Non-traditional voluntary employee benefits are becoming increasingly popular with workers because they address their real-world lifestyles and financial needs. If you’d like to offer your workers a benefit that can help them invest in their future, advance their careers – and make them more productive – all without costing you a dime, consider online learning programs.
According to a recent nationwide study by Harris Interactive, more than half (53%) of workers and their spouses surveyed would be at least “somewhat likely” to use educational services for themselves or their families through an employee purchase program.
While higher education has become essential to get ahead in today’s high-tech world, skyrocketing costs have made it increasingly difficult for workers to afford. More than nine in ten college students have taken out loans to earn their bachelors degree – and the value of student loan debt has topped $1 trillion ($300 billion more than credit card and auto loan debts combined)!
Many employers currently offer some form of tuition assistance for the continuing education of their workers. However, online learning can provide a more affordable and convenient alternative for your employees to fund their education and that of their family members (through tutoring programs and SAT/ACT preparation programs) while learning at their own speed. Workers would pay through convenient pain-free payroll deductions, providing a responsible way to budget, together with the opportunity to graduate free of debt. What’s more, the program won’t burden your employee benefits budget.
To learn more about how you can offer this creative benefit to your workers, just give us a call.
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A recent nationwide study found that more and more businesses and workers are benefiting from voluntary employee benefits programs. According to the Prudential Insurance Company State of Group Voluntary Benefits survey:
- More than six in ten employees surveyed (63%) believe that voluntary benefits increase the value of their company’s benefits program.
- The percentage of employees who would like to receive more benefits grew to 34% from 24% a year ago.
- One in three employees feels that losing their voluntary benefits would be disruptive and expensive.
“Employers and employees agree on the value of voluntary benefits,” says Bob Patience Prudential Group Vice President, Voluntary Benefits Insurance. “Employers see an increase in employees’ satisfaction with these programs, while employees appreciate their employers’ endorsement of the products offered, and believe they get good value because of their employers’ involvement and diligence.”
Voluntary benefits offers workers a number of advantages, including the education and resources they need to make informed decisions based on their needs. Taking full advantage of these programs is a great way for employees to improve their “wellness” – both physical and financial. What’s more, voluntary benefits offer workers the convenience of employer-based enrollment systems and “pain free” payroll deduction.
What employees saw as the primary advantage of voluntary benefits varied based on age, education, and gender. More than three in five workers (62%) over the age of 60 focused on the guaranteed coverage feature. More than half (56%) of college graduates preferred the wide range of available products. A slightly higher percentage (53%) of women than of men (45%) chose the convenience of payroll deductions.
Our agency’s professionals would be happy to advise you on creating or updating, your Voluntary Benefits program – just give us a call.
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Product Liability Insurance helps protect your company from damages for losses related to manufacturing or selling products or other goods.
These claims can, and do, put businesses out of business – just ask the officers of any asbestos manufacturer.
Companies are vulnerable to three types of products claims
- Manufacturing or production flaws that create an unsafe defect in the product. For an example, just recall the recent claims against Chinese manufacturers for using dangerous chemicals in their products.
- Design defects that make the product inherently unsafe. (The series of lawsuits against Toyota vehicles for defective acceleration controls during the past two years comes to mind.)
- Inadequate warnings or instructions, such as failing to label a product properly or advise consumers about potential risks. A famous example is the McDonald’s “hot coffee case.”
Damages can include medical costs, compensatory damages, economic damages, and (in some instances) attorney fees and costs, as well as any punitive damages.
Some sellers and retailers choose not to buy Product Liability Insurance because they don’t actually “manufacture” anything. However, most states follow the “stream of commerce” model of liability, meaning that if your company sells a product, you can be held liable for damages to the end user.
“Business Owners” and Commercial General Liability policies usually include some type of Product Liability Coverage (Sometimes known as Product/Completed Operations Insurance).
Premiums are based upon the type of product and sales volume. If you try to reduce premiums by underreporting sales or insuring only a percentage of your sales, you’ll probably face a hefty “underinsurance” penalty. Make sure to identify your products properly, too. For example; if you supply stepstools, you don’t want them categorized as ladders, which have a higher premium because of their greater risk potential.
For more information, feel free to get in touch with our Business Insurance professionals.
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Your Auto insurance rates are based on a variety of factors such as your driving record, mileage, the car you drive and your age.
Rates are highest for drivers in their teens and early 20, tend to fall for those aged 30 to 60-something, and then start climbing again around age 70. Although drivers in this age range tend to drive less and are more mature, their vision and reflexes are declining. They’re also more likely to be injured in an accident than their younger counterparts, and to suffer more severely because they’re physically weaker. Also. They often drive smaller cars, which are more vulnerable to damage.
Here are five ways that senior drivers can keep their Auto insurance rates affordable. :
- Update your mileage. You can get a discount of 5% to 10% if you no longer commute or drive long distances.
- Use a telematics device. A usage-based or pay-as-you-go Auto insurance program can reduce premiums by 5% to as much as 40%.
- Take a class. Most states require Auto insurers to offer “mature drivers” (who can be as young as 55) a discount of 5% to 15% for completing an accident-prevention course.
- Exclude a driver. In some states, you might be able to drop coverage on a driver who no longer gets behind the wheel.
- Make your car safer. Some insurance companies offer discounts for anti-theft devices, airbags and anti-lock brakes.
Bear in mind that drivers can use some of these methods at any age and save on Auto insurance by raising their deductible or reducing coverage.
To make sure you get the protection you need at a cost you can afford, just give us a call.
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When it comes to hackers stealing confidential client information, most people think of their primary targets as mega-corporations; banks, credit card providers, online retailers, and so forth. (American Express, MasterCard, and Sony come to mind.)
However, more than half of small and midsize businesses have experienced at least one data breach in the past year, according to a recent nationwide study by the Ponemon Institute. What’s more, only 33% of surveyed companies suffering breaches notified affected individuals that their personal information was ever at risk – despite laws in 46 states that require such notification.
The primary causes of these breaches were employee or contractor error, lost or stolen laptops or smart phones, and procedural mistakes, according to the study commissioned by the Hartford Steam Boiler Inspection & Insurance Co.
The survey also found that:
- Nearly nine in 10 respondents (85%) shared their customer and employee records with third parties by providing billing, payroll, employee benefits, web-hosting, or other information technology services.
- Seven in 10 respondents (70%) said that data breaches are more likely to occur if they outsourced data.
- Despite this outsourcing exposure, more than three in five businesses surveyed (62%) did not require third parties to cover costs associated with a data breach in their contracts.
“Smaller companies are targeted by data thieves, but they often don’t know how to respond when sensitive information they keep on customers and employees is lost or stolen,” warns Hartford Steam Boiler Vice President Eric Cernak. “Failing to act in a timely and effective way can harm the reputation of businesses and even risk legal penalties in many states.”
For professional advice on helping you minimize the growing financial and legal threats to your business from data breaches, please feel free to get in touch with our agency at any time.
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Basic health interventions can help your business lower short-term disability rates, while reducing your employees’ time away from work. That’s the bottom line of a nationwide study of 118,000 employees by CIGNA, a major health services company.
CIGNA found that these measures, combined with predictive analytics, cut disability rates by 15% among employees at high risk of suffering disability within in the next 12 months. (The study defined “high risk” as a 10% or greater probability of becoming disabled during this period).
“By identifying workers at high risk of future short-term disability and providing individualized intervention that includes coaching, incentives, and other outreach, our study shows that the onset of disability absence can be reduced measurably, benefiting employers and employees alike,” says Dr. Robert N. Anfield, chief medical officer for CIGNA’s Disability business. Future studies will deal with the impact of intervention on the length of short-term disability, return-to-work rates, and total medical costs.
The company’s Absence Prediction and Prevention program establishes an intervention, led by a nurse/health advocate, that provides:
- Early identification of workers at high risk for future short-term disability.
- Proactive outreach to these employees.
- Clinical Assessment.
- A range of disability absence prevention strategies.
By proactively identifying employees who might be having health problems before their condition worsens and they need to leave work, you can help workers stay healthy and potentially prevent or lessen the impact of injuries or illness – which translates into lower absenteeism, higher productivity, and a healthier bottom line.
It makes sense to develop an absence prevention program that emphasizes preventive health safety training. As always, we stand ready to offer our advice.
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