Managing Greenhouse Risk

| October 17, 2023
pexels mark stebnicki 2886937 (1)

When your business is growth, you need a partner to grow with you. We’re rooting for you.

Just having insurance won’t always save you when something goes wrong. Having the right insurance and risk prevention will save you in costs in recovery and premium when your business suffers a loss.

Making sure the coverage is there.

How do you know if you have the coverage? Here are a few questions that you can ask your broker to identify common coverage gaps in your policy:

Does my greenhouse have coverage for?

  • An employee sets the wrong temperature.
  • Greenhouse control systems malfunction due to breakdown.
  • Your computers are hacked and as a result, product is lost.
  • Your water supply has been contaminated.
  • Your underground piping associated with your facility.

These are just a few situations that often need specific coverages added to your policies that are not standard.

Plan & prevent.

Sometimes the right coverage isn’t an option and in addition, a loss can raise your overall premium.

What can you do?

Having a proper plan in place when the worst happens, can save your business. What happens if you lose your crops, but you have to regrow them to the same state as they were when you lost them?

Prevention not only saves you from a loss, but it can also lower your premium. Insurance carriers recognize when their insureds make an effort. The right action will save you in the long run and stop a hefty increase after you’ve submitted a claim.

Contact Us

Connect with one of our experts to learn more about how we can help with your business’s unique needs.

For more information, please contact agriculture risk experts Andrew Gregory or Nick Zingaro at AGregory@OneGroup.com or NZingaro@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Find this Article Helpful?

Visit our Library of Resources for More!

VIEW ALL RESOURCES

ONEGROUP EXPERTS ARE READY TO HELP

Fill out the form below and an expert from OneGroup will contact you.

For Immediate assistance call 1-800-268-1830

Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.

Understanding Your Renewal

| October 13, 2023
Family Outside Home In Autumn

Business Insurance Renewals Often Means Changes to Terms

Commercial insurance rates are increasing on nearly every line of coverage, thanks to a rise in the frequency and severity of claims. And business owners are noticing significant premium hikes at policy renewal time. What might not be as apparent are:

  • Changes to policy requirements
  • New coverage limits
  • Policy exclusions that carriers are enacting to limit future liability

To protect your business interests, you need to know what questions to ask and what to look for when renewing your insurance policy. Here are some pointers.

Why are your insurance premiums increasing?

For several years, claim payouts have exceeded what insurers have earned. This is due to a combination of factors:

  • A steady increase in extreme weather events
  • Lawsuits and nuclear verdicts (verdicts over $10 million)
  • Inflation
  • Poor returns on insurers’ investments

Insurance companies are losing appetite for risk, including how they spend and invest their capital. Businesses that they insure are a part of their investment capital strategy. As finances get tighter, insurance companies begin off loading the businesses they think are at risk for catastrophic payouts.

At the least, they respond with higher premiums to compensate for higher pricing. At the worst, they exit markets completely.

Property and commercial auto insurance, two essential coverages, have been hit particularly hard due to the rising cost of repairs. Insurers have raised their policy premiums to have enough money to pay current and future claims.

In fact, premiums are generally up across most major commercial lines of business, according to the Ivans Index Q2 2023.

Ivans spotlighted premium renewal rates in the second quarter of 2023 across several standard commercial lines:

  • Commercial auto increased by an average of 6.50%.
  • Business owners policy premiums were up an average of 7.56%.
  • General liability premiums hovered around 5.21%.
  • Commercial property premiums rose to an average of 9.77%.
  • Umbrella rates were up slightly, at 5.12%.

Cyber liability insurance stands out as an area with particularly volatile rates. According to Fitch Ratings, stand-alone cyber liability policy premiums increased 62% in 2022 but began leveling off in the second quarter of 2023.

How have business insurance policy terms changed?

Insurers can do more than raise their rates to control their losses. In the case of cyber insurance, they’re excluding certain kinds of cyberattacks and demanding that policyholders demonstrate good cybersecurity before issuing policies.

Across commercial lines, insurance companies are also:

  • Requiring businesses to have higher deductibles (or retentions)
  • Excluding high-loss perils
  • Setting lower policy limits to offset how much they’ll cover in case of a total loss, which might be less than an event actually costs
  • Establishing sublimits, which are lower levels of coverage than the overall policy limit for specific losses 

Here are some coverage changes to look out for:

Property insurance — Insurers are requiring updated property valuations because the costs to rebuild are so high. They are also instituting policy sublimits (for mold and other water damage, for example). Coverage availability in high-risk areas is often minimal, making it more difficult for businesses to find coverage in some locations. 

Business interruption coverage for weather-related shutdowns is also becoming pricier and more restrictive. And policy terms are being changed on vacant property clauses, affecting the number of days a property can be vacant before it is no longer fully insured.

Liability — Some policies are becoming more restrictive, particularly for environmental and pollution coverage, abuse and molestation, and assault and battery. More insurance carriers are limiting their exposure to these claims, which tend to be high cost. In addition to coverage changes, businesses must determine if they need to upgrade their commercial insurance to protect against liabilities arising from new laws and regulations. 

Pay attention to clauses that limit who is covered. For example, general liability and business owner policies don’t cover you if an employee sues you for discrimination, harassment or other employment violations. You’ll need to add employment practices liability insurance for that.

Commercial auto — Inflation, high-tech vehicles and an increase in the severity of accidents are making auto repairs more expensive. Bodily injury claims have also gone up substantially. Insurers are responding by increasing deductibles and giving preference to companies with good records and fleet management. 

Many insurers now require policyholders to work with preferred auto shops when handling claims, and some require telematics or other driver-behavior monitoring. And if you have electric vehicles or connected fleets, you could be at risk for a cyberattack, which isn’t covered by auto policies. You’ll need to add cyber liability coverage

Understand your coverage

The first and most important thing is to read every part of your commercial insurance agreements. Look for what’s covered and excluded, and scrutinize sections that contain terms such as:

  • Arbitration
  • Sublimit
  • Requirement
  • Responsibility
  • Exclusion or excluded
  • Limitations
  • Coinsurance
  • Payment threshold
  • Conditions
  • Not covered

These terms will help you understand when your insurer will pay, how much they will pay, what you must do to qualify for payments, and how coverage disputes will be handled. 

Read the definitions of your policy, too. Most people skip them, but they are the guardrails of your insurance contract. You might have some wiggle room to argue something not mentioned in your policy, but if it’s explicitly excluded, that’ll be a swift denial.

Strategize your insurance plan

Enter the process with your budget in mind. You might be able to take on more financial risk yourself in some areas. This technique can free up money to shift into larger policy limits or enhance coverage in higher-risk areas.

Play up your strengths so your business is attractive to insurance companies. Insurers typically give lower premiums to organizations that demonstrate good risk management and have fewer claims. Your agent or broker can help your cause by showing an underwriter your qualifications. They can often negotiate better terms by getting to know your business and then selling your story.

Tap your agent’s knowledge. Your agent might visit your business to evaluate the risks of your property and operations. They’ll suggest improvements to place you in the most favorable light. When they market your company with the insurance carriers, they’ll highlight your pro points to show you’re a worthy risk using things like:

  • Claims statistics
  • Property inspections
  • Corrective actions and improvements
  • Employee safety training records
  • Risk management programs
  • Cyber response programs

Expand on your standard coverage using endorsements or riders. Endorsements sometimes allow you to include coverage excluded from a standard business policy. They cost extra, but it’s worth getting a quote comparison to weigh the costs against the benefits.

Use multiple insurance companies. An alternative to an endorsement is going with a different insurer specializing in your industry or risk area. For example, consider a tree-felling company that uses heavy machinery and tools, and frequently travels. It may want to use three insurance companies, each one specializing in a specific risk area, to get the best coverage options. 

An independent agency has relationships with many insurance companies to help you compare the policies. Pricing, coverage options, claims processing, customer service and value-adds (like free risk audits) should play equal parts in your coverage comparison. Independent agents can get quotes from several insurance companies, not just one, to help you narrow the field.

Use your agent’s expertise

Call your agent for a business coverage review. They specialize in insurance and how insurance companies evaluate risk candidates. Take advantage of their knowledge and networks. Ask about changes to your policy to reveal any new costs, conditions or requirements. They’ll give advice and match you with the best insurance for your business.

Contact Us

Reach out for a free review of you policy.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2023 Applied Systems, Inc. All rights reserved.

Do You Need Personal Cyber Insurance?

| October 13, 2023
Hands On Laptop Keyboard

The Growing Need for Personal Cyber Insurance

The internet has definitely made our lives easier, but it comes with its share of risks. In just one week, you could receive a threatening automated phone call, 200 junk mails, five worrisome text messages and three fake Facebook invites, all trying to bait you into giving up personal information. These days you cannot surf the web without having an active firewall. The cyber threat is very real.

Cyber insurance, also known as cyber liability or cybersecurity insurance, was created to cover the millions of dollars of damage companies suffer due to hacks and data breaches. In 2017, the first personal cyber insurance endorsement for high-end homeowners was introduced, and now several insurance companies are offering these endorsements.

Are they worth the cost, and what do they cover?

What cyber insurance covers

Most policies will cover damages and expenses related to cyberattacks, including:

  • Cyber extortion
  • Cyberbullying
  • Data restoration
  • Identity theft

This means if you accidentally unleash a virus, you will have coverage to restore your system and reinstall your software. Your insurer may also authorize ransom payments to avoid disclosure of stolen information. There are so many different cyber threats that it’s impossible to list them all here, but most of them will be covered under a fully featured personal cyber insurance policy or endorsement.

How cyber insurance works

The majority of providers offer personal cyber coverage as an endorsement to your homeowners or renters policy. It can also be purchased as a stand-alone policy. Coverage amounts range from $50,000 to $250,000.

The endorsement has limits and sublimits. The policy limit is the total amount of damages covered in a given year, while the sublimit is the total amount of coverage provided for each covered event (e.g., $25,000 for cyberbullying). Some policies will also have a deductible, the amount you have to pay out of pocket per claim.

Why you need cyber insurance

According to the Pew Research Center, nearly two-thirds of Americans have been exposed to data theft. Those who have had their identity stolen will tell you how traumatic it is having to spend countless hours and hundreds of dollars trying to reestablish their credit rating, cancel fraudulent claims and reissue official documents.

If you have children, especially teenagers, the risk of a cyber event is compounded. Gaming platforms and websites you don’t even know they are accessing can expose your family to invisible threats. Teens may also be less experienced than you are at phishing attempts.

Controlling the risk

Of course, insurance is not enough, nor will it prevent you from being the target of an attack. Follow these six simple tips to stay out of trouble:

  • Beef up your system: Set your firewall and security to the highest settings.
  • Get rid of backdoors: Reboot your router periodically.
  • Use secure passwords: Utilize a password management system and never forget another password.
  • Shield your online presence: Remove personal information from Facebook and other social media sites.
  • Manage your subscriptions: Make sure you know what you’re subscribed to.
  • Always go to the source: Don’t trust an urgent message from one of your institutions. Go to their website or call the normal phone number to verify the message.

Technology and the internet are now a part of our everyday lives. Taking the necessary precautions to protect your family and personal information has never been more important and a personal cyber policy can be part of that protection. If you would like to learn more, speak to your insurance broker. They can help you choose a policy that is right for you.

Contact Us

Reach out to one of our experts to learn more about how we can help with your cyber insurance.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2019 Applied Systems, Inc. All rights reserved.

Prevent Critter Costs

| October 10, 2023
Hands Holding Twenty Dollar Bills

Homeowners Beware: Infestation and Animal Damage Exclusions

Wildlife is a pleasure to experience — but not inside your home. Animals can move into your attic, walls, chimney or other nooks and crannies. Dealing with their waste, unpleasant smells and damage is frustrating (and potentially expensive).

Most homeowners insurance expressly excludes damage from:

  • Birds
  • Rodents
  • Insects

Even if your problem doesn’t fit into one of these animal classifications (people have argued them in court), homeowners policies have a fallback exclusion. They exclude loss caused by “nesting or infestation, or discharge or release of waste products or secretions by any animals.”

How much (if any) your insurance will cover depends on the language in your policy. Even so, claims are often denied, leaving you holding the bill or taking your chances in court.

Insurance companies view infestations as preventable because they take time to occur, and it’s presumed reasonable maintenance would have solved the problem. If you neglected to take steps to rid your home of pests, you’ve allowed them to take residence. And that’s a failure to defend from an insurance company’s perspective.

A few critter scenarios

Infestations and the damage they cause are an out-of-pocket expense. But what about rogue attacks and other animals? Whether a claim is paid or denied is in the details, so make sure you discuss the nuances of animal damage with your agent. Until then, here are a few examples.

Raccoon party

A raccoon family invades the attic in your vacation home. On your next visit, you notice foul smells and hear the scurrying of the attic intruders. Instead of enjoying your vacation, you’re left mitigating an infestation.

You’ll need to hire an exterminator to remove the critters and close off the entry points. The damage to personal property, furniture, flooring and walls could be extensive. In addition to a professional cleaning and disinfection service, you might also need to replace some furniture and hire a contractor to repair any structural damage (like the roof or walls).

The cleanup cost to end this critter party can be thousands of dollars. Unfortunately, insurance may not pay for much (or any) of the damages.

Skunk spray

A terrible smell is wafting into your home. You discover that a skunk sprayed its scent under the porch. You contact your insurance company only to find they may not pay to clean or deodorize under your home due to an exclusion dealing with “nesting or infestation, or discharge or release of waste products or secretions by any animals.”

You could appeal this claim based on evidence that it wasn’t an infestation, but it’s all in the wording of your policy.

Deer charger

You’re standing in your living room, amazed to see a family of deer grazing in your front yard. You begin videoing the encounter from inside your house. Suddenly, one of the deer charges through your front window. It trashes your living room, smashes holes in the ceiling and floors, and destroys furniture. It takes a police intervention to coax the deer out.

Your insurance company reimburses you for the structural damage (drywall, window and hardwood flooring) but doesn’t cover your personal contents (area rug, chairs, sofa, table and window coverings).

The partial denial is because your personal contents are covered on a named perils basis, and destruction by deer is not one of the perils listed.

A (partial) solution to contents coverage gaps

You might be able to expand your contents coverage to include open perils rather than named perils. Open perils are usually less restrictive than named perils, giving you more wiggle room in case of a claim (like a wild animal break-in). Your agent can advise you on your situation.

Some home warranty policies may offer minimal coverage but they pay for prevention, rather than resulting damage. For example, your policy might reimburse the cost of annual pest inspections.

Language like “nesting or infestation, or discharge or release of waste products or secretions by any animals” is hard to overcome. Your best bet is to prevent infestations and act fast when you notice a problem.

Prevention tips

You can protect your home from animal damage by taking proactive measures. For example:

  • Keep food storage areas clean and secure.
  • Seal entry points using caulk and weather stripping.
  • Use a smart collar or microchip device so your pet door opens only for your pet.
  • Cut back your trees at least 10 feet from your home to discourage animals from jumping onto your roof.
  • Walk the perimeter of your home and look for signs of damage (like scratches or burrows).
  • Get your home inspected by a professional exterminator. They know what to look for, how to remediate problems and how to prevent infestations before they occur.
  • Set up regular pest control services. (Humane and eco-friendly pest control services are available for most regions. Include those terms in your online search.)
  • Research landscaping options and plant vegetation that doesn’t attract unwanted animals.
Call your agent

If you have concerns, contact your agent about the language in your policy. Infestations and critters are a standard exclusion, but it’s worth discussing your concerns before those raccoons decide to make your attic party central.

Contact Us

Connect with one of our experts to learn more about how we can help with your homeowner’s insurance.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2022 Applied Systems, Inc. All rights reserved.

Condo Coverages

| October 4, 2023
st augustine florida aerial

What You Should Know About Condo Insurance

If you live in a condominium or strata, you already have insurance coverage you pay for as part of your condo fees to cover the common areas, the actual building and the surrounding grounds. This insurance is purchased and managed by your condo corporation administrators. Your personal condo policy will cover what’s missing: your property, liability and improvements.

What does your condo corporation policy cover?

If you haven’t already, make sure you thoroughly review your condo corporation policy. It may not be easy reading, but it is important to understand where that coverage ends and where your individual coverage should begin.

Most condo corporation policies cover all the common areas and the building structure, including fixtures and some unit additions and improvements, the ones that were made by the contractor. You will still need to purchase a policy to cover your personal property and any improvements you or the previous owners have made.

Some condo corporation policies are more restrictive in their coverage than normal, especially if there have been a lot of claims in past years. This is usually a temporary measure enforced by the current insurer or a tactic to save on insurance in order to lower condo fees for all corporation members.

Condo insurance

While home insurance policies differ from one insurer to the next, they will be pretty similar and have nearly identical coverage limits and exclusions, save for luxury property insurers like Chubb that offer a lot more, at a comparably higher premium.

You can decide on the extent of coverage you want, but for the few dollars you stand to save over the course of a year, comprehensive coverage is the way to go. Its “all-perils” coverage means worry-free coverage for you if something goes wrong.

All-perils refers to any situation that isn’t specifically excluded. That means damage to your property and improvements caused by a variety of catastrophes and incidents:

  • Theft and vandalism
  • Fire and smoke damage
  • Frozen or burst pipes and water damage (dishwashers…)
  • Most weather-related damage (with some exceptions, like hurricanes)

Note that flood, earthquake and sinkhole damage is not listed and may not be covered by many condo insurance policies. If you want to be protected in case of a flood, earthquake or sinkhole, talk to your insurance broker.

Condo coverage basics

Your personal belongings are covered at their replacement cost in most cases, meaning they will be replaced by items of equal quality and value that are brand new if they cannot be repaired. Some policies do not offer replacement cost coverage, so beware.

You do need to evaluate the value of all your personal belongings, however, and store an inventory in a secure off-site location. A rule of thumb to determine how much coverage you need is five grand per room. Certain items have fixed limits of coverage, such as collectibles, sporting goods, furs… Read your policy carefully to make sure those amounts are enough or ask your broker about extending the coverage limits.

Note that upgrades you have made to your unit are not automatically covered in certain policies, but it’s definitely something you’ll want to look into if you’ve spent a lot of money on renovating and improving your unit.

Liability coverage

A condo owner policy is also essential because it protects you and your family from liability claims. These can occur if someone is injured in your unit or if their property is damaged. That also extends to damage you may have caused to someone’s property in an adjoining unit as a result of negligence, such as water damage in the unit below yours.

Coverage generally ranges from $500,000 to $2,000,000, and most often more is better if you can afford it.

Coverage options for your condo policy

Language is everything, so make sure you’re clear on what your condo owner insurance policy covers and what your condo corporation policy covers. Then create a policy that covers the gaps.

Personal umbrella

Extends broad coverage across your condo and auto policies for even more protection.

Contingency coverage

Works to protect you against any claims or lawsuits made against the corporation for having insufficient insurance coverage. Check the coverage terms and limits in your condo corporation policy to see if these options are right for you.

Loss of use

If your condo is uninhabitable because of damage from a covered incident (like a fire), loss of use coverage helps to reimburse your cost to live elsewhere.

Sewer backup

If sewage backs up from the pipes and into your condo, you’ll need sewage backup.

Floods

If water flows into your condo, you’ll need flood insurance. Keep in mind that most floods happen outside of flood zones.

Earthquakes

If the earth moves and causes damage to your condo, you’ll need earthquake insurance.

Loss assessment coverage

Loss assessment coverage will help you pay for covered condo association-related incidents that occur in common areas. If the claim exceeds the condo corporation’s policy limits, the condo owners might end up paying the difference as a special assessment.

Reach out for a coverage review

Choosing how much coverage you need can be difficult. Your insurance broker can help you create a condo policy that protects what’s most important to you.

Contact Us

Connect with one of our experts to learn more about how we can help with your condo insurance.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2021 Applied Systems, Inc. All rights reserved.

The Importance of a Workplace Safety Training Program

| October 2, 2023

Employee Compliance Training

By Todd Goodman

A workplace safety training program is a mandatory approach to educate employees about potential workplace hazards, safe work practices, and emergency procedures. The program aims to ensure that all employees understand and follow safety protocols, reducing the risk of accidents, injuries, and illnesses in the workplace.

The key components of a workplace safety training program may include:

  • Hazard Identification: Educating employees on identifying potential hazards in their work environment and understanding the associated risks.
  • Safe Work Practices: Teaching employees the correct procedures and best practices to handle tools, equipment, and machinery safely.
  • Emergency Response: Training employees on how to respond to emergencies such as fires, chemical spills, or medical incidents.
  • Personal Protective Equipment (PPE): Educating employees on the proper use, maintenance, and disposal of personal protective equipment required for their job tasks.
  • Ergonomics: Providing guidelines on maintaining proper posture and ergonomics to prevent musculoskeletal injuries.
  • Workplace Violence Prevention: Training employees on recognizing and responding to potential violence or aggression in the workplace.
  • Health and Wellness: Promoting overall well-being and encouraging employees to take care of their physical and mental health.

The importance of a workplace safety training program cannot be overstated, as it offers several benefits:

  • Injury Prevention: Properly trained employees are less likely to be involved in workplace accidents and injuries, leading to reduced workers’ compensation costs and downtime.
  • Legal Compliance: Compliance with safety regulations and standards is essential to avoid legal penalties and liabilities.
  • Productivity: A safe work environment boosts employee morale and productivity, as employees feel confident and secure in their tasks.
  • Employee Retention: Demonstrating a commitment to employee safety fosters a positive work culture and can improve employee retention rates.
  • Reputation and Public Image: Companies with strong safety records are often perceived more positively by clients, partners, and the public.
  • Cost Savings: Preventing accidents and injuries through proper training can save significant costs associated with medical expenses and lost productivity.

Overall, a workplace safety training program plays a vital role in creating a safer and healthier work environment, benefiting both employees and employers alike. To learn more about OneGroup’s Risk Management department, click here to be connected to one of our experts.

Todd Goodman Blue Circle 080222

Todd Goodman
Risk Management Consultant
TGoodman@OneGroup.com

P: 607-345-2374

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Find this Article Helpful?

Visit our Library of Resources for More!

VIEW ALL RESOURCES

ONEGROUP EXPERTS ARE READY TO HELP

Fill out the form below and an expert from OneGroup will contact you.

For Immediate assistance call 1-800-268-1830

Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.

Getting Ready for Renewals

| September 29, 2023
OneGroup Coffee Cup Man in Suit Taking Notes Meeting

What You Can Do to Help Receive More Favorable Renewals

Many medical practices are seeing sizeable increases in their insurance renewal premiums without explanation to why. This can be frustrating, especially when practices are now dealing with new financial burdens that were non-existent three years ago. There are ways to be proactive regarding your upcoming renewal that can yield favorable results for you and your practice.

Property Values

Insurance carriers are reacting to events occurring across the country, even though locally you may not feel affected. Therefore, carriers update your property values to properly reflect the increases in construction costs, such as building materials, labor, and the frequency and severity of natural disasters. Here are some questions to ask yourself regarding property values:

  • Is your building is rated correctly? Masonry, wood frame, fire protection class, sprinklered, etc. These need to be reviewed regularly, as often they remain unchanged on your policy for years, when savings could result from updates.  
  • Do you have high value medical equipment (HVME) rated as contents or fixtures? It could make a difference.
  • Have you adjusted your business income coverage to align with the extended construction delays and material & labor shortages?

Cyber Insurance and Exposures

The cyber market has been extremely volatile the last few years due to increased breach attempts, ransomware, and denial of use attacks. Because medical practices continue to be a favorite target of hackers, carriers are requiring enhanced protocols to even offer a cyber insurance quote.  What can you do before your renewal to protect your practice from cyber breaches?

  • Ask your carrier to do a cyber risk assessment before your renewal. This gives you a chance to put some protocols in place, like multi-factor authentication (MFA), endpoint detection & response (EDR), and others to meet these changing carrier requirements. These not only protect your practice but can result in potential savings.  
  • Look for cyber specific carriers that can offer broader coverage and potentially lower premiums.

Workers’ Comp and the Recent MOD Changes

Many practices saw a dramatic change in their Experience Modification Rating (MOD) this past year. This was done for all class codes and is a crucial component of your workers’ compensation cost. Here are some questions to ask yourself regarding workers’ compensation and Experience Modification Rating changes:

  • Has the new MOD calculation been explained to you?
  • Do you know the things you can do to reduce your MOD?
  • Did you have additional COVID related payroll that resulted in additional premiums due after your audit? 

Many feel they have no control over their workers’ compensation costs or MOD, but there are many opportunities that can result in savings, like:

  • Aggressive claims management 
  • Return to work programs
  • Timely claim reporting

Professional Liability and Medical Malpractice Coverage

Professional liability and medical malpractice coverage has been affected by many recent trends, such as increases in nuclear verdicts (high-value awards), increasing private equity involvement – including funding claimants’ lawsuits, the rise in frequency and severity of claims, and the increase of social inflation – the concept that jurors don’t appreciate the value of a dollar and are quick to render excessive jury awards. These trends have led carriers to impose premium increases. To help counter these increases, are you taking advantage of all the savings that are currently available to you?

  • Have you looked at the format of your coverage? Individual vs. group rating? 
  • How have your annual claims reviews gone the last couple of years?
  • Are there options out there that may be a better solution for you? 

This is an expensive and high-profile coverage for any medical practice, and we recommend evaluating all your options, especially in today’s market. 

Other important coverages to consider for your practice

  • Employment Practices Liability – coverage for things like wrongful termination, harassment, hostile work environment, etc. 
  • Fiduciary/Crime Coverage – employee theft, mismanagement of the practice’s funds, etc. 
  • Employee Benefits Liability – errors or omissions related to the administration of an employee benefit program.
  • Directors & Officers (D&O) Liability – claims of financial mismanagement by the Directors and Officers of the practice. 
  • Cyber Liability – this is a very important coverage for practices. If you do not have it, we recommend getting it as soon as you can.

If you haven’t recently reviewed all these essential coverages or evaluated your current exposures, you should reach out to your insurance professional for advice. If you would prefer to contact us directly, we also offer a free consultation and exposure analysis to determine the adequacy of your current program and to make recommendations to protect your practice. Medical practices are unique and continue to change and evolve, so it is important that you have a program that is tailored to your specific needs.

Brian Hurley

Senior Vice President Health Care & Business Specialist 

P  315-413-4407 | C  315-708-3635 |  F  315-457-7902

E  BHurley@OneGroup.com 

Lynn Trentini

Business Insurance Account Executive 

P  518-952-7977 | C  518-698-9997 

E  LTrentini@OneGroup.com 

Nick Zingaro

Business Risk Specialist 

P  315-413-4423   

E  NZingaro@OneGroup.com  

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Protecting Your Business from a NY Labor Law Claim

| September 29, 2023
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By John Schmitt & Kirsten Shepard, CIC, CISR Elite

If you’re not properly documenting your subcontractors training, it can create safety issues on the job site. Here are a few things you can do to protect yourself and your business.

Written agreement with the subcontractors you hire.

When writing an agreement with hired subcontractors, identify all parties in the agreement, and describe the scope of work the subcontractor will undertake. To protect yourself and the owner of the project you should have effective hold harmless, indemnification, and a defense. You should have detailed insurance requirements written out to meet the indemnification and defense requirements. Include a safety statement to establish the subcontractor is responsible for job site safety. All parties must sign and date the agreement prior to the start of work.

Documentation of safety at the job site.

Require the subcontractor to have a formal, well documented safety program for their employees. Your job site superintendent documenting safety issues in their daily log, such as:

    Monitoring subcontractor’s operations. 

    Stop them when you see unsafe operations and document it.

    Advise the subcontractor to correct violations before proceeding and document it.

You should also document any on-site training provided by the subcontractor, your company or any outside organization.

For more information please contact contractual risk transfer experts John Schmitt or Kirsten Shepard at KShepard@OneGroup.com or JSchmitt@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

OSHA Requirements for Safety Signage

| September 7, 2023
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Workplace Safety Starts With You.

As an employer, it’s your responsibility to provide a workplace free from recognized hazards. You must model safe work practices to gain the most buy-in from employees. One way to engage employees is through safety signage.

Safety signs can warn about hazards, set clear expectations and promote mindful behavior among employees. The Occupational Safety and Health Administration uses signage standards that are enforceable at the state and federal levels.

Learn about safety signage rules and ways to comply with OSHA’s guidelines.

Signage requirements for all employers

Whether your business is in an office or a manufacturing facility, you must display the “Job Safety and Health: It’s the Law!” poster. Hang the sign in an unobstructed location where all employees can easily read it (like in a breakroom). If you have a multilingual sta, the poster must be in a language they can understand. OSHA offers free copies of the poster, including multiple translations, on its website.

Signal words classify the severity of a hazard

OSHA uses classications or “signal words” to indicate the severity of a hazard.

  • Danger signs indicate the most serious workplace hazards. It means serious injury or death is almost certain if you don’t avoid the hazard. Take precautions and follow the safeguards on the sign. The sign must include “DANGER” in white letters on a red background.
  • Warning signs indicate a serious injury could occur if you don’t avoid the hazard. The sign should be orange or predominantly orange and include “WARNING.”
  • Caution signs indicate a moderate to minor injury is possible if you don’t avoid the hazard. The sign should be yellow or predominantly yellow and include “CAUTION.” Safety symbols must precede the signal words and lettering on the signs.

Safety symbols must precede the signal words and lettering on the signs.

Use signal words, colors and symbols to communicate hazards

Most signs strive to describe a hazard and ways to avoid a hazard. A single symbol or word rarely does both. OSHA created guidelines for several types of signs, using words and symbols to communicate specific hazards.

  • Biological hazard (aka biohazard) signs signify the actual or potential presence of a biohazard and identify equipment, containers, rooms, materials, experimental animals or combinations of these that contain (or are contaminated with) viable hazardous agents. According to OSHA, biological hazards or biohazards include “only those infectious agents presenting a risk or potential risk to the well-being of man.”
  • Caution signs indicate a potentially hazardous situation that may result in a minor or moderate injury. Hazards may be the same as those associated with danger signs but with less signicant consequences. They also warn against specic potential hazards capable of resulting in severe, but not irreversible, injury or damage. Caution signs may also alert against unsafe practices that could cause property damage.
  • Danger signs indicate immediate and grave danger, usually requiring special safety precautions. They also indicate hazards capable of producing irreversible injury or property damage and a prohibition against the activity. Danger signs use the signal word “DANGER” in white letters at the top in a rectangular safety red background.
  • Emergency instruction signs provide employees with instructions on an emergency process (like first aid). They look similar to posters. They are white with a green upper panel with white lettering. Instructive text on the lower panel is in black lettering.
  • Exit signs show the direction to the nearest exit using an arrow. Do not use an arrow if the exit path continues straight on. Exit signs can be red or green. Signs that show an arrow point in the direction of the exit in conjunction with a symbol of a person exiting should make sure the person and the arrow both exit in the same direction on the sign.
  • Fire and emergency signs point to fire extinguishing equipment, re escapes and exits, gas shut-off valves, sprinkler drains and lifesaving equipment (like defibrillators). They have a signal word in white on a red background.
  • Informational signs provide general information to avoid confusion or misunderstanding.
  • Informational signs display the word “NOTICE” in white on a blue background in the upper panel. The lower panel is white with additional wording or symbols in blue or black. Alternatively, the entire sign may be white letters on a blue background.
  • Safety instruction signs provide notices about health, first aid, medical equipment, sanitation, housekeeping and general safety. According to OSHA, “the standard color of the background shall be white and the panel, green with white letters. Any letters used against the white background shall be black.”
  • Slow-moving vehicle (SMV) emblems identify vehicles that move slowly (25 mph or less) on public roads. Emblems are not clearance markers for wide machinery, nor do they replace required lighting or markings on SMVs.
The materials used to manufacture safety signs matter

According to OSHA, all signs must have rounded or blunt corners. They must not have:

  • Burrs
  • Projections that create a hazard
  • Sharp edges
  • Splinters

The fastening devices you use to hang signs (like bolts, nails or screws) aren’t hazardous unless they protrude in a way that creates a physical hazard to employees.

Rules related to sign visibility and distance

OSHA has rules about making sure signs are visible and readable.

  • Signs, signals and barricades must be visible while work is performed and removed or covered only when the hazard no longer exists.
  • The signal word on a sign (“DANGER” or “CAUTION”) must be readable at a minimum distance of 5 feet. If a hazard requires a distance greater than 5 feet, the sign must be readable from a distance that suits the hazard.
  • You must illuminate a sign if there is not enough light to read the sign easily.
Select signs based on the job hazards in your business

Your signage needs will vary based on the workplace hazards and types of jobs your employees do. Conduct a hazard analysis and review OSHA’s specications before purchasing signs. Always defer to OSHA guidelines on signs, signals and barricades, but in the absence of OSHA guidelines, use the:

Stay in compliance and model safety

Staying in compliance is essential, but safety signs also show you care about your employee’s wellbeing. Lead by example and model safe behaviors by:

  • Performing job hazard assessments annually or after safety incidents and near-misses
  • Remaining vigilant about safety protocols
  • Rewarding safe behaviors
  • Encouraging employees to speak up when they see hazards on the job, including missing signs and tags
  • Providing a workplace free from fear and retaliation

A safe workplace increases morale, reduces employee turnover and helps to control workers’ compensation rates. Review OSHA’s environmental control specifications for accident prevention signs and tags for more detailed information.

To learn more contact Senior Vice President of Business Risk, Brett Findlay at BFindlay@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

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Open Enrollment

| September 5, 2023
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Tips to Prepare for Open Enrollment

By Nate Bradley, CEBS

As we reach the end of summer it is not too early to prepare for your health insurance renewal. Below are a few tips to make for a smooth renewal and open enrollment:

Review the previous year’s data: Evaluate the utilization, costs, and feedback from employees regarding current plans. Identify any areas that need improvement or have consistently caused issues.

Assess employee needs: Conduct surveys or meetings to understand employees’ changing healthcare needs and preferences. This information will guide you in selecting a plan that aligns with their requirements.

Communicate early and effectively: Start communicating with employees well in advance to keep them informed about their upcoming renewal. Share relevant information about the process, such as changes in benefits or costs, and any deadlines. Use various communication channels to reach all employees effectively.

Conduct educational sessions: Hold informational sessions or webinars to educate employees what available health insurance plans are available. Explain the benefits, coverage details, enrollment procedures, and any changes from the previous year. Allow employees to ask questions and address their concerns.

Simplify enrollment procedures: Streamline the enrollment process to make it easy and efficient for employees. Use online platforms or self-service tools to simplify the paperwork and reduce administrative burden.

By following these tips, you can better prepare your HR department and employees for open enrollment, ensuring a positive experience for all involved. If you have a broker, they should be able to help you with some or all of the above.

If you have any questions, please feel free to reach out at your convenience.

For more information please contact Nate Bradley, Senior Benefits Consultant at (315) 413-4496 or NBradley@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.