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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

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

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

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

Commercial Insurance Trends and Managing Risk in 2018

Posted by Trindl Reeves, Principal, Chief Sales Officer on January 9, 2018 at 10:00 AM
Commercial Insurance Trends and Managing Risk in 2018

As we begin 2018, there are three areas to keep an eye on due to the uptick of claims and changing landscape: property, cyber and data security, and employment practices liability.

Property

In 2017, the US experienced many natural disasters. Damages from Hurricanes Harvey, Irma, and Maria and California fires are expected to result in record property losses. We can anticipate an increase in premium for all property, including vehicles. Auto premiums are already through the roof because of an increase in claims and expenses due to distracted driving and expensive technology. With almost 1 million cars lost during the hurricanes, the rates are bound to increase further.

Takeaway: 2017 losses were at a record high, but there is ample surplus in the insurance marketplace to absorb these claims. This year, we expect insurance companies to increase rates.  If you have a favorable claims history, work with your broker to maintain your current pricing.

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Topics: Property + Casualty, Human Resources, Cyber & Data Security, Market Trends

America’s Opioid Epidemic and Workplace Injuries:  How Employers and Insurance Companies Can Work Together to Combat Addiction

Posted by Michelle Landver, CIC on October 16, 2017 at 10:00 AM
America’s Opioid Epidemic and Workplace Injuries:  How Employers and Insurance Companies Can Work Together to Combat Addiction

The opioid epidemic in America has become so severe that not a day goes by without hearing stories or reading about it in the news. For employers, opioid addiction has has a huge negative impact on the workplace and workforce.

Many workers who are injured on the job and are treated within the workers’ compensation system are prescribed opioids for pain management[1]. In an effort to reduce claims and costs, insurance carriers are introducing new solutions to combat opioid addiction.

In 2015, Travelers established the Early Severity Predictor model, which cut the use of opioids in over 500,000 injured employees by 30% and has helped employers reduce medical claims expenses by up to 50%[2]. The model works by identifying the likelihood that someone will develop chronic pain, a leading cause of opioid dependency. Travelers shares the results with the injured employee’s physician, helping them to identify effective treatment alternatives in order to avoid opioids.  The insurer’s claims handling professionals can also use this information to evaluate requests for prescription payments.

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Topics: Property + Casualty, Market Trends, Workers' Compensation

California Wildfires: Quick List of Resources for Businesses, Homeowners, and Volunteers

Posted by Jennifer Johnson, Client Executive on October 10, 2017 at 3:15 PM
California Wildfires: Quick List of Resources for Businesses, Homeowners, and Volunteers

California is suffering unprecedented devastation as wildfires spread through both rural and urban communities. Many of our colleagues, clients and business partners in the affected regions are facing evacuations, fear of the unknown and in some cases, loss of property.  In the midst of a crisis, it can be hard to know what to do or how to help. We put together a quick list of resources, depending on individual needs.

For up to the minute updates on wildfire progression and evacuation areas, visit Cal Fire’s Incident Information page: http://www.fire.ca.gov/current_incidents

If you are a homeowner and have a home that was lost or damaged as a result of the fire, contact your broker right away.

If you are a business owner and have suffered a loss related to your business, once you and your employees are safe, contact your broker right away.

If you are not currently in an area threatened by fire and are concerned about precautions you can take to protect your own home or business, contact your broker to discuss the best plans and policies to have in place.

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Topics: Individuals, Property + Casualty

Best Practices for Product Safety at Every Stage of Manufacturing

Posted by David Freeman, Principal, Director of Commercial Sales on August 15, 2017 at 10:00 AM
Best Practices for Product Safety at Every Stage of Manufacturing

Manufacturing safe products is a primary goal and responsibility for all consumer product manufacturers. At every stage along the manufacturing process, there are factors that influence product safety and the associated liability. More and more, manufacturers are being held liable for risks both higher and lower on the supply chain. By following best practices throughout a product’s life cycle, you can improve product safety and help manage these evolving risks.

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Topics: Property + Casualty, Manufacturing

Construction Industry: Are You Ready for an Influx of Work?

Construction Industry: Are You Ready for an Influx of Work?

Preparing for Success When New Opportunities Arise

In April 2017, the California State Legislature approved Senate Bill 1, a transportation funding bill. The Road Repair and Accountability Act of 2017 will generate more than $5 billion annually for road repairs and mass transit. The bill addresses a $136 billion backlog of repairs and improvements across California, creating thousands of jobs, an abundance of contract work, and growth opportunities for the construction industry.

While this is great news for eager companies, is your business equipped to handle the influx of work? How can you ensure that your company is set up for success when competing for bids?

A detailed assessment of specific aspects of your operation is the best way to make sure your company is ready. With a strong handle on the following areas, your team will have the best shot at winning and delivering on opportunities created by the transportation bill.

Evaluate Your Capacity

Assess your firm’s bonding and new bid capacity to determine if your current program can support bid opportunities over the next 12–24 months. Begin discussions with your insurance broker and bonding company about pursuing projects under the new legislation and how best to prepare.

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Topics: Property + Casualty, Market Trends

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