In about a month federal law (actually ERISA) will require parity in health insurance benefits for mental health issues in group insurance and self insured plans. Talk with your plan administrator or insurance company about when your plan is required to comply. Read the bill here.
Read more...Water damage from plumbing systems is a major cause of property losses. Pipes break, toilets overflow and keep going. Cold weather causes freeze-ups and spurting water when it thaws. Several companies manufacture water detection devices that monitor water flow and shut the water off at the source when a leak is detected. For home and commercial properties... Flo-Guard FloLogic Leak Defense System WaterCop Some insurers offer discounts on property policies for this type of installation.
Read more...A discussion group currently includes a question about an application where the age of the roof was misrepresented. The agent asked if such could void coverage. The answer is, "Of course it can!" Insurance companies issue policies based upon the information they are provided. If that information is materially wrong there is an impact on the desirability of the risk and the price charged. You can not guess or lie on an insurance application (I can't believe I have to actually write this). Of course if you say the roof is 8 years old and it is really 10 the claims adjuster will have a tough time justifying a denial of coverage. However, the difference between a 15 year old roof and a 22 year old roof is substantial.
Read more...Every employer should have a written Anti-Harassment policy. New hires should get a copy. All employees should get a copy annually. FindLaw.com has suggested language. Your employment law attorney should review any statement or employee policies. This is also a good time to review your employment practices liability insurance (EPLI) coverage with your insurance adviser. If you have not purchased EPLI, check out the premiums. The cost has come down dramatically over the last few years.
Read more...It's time to declare war on Time Poverty. Join me for a free 45 minute Time Management Teleseminar on Sept 17 at Noon Eastern time. Gain productivity - Work easier - Be more effective - Reach your business and personal objectives. Details - www.ScottSimmonds.com/time
Read more...The payrolls declared on your workers' compensation policy determines your estimated premium. At the end of the policy year you are asked to report your actual payroll. The audit results in an adjustment to and the final settle-up of premium. Review your payrolls to avoid a large audit additional premium or a large return premium. Think of it like your income tax - you pay estimated taxes and settle at the end of the year. You don't want a big bill or a big return.
Read more...Business interruption insurance protects your profits and pays those expenses that continue after an insured loss.
Your store burns. It will take 4 months to rebuild. Business interruption insurance (extra expense coverage) pays to rent a temporary location and to advertise that you are still open for business. It pays your lost profit and those expenses that continue beyond what you are able earn in your temporary location.
Meet with your insurance adviser to be sure you have enough business interruption insurance and that it is properly designed to meet your unique needs.
Half of all theft in the US is perpetrated by employees. Don't tell me how honest your employees are. Everyone who has been hurt by embezzlement said the same thing the week before they found that they had been taken. $250,000 of coverage is a minimum for any business. More if your exposures warrant. The coverage is usually cheap too.
Read more...My friend Rick Dacri is an HR consultant. His latest newsletter included some comments on the EEOC's latest guidance for employees on severance agreements and employment practices claims. Important reading for all employers who use severance agreements in layoffs or terminations. Thanks Rick.
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Scott lives in Maine and runs a successful consulting firm. He has worked with over 1,500 businesses in his 30 year career.
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