Risk & Business

It has been proven that employer sponsored wellness programs can reduce the costs of health insurance plans. Now recent studies has shown that it can do a world of good for work compensation costs also. Reductions in work comp claims and the costs of those claims on employers, improves dramatically with wellness programs.  The duration of work comp claims also improves so employees can get back to work quicker. These healthier workplaces, tend to isolate comorbidities that may exist in employees before they have an injury on the job. These comorbidities, or preexisting conditions, can be improved or mitigated by wellness programs. Also small business owners who integrate their work place safety programs with their wellness programs have shown even better results.  If you can put together a wellness program with an integrated safety program, the chances of reducing the costs of work comp claims can be greatly improved. As it is said, health is everything. Until next time be careful out

Business owners are barraged with numerous Federal and State regulations every time they open their doors. The latest that is getting everyone's attention is wage and hour compliance. The Federal government recently announced they will be tightening the rules and looking for stricter compliance with the Fair Labor Standards Act , wage and hour rules. This has spawned an uptick in litigation against employers.  Workers who feel they were unfairly compensated because of their hours being deducted or their wages cut, are filing suits. Small business owners are going to have to be more diligent in how they pay and keep hours for their employees. From a risk management perspective, self audits are necessary every year to make sure you are following the rules. You may also want to add wage and hour coverage to your insurance portfolio, mainly by endorsing your EPLI policy. This is not going away anytime soon, so you will need to tackle it head on. Consult your attorney and risk profess

Google is getting into the insurance business and it is happening now. They will be launching auto insurance availability with many of the top insurance companies going in with them. Google will be using a rate engine that prices the driver not the vehicle. Because Google knows where you are at all times they can price insurance in "real time". So how can this help customers?  Real time pricing that charges how you are driving and where you are driving, daily , will most likely reduce premium costs when compared to the old underwriting ways of charging by the type of car, and where the car is garaged, (just to name a few).  A few other companies have real time pricing, but only for the auto. They will not be able to hold a candle to Google who has exploded location and tracking technology of the individual. It is going to be a game changer, stay tuned.  Until next time be careful out there and know your risks. G. Kevin Nemith, President of CNC Insurance Associates & Sma