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Car Rental Insurance – What you Need to Know

It’s not uncommon for rental car agencies to offer you the opportunity to purchase additional auto coverages on your rental, but do you need them? Warren G. Bender Co. has the answers!

Decide Before You Ride

The best time to make the decision about whether you will need extra rental car insurance is before you’re standing at the car rental counter. Read on to learn about car rental insurance considerations and what you need to know to make sure that you’re covered.

It’s not uncommon for rental car agencies to offer you the opportunity to purchase additional auto coverages, but do you need them? (more…)

Filed under: Personal Insurance — Jillian Bender-Cormier @ 4:11 pm September 24, 2015


OSHA’s Proposed Rule Clarifies Recordkeeping Obligations

OSHA issued a Notice of Proposed Rulemaking (NPRM) that clarifies an employer’s continuing obligation to keep and maintain accurate records of recordable incidents.

The new rule doesn’t impose any new reporting requirements or add any new obligations for employers. Instead, the proposed rule clarifies the obligations that employers already have and reinforces that accurate records “are not simply paperwork, but have an important, in fact life-saving purpose.” (more…)

Filed under: OSHA,Safety — Jillian Bender-Cormier @ 3:31 pm


Alternate Funding: Captives

It has become increasingly important for employers to offer some form of an employee benefits package in order to attract and retain a strong workforce. Additionally, employers may want to protect their company from the risks associated with offering employee benefits. While employers have traditionally insured their employee benefits risks through an outside insurance carrier, the increased demand for employee benefits has resulted in an inflation of costs associated with insuring employee benefits risks. Because of this, many employers have opted to cut out insurance carriers altogether and instead fund their group employee benefits risks with captives.

What is a Captive?

A captive is an independent insurance company that is created and owned by at least one non-insurance company for the purpose of insuring the employee benefits risks of its owner (or owners). In other words, captives are a form of self-insurance in which the insured owns the insurer. Employers might choose to form a captive as an alternative to traditional insurance in order to better control costs and manage the risks associated with providing employee benefits.

Advantages

A captive can offer significant savings and become a substantial long-term investment. By creating and owning its own captive insurance company, an employer is able to keep all of the savings and interest income it earns from the captive. This means that instead of spending money on insurance, an employer can actually earn money from its captive policy over time. This is particularly beneficial for large employers or companies that pay higher insurance premiums due to the large number of employees receiving benefits.

Disadvantages

Although captives may be a convenient and cost-effective alternative to traditional insurance for some employers, they may not provide the same benefits to every company. If an employer’s insurance premiums and claims costs are already relatively low, a captive may not provide a significant return on investment. In addition, smaller companies may find that the cost of obtaining traditional employee benefits insurance is lower than the cost of creating and maintaining a captive.
When it comes to insuring employee benefits risks, there are many options and factors to consider. To find out more about whether captive insurance is right for you, contact your Warren G. Bender Co. representative today.

Filed under: Captives & Alternative Risk,Employee Benefits,Property & Casualty — Jillian Bender-Cormier @ 3:27 pm


Devastating Reputational Risks

A strong reputation has the potential to be your largest asset, but just one crisis could irrevocably tarnish your image and ruin your business. According to a recent survey from Deloitte, the largest professional services network in the world, 87 percent of business executives believe that reputation is their largest risk area, and only 19 percent of respondents think their business is adequately protected. In order to be prepared, you need to identify and mitigate the potentially devastating risks to your business’s reputation.

Health and safety incidents, product recalls and regulatory investigations are just a few of the incidents that have the potential to damage your reputation; and, now that social media and other online sources have accelerated news coverage, you may only have minutes to respond to a crisis and protect your image. The failure to quickly and effectively address a crisis can result in lost business, litigation, regulatory fines and more. (more…)

Filed under: HR — Jillian Bender-Cormier @ 3:20 pm