Professional Liability Update – Understanding “Claims-Made” Insurance

This article was recently shared in a newsletter from our friends at Employee Benefit Exchange.

I find it very educational for business owners’ when either setting up a new business liability policy or when evaluating a renewal on their existing policy.  This review can help make sure proper coverages are in place based on the company’s need criteria.

Click the link here to access the article – “Claims-Made” Insurance

As always, feel free to contact us to discuss these types of issues if of concern with your business.  We are pleased to help you.

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Protection of life, health, safety and welfare of Arizona’s most valuable assets

Welcome to the Industrial Commission of Arizona website.

The Industrial Commision of Arizona is the agency that administers and enforces state laws relating to the protection of life, health, safety and welfare of Arizona’s employees. This includes laws relating to workers’ compensation, occupational safety and health, payment of wages and child labor.

Required posters under the jurisdiction of the ICA are described below and can be downloaded from this website using the links indicated. Arizona law requires employers to post a number of notices, or “posters,” and each notice must be posted in a conspicuous place where employees will see it.

Information about required notices/posters under the jurisdiction of other state agencies can be accessed from the Governor’s website.

Additionally, workplace posters that are required for small businesses and other employers by the U.S. Department of Labor may be found here.

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LifeLock® Identity Theft Protection

We are pleased to announce this additional suite of products to our portfolio offering. For those employers that want to offer an added benefit to their company, LifeLock® offers more layers of security for greater levels of protection.

LifeLock® offers a full suite of products and identity theft protection services to help safeguard you and your employees.  Click on each category below to learn more about providing this valuable service to your business.

LifeLock® Products & Services

LifeLock® Difference

LifeLock® Benefit Solutions

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New Electronic Delivery Saves Time, Reduces Paper

This change supports an effort to reduce paper usage by distributing Experience Rating Worksheets (worksheets) to insureds electronically. All states in which the change was filed have approved it. The rule change took effect for worksheets produced on or after July 1, 2011. With this change, NCCI will be able to eliminate approximately 1 million hard copies of the worksheets that had been mailed to insureds annually.

NCCI will send a letter to the insured advising that its worksheet has been produced (instead of mailing the entire worksheet). The letter will provide directions for obtaining the worksheet online. Any future revisions of that experience rating modification will result in an automatic email to the insured, directing the recipient to the appropriate website.

If the insured chooses not to visit the website, the insured will not receive a worksheet or any revised ratings for that year. Every year, the insured will receive a letter advising that their renewal rating has been produced and is available online.

The switch to electronic distribution is based on requests from our customers who asked to eliminate their hard copy distributions in keeping with their companies’ green initiatives. This change allows NCCI to better support its own green initiatives and those of our customers as we work together to reduce paper usage.

National Council on Compensation Insurance, Inc. is the largest provider of workers compensation and employee injury data and statistics in the nation.

For additional information, please review our post on the ABCs of Experience Rating brochure for a helpful and straightforward explanation. Be sure to also view NCCI’s Webinars on Demand to learn more about experience rating and NCCI’s services and tools.

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Many Small Businesses Still Use Paper Checks for Pay?

It costs a business up to $2 to cut and process a hard-copy check vs. 35 cents or less for direct deposits.

  • A survey of U.S. small business owners reveals that 48 percent do not use direct deposit for payroll, forgoing several thousands of dollars in annual payroll savings, increased employee satisfaction and reduced environmental impact in comparison with issuing paper checks.
  • NACHA, a trade association of electronic payment vendors, surveyed U.S. companies with less than $20 million in annual revenue that use a business checking account most often for the company business. The online survey, completed by 2,249 small business financial decision-makers in early 2011, revealed that the top industries that do not use direct deposit into employee accounts for payroll purposes were:

Repair and maintenance services (plumbing, pest control).

Food services (deli, fast food, restaurants).

Personal care services (hair, nail, spa).

Retail (all types).

Construction.

Wholesale trade.

Arts and entertainment.

Real estate sales and rental/leasing.

Agriculture, fishing and mining.

Transportation.

The survey additionally revealed that:

Of the 52 percent of organizations that use direct deposit for payroll, only 30 percent have 100 percent employee participation.

18 percent of small businesses with revenue between $10 million and $20 million still do not use direct deposit.

Businesses with less than 75 percent salaried employees are most likely to not use direct deposit.

Savings Breakdown

According to NACHA:

It costs a business up to $2 to cut and process a hard-copy check vs. 35 cents or less for direct deposits.

A business with 25 employees would save at least $2,000 a year with direct deposit. A business with 100 employees would save at least $7,000.

NACHA and PayItGreen, a NACHA-led coalition that educates consumers and businesses about the environmental impact of choosing electronic payments, have created a calculator to reveal any business’ carbon footprint savings by switching to direct deposit.

SHRM Online – Society for Human Resource Management » HR Disciplines » Compensation» Articles 8/26/2011

 

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The Business Owner’s Playbook®

From the August EBX Newsletter

Whether or not you have just opened your doors to your new business, are established and growing, or are thinking of transitioning your business in the near future, we have a helpful guide for you. 

The book is published by The Hartford, who knows business. It is broken up into four segments:  The Emerging Company, The Growing Company, The Transitioning Company and Additional Information, such as structuring your company correctly and business resources on the web. 

At Employee Benefit Exchange, Corp., our primary goal is to encourage business start up and growth, while educating business owners and their employees with timely information. With that in mind, you may download a copy by going to www.ebxaz.com and clicking on to the tab that says Business Owner’s Playbook.

 Other topics that this book will address are: 

  • Finance
  • Comparing Healthcare Plans
  • Demystifying Business Insurance
  • Different Types of Trusts  

You might want to share the above link with someone you know who could benefit from its content. We do have a limited supply of hard copies of this booklet available if you would like one, please contact our office.

Sincerely,

Phil Bobadilla  – President, EBX

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IMG Travel Medical Insurance Video

Please view one of International Medical Group’s YouTube videos.

For additional information on select IMG products, brochures and to obtain a quote, please read our previous news post:  International Medical Insurance is Now Available

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International Medical Insurance is Now Available

Travel Medical Insurance - International Medical Group

At IMG, we know that the reasons to travel abroad are many and varied—that’s why our products are, too.  Our full-service approach to providing international medical insurance products includes servicing vacationers, those working or living abroad for short or extended periods, people traveling frequently between countries, and those who maintain multiple countries of residence.  To meet all these needs, we have developed a comprehensive range of major medical, life, dental and disability products that can be tailored to meet individual specifications.

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