Great Thinking
What began in the 1870s as “Protection and
Indemnity Clubs” has come into its own in
the first decade of the 21st century. Captive
insurance is an alternative risk transfer
solution now practiced by 40 percent of
major U.S. corporations.
The rising demand for new answers to an old problem has
finally been met. Business owners are taking strategic
steps to increase employee productivity and wellness,
drive down the cost of disability, and enhance benefits
without raising costs. The approach to disability has
now shifted to Wellability.
Spend seven short minutes watching this informative video and learn how Holmes Murphy can measurably improve the health and productivity of your workers in ten short weeks — and improve your bottom line as a result.
There are two ways to rate your risk management team. See how they rank on the service scorecard provided here, or wait and see. There is a lot more risk involved in option two.
Many business and property owners let the prospect of a flood rush right past them — like the images of natural disasters that only happen to other people in other places. Regardless of where one lives, works or owns property, the risk of floods far exceeds the threat of rising river waters.
Savvy employers know the
importance of offering comprehensive
Employee Benefits. Yet rising costs
and media commotion have directed
most attention to healthcare insurance
and wellness programs. Meanwhile, on
the sidelines sits an often-overlooked
employee recruitment and retention
solution: voluntary benefits.
Two preventive priorities are critical to
the success of a Workers’ Compensation
program. The first is to prevent conditions
that lead to injuries. The second is to prevent
a job-injured employee from retaining
an attorney. This article will
explore the second risk and provide preventive
recommendations for employers.
Risk is a given in any business. Taking
on the risk of others need not be. Yet,
contracts routinely contain language that
transfers risk. Signing such documents
without having them reviewed first by
an attorney and your insurance broker is
risky business.
Most businesses routinely enter into contracts
that contain indemnification language, hold-harmless
agreements, and insurance requirements that obligate them
to assume the liabilities of others. Before taking on the
risk of others, it is critical to understand
contract language and its implications for exposure. From an insurance
perspective, contracts are risk management in black and
white. And it’s where your attorney and your insurance
broker are invaluable resources.
Many employers assume their property insurance covers crime-related losses.
Typically, crime is not included in most property policies. Even those businesses
that buy crime coverage rarely purchase enough protection. Most business insurance
policies either exclude or provide only nominal amounts of coverage for loss of
money and securities as well as employee dishonesty exposures.
For most business leaders, risk and reward
are the yin (passive) and the yang (active)
of the game. For those leaders with an
entrepreneurial drive to control risk,
captive insurance removes “passive” from
the picture.
Consumer-driven healthcare has become a
permanent part of the big picture. What it
means and how it is being achieved has
changed.