Employers that have decided to offer their staff individual healthcare reimbursement accounts to purchase health insurance on their own have been encountering administrative headaches. Simply tracking whether workers in an ICHRA plan have secured coverage can be complicated, but employers need to contend with other compliance issues too. As a result, more firms have turned…
Nearly half of middle-market businesses feel unprepared for key threats despite implementing various risk management strategies, according to Nationwide Insurance’s latest “Agency Forward” survey. The survey found that while 90% of businesses have formal risk management policies that are reviewed regularly, 21% lack a business continuity plan, leaving them exposed to potential disruptions that could…
Chronic health conditions are a growing problem for workers, damaging their well-being, productivity and job satisfaction, according to a new study. The “U.S. Employee Perspectives on Managing Chronic Conditions in the Workplace” poll by the Harvard T.H. Chan School of Public Health and the de Beaumont Foundation found that 58% of U.S. employees report having…
Businesses and homes located in areas that have been hit by wildfires have another risk they face after the fires subside: flooding, landslides, debris and mudflows. And these events are not covered by a standard business property or homeowner’s insurance policy. Areas affected by wildfires have a significantly increased risk of landslides, mudslides and mudflows…
There is a general truth in the health insurance sector: If Medicare and Medicaid are given the green light to cover a certain drug, insurers in the group health and individual health insurance market usually follow suit. The Centers for Medicare and Medicaid Services (CMS) typically allows Medicare drug plans and Medicaid to cover a…
Even if you have a business or a home that was not affected by the recent wildfires in Los Angeles, you will likely see a surcharge to help pay for them on your next property insurance policy renewal. The state-run California FAIR Plan, which is the market of last resort when policyholders are unable to…
As construction projects become larger and more complicated, contractors are taking on more of the risk by increasing their builder’s risk insurance deductibles, according to a recent report. Michael Cusack, executive vice president of insurance broker Alliant Specialty, told Insurance Business magazine that contractors are willing to take on more of the risk as those…
A recent survey found that the majority of employees prefer traditional employer-sponsored health insurance over receiving cash through an individual coverage health reimbursement arrangement (ICHRA) to buy their own coverage on the Affordable Care Act marketplace. The survey, conducted by Softheon, a health coverage distribution technology firm, and its subsidiary W3LL, found that 80% of…
Automobile insurance companies are struggling to keep up with the rising cost of collision insurance claims, and that’s forcing them to raise rates at a steady clip. In 2019, the industry paid out $62.6 billion in losses for damage to personal vehicles and $5.4 billion for commercial vehicles. By 2023, those numbers had risen to…
A new report has found that employers are increasingly wrestling with two challenges in their human resources departments: growing employee benefits fiduciary liability issues, and administrative difficulties in managing employee leaves. Employers are facing lawsuits by employees who allege they mismanaged their health and wellness benefits, and recently enacted legislation has increased their fiduciary responsibilities,…