As a Dentist, Are You Due for an Insurance Checkup?

| August 3, 2023
Woman Doctor Holding Xray Film In Front Of Patient

Whether you operate as a one- or two-person dental practice or employ a large team, you’ll need to work with your insurance broker to design a custom dentists policy. Your policy should address risk in four major categories of business ownership:

  • Property insurance — This covers your office space or building, as well as any property within it, including equipment, furniture and fixtures. You should be ready with the estimated value for all of these items and report any upgrades or new purchases to make sure your policy keeps pace with your agreed-to limits. If you paid for a “build out” of your office space, that should be accounted for as well.
  • General liability — If someone is injured while at your practice or their personal possessions are damaged, this type of insurance will pay restitution. These would be claims unrelated to dental care.
  • Business interruption — This type of insurance reimburses you for lost earnings if you have a covered property loss that temporarily halts your ability to work out of your practice space.
  • Employment practices liability — If one of your employees sues you for wrongful termination, sexual harassment, discrimination or another employment complaint, this type of insurance repays any related legal fees or awarded judgments.

You can purchase any of these coverages independently. However, if you group them under a single policy, you can typically get savings.

Before you offer any services

Basic coverage is just the start. Don’t ask anyone to open wide until you have professional liability coverage, sometimes called dental malpractice insurance. This coverage may be required in your province or territory, but even if it isn’t, it is worth every penny.

It protects you if a patient accuses you of harming them due to negligence, misrepresentation or inaccurate advice. If you are sued, this type of policy covers any expenses or legal fees required for your defense, as well as any resulting judgments against you.

If your practice is incorporated, it is vital to secure a corporate entity malpractice policy, also known as entity coverage, on your own malpractice policy, as patients can sue both the individual dentist and the corporation. In addition, any associate dentists at your practice should carry their own separate professional liability insurance, as they are not typically covered by the entity policy.

If you sometimes sub for dentists at other offices or provide services somewhere other than your main office, you should also confirm that your policy is not location specific. If your policy does have this limitation, notify your insurance broker when these situations occur so you can have adequate coverage applied.

If you do implants, this may impact which carriers are willing to write your professional liability policy. Be sure to mention this during policy selection. In addition, some group professional liability insurance policies exclude coverage for “peer review defense.” This exclusion might not be highlighted, so check and know that adding it will lead to a higher premium. If you forgo this option, you will be personally responsible for any legal fees if you do face a peer review claim.

Additional factors

Every dental practice is unique, so consider your own operations before finalizing your insurance plan. Here are some additional factors to consider:

  • Auto — If you or your employees use personal cars to run business errands like picking up supplies, making deliveries to patients, visiting shipping or print stores, or depositing checks at the bank, add automobile protection as an upgrade to your general liability coverage. Personal auto policies do not cover accidents that occur during business use, and if you don’t have the right endorsements on your commercial auto insurance, your practice will be left paying the bills.
  • Workers’ compensation — Even if this coverage is not required in your state, workers’ compensation is a wise investment. It protects your practice if an employee is injured on the job. It pays for any work-related health care costs and a percentage of your lost income. If you buy your workers’ compensation through your state government, make sure “stopgap insurance” is included. It’s frequently left off government-issued policies. If an injured employee files a lawsuit, this is what covers the resulting legal fees or awarded damages.
  • Liquor legal liability rider — Many dental offices host holiday or staff parties where alcohol is served. Some purchase drinks for others after seminar sessions. If this is true for your practice, you’ll need this inexpensive but important addition to your general liability policy.
  • Independent contractors — If your practice relies on independent dental hygienists, associate dentists or other office staff, they will not be covered by your professional liability policy. They will need to maintain their own insurance. Include this stipulation in their working agreement and require proof of insurance. Because you could be named in a lawsuit based on their involvement with your practice, have your insurance broker provide the list of recommended policies you should require as a minimum.
  • Business overhead expense disability policy — If you experience an extended sickness or injury that prevents you from paying the office’s operating expenses, this type of policy will protect the practice. (Your individual disability insurance will protect your personal income.)
  • Business interruption coverage — Some policies have narrowly defined business interruption coverage with lower limits than your average daily billing. Others cover closures of only a month or less or do not cover closures due to incidents outside of your immediate building or due to wider problems, such as a citywide loss of electricity. Review the details of your policy to understand and have your insurance representative explain any limitations.
  • Cyber insurance — You likely store private employee and patient data on computers. If you suffer a data breach, this type of policy covers the resulting costs. These may be related to public relations and good faith advertising, notification services, ongoing credit monitoring, legal fees or damage payments.
  • ERISA bond insurance — If your practice offers a pension or profit-sharing plan, this type of bond is required by law and must equal 10% of the plan’s funds to cover any losses and denial of service (“ransomware”), due to criminal activity.
  • Data breach insurance — You likely store private employee and patient data on computers. If you suffer a data breach, this type of policy covers the resulting costs. These may be related to public relations and good faith advertising, notification services, ongoing credit monitoring, legal fees or damage payments. Denial of service is also a big exposure today, think of what you would do if your computer system was locked up by a hacker. This is also referred to as a ransomware and is when you are faced with paying a “ransom” to get access to your system. Make sure your insurance professional gives you options for this exposure as well, as it is becoming a threat to every size business.

Your insurance broker can identify other potential pitfalls based on your individual practice model, but this general overview of dental practice insurance can help start the conversation. After you’ve finalized a plan, follow up with regular insurance checkups to make sure your coverage stays current with your growth.

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

Factors That Influence Your Property Insurance

| July 28, 2023
Upward View Of City Buildings

Has Your Commercial Property Insurance Kept Up With Values?

Record-high inflation is pushing up the cost of everything, including property insurance. 

Commercial real estate insurance rates are up by at least double digits this year, which insurers largely attribute to higher construction and replacement costs and more frequent disasters. Though the Insurance Information Institute reported replacement cost increases slowed down slightly in the second half of 2022, they were still up 40% compared to 2019. 

While replacement costs are up, commercial property prices are down. Multifamily properties fell 10.3% from March 2022 to March 2023 and all commercial property fell an average of 8% during that time, according to the MSCI World Insurance Index. 

With commercial property prices falling in market value, you may think the value reported to your property insurer should also decline. However, your property’s market value doesn’t adequately determine your insurance needs. 

Instead of using the resale or market value of a property to insure for property damage, insurers want an appraised value of the cost to rebuild or repair. The insurer often relies on the policyholder to supply an accurate value of the building’s property for insurance purposes. If you are using market value instead of reconstruction value, you may find yourself underinsured.

A professional appraiser who specializes in insurance requirements should valuate the property. Values should include the costs of demolition, debris removal, labor and materials. Because of the volatility of these costs, it is wise to recalculate periodically. Your insurance professional can advise you on how often.

And it’s not only the structure that needs to be included in your total insurable value. The value of the equipment, materials and products stored in your building needs to be factored in. The cost to replace these and repair the building is affected by inflation and availability. You’ll also need to consider the cost of renting a substitute until a replacement becomes available.

What goes into an insurer’s evaluation of a structure?

On top of your valuation report, there are some general features insurers of commercial buildings consider:

  • Building size
  • Construction materials
  • Age
  • Location
  • Use or operations 

The construction of the building can determine its survivability in a catastrophe. The more resilient the structure is to fires, floods, earthquakes and windstorms, the better your insurance rate will be. 

Your building’s interior protections are also important in light of your operations and location. Do you have sprinklers for fire suppression? Do you have controlled access to the premises? Do you use special outbuildings for storage of flammables or potentially incendiary work? Do you use security or water sensors and alarms? Report any upgrades you make to your insurer so they can be reflected in your premium. They may also affect the valuation of the structure you report.

Occupancy, operations and location are other factors insurers consider. A building used to produce fireworks is obviously more at risk than a building used for market research. And a building on a coastline or in a hard-to-access spot may have special risks or complications. 

Lastly, the age of the property must be factored in and appropriate terms must be included in your insurance policy. 

For example, an older building with a damaged electrical system may require full rewiring to rebuild to code. That would not be covered except under an ordinance or law provision of your property insurance policy. As you can imagine, the original wiring could raise the total insurable value because there would be a higher replacement/reconstruction cost than if modern wiring had been used.

Coinsurance penalties from undervaluing

Most commercial property insurers insist that you insure at least 80% of your property’s value, though that number differs across insurers. The uninsured portion, or coinsurance, is what you would pay if there was a total loss of the property. For example, if you experienced an $800,000 loss on a $1 million property, the insurer would pay $800,000. 

But that’s only if the property was properly valued. If you have a large claim, the insurer will likely have the property appraised. And if your valuation is wrong and you bought insurance for less than 80% of the real total insurable value, you will get hit with a substantial penalty for underinsuring. Worse, coinsurance penalties apply across your entire property policy, including business interruption. That means your losses are not limited to building repairs.

If you have chosen an agreed value policy rather than a replacement cost policy, you might avoid the complexities of coinsurance and volatile valuations. An agreed value policy means you and the insurer have agreed to the value of your property and your insurance reflects that. As with all valuations of commercial property, it’s wise to revisit the numbers when you renew your policy.

If you got a deal on a commercial building with high-end finishes that would be expensive to replace, you may find that your total insurable value is elevated. That’s even if you don’t need the high-end finishes to operate your business. 

In such an instance, you might want to ask about functional replacement cost insurance. It will pay to make your building functional again without paying to replace the upscale finishes. You would have to work with your insurance agent or broker, your appraiser and the insurer to make sure your insurance coverage accurately reflects what value exists and what you are willing to sacrifice. 

As you can see, inflation, labor markets and supply chains can significantly impact your commercial property insurance. Fortunately, you have options. Working with an agent or broker specializing in commercial property will help you get the right values and appropriate coverage, so you are not caught short or penalized at claim time.

Contact Us

Connect with one of our experts to learn more about how we can help with your business 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 © 2023 Applied Systems, Inc. All rights reserved.

OneSelect Business Spotlight

| July 27, 2023
pexels miguel á padriñán 194094

Profound Mastermind Group

“Profound change starts when authentic connections begin.”

Profound Mastermind Group was created with the intention of connecting and supporting Upstate New York business owners and executives.

Mastermind groups are truly about bringing people together, from high level leaders to small business owners and young entrepreneurs. The term “mastermind,” is a verb, meaning masterminding together, or working through various challenges that come with owning a business or being an executive at a company. Profound provides a combination of brainstorming, education, peer accountability, and support – all intended to positively impact members’ personal and professional lives within the Upstate New York community.

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Profound is composed of 100 members, and the group holds four major quarterly events. By listening and learning from speakers on a broad range of topics, members help one another learn, grow, and form relationships. In addition to business, Profound reflects on points such as, how do you become the best leader? How do you become the best parent? How do you become the best friend?

Co-founder of Profound, Jeff Knauss, has a long history of entrepreneurship. Beginning his career in broadcast television and advertising, Jeff later co-founded a digital marketing company called Digital Hyve in 2014. After seven years spent growing the agency, Jeff and co-founder Jake Tanner sold the business.

When reflecting on what led him to start Profound, Jeff said, “I took all of the things that I really like – business, connections, relationship building, and creating really cool environments.” After being in a mastermind group based out of Austin, Jeff realized how much value a similar group could bring to Upstate New York.

Profound members share experiences with one another, provide support for one another, and give local leaders a space to be vulnerable. Members learn from one another’s strengths.

“There’s an expectation that you have to be great all the time, and to be able to build a culture of vulnerability was really important to us.”

Jeff Knauss, Profound

One of the large focuses of the group is finding ways to continually build a better culture for Upstate New York. As a group of successful individuals, it’s a priority of the group to give back to the community. In addition to volunteer work, Profound also has a foundation that gives back to local not-for-profits in Upstate New York.

Each month, the group provides volunteer opportunities, which have helped children and executives with mentorship, guidance, and advisory. In addition, members have a large role in choosing where funds from the foundation are donated. “There’s so much need in the community, and we want to give holistically to folks that are providing.”

Profound Mastermind Group has been a client of OneGroup since it was founded in 2022. “OneGroup has been our partner for everything since Digital Hyve days,” said Jeff Knauss. When starting Profound, this led Jeff to immediately call OneGroup for support.

“OneGroup is always there. They’re so consultative, they’re proactive, they’re always helping think through what could happen ‘if this’ or ‘if that.’ I’ve always had a great experience.”

Jeff Knauss, Profound

OneGroup is proud to support small and emerging businesses through our OneSelect program.

Click here to learn more about the program and to connect with one of our experts. To learn more about Profound Mastermind Group and the work that they do, click here.

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Minimize Your Risk

| July 21, 2023
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Are You Getting the Most Protection Out of Your Home and Auto Policies?

A multicar pileup is traced back to your vehicle. An ill-timed social media comment sparks a viral defamation backlash. Your teenager has a party that ends in a bonfire, fireworks and bodily injury to several guests.

Any of these situations can land you on the hook for a major lawsuit. Innocent or not, you’re playing defense in court. Your existing insurance helps with legal fees, but the price to defend yourself can quickly exhaust a typical $300,000 home insurance policy. When you reach your limits, it’s cut-bait time. That’s not the moment to be left floating alone — sharks circling — because your policy limits are exhausted.

You’ve bundled your home and auto policies to maximize discounts — smart. Adding an umbrella policy can be even smarter, helping to keep you protected and afloat in a dire situation.

Umbrella coverage isn’t just for the rich or risky

You might think an umbrella isn’t necessary because you’re not rich, or that $1 million is overkill. You’d be wrong.

Let’s say you lose a personal injury lawsuit. The compensation amount might be left to a jury to decide. If that jury is asked to account for pain and suffering, future lost earnings or loss of quality of life, you might be hit with a huge settlement. The court will find a way for you to pay even if you think you can’t afford it.

What you currently have in your checking account is irrelevant because you have assets: your home, your kids’ college savings, your retirement, your current income and your future income. It’s all on the line and fair game when calculating net worth in a lawsuit.

Who needs umbrella?

Almost anyone is at risk of being sued, especially if you or your spouse:

  • Own your home
  • Host parties (holidays, sleepovers, sports, etc.)
  • Have teen drivers
  • Coach youth sports
  • Lead or host youth groups
  • Have a swimming pool, hot tub or trampoline
  • Own “toys” like snowmobiles, boats, golf carts or all-terrain vehicles
  • Own rental properties
  • Own pets (especially dogs)
  • Carpool or drive a lot
  • Babysit or host homeschool pods
  • Are a high net worth individual
  • Are active on social media
  • Do gig work
Benefits of an umbrella

An umbrella can be a nice buer to your risk management playbook. An umbrella:

  • Extends the coverage across your existing policies
  • Is normally cheaper than raising limits on individual policies
  • Can broaden your coverage once the umbrella kicks in (less restrictive language)
  • Has coverage options from $1 million to $10 million
  • May offer over $10 million in coverage (when underwritten by specialty insurance companies)
  • Extends coverage on defamation and other clauses named in your policies
  • Helps with legal fees and judgment costs
  • Allows insurance companies to negotiate a settlement

Unfortunately, lawsuits happen; they also happen to be expensive. Thankfully, plenty of asset protection is possible when you put an umbrella over your policies. Easy.

Unfurl an umbrella over your personal assets

Now that you’re aware of the potential for expanded coverage, savings and service, give us a buzz to see what’s available. You might be surprised at how inexpensive it is to double (or even triple) your upper limits.

For less than $25 a month, you can get $1 million in coverage that extends across your home and auto policies — sometimes with broader coverage (less restrictive) than you have with the individual policies.

Note that an umbrella only covers what’s already there in your policies. If something is excluded in your home or auto policy, it will likely be excluded in the umbrella.

Contact Us

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

Employee Retention Strategies

| July 21, 2023
Four Women In Meeting Around Laptop

Preventing Turnover in the New World of Work

High turnover used to be attributed to employees wanting higher salaries and better benefits. But recent changes to the world and the workplace have shifted employees’ mindsets. 

Wages and benefits are still important. But today, employees often leave companies because they feel misaligned with workplace culture, their role lacks meaning or management undervalues them.

This recent shift has created a disconnect between executives and employees. A survey by the management consulting firm McKinsey & Company asked top leaders and employees for the biggest reasons people leave an organization. 

Executives said employees left their company for: 

  • Better compensation
  • Improved work-life balance
  • Physical or emotional health reasons

Employees cited three different reasons for leaving:

  • Not feeling valued by the company
  • Not feeling valued by their manager
  • Not having a sense of belonging at work

How to form better connections

This gap reveals a need to understand employees better and connect them to leadership. The human resources news site HRMorning recommends the following strategies to forge stronger bonds:

  • Regularly host discussion groups. There is a clear need to speak with employees, seek their feedback and act on their responses. Small discussion groups can facilitate meaningful communication and provide insights into workplace culture. Rotate participants in your discussion groups. Including employees from all levels of your organization will help you capture diverse viewpoints and a more robust picture of your workplace.
  • Make executives accessible. One way to increase accessibility is through Q&A sessions with employees. These can be live or virtual. Employees’ questions will reveal pressing issues and provide a blueprint for addressing workplace concerns. Another option is for executives to host short coffee meetings with rotating groups of employees. Limiting these meetings to ve employees will give everyone a chance to share their knowledge and experiences. 
  • Offer skip-level reviews. These are similar to performance reviews, except they are driven by employees. And instead of meeting with a supervisor, employees speak to a leader higher up in the org chart. They’re not meant to undermine or air grievances against a supervisor. Instead, they’re an opportunity to connect employees to leadership and solicit ideas. Employees feel seen, and executives are exposed to opportunities and challenges they otherwise wouldn’t see in their day-today operations.

Tailor your approach

You’ll want to customize your retention strategies based on employee feedback. But there are factors that employees almost universally desire, including: 

  • Professional development: Education and training opportunities consistently rank as a top employee benefit, according to the Wharton School of the University of Pennsylvania. In addition to increasing employee retention and engagement, professional development makes organizations more competitive and innovative. It also helps identify potential leaders and create career paths for your employees.
  • Workplace exibility: Flexibility isn’t just desirable; it’s the most empowering employee benefit, according to Forbes. It ranked as highly as matching retirement contributions and time-off policies in a survey by the workplace platform company Envoy. Workplace flexibility can mean remote work, flexible hours, compressed workweeks, job sharing, sabbaticals, gradual retirement paths and more. Seek feedback to understand the types of flexibility that are most important to your employees.
  • Deeper meaning: Create opportunities to connect employees to each other and the importance of their roles. HRMorning reports that 50% of employees would leave a company for a more meaningful job. Ideas for connection include employee resource groups (ERGs), which bring together employees with similar backgrounds, experiences and interests. ERGs allow people to share insights and support each other. Best practices include having a top-level executive participate in ERGs to deepen the connection and hear directly from employees. Customer testimonials are another way to make employees proud of their work. Hearing from customers helps your employees understand the value their work brings to people’s lives and livelihoods.
  • Positive culture: A toxic company culture is the top reason employees leave, according to a survey from the job search site FlexJobs. It ranked higher than salary, bad management and work-life balance. Toxic behaviors such as belittling, bullying, harassment, stealing credit and silencing dissent must be eliminated. Transparency is essential to a positive work environment. Openly communicate about good news and bad news. Employees want to be in the know. Earning their trust is vital to retention.

Staying connected to employees needs

Amid a tight labor market and changing expectations, employee retention is more important than ever. 

For more ideas on retention strategies, talk with your benefits adviser. They can help you examine your workplace culture and employee communications. They can also identify professional development, workplace flexibility and other benefit opportunities to engage and retain your employees.

Contact Us

Learn more about how you can improve your company retention. Connect with one of our experts.

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.

Risk Management: Organizational Governance

| July 18, 2023
Businessman makes a point during meeting

Organizational governance protocols establish what kind of company you are going to be. They also establish what the community can expect from your company from the standpoint of product and behavior.

Organizational governance encompasses all aspects of how an organization is directed and managed. The International Organization for Standardization (ISO) defines organizational governance as “a system by which an organization makes and implements decisions in pursuit of its objectives.” In other words, organizational governance drives the modern organization.

Governance monitors the decisions made around the production process. But if you dive a little deeper, you see that governance considers more about how decisions are made by setting up the standards by which an organization operates.

Governance doesn’t tell you how fast you can run your machines; it sets up the standards you use to decide how fast you can run your machines. It provides the answer to the situation in which a manger says, “well I can run my machines at 98% capacity, but that would mean I would increase the number of off-spec parts that I produce. Our standard of performance is to operate at a 99.9% on-spec. rate. Would I be able to maintain that rate if I speed up production to 98% capacity?”

Or, if your organization sets a zero-tolerance policy on discrimination in the workplace, and one of our best production employees violates that policy… how do you react? The governance protocols would provide guidance on how to react.

Corporate governance is one of those terms that leads you to an image. All companies have governance protocols; the test is really whether those protocols a.) are followed, and b.) whether those protocols result in a company that is a positive contributor to the community and the marketplace, or not.

The importance of organizational governance

A prime example of the importance of organizational governance, as noted in a blog post by the Volkov Law Group, is the Enron scandal of the early 2000s. Among other unethical business practices, the company used fake accounting to conceal its financial troubles. This ultimately led to its collapse and tarnished reputation. Had Enron followed basic governance rules, it might still be around today.

Not every case of faulty organizational governance is as extreme. For example, if you bring on new leadership and fail to update permits with the name, title and role of a new leader, you could be cited for failure to maintain documentation. This type of issue often goes unnoticed until you are faced with an inspection or regulatory action.

Organizational governance is not a new risk. You’ve probably already addressed it in your risk assessment. But once you conduct your initial risk assessment and take corrective actions, it’s easy to forget about organizational governance. Over time and through various changes, you can fall out of sync with your original governance. This places your organization at further risk.

How to minimize your risk

What steps do you need to take to reduce your organizational governance risk? There is no one-size-fits-all answer. But it’s important for your board and executive management to agree on how they will work together to build a risk-intelligent organization. 

In today’s environment, boards are scrutinized by regulators, shareholders, the media and analysts. Therefore, everyone in your organization must be open, transparent and collaborative. You must also take the time to address your risks with thoughtful action plans.

Volkov Law Group suggests these five steps to prepare for and prevent risk exposure: 

  • Increase the diversity of your board and management team. This will invite broader and differing points of view.
  • Practice due diligence. Choose leaders who are qualified and competent to fulfill their roles and requirements.
  • Share information in a timely manner. Open communication between the layers of leadership will ensure that information is shared and acted on quickly. 
  • Prioritize your risks. You cannot address every known risk, but you can prioritize the most critical ones for your organization.
  • Evaluate your leadership. This will identify strengths in your leadership team that you can capitalize on, and weaknesses that you can work toward improving.

Effective corporate governance and stakeholder management practices can create several benefits for a company and its stakeholders. According to BoardPro, benefits may include:

  • Improved productivity and efficiency
  • Increased transparency and error visibility
  • Faster time to consensus, leading to smoother operations
  • Better performance that leads to reputation-building
  • Better alignment of mission, vision and core values
  • Improved financial sustainability 

To effectively manage your corporate governance risk, your leadership team must actively identify risks and seek ways to reduce them. You must also accept that some risks are inevitable. But you should still consider risk-sharing or risk-reducing measures through outside assistance in your action plans.

Integrating governance, risk management and compliance

In the age of government regulation, public focus on corporate responsibility, and third-party business partnerships, you can no longer afford to operate in silos. One approach that many organizations are taking is to integrate governance, risk management and compliance (GRC). 

Historically, these functions have often worked independently of each other. When that happens, individual departments can become reluctant to share information or resources with each other. This results in miscommunication, redundant tasks and an atmosphere of mistrust, all of which hinder your ability to succeed.

The purpose of GRC is to encourage companywide cooperation. This helps you achieve results that meet internal guidelines while reducing risks, costs and duplication of effort.

Investopedia defines the three integrated functions as:

  • Governance — “the overall system of rules, practices, and standards that guide a business”
  • Risk management — “the process of identifying potential hazards to the business and acting to reduce or eliminate their financial impact”
  • Compliance — “the set of processes and procedures that a company has in place to make certain the company and its employees conduct business in a legal and ethical manner”   

GRC will apply differently to every organization, but it usually involves integrating core business functions like information technology, human resources, finance and performance management, according to Investopedia.

Corporate governance keeps your organization strong

Corporate governance is a necessary part of any organization. It helps you stay on track with your mission, principles, processes and procedures, and keeps you competitive and ethically sound.  Integrating governance with risk management and compliance streamlines the risk process and opens communication between departments. 

By improving your organizational governance, you can secure your reputation within your industry and community, earn the trust of your employees, solidify your position and keep your organization strong. 

Contact Us

Learn more about how you can improve your organizational governance. Connect with one of our experts.

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.

Motorcycles and Insurance

| July 14, 2023
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Driving a motorcycle can be liberating, but it can also be dangerous.

There are unique risks involving motorcycles, and accidents can be severe. The right insurance coverage is essential to protect yourself, your passengers, other drivers and your bike. 

Standard motorcycle insurance policies cover bodily injuries, property damage and liability to others. They can help guard against losses caused by:

  • Bodily injury
  • Property damage
  • Liability and lawsuits
  • Medical payments (MedPay) for you and your passengers
  • Personal injury protection (PIP) for you and your passengers
  • Damage to your motorcycle
  • Theft of your motorcycle
  • Vandalism to your motorcycle

Most states require you to have standard coverage with a minimum amount of liability coverage. Optional motorcycle coverage includes comprehensive and collision insurance. If you ride without insurance or lack the proper coverage, you could be fined, have your license revoked, suffer a court-ordered financial judgment or even land in jail. 

Selecting which coverages are right for you will depend on the following:

  • Your state’s laws 
  • Your bike and its value
  • Whether you want coverage for your injuries if involved in an accident
  • How much protection you want for your belongings
  • Whether you want coverage for damage to your bike

Ask your insurance professional which laws apply in your state and learn about available options.

Motorcycle coverage fundamentals  

There are five basic types of motorcycle coverage. 

  • Liability: Just like auto insurance, the minimum legally required motorcycle coverage is liability insurance. It will cover any damage your motorcycle causes in the event of an accident if you are at fault. It doesn’t cover injury to you or damage to your motorcycle. But it covers bodily injury and property damage of anyone involved in an accident. MedPay or PIP protects you and your passengers injured on your motorcycle regardless of fault; it may also be available depending on your state and the company issuing your policy. 
  • Motorcycle collision: This covers damage to your motorcycle if you are involved in a collision with another vehicle. Your insurance company pays for damages (usually the book value of your bike before the loss occurred), minus your deductible.
  • Comprehensive: Pays for damages caused by an event other than a collision, such as fire, theft or vandalism. Your insurance company will pay for damages minus your deductible, covering only the motorcycle’s book value. 
  • Customized motorcycle parts: Many comprehensive and collision policies will only cover factory standard parts on your motorcycle, or they will limit the coverage. If you have a custom paint job or decide to add optional accessories such as chrome parts, trailers or sidecars, check with your insurer to understand the coverage limits.
  • Uninsured/underinsured motorist (UM/UIM): UM/UIM pays for damage caused by drivers without insurance or adequate coverage.

Many motorcycle insurance companies also offer a range of other coverages:

  • Towing and other roadside assistance help with the costs if your bike breaks down.
  • Trip interruption will help pay for lodging, food and transportation if you get stranded.
  • Protective gear covers items like helmets, riding leathers and gloves. Riding gear isn’t cheap, but your motorcycle insurance can help replace it if something happens. 

Of course, you never plan on crashing your bike or having anything stolen. But if it happens, you’ll be glad you have top-notch insurance coverage.

Cost of motorcycle insurance 

According to the Insurance Information Institute, your motorcycle insurance costs depend on things like:

  • Your age and driving record: You may receive discounts on motorcycle insurance for having a clean driving record, being over 25 and owning your own home. 
  • Where you live and store your bike: Your costs may be lower if you store your bike in a garage. And, if you live in an area where it snows a lot during a long winter, a lay-up policy could help decrease your costs. These policies offer lower payments and reduced coverage during the months you don’t ride.
  • Type or style of bike: Whether you have a sport bike, cruiser or custom motorcycle matters for insurance purposes. Typically, your insurance costs will be lower for bikes without special modifications. Additionally, the smaller the motor on your bike, the lower your rates.
  • Age of the motorcycle: If you want to save on your insurance, stick with an older, basic and less-powerful bike to access the lowest premiums.
  • Number of miles you ride a year: If you plan to ride your bike regularly to work, you’ll likely need to secure a full-coverage policy. However, if you only plan to use your bike occasionally, you may not need as much coverage.

Some motorcycle dealerships will require you to produce proof of insurance before allowing you to purchase a bike. If you plan on financing your motorcycle, you’ll need comprehensive and collision coverage for complete bike protection.

Contact Us

Whether you are the proud owner of a brand-new bike or have been riding for years, it’s good to understand the insurance you may need. With the right motorcycle coverage, you’ll be ready for almost anything that comes your way. Connect with one of our experts.

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.

Update on 2023 Workers’ Compensation Rates

| July 12, 2023
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NY Compensation Insurance Rating Board Files Loss Cost Indication for 2023 Workers’ Compensation Rates

By Brett Findlay

There have been significant changes applicable to New York State workers’ compensation in 2023. None are as big as the 2022 change to the experience modification rating formula (or EMR), which some policyholders with effective dates prior to October 1st, 2023 have yet to see the effects of.  

Yet again, an aggregate rate decrease is on the horizon, minor increases to both the maximum weekly payroll limitation cap and maximum weekly workers’ compensation benefit are now in effect, and the New York State Assessment dropped in January. Also, the impacts to individual workers’ compensation policies from the changes to the experience rating (EMR) formula have come to fruition.  

In a press release dated May 15th, 2023 the New York Compensation Insurance Rating Board (NYCIRB) filed its annual loss cost indication with the New York State Department of Financial Services. An approved and published filing for the expected decrease of 2.6% of the overall loss cost level should be confirmed and announced soon. The change in rates would be effective on policies renewing on or after October 1, 2023. This will be the 8th consecutive year with an overall workers’ compensation rate decrease in New York State, should the approval be finalized. 

The impact of the loss costs, or rates, will vary depending on each individual classification code. For an understanding of the potential impact to your business, please reach out to OneGroup using the contact information below.  

Any potential rate changes will not go into effect on any individual policy until October 1, 2023. If your effective date is before that date, you will have to wait until your policy renewal before any potential rate changes apply. Regardless of when your effective date is, you should know the exact rate changes to your classifications sooner rather than later. It’s important to not only forecast the future costs of your program, but also to develop a plan for your upcoming renewal. 

Additionally, the maximum weekly payroll limitation/cap for eligible classifications has risen. Effective July 1st, 2023, the new cap is $1,718.15. This is a 2% increase from last year’s cap of $1,688.19 and a 7% increase from 2021 cap of $1,594.57. This will have an impact on the cost associated with eligible employers’ workers’ compensation premium. Furthermore, the maximum weekly workers’ compensation benefit rose from $1,125.47 to $1,145.43 effective July 1, 2023. 

In January, the New York State Assessment saw another decrease. This year the assessment dropped to 9.8% from 10.2% in 2022 and even moreso from the 11.8% in 2021. Overall, there’s been a 17% decrease in the aggregate cost to policyholders since 2021. 

As far as the new formula to determine Experience Modification Ratings, or EMR’s, those changes went into effect on October 1st, 2022. The formula is significantly different than in years past. OneGroup has been monitoring the impact to policyholders, hosted multiple educational seminars, and developed materials to explain the changes in great detail. The formula change significantly impacted many businesses, both positively and negatively. For more information on how you have been or will be affected, please do not hesitate to contact us directly. 

So, what does this mean for New York State contractors? For any individual questions and/or concerns, please do not hesitate to contact Brett Findlay, Vice President of Business & Construction Risk.  

OneGroup has a team of specialists, dedicated to risk management and construction industry specific insurance issues. We’re able to serve as a resource to your organization for all your construction specific questions and concerns. OneGroup takes great pride in being at the forefront of industry trends and assisting others where we can. You can find out more about us here, or about our construction expertise here.  

For more information please contact Brett Findlay, Vice President Business Risk Specialist at (315) 280-6376 or 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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The Wild Center

| July 7, 2023
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OneCommunity July Spotlight

This month, we are very excited to spotlight The Wild Center- a 501(c)(3) nonprofit organization dedicated to environmental preservation and a healthier future- as part of our OneCommunity program. Located near the beautiful Adirondack Park in Tupper Lake, NY, The Wild Center is a small-community gem full of nature and education. Officially opened in July 2006, The Wild Center began as a small Natural History Museum exhibit. With an overwhelming amount of fundraising effort and donations from local and distant supporters, The Wild Center quickly became a great success with the overall hope of changing the way people view their relationship with nature.

Nick Gunn, the current Marketing Director at The Center, discusses his fondest memories of participating in all that the Center has to offer as well as his gumption for bringing nature to people regardless of where they live. Gunn says his main goals for the Center are to unite people with nature in a memorable and meaningful way that stimulates an interest for continued learning. The Wild Center also serves to allow people to have a place that is “theirs” in their small community that stimulates local business and provides jobs to those who live locally.

Mary Fontana, North Country Team Leader at OneGroup who specializes in Personal Insurance, also discusses her experience as a local resident who is an avid visitor of the Center. She notes the all-encompassing features of The Wild Center that welcomes all ages. Fontana says her favorite features of the Center include both the summer and winter Wild Walks, which is a trail taking people above the treetops to see a full panoramic view of the Adirondack Mountains, as well as indoor features housing a large Aquarium and more.

The Wild Center is an incredible opportunity for those looking to get outside and enjoy the beauties of nature while supporting local business efforts. If you are interested in learning more about all the Center has to offer, click here. Donations are always accepted and appreciated in an effort to keep the educational aspects and entertainment alive, click here to do so.

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Compliance Hotspots for Supervisors and Managers

| July 6, 2023
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Bias, Harassment, Leaves, and Accommodations

HR is always on top of the latest regulatory developments regarding recruitment, hiring, discipline, firing
and other workplace matters. But if supervisors and front-line managers aren’t trained on how to avoid
compliance risks, even the most knowledgeable HR staff can’t save the day.

To reduce the risk of legal liability, organizations need to make sure their supervisors and managers follow
policies designed to prevent claims alleging discrimination, harassment and retaliation.

Preventing discrimination and harassment in the workplace

Many states have required sexual harassment prevention training for supervisors for some time. And
recently, more states and local governments have enacted legislation requiring such training for all
employees.

Many states have required sexual harassment prevention training for supervisors for some time. And
recently, more states and local governments have enacted legislation requiring such training for all
employees.

Supervisors must be educated on the many protected traits and the specific laws designed to prevent
harassment and discrimination based on those traits. The laws include:

  • Title VII of the Civil Rights Act (Title VII), which bars discrimination on the basis of race, color, religion, national origin and sex, including pregnancy, sexual orientation and gender identity
  • The Americans with Disabilities Act (ADA), which protects qualified disabled individuals and those associated with disabled individuals against discrimination
  • The Age Discrimination in Employment Act (ADEA), which establishes employees 40 and over as a protected class

At a minimum, supervisors and managers need training on which traits and characteristics are protected
and the types of adverse employment actions that could be viewed as discriminatory against such
individuals.

They also should be provided with examples of the types of comments and conduct that could be
construed as demeaning, threatening, bullying or otherwise inappropriate and rising to a level that creates
a hostile work environment. Whether that conduct is perpetrated by the supervisor or a coworker,
customer or client, the supervisor is responsible for remedying it.

Training supervisors on how to foster a culture of respect is important, too. They should understand the
importance of addressing bad behavior directed at an employee as such instances arise. In the eyes of the
law, seemingly sporadic comments or conduct can, over time, combine to support claims of a hostile work
environment.

Supervisors and managers also need to be mindful of how retaliation claims arise. First, they need to
understand that an employee doesn’t have to prove the merits of an underlying claim — such as a
schedule reduction that results in loss of wages or employee benefits — to prove retaliation has occurred.

Thus, it’s important to educate supervisors and managers on adverse employment actions such as
schedule reductions, demotions and firings, and how an employee can generally establish a causal link
between complaining about the misconduct and the adverse action.

As a best practice, dedicate a section in your employee handbook to what supervisors and managers need
to know to meet obligations under the organization’s antidiscrimination and antiharassment policy.
Include:

  • Definitions to flesh out the meaning of “harassment”
  • Real-life examples illustrating instances of discrimination, harassment and retaliation in the workplace
  • Actions to take if someone reports unlawful conduct in the workplace or is a witness to it

The training should also give supervisors and managers tips for how to steer conversations during job
interviews, performance meetings and other interactions with staff so the discussion doesn’t go down a
road where employees or job applicants are revealing too much about protected traits. Redirecting the
conversation to a job-related topic helps eliminate the risk of a discrimination claim.

Managing requests for leave and accommodation

If an employer is covered under the Family and Medical Leave Act, a state companion family and medical
leave statute, or a state or local paid leave law, supervisors need to know how to respond to requests for
leave. And they should be educated on what to do if it isn’t clear whether a leave request may be protected
under one or more federal, state or local laws.

They should also be instructed on what’s acceptable to ask an employee if the employee presents a
medical certification or recertification that is incomplete, uclear or otherwise ambiguous.

It’s equally important for supervisors to understand what to do if an employee is struggling to perform
their essential job functions or requests an accommodation if the ADA or a state disability law may apply.

There aren’t any “magic” words or phrases an employee must use to put the employer on notice that they
may need an accommodation. Therefore, it’s important to train supervisors and managers to pay close
attention to what is going on around them. They should be trained not to gloss over situations where an
applicant or employee has difficulty comprehending or answering questions or physically performing a
requested task, which may be a sign that they need some sort of accommodation. Also, habitual tardiness
or absences could be a sign that an employee may need leave as an accommodation.

For these reasons, it’s important to train supervisors and managers to be on the lookout for instances
where a duty to engage in the interactive process has been triggered.

Supervisors and managers should also be apprised on the types of actions and inactions that could leave
an organization vulnerable to a failure-to-accommodate claim under Title VII. For instance, they should
learn:

  • How to respond when someone says they need a religious accommodation
  • The types of religious accommodations an employee may ask for, such as an exception to a dress code policy, a schedule change or specific days off, etc.
  • What generally constitutes an undue hardship for an employer when such an accommodation request is made

The bottom line: Give supervisors and managers practical pointers using real-life examples to illustrate
their role in dealing with leave and accommodation requests. And be sure to impress upon them that they
should involve HR in the decision-making process, so that you can be sure a situation is being handled
properly.

Explore your benefit options

For more ideas on fitness benefits, talk with your insurance broker or benefits adviser. In addition to examining fitness benefit options, they can help you communicate offerings to employees to increase appreciation and utilization.

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.