Considering Captive Insurance for Your Business

If you are a business owner looking for alternatives to standard insurance, you may consider captive insurance. This insurance is owned and managed by the entities it insures, giving you greater control when it comes to managing your own coverage.

A Tried and True Option

Owning your own insurance company may at first sound like a niche idea, but it’s relatively common practice. These companies can be established in over 30 states, and roughly 40% of all major American corporations use some form of captive insurance.

A Wide Range of Coverage

If your business has unique risks, or has difficulty finding insurance due to certain liabilities, an insurance captive might be the solution. They can help you cover these special liabilities in addition to providing all the same coverage as standard insurance, including things like auto coverage and workers’ compensation.

A Long List of Benefits

In addition to the reasons above, there are many other benefits associated with using an insurance captive. This type of insurance offers flexibility in coverage while still providing all services in one single, easy-to-control company. It can also lower your insurance costs.

Initially, setting up captive insurance may seem intimidating. However, this type of insurance is well-established in the United States and can provide many benefits for your company. Many businesses are turning to insurance captives for a wide variety of reasons, and your business could join them.

What Is EBL Insurance?

Most employers offer benefits to their employees. Most employees expect benefits. What happens if errors are made during the administration of benefits? An Employee Benefits Liability insurance policy or EBL policy might be the answer.

Protections Offered With EBL Policies

Employee Benefits Liability coverage is a type of coverage that protects against errors and omissions during the administration of benefits programs.

Sometimes enrollment errors occur or an employee’s coverage may be accidentally canceled. If the employee has to pay out of pocket for benefits that he or she should have received, then you can count on the liability coverage to handle that. Any errors in recordkeeping or bad advice can lead to lawsuits.

Types of Benefit Programs Covered

When customizing your EBL policy, your policy must cover the benefits that you offer. Some of the common benefits covered by an EBL policy include:

  • Life insurance
  • Profit-sharing plans
  • Pension plans
  • Disability benefits
  • Employee stock benefits
  • Health insurance
  • Dental insurance
  • Workers’ compensation

As with any type of insurance program, there are exclusions and limits. Make sure that you understand the coverages offered, your benefits and the exclusions of your policy.

Even if you do your best to avoid errors, they can still happen. If you offer benefits to your employees, you have to be prepared. When it comes to risks, your best safety net is insurance coverage.

Frequently Occurring Risks Restaurant Managers Should Be Aware Of

Restaurants are notorious for being fast-paced, constantly changing work environments that require all employees to be on their toes at all times, but as a manager, you face an even greater responsibility in terms of risk management. Handling restaurant risk management involves plenty of moving parts and can seem overwhelming, but being aware of some of the most common risks can help you stay focused.

Add Multiple Risks to Your Radar

One of the toughest parts of restaurant risk management is that you have to keep an eye on multiple factors at once. Some common scenarios you may face include:

  • Slow turnout due to an economic downturn
  • Poor online reviews harming your image
  • Employee expenses rising

Keep an eye on these issues and reassess them frequently to ensure you’re on the right path.

Understand the Role of Technology

You likely have already seen how advances in technology have had positive and negative effects on your restaurant. While some tech-savvy tools may help you track your expenses better, for instance, be aware that they always carry a risk of glitching or having computational errors. It may be necessary to check automated calculations again by hand to be certain of their accuracy.

No matter the type of cuisine your restaurant serves, proper restaurant risk management is key to ensuring smooth operations and an enjoyable experience for your customers. With these common risks on your radar, you can stay vigilant and successfully manage your restaurant.

3 Types of Crime Insurance Claims

Hiring a new employee is both an exciting and nerve-wracking task. Although you hope to find someone with integrity who will catapult your company to new heights, that is not always the reality. As technology advances, it’s becoming increasingly easier for employees to commit crimes in the workplace. Being aware of potential crimes is the first step toward ensuring you and your company remain protected from internal threats.

1. Theft of Funds/Property

The most common workplace crime involves an employee stealing money or property from an employer. This ranges from petty theft of cash register funds or small property to embezzling tens of thousands of dollars. Though coverage varies, many insurance companies will protect against this occurrence both inside and outside of the premises of the company.

2. Forgery and Alteration

Employees are not always who they claim to be. Some employees forge checks, money orders, or other important documents. Because of its seeming legitimacy, alterations are often harder to detect and fly under the radar for long enough to cause irreparable damage to your company.

3. Fraud

Though fraud has existed forever, employees are now becoming bolder and more creative with the ways in which they commit fraud. Technology has made it much easier for someone to hack into your company’s records, steal crucial data, or redirect funds into their own account.

Unfortunately, there are a number of ways employees can take advantage of you and your business. There are also, however, ways to help ensure that you are covered if you find yourself the victim of employee theft and dishonesty. Crime insurance claims can protect your company from the chaos that ensues when an employee does you wrong.

Common Benefits of Group Medical Plans

As a business owner looking for the best way to offer employees good benefits while staying on budget, you may be looking for comprehensive group medical services. Employees often expect certain medical and dental benefits that you can get as part of a tailored plan. For reference, take a look at these commonly offered benefits.

Medical, Vision and Dental Benefits Are Typical

While you may already be offering your employees some medical benefits, adding in vision and dental benefits can make your plan more comprehensive and attractive, and doesn’t necessarily need to add too much extra to your bill. Benefits to look for include:

  • Routine eye exams
  • Contact lenses or prescription glasses
  • Orthodontic care
  • Dental checkups
  • Primary care

In some cases, you may even be able to add in a prescription drug benefit.

Look for a Multi-Tasking Plan

The key to getting the best coverage for your budget is to look for a plan that multi-tasks For instance, consider benefits that boost employee health, allow you access to expert assistance and keep administrative costs at a minimum.

Offering quality group medical services and benefits including various medical, dental and vision plans is often important for attracting and retaining top employee talent to your company. You can remain competitive and stick to a budget by getting coverage that includes some of these common benefits.