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Insurance for Construction Companies: Get to Know It Before You Need It

Posted by Dan Urias, Client Executive on May 21, 2018 at 10:00 AM
Insurance for Construction Companies: Get to Know It Before You Need It

“I love reading through my insurance policies!” — said almost no one ever. More often than not, companies correctly rely on their insurance broker to do so for them. However, if you ever experience a claim, you’ll want to be familiar with the workings of your policy.

It is vital to put in the time to assess exposures, limits, and deductibles to ensure your coverage will cover potential claims the construction industry is prone to. As a trusted partner, our job is to understand the exposures related to a specific trade and dig deeper to help address those of particular importance for our clients. No one knows your trade better than you, however, and working together we can ensure you are covered for just about anything.

Before you start the conversation with your broker, here are some tips on how to review your program and be better prepared to address any potential areas requiring further coverage:

1. Check the declarations page. The declarations page will show you a few important items such as the insured, effective dates, limits, deductibles, and premium information. If you notice anything incorrect, get in touch with your broker to correct it right away.

2. Review your exclusions. Exclusions are items that are NOT covered by your policy, unless they are specifically added back in by endorsement.

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Topics: Property + Casualty, Workers' Compensation, Construction

California Supreme Court Ruling Establishes New Test For Determining Employment Status of Independent Contractors

Posted by Marsh & McLennan Agency West Region on May 10, 2018 at 8:00 AM
California Supreme Court Ruling Establishes New Test For Determining Employment Status of Independent Contractors

Decision may lead to higher costs and greater liabilities for employers

California employers who engage independent contractors are now subject to a stringent new test that may ultimately force employers to reclassify many of these workers as employees, according to a ruling by the California Supreme Court on April 30, 2018.

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Topics: Employee Benefits, Breaking News, Property + Casualty, Human Resources, Workers' Compensation

How to Craft Your Benefits Package to Appeal to Millennials

Posted by Alan Ikeya, Principal on May 7, 2018 at 10:00 AM
How to Craft Your Benefits Package to Appeal to Millennials

This article was first published in San Francisco Business Times.

Millennials are reshaping the workforce, so is it any surprise their priorities are also redefining employee benefit programs?

Unlike employees in years past, highly-motivated, highly-educated millennials are looking for more than just a 401(k) contribution, medical and dental insurance, and paid-time off.

They’re actually looking for employee benefits that help them with challenges previous generations never encountered, like the crushing burden of student debt. And, they want their employers to offer a broader range of health and wellness benefits to support their active lifestyles.

Why millennials matter so much

For employers, satisfying the changing priorities of millennials is critical. In 2016, millennials – those between those ages 21 to 36 last year – became the largest generation in the workforce, according to Pew Research. Today, one in three workers is a millennial. By 2025, 75 percent of the workforce will be millennials.

In today’s increasingly tight labor market, particularly in urban centers like the San Francisco Bay Area where technology firms have set a very high bar, benefit programs that address millennial concerns can make all the difference in successful recruiting.

In our work with large and small firms across every industry segment, we have partnered with employee benefits program managers to suggest innovative benefits that align with millennial lifestyles.

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Topics: Employee Benefits, Wellness, Technology, Market Trends

Digital Health: Merging Healthcare, Life Science, and Technology

Posted by Brett Buchanan, Client Executive on April 30, 2018 at 10:00 AM
Digital Health: Merging Healthcare, Life Science, and Technology

The healthcare industry is currently undergoing a major shift as the digital revolution continues to expand into every area of our lives. Companies are merging healthcare, life science, and technology to foster increased efficiency and better outcomes in the healthcare system. Many of our clients are at the forefront of this industry hailed as “digital health,” which is set to fundamentally change the entire healthcare landscape.

Startup Health recently disclosed that digital health just had its largest year of funding to date with a total of $11.5 billion invested and approximately 750 deals[1]. This investment has allowed many of our clients to take on new contracts and clients, expand services and product lines, move into new geographies, and grow their business.

As digital health companies continue to grow and expand, their liability, regulatory, and privacy risks constantly change because of the complexity of the industry. Recognizing this, Marsh & McLennan Agency recently launched a new practice dedicated to serving digital health companies by addressing their unique exposures.

To address some of these, we've created three risk 101 sheets for various industries. Download the PDFs below.

mHealth Risk 101

Telemedicine Risk 101

Healthcare IT Risk 101

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Topics: Property + Casualty, Technology, Market Trends, Healthcare, Digital Health

AmyK Hutchens Ignites Brilliance at the San Diego Annual GROW Keynote

Posted by Madalyn Altschuler, Regional Manager, Client Programs on April 16, 2018 at 10:00 AM
AmyK Hutchens Ignites Brilliance at the San Diego Annual GROW Keynote

Thought-provoking, lively, engaging and hilarious. Those are just a few words to describe our San Diego Annual GROW Keynote Speaker, AmyK Hutchens. On Wednesday, April 11, AmyK ignited brilliance in our San Diego colleagues, clients and business partners at what continues to be a jam-packed event year after year. GROW, which stands for Growth in Relationships and Opportunities for Women, hosts the annual keynote to bring the community together for an hour filled with inspiration, development, and usually some laughs, and AmyK didn’t disappoint one bit!

AmyK is a former executive of a billion dollar global organization and was awarded the Vistage UK International Speaker of the Year. She has influenced thousands of executives across the globe with her keen insight and intuitive understanding of the issues leaders face. At the keynote, she spoke to real-world challenges and solutions in both personal and professional situations that the multi-generational room of participants could relate to. Audience members ranged from those just getting started in their career to C-suite players, and AmyK had something for everyone.

Through the course of her presentation, AmyK encouraged guests to think about our own challenges as she walked through a series of questions, takeaways and tools. She started out by really encouraging all of us to slow down and realize that leadership is happening “one… conversation… at… a…time”. As leaders, we are responsible for the critical thinking in each conversation and we may need to increase our critical thinking if we want to drive a better outcome. Further into the seminar, she discussed organizational values and the importance of defining the behaviors behind each value, and leading by modeling those behaviors.

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Topics: GROW, Culture, Inside MMA, Leadership

GDPR: How Will the New EU Data Protection Regulation Affect Your Business?

Posted by Brad Hering, Cyber Liability Practice on April 2, 2018 at 10:00 AM
GDPR: How Will the New EU Data Protection Regulation Affect Your Business?

With the enforcement date looming, now is the time for organizations to determine whether the EU’s new General Data Protection Regulation (GDPR) applies to their business, and to sort out steps to take in preparation of the law’s enforcement.  First thing’s first – do you need to worry about GDPR? Answer these questions to find out.

Here are a few fast facts about GDPR:

What is GDPR and when is it effective?

General Data Protection Regulation (GDPR) is the EU’s new regulation designed to govern the collection, storage, and usage of private information.  The regulation was created in 2016 and has an enforcement effective date of May 25, 2018.

What is the regulation’s intent?

In short, the regulation is intended to provide citizens of the EU with more control around their personal information. The law aims to unify privacy laws in the EU and sets strict standards for the collection and storage of private information, with unprecedented requirements surrounding consent, inventory accounting, demonstration of compliance, and notification of potential data breaches.  While governed by the EU, GDPR will apply to any organization that collects or processes data of EU citizens, regardless of where the business is located.

What are the ramifications of non-compliance?

Non-compliance could have crippling consequences. Penalties for non-compliant companies that experience breaches could be up to 20 million euros (about $24,000,000 USD), or 4% of the company’s global revenue – whichever of the two is larger.

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Topics: Breaking News, Property + Casualty, Cyber & Data Security, Technology

How to Manage Liability from Sexual Harassment Claims

Posted by Michele Comtois, Principal, Executive Liability Practice on March 26, 2018 at 10:00 AM
How to Manage Liability from Sexual Harassment Claims

This article was first published in San Francisco Business Times.

As awareness around sexual harassment continues to grow and tolerance for misbehavior decreases, it has become more critical than ever to promote and ensure a safe workplace. But what if policies and training aren’t enough? Is your company prepared to deal with the fallout from a sexual harassment claim?

Almost every day, another company faces a sexual harassment allegation, but many private companies don’t have the insurance coverage in place to manage the different types of liability they will face.

Sexual harassment claims are not only damaging because of the out-of-pocket awards and the impact to a company’s reputation. They can also expose the company’s board of directors and executives to shareholder lawsuits if the enterprise value drops as a result of allegations and/or claims.

To manage this kind of risk, private companies should consider two types of insurance coverages: directors and officers liability (D&O) coverage and employment practices liability (EPL) coverage.

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5 Ways to Get More From Your HR Technology Investment

Posted by Sam Brasch, Principal on March 5, 2018 at 10:00 AM
5 Ways to Get More From Your HR Technology Investment

This article was orginally published in San Francisco Business Times.

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Topics: Employee Benefits, Human Resources, Technology

Digital Health: Trends and New Legislation

Digital Health: Trends and New Legislation

After a record-breaking year of funding in 2017, 2018 is off to a promising start for digital health companies due to a flurry of changes in the healthcare industry. The biggest question for digital health companies: how will these changes impact your business?

Berkshire Hathaway, Amazon and JP Morgan Chase Join Forces

Over the past ten years, healthcare costs have been rising at or above the rate of wage increases, according to data from the Kaiser Family Foundation[1].  On January 30th, Berkshire Hathaway, Amazon and JP Morgan Chase announced that they will join forces by creating a company designed to provide more affordable healthcare to all of their employees. The joint effort represents a major paradigm shift in how medicine is delivered – by the employer itself.

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Topics: Property + Casualty, Technology, Market Trends, Healthcare, Digital Health

The Evolution of Worksite Wellness Programs

Posted by Frank Jakka, CWP, CPT, Director, Health & Productivity on February 12, 2018 at 10:00 AM

What we have learned and where we are going next

Worksite wellness programs are not a new concept. After all, Hershey Foods built a rec center with a swimming pool for employees in the 1930s. But the goal of these programs and the coinciding way of measuring their value has changed over the years. With each generation of employees, employers have reassessed and refined their programs. Looking back on the evolution gives us a better idea of what works and what doesn’t and suggests best practices for moving into the future.

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The Early 1900s – The Beginnings of the Wellness Industry

Before the information age, work was much more physical in nature. Stronger, more physically fit employees could work faster, more efficiently, and longer. Employers realized this and in the early 1900’s, the National Cash Register built an employee gym and instituted twice-daily exercise breaks. In 1911, they added a 325-acre recreation park for its workers.  The goal was clear. Keep the employees physically strong to match the demands of often physical work.

1950 to 1990 – Focus on Overall Health & Safety

Employers in the 50s continued to recognize the value of physically fit employees. Progressive firms like Texas Instruments and Xerox instituted fitness programs. Employee Assistance Programs (EAP) were also established during this time. First created to help employees with alcohol addiction, EAP grew to address other work-life issues. In 1970, the Occupational Health and Safety Administration (OSHA) was established with an emphasis on preventing accidents and illness. Both EAP and OSHA were aimed at improving productivity and reducing costs.

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Topics: Wellness

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