life Sciences and Healthcare Industries

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…


Healthcare Reform – Where Do We Go Next?

As a benefits consultant who has worked in the health insurance industry for more than twenty years, representing dozens of companies of all sizes, the discussion about what is next for healthcare reform both frustrates and intrigues me. We have an opportunity to make meaningful, cost-effective changes that are needed for all Americans, regardless of affiliations or preferences.

Here’s what we know. Under the Affordable Care Act (ACA), Americans have struggled to afford their health care costs, access insurance that meets their needs, and see the doctor they know and like. Insurance premiums have risen 65% since 2010 and insurers…

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