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What Is Business Owner's Policy Insurance?

Tue, 24 Mar 2026 14:23:43 GMT

What is Business Owner's Policy Insurance?

At a Glance : A business owner's policy (BOP) bundles property insurance, general liability coverage, and business interruption insurance into a single package designed for small to mid-sized businesses. While a BOP covers the most common business risks, certain exposures like workers' compensation, commercial auto, and cyber liability still require separate policies.

Small business owners often need multiple types of insurance coverage, but purchasing separate policies for each risk can be complicated and expensive. A business owner's policy , commonly known as a BOP, bundles essential coverages into a single, convenient package designed specifically for small to mid-sized businesses.

BOPs typically combine property insurance, general liability insurance, and business interruption coverage at a lower cost than purchasing each separately. Understanding what a BOP covers and whether it meets your business needs helps you make informed decisions about protecting your company.

What Is a Business Owner's Policy?

A BOP is a packaged insurance policy that bundles multiple coverages into one policy designed specifically for small to medium-sized businesses. It combines property insurance, general liability insurance, and business interruption coverage, providing streamlined protection with one policy, one premium, and one renewal date. This single policy document covers multiple risk categories, simplifies administration with unified policy terms and conditions, and allows claims to be handled under one policy regardless of which coverage type is involved.

Insurers offer BOPs because they provide an efficient way to deliver essential coverages to small businesses. For businesses new to commercial insurance, a BOP serves as an attractive entry point that covers the most common risks without requiring complex policy structures.

What Does a Business Owner's Policy Cover?

Commercial Property Insurance

A BOP provides coverage for buildings owned or occupied by the business and protection for business property, including equipment, inventory, furniture, and fixtures. Coverage extends to property of others in your care, custody, or control, and protects against fire, theft, vandalism, and other covered events. Many policies also include coverage for outdoor signs, fencing, and other structures on the property.

General Liability Insurance

General liability coverage includes bodily injury claims from customers, visitors, or third parties, as well as third-party property damage caused by business operations. It also covers personal and advertising injury, which includes claims of libel, slander, and copyright infringement. The policy pays for legal defense costs for covered claims and includes products and completed operations liability.

Business Interruption Insurance

Also called business income insurance, this coverage helps your company survive financially when operations are disrupted by a covered event. It covers lost income during the closure period and pays for ongoing expenses like rent, utilities, and payroll. The extra expense coverage it provides helps minimize downtime by paying for costs to get the business running again quickly. This coverage is typically tied to property damage from a covered peril and provides critical support during the recovery period.

Additional Coverages

To provide added protection and address potential risks that many small businesses face, some BOPs include more coverages, such as:

Equipment breakdown coverage
Electronic data loss protection
Coverage for valuable papers and records
Accounts receivable coverage

What a BOP Does Not Cover

Several important coverages require separate policies:

Workers' compensation insurance (which is required in most states)
Commercial auto insurance for business vehicles
Professional liability insurance , also known as Errors and Omissions (E&O) coverage
Employment practices liability insurance
Directors and Officers (D&O) insurance
Cyber liability insurance
Health insurance and employee benefits

Common exclusions that typically require separate coverage include:

Damage from weather or natural disasters (floods, earthquakes, etc.)
Intentional acts or criminal conduct
P rofessional services errors
War and terrorism
Employee injuries (covered by workers' compensation)
Auto accidents (covered by commercial auto)

BOPs have coverage limitations that businesses should understand. Policy limits may be insufficient for larger businesses. Certain high-risk industries may not qualify for standard BOPs, and home-based businesses may face restrictions. Some specialized equipment or inventory may need additional coverage beyond what a standard BOP provides.

Benefits of a Business Owner's Policy

Cost Savings

Bundled coverage typically costs less than purchasing policies separately because insurers pass administrative efficiencies on to policyholders. Discounts for combining coverages in a single package make BOPs attractive, and competitive pricing is designed with small business budgets in mind.

Convenience & Simplicity

BOPS have one policy to track instead of several, with a single renewal date and premium payment, making them easier to manage for some businesses. Unified policy terms and conditions simplify understanding your coverage, and the claims process is more straightforward. The overall coverage structure is easier to understand and explain to stakeholders.

Comprehensive Protection

BOPs address multiple common business risks in one package. They are designed to cover the most frequent small business exposures and provide baseline protection that can be customized with endorsements. This approach reduces gaps in coverage that can occur when managing separate policies with different terms and conditions.

Flexibility & Customization

With a BOP, endorsements are available to add optional coverages to address industry-specific exposures, and coverage limits can be adjusted to match business requirements. This allows businesses to tailor their policy to fit their specific needs.

BOP Coverage Limits and Deductibles

The coverage limits for BOPs are typically lower compared to other plans. However, the exact amounts can vary depending on the business’s income, property value, and risk profile.

Limits

Choosing appropriate limits requires careful consideration. Higher limits provide greater protection but increase premiums.

Property limits should reflect the replacement cost of buildings and contents. Liability limits should consider your exposure level and any contractual requirements from landlords, clients, or partners. Higher limits provide greater protection but increase premiums.

Consider an umbrella policy for additional protection above BOP limits if your exposure warrants it.

Deductibles

Deductibles represent the amount your business pays out of pocket before coverage applies. Higher deductibles lower premium costs but increase your financial responsibility when claims occur. Choose a deductible level your business can afford to pay in the event of a claim. Deductibles may vary by coverage type within the policy.

BOP vs. Separate Policies

A BOP makes sense for small businesses with straightforward coverage needs and budget-conscious businesses seeking cost-effective protection or simplified policy management.

Separate policies may be better for larger businesses exceeding BOP eligibility thresholds or companies needing higher coverage limits than BOPs provide. Businesses with specialized or complex risk profiles may need tailored coverage that a standard BOP cannot offer.

Comparing Policy Options

Before making a decision, businesses should:

Obtain quotes for both a BOP and separate policies
Compare total premiums, coverage limits, and deductibles
Consider the administrative costs of managing multiple policies
Factor in potential coverage gaps that can occur with separate policies

Managing Your BOP Coverage

Annual policy review helps ensure your coverage keeps pace with your business. Review coverage limits annually to reflect growth, update property values to account for new equipment, inventory, or improvements, and reassess liability limits based on current operations and contracts. Add endorsements as business needs change over time.

Businesses should update coverage when significant changes occur, such as:

Moving to a new location
Making significant equipment purchases or property improvements
Experiencing revenue growth or expansion of operations
Adding new products or services
Changes in contractual insurance requirements

Working with a qualified insurance broker helps ensure you have the right coverage. Brokers experienced with small business insurance can provide guidance on your specific situation. These professionals can discuss specific risks and coverage needs for your industry and help you learn more about available endorsements and customization options.

Discover Coverage Solutions with a Business Insurance Broker

A business owner's policy bundles property insurance, general liability, and business interruption coverage into a convenient, cost-effective package for small to mid-sized businesses. BOP insurance provides comprehensive baseline protection that can be customized with endorsements to address specific business requirements. However, many businesses require additional types of coverage to fully meet their needs.

Working with an experienced insurance professional can help you determine what insurance plan is right for your business. At BIS Benefits, our insurance brokers work closely with you to explore your coverage options and find the best plan for your specific risks and operations. If your business is located in Georgia and has at least 15 employees, Request a Quote today.

What Is Product Liability Insurance?

Tue, 24 Mar 2026 13:27:06 GMT

What Is Product Liability Insurance?

At a Glance : Product liability insurance covers claims alleging that a product caused bodily injury or property damage by paying for legal defense costs, settlements, and judgments. Any business that manufactures, distributes, imports, or sells products needs this coverage because liability claims can arise even when a company follows quality control procedures and industry standards.

If your business manufactures, distributes, or sells products, a single defective item could result in a lawsuit that threatens your entire operation. Product liability insurance protects businesses from claims alleging that their products caused injury, illness, or property damage to consumers or other parties.

Product liability claims can arise even when a business follows quality control procedures and industry standards. A manufacturing error, a design flaw, or inadequate warnings can lead to costly litigation regardless of your best efforts. Coverage is important for any business in the product supply chain, from manufacturers to distributors to retailers.

What Is Product Liability Insurance?

Product liability insurance covers claims alleging that a product caused bodily injury or property damage. It protects businesses from lawsuits filed by consumers, end users, or other parties harmed by a product. The coverage pays for legal defense costs, settlements, and judgments arising from product-related claims.

When a claim is filed, the insurer investigates the incident and provides legal defense for the business. Coverage applies regardless of whether the business is ultimately found liable, meaning defense costs are covered even if you win the case. Policies pay for settlements or judgments up to the coverage limits. Legal fees may be included within limits or provided in addition to limits, depending on the policy structure.

Relationship to General Liability Insurance

Product liability is often included as part of commercial general liability insurance through products-completed operations coverage. However, some businesses need standalone or excess product liability coverage for higher limits. High-risk industries may require both a general liability policy and specialized product liability policies that address their specific exposures.

What Does Product Liability Insurance Cover?

Product liability coverage extends to:

Bodily injury claims from consumers
Property damage caused by defective products
Legal costs, including attorney fees, court costs, and expert witnesses
Settlements negotiated to resolve claims
Judgments awarded by courts
Medical expenses for injured parties

Types of Covered Product Defects

Design Defects : Flaws in the product's design that make it inherently dangerous, affecting every unit produced.
Manufacturing Defects : Errors during production that affect specific units rather than the entire product line.
Marketing Defects : Involve inadequate warnings, instructions, or labeling, sometimes called failure to warn claims.

Examples of Covered Incidents

A range of claims can arise from faulty products across different industries, such as:

A consumer injured by a malfunctioning appliance
A food product causing illness or allergic reaction
Auto parts failure leading to a vehicle accident
Cosmetic products causing skin reaction or injury
Equipment malfunction causing property damage

Exclusions

Product liability insurance does not cover everything. The following incidents may require separate insurance coverage:

Intentional harm or fraudulent acts
Product recalls (requires separate product recall insurance )
Breach of warranty claims
Damage to the product itself
Claims arising from products not listed on the policy
Known defects concealed from the insurer

Who Needs Product Liability Insurance?

Manufacturers

Since they design and produce products, manufacturers bear primary liability exposure. Even with quality control, defects can occur in design or production. Claims can arise years after products are sold, and coverage protects against both individual claims and class action lawsuits. Any company that creates products needs this protection.

Distributors & Wholesalers

Even though they did not manufacture the product, distributors and wholesalers can be named in product liability lawsuits. Liability can attach to any business in the supply chain, and coverage provides protection and legal defense when named in claims. Contractual requirements from manufacturers or retailers may mandate coverage as a condition of doing business.

Retailers & Resellers

Stores selling products can be held responsible for defective items, which creates liability exposures for resellers. Retailers may be the most accessible target for consumer lawsuits since they have a direct relationship with the buyer. Private label or store brand products create additional exposure, and online sellers and e-commerce businesses face similar risks.

Importers

When foreign manufacturers cannot be sued in domestic courts, importers may bear legal liability. They face increased responsibility for product safety and compliance and may encounter heightened scrutiny from regulators and consumers. Coverage is particularly important when manufacturers are overseas and beyond the reach of the legal system.

Industries with High Product Liability Risk

Food and Beverage

These companies face contamination, spoilage, and allergen risks. In the United States, regulatory requirements from the Food & Drug Administration (FDA) and U.S. Department of Agriculture (USDA) apply, and the potential for widespread harm from batch issues makes this industry high risk. Recalls can affect large volumes of product and cause significant financial damage.

Medical

Since pharmaceuticals and medical devices involve high-stakes health outcomes, product liability claims from product failures can create significant liability. Extensive testing and approval requirements apply, and long-tail liability exposure exists for side effects discovered years later. Class-action lawsuit potential makes adequate coverage limits particularly important in this sector.

Consumer Electronics

These products create risks from battery fires, electrical hazards, and malfunctions. Rapid product cycles and innovation increase risk, and global supply chains complicate quality control. Recalls can be costly and damaging to the business's reputation.

Children's Products

Products made for children face heightened safety standards and regulatory oversight, with particular concerns around choking hazards, toxic materials, and design flaws.

Automotive and Transportation

Auto components involve safety-critical parts with severe injury potential. Regulatory requirements from the National Highway Traffic Safety Administration (NHTSA) apply, and long product lifecycles create extended liability exposure.

Manufacturing & Industrial

Since faulty equipment can cause employee injuries and other damages, manufacturers must follow strict safety standards.

How Product Liability Claims Arise

Product liability claims have several legal bases:

Strict Liability : Holds the manufacturer responsible regardless of fault.
Negligence Claims : Argue failure to exercise reasonable care in design, production, or warnings.
Breach of Warranty Claims : Arise when a product fails to meet express or implied promises.
Misrepresentation : Involves false statements about product safety or performance

Various parties can file claims against your business. Consumers who purchased and used the product are obvious claimants, but end users who did not purchase but were harmed, sometimes called bystanders, can also sue. Businesses damaged by defective products may seek compensation, and family members of injured parties may have claims as well.

How Much Product Liability Coverage Do You Need?

Several factors influence appropriate coverage limits:

Type of Product
Associated Risk Level
Annual Sales Volume & Revenue
Distribution Channels & Geographic Reach
Claims History
Industry Loss Trends
Contractual Requirements From Customers or Partners

Balancing Cost & Protection

Higher limits increase premiums but provide greater protection against large claims. Deductibles and self-insured retentions affect both cost and out-of-pocket exposure. Consider worst-case scenarios and catastrophic loss potential when setting limits, and review coverage annually as product lines and sales volume change.

Reducing Product Liability Risk

Quality Control

Implement rigorous quality control procedures
Test products before release and monitor in-market performance.
Document testing results and quality processes thoroughly.
Address defects promptly when identified to prevent additional incidents

Warnings & Instructions

Provide clear, comprehensive product warnings
Include proper usage instructions
Address foreseeable misuse scenarios
Update warnings as new risks are identified
Documentation and recordkeeping support your defense if claims arise
Maintain records of design decisions and safety analyses, document testing and inspections
Retain records for the expected life of the product plus the statute of limitations

Working with an experienced insurance professional helps ensure appropriate coverage. Look for insurance agents experienced with your industry who understand your specific exposures. Provide detailed information about products, manufacturing processes, and quality control. A qualified broker can go over your policy options and help you find the right coverage for your needs.

Discover Product Liability Solutions with BIS Benefits

Product liability insurance protects businesses from claims alleging their products caused injury or property damage. Even businesses with strong quality control practices can suffer financial loss from a product liability claim, which makes this coverage important for any business owner involved in manufacturing, distributing, or selling products.

At BIS Benefits, our experienced product liability insurance brokers will evaluate your business’s exposures and ensure you have appropriate coverage for the products you make, distribute, or sell. If your company is located in Georgia and has at least 15 employees, Request a Quote today to learn more about our group health and commercial insurance products.

Should Your Nonprofit Have D&O Insurance?

Tue, 24 Mar 2026 13:09:05 GMT

Should Your Nonprofit Have D&O Insurance?

At a Glance : Most nonprofits should have D&O insurance because volunteer board members can be held personally liable for decisions made on behalf of the organization. D&O coverage protects directors, officers, and the organization itself from claims alleging mismanagement, breach of fiduciary duty, regulatory violations, and employment-related issues.

Nonprofit board members and officers often assume they are protected from personal liability because they serve without compensation, but this assumption can be costly. Directors and officers insurance , commonly known as D&O insurance, protects nonprofit leaders from claims alleging mismanagement, breach of fiduciary duty, or other wrongful acts committed in their leadership capacity.

Nonprofits face many of the same liability risks as for-profit organizations, and in some cases face unique exposures related to donor expectations, regulatory compliance, and charitable asset management. For organizations that rely on volunteer leadership, understanding D&O coverage is important for protecting both the individuals who serve and the organization itself.

What Is D&O Insurance for Nonprofits?

Directors & Officers Liability Insurance protects directors, officers, and the organization from claims alleging wrongful acts in their management capacity. It covers legal defense costs, settlements, and judgments, and is designed to protect the personal assets of board members as well as organizational resources. Coverage amounts can range from $500,000 to over $5 million depending on the size and risk profile of the organization.

What It Covers

A D&O policy protects board members, executive directors and officers, committee members and volunteers in leadership roles (depending on the specific policy), and the nonprofit organization itself through entity coverage. This protection covers allegations of mismanagement or poor decision-making, breach of fiduciary duty, failure to comply with regulations, employment-related claims in some policies, and errors in financial reporting or governance.

Coverage Exclusions

Criminal acts or intentional misconduct are usually excluded, as are claims covered by other policies such as general liability or employment practices liability. Bodily injury and property damage fall under general liability coverage, and known claims or pending litigation before the policy begins are also excluded. Professional liability for services provided may need separate coverage.

Why Nonprofits Need D&O Insurance

Risks for Board Members

Volunteer board members can be held personally liable for decisions made on behalf of the organization. Without coverage, personal assets such as homes, savings, and investments could be at risk in a lawsuit. Volunteer status does not eliminate liability exposure, and qualified candidates may hesitate to serve on a board without liability protection in place.

Unique Risks for Nonprofits

Nonprofits face accountability pressure from regulators, donors, and the public. They carry fiduciary responsibilities for managing charitable assets, make employment decisions affecting staff and volunteers, and must comply with state and federal nonprofit regulations. Fundraising practices and donor expectations create additional areas where claims can arise.

Limited Statutory Protections

Statutory protections typically do not cover gross negligence or willful misconduct, and legal fees can be substantial even when claims are ultimately dismissed. The Volunteer Protection Act provides some immunity but has significant limitations. State charitable immunity laws vary widely and may not apply in all situations.

Common D&O Claims Against Nonprofits

Governance & Fiduciary Claims

These include allegations of mismanagement of funds or assets, conflicts of interest, failure to oversee executive compensation, poor investment decisions affecting endowments or reserves, and self-dealing by board members or officers. Any decision that appears to prioritize personal interests over the organization's mission can lead to claims.

Employment-Related Claims

These include wrongful termination of an executive director or staff, discrimination or harassment allegations, retaliation claims, and failure to follow employment policies. Even organizations with strong HR practices can face employment claims, and defense costs add up quickly.

Regulatory & Compliance Claims

These claims arise from failure to file required reports such as Internal Revenue Service (IRS) Form 990 or state registrations, misuse of restricted funds or grant violations, violation of charitable solicitation laws, and non-compliance with tax-exempt status requirements. Regulators and state attorneys general actively oversee nonprofit compliance, and violations can result in claims against leadership.

Donor & Member Claims

These include misrepresentation in fundraising materials, failure to use funds as donors intended, breach of fiduciary duty to members in membership organizations, and disputes over organizational direction or governance decisions.

Third-Party Claims

Claims from vendors, contractors, partner organizations, or beneficiaries alleging harm from organizational decisions also fall under D&O coverage.

Who Should Consider Nonprofit D&O Insurance?

Certain organizations should prioritize D&O coverage:

Nonprofits with paid staff and employment relationships
Organizations with significant assets or endowments
Nonprofits that receive government grants or contracts
Organizations with active fundraising programs
Nonprofits operating in regulated industries such as healthcare, education, or social services

Smaller Nonprofits & Startups

Even small organizations face liability exposure, and limited resources make uninsured claims more damaging. Coverage demonstrates professionalism to donors and funders and helps attract qualified board members who expect protection before agreeing to serve.

Organizations Undergoing Transitions

Mergers, acquisitions, or dissolutions create situations where claims are more likely. Leadership transitions can lead to disputes between incoming and outgoing leaders. Program expansions into new areas may create new exposures, and financial difficulties increase scrutiny and potential claims from creditors or stakeholders.

How Much D&O Coverage Does a Nonprofit Need?

D&O coverage should reflect potential defense costs plus settlement exposure. Several factors influence appropriate coverage limits, including:

Organization size measured by budget, staff, and assets
Scope of operations and programs
Number of board members and officers
Risk profile and claims history
Industry or sector-specific exposures

Balancing Cost & Protection

Higher limits provide greater protection but increase premiums. Deductibles affect both premium cost and out-of-pocket exposure when claims occur. Consider worst-case scenarios when evaluating limits, and review coverage annually as the organization grows or changes.

Key Insurance Policy Features to Look For

D&O policies include different coverage components :

Side A Coverage : Protects individual directors and officers when the organization cannot or will not indemnify them
Side B Coverage : Reimburses the organization when it indemnifies directors and officers
Side C Coverage : Protects the entity itself, which is important for nonprofits facing organizational claims

Important policy features to evaluate include:

Defense cost coverage (duty to defend vs reimbursement)
Prior acts coverage for claims arising from past conduct
Extended reporting period options, sometimes called tail coverage , that allow claims to be reported after the policy ends.
Coverage for volunteers and committee members
Whether employment practices liability is included or if coordination with a separate policy is required

D&O Insurance as Part of Nonprofit Risk Management

D&O insurance works best as part of a comprehensive risk management program. Additional insurance coverage can include:

General liability insurance for bodily injury and property damage
Employment practices liability insurance (EPLI) for employment claims
Professional liability insurance for services provided
Cyber liability for data breaches and other potential risks
Crime or fidelity coverage for theft and fraud

Beyond insurance, strong governance practices reduce claims risk. Clear policies, documentation, and board training help prevent situations that lead to claims. Legal counsel for significant decisions and compliance matters provides guidance that helps avoid problems before they arise.

Find the Right Coverage with BIS Benefits

D&O insurance protects nonprofit directors, board members, and the organization itself from claims alleging mismanagement or wrongful acts. Volunteer status does not eliminate personal liability exposure, and even well-intentioned decisions can result in costly legal expenses. Even small nonprofits benefit from appropriate protection from a D&O plan.

Working with an experienced insurance broker helps ensure your leadership team and organization are properly protected. At BIS Benefits, we help Georgia organizations find group health insurance and commercial insurance solutions that fit their business’s unique needs. Request a Quote to get in touch with one of our professionals today!

How Does Group Health Insurance Differ From Individual Health Insurance?

Fri, 20 Mar 2026 12:28:06 GMT

How Does Group Health Insurance Differ From Individual Health Insurance?

At a Glance : Group health insurance is provided through an employer who selects the plan and pays a portion of premium costs, while individual health insurance is purchased directly by a person who pays the full premium. Group coverage offers lower costs and simplified enrollment but is tied to employment, while individual coverage provides portability and customization but often has higher out-of-pocket expenses.

Choosing the right health insurance is one of the most important financial and healthcare decisions you can make. Health insurance generally falls into two main categories: group coverage provided through an employer or organization, and individual coverage purchased directly by the person seeking protection. Each type has distinct advantages and trade-offs that affect cost, flexibility, and portability.

Understanding the differences between group and individual health plans matters whether you are an employee evaluating benefits, a business owner considering coverage options, or a self-employed professional shopping for a plan.

What Is Group Health Insurance?

Group health insurance is coverage provided through an employer or organization. The employer sponsors the plan, selects coverage options, and typically contributes to premium costs on behalf of employees. Risk is spread across all employees in the group, which generally lowers per-person costs compared to individual coverage. Common sponsors include employers, unions, professional associations, and other organizations.

Key Characteristics of Group Health Insurance

Group health insurance has several key characteristics:

The employer or organization purchases and administers the plan, and employers usually pay a significant portion of premiums, often 50 to 80 percent or more.
Larger groups spread risk effectively, often resulting in lower individual costs.
Plans are standardized with limited options and fixed benefits, deductibles, and provider networks.
Coverage cannot be denied or priced higher for pre-existing conditions
Employee premiums are typically paid with pre-tax dollars, reducing taxable income.

Employer-sponsored coverage generally ends when employment ends, though Continuation of Health Coverage (COBRA) allows temporary continuation at full cost.

What Is Individual Health Insurance?

Individual health insurance is coverage purchased directly by an individual rather than through an employer. The person selects and purchases a plan from an insurance carrier or through the Affordable Care Act (ACA) health insurance marketplace . Common purchasers include self-employed individuals, freelancers, gig workers, early retirees, and those whose employers do not offer coverage. Plans are available during Open Enrollment periods or after qualifying life events through the marketplace, with some plans available year-round.

Key Characteristics of Individual Health Insurance

Individual health insurance has its own distinct characteristics:

The individual purchases and owns the policy directly and pays 100 percent of premiums without employer contribution.
Many people qualify for government subsidies through premium tax credits based on income when purchasing through the ACA health insurance marketplace.
Individual coverage offers a high degree of flexibility to choose plans, coverage levels, networks, and benefits that fit specific needs.
ACA-compliant plans cannot deny coverage or charge more for pre-existing conditions.
Coverage stays with you regardless of job changes, moves, or life transitions.

Premiums are generally paid with after-tax dollars unless using specific arrangements like Individual Coverage Health Reimbursement Arrangement (ICHRA) or the self-employed health insurance deduction.

Key Differences Between Group and Individual Health Insurance

Coverage Purchases

With group insurance, the employer or organization selects and sponsors the plan, making coverage decisions on behalf of employees. With individual insurance, the person seeking coverage purchases directly from a carrier or marketplace and makes all decisions about plan selection.

Premium Costs & Sharing

Group insurance typically involves the employer paying a large portion of premiums, which reduces employee out-of-pocket costs. Individual policyholders pay the full premium, though subsidies may be available based on income. Group plans often have lower per-person costs due to risk pooling and employer contributions. Individual plans may be more expensive without subsidies but can be quite affordable with tax credits for those who qualify.

Risk Pooling

Group insurance spreads risk across all eligible employees, which can lower costs and stabilize premiums for everyone in the group. Larger employer groups often benefit from more favorable rates. Individual coverage assesses risk individually or within marketplace risk pools, though ACA regulations limit how much this affects pricing.

Plan Options

Group health plans are standardized with limited options since the employer chooses available plans. Individual coverage is highly customizable, allowing you to select specific plans, coverage levels, deductibles, and provider networks.

Portability

Group coverage is tied to employment and typically ends when you leave the job. COBRA allows temporary continuation coverage , but at full cost plus an administrative fee. Individual coverage stays with you regardless of employment changes, eliminating gaps when changing jobs, moving, or transitioning careers.

Tax Treatment

Group insurance employee premiums are often paid pre-tax through payroll deduction, and employer contributions are tax-advantaged . Individual insurance premiums are typically paid with after-tax dollars, though self-employed individuals may deduct premiums and ICHRA allows pre-tax treatment for some individual coverage.

Pros and Cons of Group Health Insurance

Pros

Lower costs result from employer contributions and risk pooling across the employee population.
Pre-tax premium payments reduce your taxable income.
Enrollment is simplified through the employer, with no individual underwriting or health questions required.
Group plans often include additional benefits like dental, vision, and life insurance, and the administrative burden is handled by the employer.

Cons

Plan choices and customization options are limited to what the employer offers.
Coverage is tied to employment and ends when you leave.
Available plans may not fit your specific individual or family healthcare needs.
Dependent coverage costs may be high, and you have no control over plan changes made by the employer from year to year.

Pros and Cons of Individual Health Insurance

Pros

Individual options offer full control over plan selection and coverage options.
Portability means coverage stays with you regardless of job changes.
There is greater flexibility and more opportunities to tailor coverage to your specific healthcare needs and preferences.
Government subsidies may be available to lower costs for those who qualify.
You are not dependent on employer offerings or decisions, and coverage is available to self-employed workers, freelancers, and those without employer coverage.

Cons

You pay the full premium without employer contribution, which can be expensive without subsidies.
Finding the right plan requires research and decision-making during enrollment periods.
You handle administrative tasks and interactions with the insurer directly.
Enrollment is generally limited to Open Enrollment periods unless you meet the eligibility requirements for a Special Enrollment Period due to a qualifying life event.

Which Health Insurance Coverage Is Right for You?

Group insurance may be the best choice if you:

Have employer-offered coverage with a meaningful premium contribution
Prefer lower out-of-pocket costs and simplified enrollment
Are comfortable with standardized plan options
Value the convenience of employer-administered health benefits
Consider your healthcare needs to be generally well-served by the available plan options

Individual insurance may be better if you:

Are self-employed, a freelancer, or a gig worker without access to employer coverage
Do not have health coverage through your employer or the available options do not meet your needs
Need specific coverage options not available through group plans or are supplementing group coverage for yourself or dependents

Some individuals combine both options, using group coverage as primary insurance while adding individual supplemental policies. Families may split coverage between employer plans and marketplace options depending on costs and needs. Evaluate total costs, coverage quality, and flexibility when making decisions about how to structure your health insurance.

Find the Right Fit with a Benefits Broker

Group and individual health insurance each have distinct advantages depending on your situation. Group coverage offers lower medical expenses through employer contributions and risk pooling, but it provides less flexibility and portability. Individual coverage offers customization and portability but comes with higher premiums unless you qualify for subsidies. Evaluate your employment situation, healthcare needs, budget, and priorities when deciding which option is right for you.

Consulting with a benefits advisor can help you find the health insurance plan that best fits your needs. AT BIS Benefits, our employee benefits brokers help Georgia businesses with at least 15 employees find the insurance options that best fit their needs. Request a Quote to get in touch with one of our experts today.

How Does Management Liability Coverage Protect Businesses?

Thu, 12 Mar 2026 16:59:34 GMT

How Does Management Liability Coverage Protect Businesses?

In today's complex business environment, management decisions face intense scrutiny from shareholders, employees, regulators, and the public. A single allegation of mismanagement, discrimination, or breach of fiduciary duty can result in costly litigation that threatens both the company and the personal assets of its leaders.

Management liability coverage is a category of insurance designed to protect from lawsuits alleging wrongful acts, governance failures, or workplace violations. These potential risks are typically excluded from standard commercial general liability policies, leaving a significant gap in protection. While many business owners assume management liability is only for large corporations, companies of all sizes face these exposures and benefit from appropriate coverage.

What Is Management Liability Insurance?

Management liability insurance protects businesses and their leadership from claims related to management decisions and workplace practices. It covers directors, officers, managers, and the organization itself against allegations of wrongful acts committed in their official capacities.

This coverage pays for legal defense costs, settlements, judgments, and investigation expenses arising from covered claims. Unlike general liability insurance , which addresses bodily injury and property damage, management liability focuses specifically on the risks that come with running a business and making decisions that affect employees, shareholders, and other stakeholders.

Management liability is often structured as a package policy that bundles several related coverages together. This approach provides comprehensive protection against the various types of claims that can arise from business operations and leadership decisions.

How Management Liability Coverage Protects Businesses

One of the most important functions of management liability coverage is shielding leaders' personal assets. Directors and officers can be held personally liable for decisions made in their official capacity. Without coverage, personal assets such as homes, savings, and investments could be at risk in a lawsuit. Directors and Officers Insurance (D&O) protects individual leaders from personal financial ruin and provides peace of mind for those making difficult business decisions.

Covers Legal Costs

Management liability coverage also pays for defense costs, which can be substantial. Lawsuits involving management decisions are often complex and expensive to defend. Coverage pays for legal fees, attorney costs, expert witnesses, court expenses, settlements, and judgments. It also covers investigation costs related to regulatory inquiries or internal reviews. This protection applies regardless of whether the allegations are ultimately proven valid.

Addresses Gaps in Standard Policies

Commercial general liability policies typically exclude management-related claims, and standard business insurance does not cover allegations of mismanagement, discrimination, or fiduciary breaches. Management liability fills these critical coverage gaps and works alongside other policies to create a complete risk management program.

Supports Business Continuity

Costly legal battles can drain company finances and distract leadership from day-to-day operations. Uninsured claims may force businesses to divert resources away from growth and operations. Comprehensive coverage prevents lawsuits from threatening the company's financial stability and allows leadership to focus on running the business rather than managing litigation. It also helps protect company reputation and stakeholder confidence during legal challenges.

Attracts & Retains Talent

Many qualified directors, officers, and executives expect liability protection as part of their compensation package. Coverage demonstrates a commitment to protecting leadership from personal risk and makes it easier to recruit experienced board members and senior managers who might otherwise be reluctant to take on roles with significant personal exposure.

Key Components of Management Liability Coverage

Directors and Officers Liability insurance (D&O)

D&O insurance protects directors and officers from claims alleging wrongful acts in their management capacity. This coverage is important for both public companies, private companies, and non-profit companies. Common claims include breach of fiduciary duty, mismanagement, negligence, and failure to comply with regulations.

D&O coverage typically includes three coverage parts:

Side A : Protects individual directors and officers when the company cannot indemnify them
Side B : Reimburses the company when it indemnifies directors and officers
Side C : Protects the entity itself, often for securities-related claims.

Employment Practices Liability (EPLI)

Employment practices liability insurance covers claims brought by employees, former employees, or job applicants. Common claims include discrimination, harassment, wrongful termination, retaliation, and failure to promote.

EPLI protects against claims based on race, gender, age, disability, religion, and other protected characteristics. One of the most frequently used components of management liability coverage, it covers defense costs and financial loss from employment-related lawsuits.

Fiduciary Liability Insurance

Fiduciary insurance coverage protects those responsible for managing employee benefit and retirement plans. It covers claims alleging breaches of fiduciary duty under the Employee Retirement Income Security Act (ERISA). Common claims include mismanagement of plan assets, failure to act in participants' best interests, and improper investment decisions. This coverage applies to 401(k) plans, pension plans, health plans, and other employee benefits.

Crime & Fidelity Coverage

Crime insurance policies protect against losses from internal fraud, embezzlement, theft, and dishonest acts by employees. It covers stolen money, securities, and property and may include coverage for computer fraud, funds transfer fraud, and social engineering schemes. This coverage is often bundled with management liability or available as standalone coverage.

Who Makes Claims Against Business Leadership?

Claims against business leadership can come from internal and external sources.

Internal Sources

Internal sources include employees alleging discrimination, harassment, wrongful termination, or hostile work environment. Shareholders may claim mismanagement, breach of fiduciary duty, or securities violations. Board members or partners may bring disputes over governance decisions, and benefit plan participants may allege fiduciary breaches related to retirement or health plans.

External Sources

External sources of claims include regulators investigating compliance failures or governance issues, competitors alleging unfair business practices, customers claiming deceptive practices or misrepresentation, creditors in bankruptcy or insolvency situations, and vendors or business partners in contractual disputes involving management decisions.

Common Triggers for Claims

Certain events commonly trigger management liability claims. These include:

Mergers, acquisitions, or major corporate transactions
Financial performance issues or missed projections
Layoffs, restructuring, or workforce changes
Regulatory investigations or compliance failures
Changes in leadership or board composition
Public controversies or reputational events

Considerations When Purchasing Management Liability Coverage

When purchasing management liability coverage, start by assessing your unique risk profile:

Evaluate company size, industry, and governance structure
Consider employment practices, workforce size, and HR policies
Review benefit plans and fiduciary responsibilities, and identify areas of potential regulatory exposure

Risk Management

Management liability coverage should be integrated with your overall risk management strategy. It should complement other business insurance policies and coordinate with general liability, cyber liability, and professional liability coverage. Beyond insurance, implementing strong governance practices, HR policies, and compliance programs helps reduce risk in the first place. Coverage works best as part of a comprehensive approach to managing business risk.

Working with an Insurance Broker

Management liability policies can be complex. Experienced brokers help identify appropriate coverage limits and policy structures, ensure policy language addresses your specific exposures, and review exclusions and coverage limitations carefully. The right broker can help you avoid coverage gaps that could leave your business or leadership exposed.

Find the Right Business Insurance Coverage with BIS Benefits

Management liability coverage protects businesses and their leaders from costly claims related to management decisions, employment practices, and fiduciary responsibilities. It shields personal assets, covers legal expenses, fills gaps in standard policies, and supports business continuity during challenging legal situations.

In an environment of increased litigation, this coverage is valuable for businesses of all sizes. Working with an experienced insurance broker helps ensure your coverage adequately protects your business and leadership team.

At BIS Benefits, our brokers help Georgia-based businesses find management liability coverage , group health plans , and more insurance solutions tailored to their company's needs. Request a Quote today to find out what BIS can do for you.

What is an Indemnity Plan? A Guide for Employers

Tue, 24 Feb 2026 19:15:11 GMT

What is an Indemnity Plan?

At a Glance: An indemnity plan is a health insurance model that reimburses medical expenses based on services received, allowing employees to see any licensed provider without network restrictions or referrals. These plans come in two forms: traditional indemnity plans that serve as primary health coverage and fixed indemnity plans offered as voluntary benefits.

As healthcare costs continue to rise, employers are under pressure to offer benefits that support employees without driving up premiums or administrative complexity. Many organizations are rethinking how they structure health benefits and looking beyond traditional managed care options. One category gaining renewed attention is the indemnity plan.

Indemnity plans have been used for even longer than Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) plans. What is new is how employers are using them today. Some organizations explore indemnity plans as a primary option for flexibility. Others add hospital indemnity insurance as a supplemental insurance plan or voluntary benefit to help employees manage out-of-pocket costs.

What Is an Indemnity Plan?

An indemnity plan, also called a fee-for-service plan , is a traditional health insurance model that reimburses medical expenses based on specific services received rather than limiting care to a provider network.

The defining feature of an indemnity insurance policy is provider choice. Each covered person can see any licensed doctor, specialist, or hospital without network restrictions or referrals. This level of flexibility was once one of the standard health coverage options before managed care models became dominant.

Unlike HMOs or PPOs, traditional indemnity plans do not negotiate discounted provider rates. Instead, the plan pays a set amount or a percentage of what it considers reasonable and customary charges. If the provider bills more than the plan pays, the employee is responsible for the remaining balance.

For employers, indemnity plans generally fall into two categories:

Traditional indemnity plans used as primary health insurance
Fixed indemnity plans offered as supplemental plan or voluntary benefit
Hospital Indemnity Insurance Plans :
Supplemental/voluntary benefits plans may be considered alongside indemnity insurance
Accident Insurance Plans
Critical Illness Insurance

Understanding the differences between these two types is critical when evaluating how they fit into your benefits offering.

Traditional Indemnity Plans for Employers

Traditional indemnity plans provide broad health coverage and function as primary insurance. While less common today, they still play a role in certain employer populations.

How Traditional Indemnity Plans Work

A traditional indemnity plan reimburses a percentage of covered medical expenses. For example, the plan may pay 80 percent of reasonable and customary charges, while the employee pays the remaining 20 percent. If a provider charges more than the insurer’s defined limit, the employee may also be responsible for balance billing.

Employees can choose any licensed provider without worrying about in-network or out-of-network distinctions. This flexibility can be valuable for employees who travel frequently or live in areas with limited provider networks.

Employer Considerations

Traditional indemnity plans come with trade-offs. Premiums are often higher than HMO or PPO plans because there is no cost containment through negotiated provider rates. Claims processing can also be more complex, as reimbursement is based on submitted charges rather than preset fee schedules.

From an employee perspective, unpredictable out-of-pocket expenses can be a concern. Even with a high reimbursement percentage, balance billing may create financial uncertainty.

When Traditional Indemnity May Make Sense

Traditional indemnity plans may work well for:

Employers with a geographically dispersed workforce
Organizations with employees in rural areas where provider networks are limited
Companies that prioritize provider choice as a recruitment or retention tool
Industries where employees value flexibility over lower premiums

While traditional indemnity is no longer the default option, it can still align with specific workforce needs.

Fixed Indemnity Plans as a Voluntary Benefit

Fixed indemnity coverage , including hospital indemnity insurance, is becoming more common as a supplemental health benefit. Unlike traditional indemnity, fixed indemnity plans are not designed to replace primary coverage.

What Is Fixed Indemnity Insurance?

Fixed indemnity insurance covers a set amount for eligible medical events and services. No matter what the final bill ends up being, the covered payment will stay the same under a fixed plan.

How Hospital Indemnity Plans Work

Hospital indemnity plans typically pay a daily or per-event cash benefit, such as a set amount for each day an employee is hospitalized. The payment goes directly to the employee, not the hospital or medical provider. The payout is not tied to the actual medical bill. Instead, the plan pays a predetermined amount based on the benefit schedule.

Employees can use the funds however they choose. Common uses include deductibles, copays, coinsurance, lost wages, travel costs, or childcare expenses during recovery.

This flexibility is a major reason hospital indemnity plans are attractive to employees enrolled in high-deductible health plans.

Common Riders and Add-Ons

Many hospital indemnity plans include optional benefits such as:

Ambulance transportation
Emergency room visits
Intensive care unit stays
Surgical procedures
Diagnostic testing and imaging
Outpatient treatments

Why Employers Are Adding Hospital Indemnity Coverage

Hospital indemnity plans align well with modern benefits strategies, especially when paired with high-deductible health plans.

From an employer perspective, these plans are typically offered as voluntary benefits. Employees pay the premiums through payroll deduction, keeping employer costs low.

Other reasons employers add hospital indemnity coverage include:

Helping employees manage out-of-pocket costs
Providing financial support during medical events
Improving benefits satisfaction without increasing employer spend
Offering a simple benefit that is easy to understand
Enhancing the perceived value of the overall benefits package

For employees, the predictability of a fixed cash benefit provides peace of mind when unexpected hospital stays occur.

Key Differences Between Traditional and Hospital Indemnity Plans

Coverage Scope

Indemnity plans serve as primary coverage for a wide range of medical services. Hospital indemnity plans focus specifically on hospital-related events and are supplemental.

Payment Structure

Traditional indemnity reimburses a percentage of medical bills. Hospital indemnity pays a fixed cash amount per day or per event, regardless of how much the actual hospital bills are.

Role in the Benefits Package

Indemnity can serve as primary health insurance. Hospital indemnity complements existing coverage.

Cost to Employer

Indemnity plans usually require employer premium contributions. Hospital indemnity plans are often employee-paid voluntary benefits.

Employee Financial Responsibility

Indemnity may leave employees exposed to balance billing. Hospital indemnity helps offset a variety of expenses without replacing primary insurance.

Benefits of Offering Indemnity Plans

For Employers

Indemnity health plans can enhance benefits offerings without creating unexpected costs. Hospital indemnity coverage, in particular, allows employers to add value with minimal financial impact.

Other benefits include improved recruitment and retention, increased employee satisfaction, and support for employees during costly medical events.

For Employees

Employees benefit from additional financial protection, flexible use of funds, and affordable premiums. Indemnity plans, where offered, provide unrestricted provider choice.

Considerations for Adding Indemnity Plans

Evaluating Hospital Indemnity as a Voluntary Benefit

Employers should assess whether employees struggle with deductibles, express concerns about healthcare affordability, or value financial protection alongside their primary plan.

Implementation Considerations

Key steps include selecting a carrier, determining benefit amounts, setting up payroll deductions, and coordinating enrollment with existing benefits.

Employee Education and Communication

Clear communication is critical. Employees need to understand that hospital indemnity insurance supplements primary coverage and does not replace comprehensive medical insurance.

Compliance Considerations

Hospital indemnity plans are generally classified as excepted benefits under the ACA, but they must meet specific requirements. Employers should work with a benefits advisor to ensure compliance with federal and state regulations.

Is an Indemnity Plan Right for Your Organization?

Indemnity plans may make sense if your workforce prioritizes provider choice and you are willing to invest in higher premiums. Hospital indemnity coverage may be a good fit if you offer a high-deductible health plan, want to enhance voluntary benefits, and seek to support employee financial wellness.

Questions to discuss with your benefits advisor include:

Plan design options
Coordination with existing coverage
Compliance requirements
Employee communication strategies

Trust an Experienced Insurance Broker to Find the Perfect Plan

Indemnity plans provide flexibility and financial protection in an evolving healthcare landscape. Hospital indemnity insurance has emerged as a popular voluntary benefit that helps employees manage out-of-pocket costs with minimal employer expense. Traditional indemnity remains an option for organizations that value unrestricted provider choice.

By evaluating workforce needs and benefits gaps, employers can determine whether indemnity options strengthen their overall benefits strategy. Working with experienced benefits brokers can help ensure the right solution for both your organization and your employees.

At BIS Benefits, our brokers can walk you through the different insurance coverage options available for your business. We offer several Group Benefits and Business Insurance products to accommodate many different commercial insurance needs. If your business is located in Georgia and has at least 15 employees, Request a Quote to find out how BIS can help you find the right insurance plan.

What Business Insurance for Plumbers Covers

Tue, 24 Feb 2026 17:02:14 GMT

What Business Insurance for Plumbers Covers

At a Glance : Business insurance for plumbers provides financial protection against the unique risks of the trade, including accidental property damage, client injuries, employee accidents, and theft of expensive tools and equipment. Key coverage types include general liability, workers' compensation, commercial auto, tools and equipment insurance, and professional liability.

Plumbing is a hands-on trade that requires workers to be in close contact with clients’ homes, commercial buildings, tools, and job sites every day. Working in tight spaces, handling water lines,and operating heavy equipment creates liability risks that can add up quickly if something goes wrong. One accident or theft can create serious financial stress for a plumbing business.

The right commercial insurance coverage helps protect plumbing businesses from unexpected costs tied to accidents, injuries, property damage, and legal claims. It also gives clients confidence that they are working with a professional contractor who takes responsibility seriously. Understanding what plumbing insurance covers is a key part of running a stable and trustworthy business.

Why Plumbers Need Business Insurance

Plumbers face a unique mix of risks compared to many other trades. Every job involves entering someone else’s property and working with heavy-duty systems. Even when you do everything right, accidents can still happen, and just one error can cause major damage.

Water-Related Work : A small installation issue or damaged pipe can lead to flooding, mold growth, or structural damage.
Equipment & Vehicles : Plumbers rely on expensive tools that are constantly transported, stored in vehicles, and used on active job sites.
Employee Injuries : Plumbing work often involves lifting heavy materials, working in awkward positions, and using power tools. Employee medical bills or lost wages can be costly without proper coverage.
Licensing Requirements : Many clients and general contractors require proof of insurance before they will hire a plumbing business. In many states, certain insurance coverage types are tied to licensing requirements.

Proper plumbing contractor insurance provides protection, stability, and credibility, allowing you to focus on your work instead of worrying about what could go wrong.

General Liability Insurance for Plumbers

General liability coverage for plumbers is one of the most important policies a plumbing business can carry. It protects your business from common third-party claims that can arise during day-to-day operations.

What It Covers

General liability insurance typically covers:

Bodily injury to third parties, such as a client or visitor injured at a job site
Property damage caused by your work or your employees
Legal costs if you are sued for a covered claim
Medical expenses for injured third parties
Completed operations claims for damage discovered after a job is finished

Why Plumbers Need It

General liability is required for licensing in some states and is commonly requested by commercial clients before work begins. Even when claims are unfounded, legal fees alone can be expensive. This coverage provides protection against everyday risks that plumbers face and helps keep a single incident from becoming a financial disaster.

Workers' Compensation Insurance for Plumbers

Workers' comp for plumbers is required by law in most states for businesses with employees. It protects both your workers and your business when job-related injuries occur.

What It Covers

Workers' compensation typically covers:

Medical bills for work-related injuries or illnesses
Partial replacement of lost wages during recovery
Rehabilitation and physical therapy
Death benefits for families in the event of a fatal accident

Why Plumbers Need It

Plumbing is physically demanding work. Slips, strains, cuts, and falls are real possibilities on any job site. Workers’ compensation ensures injured employees receive care while protecting the business from out-of-pocket costs and legal exposure.

Failing to carry required coverage can result in fines, penalties, and personal liability for business owners. Carrying proper workers’ compensation coverage is not just a legal requirement in many cases, it’s a fundamental part of protecting your team.

Commercial Auto Insurance for Plumbers

Most plumbing businesses rely heavily on vans and trucks. Commercial auto insurance is designed to cover vehicles used for business purposes, which personal auto policies often exclude.

What It Covers

Commercial auto insurance typically includes:

Liability coverage for accidents caused while driving for work
Property damage to other vehicles or structures
Bodily injury to others in an accident
Physical damage coverage for your work vehicles
Theft or vandalism of vehicles
Medical payments or uninsured motorist coverage

Why Plumbers Need It

Plumbing vehicles are frequently driven between job sites and parked in unfamiliar areas. They often carry tools that increase equipment theft risk. Without proper coverage, an accident or stolen vehicle can disrupt operations and create large unexpected costs.

Commercial auto coverage protects your vehicles, your drivers, and your business from vehicle-related claims.

Tools and Equipment Coverage for Plumbers

Tools and equipment insurance protects the gear that keeps your business running. Many plumbers underestimate how expensive it would be to replace stolen or damaged tools out of pocket.

What It Covers

Tools and equipment coverage may include:

Repair or replacement of stolen tools
Coverage for tools damaged on job sites
Protection for equipment stored in vehicles or in transit
Coverage for specialized plumbing equipment such as cameras or jetting machines

Why Plumbers Need It

Many plumbers invest thousands of dollars in professional tools. These items are constantly moved and exposed to damage or theft. Standard business property policies may not cover tools once they leave your shop or office. Dedicated tools and equipment coverage fills that gap and helps you get back to work quickly after a loss.

Professional Liability Insurance for Plumbers

Professional liability insurance , sometimes called Errors and Omissions (E&O) coverage, protects against claims tied to the quality of your work or professional judgment.

What It Covers

This coverage may help with:

Claims of negligence
Financial losses caused by installation errors
Damage discovered after job completion
Legal defense costs related to professional plumbing services

Why Plumbers Need It

General liability insurance focuses on accidents and property damage, not professional mistakes. Plumbing errors can lead to serious water damage and long-term issues. Professional liability coverage adds another layer of protection, especially for plumbers who handle complex systems, remodeling projects, or consulting services.

Additional Coverage Options for Plumbers

Business Owner’s Policy (BOP)

A Business Owner’s Policy bundles general liability with commercial property insurance. It can cover your office, shop, and business contents. Many BOPs also include business interruption coverage, which helps replace lost income if operations are temporarily shut down.

This option works well for plumbers with a physical location or office.

Commercial Umbrella Insurance

Umbrella coverage provides additional liability protection beyond your existing insurance policy limits. It can extend coverage for general liability and commercial auto claims. This is especially useful for plumbers working on large projects where a single claim could exceed standard limits.

Pollution Liability Insurance

Many standard liability claims exclude pollution-related claims that may be relevant for plumbers working with septic systems, waste disposal, or hazardous materials. Pollution liability insurance helps cover claims related to contamination, cleanup costs, and environmental damage.

How Much Does Plumber Insurance Cost?

Plumbing insurance costs vary depending on several factors:

Business size and revenue
Number of employees
Services offered
Claims history
Coverage limits and deductibles
Location and regional risks
Years of experience

Managing Insurance Costs

You can manage costs of business coverage by:

Bundling insurance policies
Maintaining safe work practices
Working with an industry-experienced broker
Reviewing coverage regularly to avoid paying for unnecessary protection

How to Get the Right Coverage for Your Plumbing Business

Start by assessing your risks. Consider the type of plumbing work you do, your workforce size, the value of your tools, and your vehicle use. Review client contracts and licensing requirements carefully.

Working with an insurance professional who understands plumbing businesses can make a significant difference. They can help tailor coverage, explain exclusions, and ensure you meet legal and contractual obligations.

Find the Right Insurance Coverage for Your Business with BIS Benefits

Business insurance for plumbers provides protection against the real risks of the trade. General liability , workers’ compensation , commercial auto , and professional liability each address specific exposures. Additional options like BOPs, umbrella policies , and pollution coverage can add further protection.

Working with an insurance broker who understands the plumbing industry can help you build a coverage package that supports your business and lets you focus on serving your customers with confidence. At BIS Benefits, our goal is to help businesses in Georgia find insurance coverage that provides protections for their finances, their employees, and their reputation. Check out our Group Benefits and Business Insurance options or Request a Quote today to learn more.

Different Types of Disability Insurance

Mon, 09 Feb 2026 20:03:17 GMT

Different Types of Disability Insurance

At a Glance : Disability insurance replaces a portion of your income if an illness or injury prevents you from working, helping cover everyday expenses during recovery. The main types include short-term disability, long-term disability, employer-sponsored plans, individual policies, and government programs like Social Security Disability Insurance (SSDI).

Your ability to earn an income is one of your most valuable assets. But what happens if an illness or injury suddenly prevents you from working? For many people, this risk is easy to overlook. Yet disabilities are more common than most working adults expect, and the financial impact can be significant without proper protection.

Disability insurance exists to help replace a portion of your income when you’re unable to work due to a qualifying medical condition. Unlike health insurance, which pays medical bills, disability insurance focuses on keeping your household financially stable during recovery. This guide breaks down the main types of disability insurance, how they work, and who they’re best suited for—so you can make informed decisions before you ever need to rely on coverage.

What Is Disability Insurance?

Disability insurance is designed to replace part of your income if you become unable to work due to illness or injury. Its primary purpose is to provide financial stability during periods when earning a paycheck isn’t possible.

A disability policy typically pays a percentage of your pre-disability income, helping you cover everyday expenses like rent, groceries, utilities, and loan payments. This is an important distinction from health insurance, which pays for medical care rather than lost wages.

Most disability policies share a few core components:

Benefit Amount : The percentage of income replaced.
Elimination Period : The waiting period before benefits begin.
Benefit Period : How long benefits are paid.

Understanding these terms is critical. The best time to learn how disability insurance works is before you’re facing a medical crisis, not after.

Short-Term Disability Insurance (STD)

Short-term disability insurance covers temporary conditions that prevent you from working for a limited time. These disabilities typically last weeks or months, not years.

Most short-term disability policies provide benefits for about three to six months, though exact durations vary by plan. The elimination period is often short, sometimes just a few days, making STD useful for immediate income replacement. Benefit amounts commonly replace 40% to 70% of base salary.

Conditions commonly covered include recovery from surgery, pregnancy and childbirth, short-term illnesses, and non-work-related injuries. STD insurance is most often offered through employer-sponsored benefits, though a handful of states also operate temporary disability programs.

Short-term disability coverage has limitations. It does not protect against long-term or permanent disabilities, which is why many people rely on long-term disability insurance once STD benefits end.

Long-Term Disability Insurance (LTD)

Long-term disability insurance is designed to cover extended periods of inability to work, ranging from several months to many years. It is a cornerstone of income protection for serious injuries or chronic medical conditions.

LTD policies typically begin after a longer elimination period, typically ranging from 30 days to 2 years , which is commonly structured to start when short-term disability coverage ends. Benefit periods can last two years, five years, ten years, or even until retirement age, depending on the policy.

Benefit amounts usually replace around 60% pre-disability income . Covered conditions often include chronic illnesses, severe injuries, degenerative diseases, and certain mental health conditions.

One of the most important features of LTD insurance is the definition of disability. Policies may use an “ own occupation ” definition (unable to perform your specific job) or an “any occupation” definition (unable to perform any job suited to your skills). This distinction significantly affects how and when benefits are paid.

Employer-Sponsored Disability Insurance

Many employers offer short-term and long-term disability insurance as part of their benefits packages. Group disability plans are often easier to enroll in and may come at a lower cost compared to individual policies. Premiums are frequently deducted directly from payroll, simplifying participation.

However, employer-sponsored plans can have drawbacks. Coverage may not be portable if you change jobs, and benefit amounts are often capped. Additionally, if the employer pays the premiums, benefits are generally taxable when received.

Employees should carefully review plan details, including benefit percentages, elimination periods, disability definitions, and maximum monthly benefits. In many cases, individuals choose to supplement employer coverage with an individual disability policy to close potential gaps.

Individual Disability Insurance

Individual disability insurance is purchased directly from an insurance company rather than through an employer. These policies are fully portable, meaning coverage stays with you regardless of job changes.

Individual policies offer greater customization, allowing you to choose benefit amounts, elimination periods, and riders that fit your specific needs. If you pay premiums with after-tax dollars, benefits are generally tax-free.

This type of coverage is particularly valuable for self-employed individuals, high earners, and professionals whose income exceeds employer plan limits. Individual policies often include features such as own-occupation definitions, cost-of-living adjustments, and residual or partial disability benefits.

Social Security Disability Insurance (SSDI)

Social Security Disability Insurance is a federal program that provides benefits to workers who have paid into Social Security and become disabled. Eligibility depends on having sufficient work credits based on age and employment history.

The Social Security Administration defines disability as an inability to engage in substantial gainful activity due to a medically determinable impairment expected to last at least 12 months or result in death. This standard is strict, and the application process can be lengthy, with many initial claims denied.

SSDI benefit amounts are based on lifetime earnings, not current income. While SSDI can provide critical support, benefits often replace only a portion of prior earnings and should not be viewed as a complete income replacement solution.

Supplemental Security Income (SSI)

Supplemental Security Income is a needs-based federal program for disabled individuals with limited income and assets. Unlike SSDI, SSI eligibility is not tied to work history.

SSI benefits are generally lower than SSDI and are subject to strict income and asset limits. The program is designed to help low-income disabled adults, children with disabilities, and elderly individuals meet basic needs.

SSI can sometimes be combined with other assistance programs, but it is not a substitute for private disability insurance.

State Disability Insurance Programs

A small number of states require or administer short-term disability coverage programs. These include California , New York , New Jersey , Rhode Island and Hawaii .

State programs typically provide temporary wage replacement funded through payroll taxes. Benefit amounts and duration vary by jurisdiction, and coverage often coordinates with employer-sponsored disability plans.

Employees working in these states should understand how state benefits interact with workplace disability coverage, as rules and benefits differ significantly.

Specialty Disability Policies

Beyond traditional income replacement, specialty disability policies address specific risks:

Business Overhead Expense (BOE) Insurance : Covers operating expenses if a business owner becomes disabled.
Key Person Disability Insurance : Protects a business if a critical employee is unable to work.
Disability Buyout Insurance : Funds buy-sell agreements when a business partner becomes disabled.
Student Loan Disability Insurance : Covers student loan payments during periods of disability.

These policies are particularly important for business owners, professionals, and individuals with significant financial obligations.

How to Choose the Right Disability Insurance

Choosing disability coverage starts with understanding what protection you already have. Review employer plans, state programs, and potential Social Security benefits. Then calculate how much income you would need to replace to maintain your lifestyle.

Consider your occupation and risk factors, as physically demanding or specialized professions may require stronger coverage. Pay close attention to policy definitions, elimination periods, benefit periods, and optional riders.

Because disability insurance can be complex, working with an insurance professional or benefits advisor can help ensure coverage aligns with your financial goals.

Find Disability Insurance Solutions with BIS Benefits

Disability insurance comes in many forms, each designed to address different risks and life situations. From short-term and long-term coverage to government programs and specialty policies, understanding your options is essential. Protecting your income before a disability occurs can make the difference between financial stability and hardship.

Business owners should be aware of disability insurance and the different plan options that are available. At BIS Benefits, our brokers provide Short-Term and Long-Term Disability Insurance services for Georgia-based businesses with at least 15 employees. Request a Quote from BIS Benefits today to find out how our insurance professionals can help your company find the best coverage for its needs.

What Businesses Should Know About COBRA Insurance in Georgia

Mon, 09 Feb 2026 19:50:09 GMT

What Businesses Should Know About COBRA Insurance in Georgia

At a Glance : COBRA is a federal law that allows employees and their dependents to continue group health coverage after a qualifying event like job loss, reduced hours, or divorce. Federal COBRA applies to Georgia employers with 20 or more employees, while smaller employers may be subject to Georgia Mini-COBRA, which provides similar protections but with a shorter coverage period of 90 days.

Losing health insurance coverage can be one of the most stressful parts of a job change or major life event for employees. For businesses, handling that transition incorrectly can also create serious compliance risks. COBRA insurance exists to provide a temporary safety net, allowing employees and their families to continue their group health coverage when it would otherwise end.

For Georgia employers, understanding COBRA is important because both federal COBRA and Georgia’s state continuation laws may apply, depending on your company’s size and health plan structure. Missteps in notice timing, eligibility determinations, or premium handling can expose businesses to penalties, lawsuits, and unexpected liability for medical claims.

What Is COBRA Insurance?

COBRA stands for the Consolidated Omnibus Budget Reconciliation Act , a federal law designed to protect employees and their dependents from sudden loss of health insurance coverage.

COBRA allows individuals who lose coverage due to certain qualifying events to continue the same group health plan they had while employed. COBRA continuation coverage acts as a bridge during periods of transition, such as job loss, reduced work hours, divorce, or other life changes.

Under COBRA:

Healthcare coverage is identical to the active employee plan
The employee or beneficiary pays the full cost of monthly premium payments
Employers may charge up to a 2% administrative fee
Health benefits are temporary, not permanent

The United States Department of Labor (DOL) administers and enforces COBRA, and it applies to most private-sector and public employers that meet size requirements.

Which Georgia Employers Must Offer COBRA?

Federal COBRA applies to employers with 20 or more employees. This threshold is based on employee counts during the previous calendar year. Georgia employers must consider the following requirements:

Both full-time and part-time employees count
Part-time employees count as a fraction of a full-time employee, equal to the number of hours worked divided by the hours a full-time employee must work
The employer must have met the 20-employee threshold on more than 50% of typical business days in the prior year
Applies to private-sector employers and state or local government employers
Does not apply to federal government plans or certain church-related organizations

Businesses with fewer than 20 employees are exempt from federal COBRA, but that does not mean they have no obligations. In Georgia, smaller employers may still be subject to Georgia Mini-COBRA requirements.

Georgia Mini-COBRA Coverage for Small Employers

Georgia’s State Continuation law ( Georgia Mini-COBRA ) applies to employers with fewer than 20 employees that offer fully insured group health plans. While similar in purpose to federal COBRA, Georgia Mini-COBRA has important differences that small businesses must understand.

Key characteristics of Georgia Mini-COBRA:

Applies to employers with less than 20 employees
Applies primarily to fully insured plans, not self-funded plans
Allows employees to continue coverage after certain qualifying events
Coverage duration is typically limited to 90 days, much shorter than federal COBRA
Insurers may not charge the standard 2% administrative fee

Because Georgia Mini-COBRA rules differ from federal COBRA, employers must clearly understand which law applies to their business. Applying the wrong rules can result in compliance violations, even if the intent was correct.

Qualifying Life Events That Trigger COBRA Coverage

COBRA coverage is triggered by specific events that cause a loss of health insurance coverage. Employers are responsible for recognizing these events and responding appropriately.

Common qualifying events include:

Voluntary or involuntary termination of employment (apart from gross misconduct)
Reduction in work hours resulting in loss of healthcare plan coverage
Death of the covered employee (dependents may qualify)
Divorce or legal separation from the covered employee
Employee becoming eligible for Medicare
Dependent child aging out of plan eligibility

Once a qualifying event occurs, the employer must act quickly to notify the plan administrator and ensure required notices are sent on time.

Who Is Eligible for COBRA Coverage?

COBRA eligibility requirements extend beyond just the employee. Qualified beneficiarie s may include:

Covered employees
Spouses covered under the group plan
Dependent children covered under the plan

To be eligible, individuals must have been enrolled in the group health plan the day before the qualifying event occurred:

Employees terminated for gross misconduct are not eligible
Dependents may elect COBRA independently, even if the employee declines coverage

Understanding these distinctions is essential to avoiding improper denials or missed notices.

COBRA Coverage Duration

The length of COBRA coverage depends on the type of qualifying event.

Standard coverage periods include:

18 months for job loss or reduction in hours
36 months for a second qualifying event affecting dependents, such as death, divorce, Medicare eligibility, or a child aging out

Additional extensions may apply:

An 11-month disability extension may be available, bringing total coverage to 29 months

COBRA coverage may end early if:

Premiums are not paid on time
The employer stops offering a group health plan
The beneficiary gains coverage under another group plan or Medicare

Employer COBRA Responsibilities and Compliance

Employers play a central role in COBRA compliance. Failure to meet notice and timing requirements is one of the most common causes of violations.

Key employer responsibilities include:

Providing an initial COBRA notice when an employee enrolls in the group health plan
Notifying the plan administrator within 30 days of a qualifying event
Ensuring an election notice is sent to qualified beneficiaries within 14 days
Allowing beneficiaries 60 days to elect COBRA coverage
Maintaining documentation of all notices and communications
Coordinating with insurance carriers or third-party administrators

Penalties for non-compliance can include:

IRS excise taxes
Civil lawsuits
Court-ordered medical expense reimbursement
Attorneys’ fees and penalties

COBRA Costs: What Employers and Employees Should Expect

Under federal COBRA, employees may be charged up to 102% of the total premium, which includes:

The employee portion
The employer portion
Up to 2% for administrative costs

If a disability extension applies, premiums may increase to 150% during the extension period.

While employers are no longer required to subsidize coverage, they must continue offering access to the plan. Because COBRA premiums can be expensive, clear communication is critical so employees understand their options and costs.

Common COBRA Compliance Mistakes to Avoid

Georgia employers frequently run into trouble due to avoidable errors, including:

Missing required notice deadlines
Misidentifying qualifying events
Miscounting employees and misunderstanding which COBRA law applies
Poor documentation of notices and elections
Ignoring Georgia Mini-COBRA requirements
Failing to coordinate with third-party administrators
Terminating coverage prematurely

Even small administrative mistakes can lead to significant financial exposure.

Best Practices for Georgia Employers

To manage COBRA effectively and reduce risk, Georgia employers should:

Work with a qualified third-party COBRA administrator
Train HR staff on qualifying events and notice deadlines
Track employee counts carefully
Maintain organized COBRA records
Review plan documents annually
Communicate clearly and compassionately with departing employees

Find COBRA Administration Solutions for Your Business with BIS Benefits

Business owners whose companies have 20 or more employees need to be familiar with COBRA coverage. At BIS Benefits, our expert insurance brokers can help you understand the federal requirements for COBRA and the steps you need to take to set your business up for success. Request a Quote from BIS Benefits today to learn more about our COBRA Administration , Group Benefits , and Commercial Insurance services help Georgia businesses.

2026 HSA Contribution Limits: What to Know

Fri, 30 Jan 2026 14:31:42 GMT

2026 HSA Contribution Limits: What to Know

At a Glance : A Health Savings Account (HSA) is a tax-advantaged savings account for qualified medical expenses, available to individuals enrolled in a High Deductible Health Plan (HDHP). For 2026, the IRS has set contribution limits at $4,400 for individual coverage and $8,750 for family coverage, with an additional $1,000 catch-up contribution allowed for those age 55 and older.

Healthcare costs continue to rise, and for many individuals and families, finding ways to manage those costs efficiently has never been more important. Health Savings Accounts , commonly known as HSAs, remain one of the most powerful tools available for saving money on healthcare while also reducing taxes. Because HSAs come with unique tax advantages, understanding how much you can contribute each year is critical to getting the most value out of them.

Each year, the Internal Revenue Servic e (IRS) sets contribution limits for HSAs based on inflation and economic conditions. For 2026, those limits are increasing again, giving eligible individuals and families more room to save. Whether you are an employee enrolling in benefits or a business owner designing a benefits package, understanding these contribution limits can help you plan more effectively and avoid costly mistakes.

What Is a Health Savings Account (HSA)?

A Health Savings Account is a tax-advantaged savings account designed to help people pay for qualified medical expenses. HSAs are only available to individuals enrolled in an HSA-qualified High Deductible Health Plan (HDHP), but for those who are eligible, they offer significant financial benefits.

HSAs are often described as “triple tax-advantaged.” Contributions are made with pre-tax dollars or are tax-deductible if made outside of payroll. The money in the account grows tax-free through interest or investment earnings. When funds are withdrawn for qualified medical expenses, those withdrawals are also tax-free.

Unlike other healthcare accounts, HSAs are owned by the individual, not the employer. If you change jobs, retire, or move to a different health plan in the future, the account stays with you. There is no use-it-or-lose-it rule, and unused funds roll over year after year.

Many HSAs also offer investment options once a certain balance is reached, allowing account holders to grow their savings over time. After age 65, HSA funds can be used for non-medical expenses without penalty , although those withdrawals are taxed as ordinary income. This makes HSAs a flexible tool for both healthcare spending and long-term financial planning.

HSA Eligibility Requirements

Not everyone can open or contribute to an HSA. Eligibility is determined by IRS rules and depends largely on the type of health coverage you have.

To be eligible for an HSA, you must be enrolled in an HSA-qualified HDHP. You cannot be enrolled in Medicare, and you cannot be claimed as a dependent on someone else’s tax return.

You also cannot have other disqualifying health coverage. This includes general-purpose healthcare Flexible Spending Accounts (FSA) or Health Reimbursement Arrangements (HRA) that pay for medical expenses before you meet your deductible. However, certain exceptions exist. Limited Purpose FSAs , which cover only dental and vision expenses, and post-deductible HRAs are generally allowed and do not disqualify HSA eligibility.

Eligibility rules can become more complex for households with access to multiple benefits, so it is important to review plan details carefully during open enrollment.

2026 HSA Contribution Limits

For 2026 , the IRS has increased the annual limits for HSA contributions to account for inflation.

The maximum contribution limit for individuals with self-only HDHP coverage is $4,400. Those with family coverage can contribute up to $8,750. These limits combine employee and employer contributions.

HSA contributions can be made through payroll deductions or directly to the account. Contributions for a given tax year can generally be made up until the tax filing deadline of the following year, which gives account holders additional flexibility if they want to top off their contributions after the year ends.

The IRS adjusts HSA contribution limits annually based on inflation, so increases from year to year are common. Staying aware of these changes helps ensure you are maximizing your available tax benefits.

2026 HSA Catch-Up Contributions

Account holders who are age 55 or older by the end of the calendar year are eligible to make an additional catch-up contribution . For 2026, the catch-up contribution limit is $1,000. Unlike the standard HSA limits, this amount is not indexed for inflation.

Catch-up contributions are allowed per individual. If both spouses are age 55 or older, each spouse must have their own HSA to make a catch-up contribution. A single HSA cannot receive two catch-up contributions, even if both spouses are eligible.

It is also important to note that individuals enrolled in Medicare are no longer eligible to contribute to an HSA, including catch-up contributions. Timing Medicare enrollment carefully can help avoid unintended contribution penalties.

HDHP Requirements for HSA Eligibility in 2026

HSAs are only available to individuals enrolled in a High Deductible Health Plan that meets IRS standards. For 2026, an HDHP must meet both deductible and out-of-pocket maximum requirements.

The minimum annual deductible for individual coverage is $1,700. For family coverage, the minimum deductible is $3,400. These are the amounts you must pay out-of-pocket before most plan benefits begin.

The maximum out-of-pocket limits for 2026 are $8,500 for individual coverage and $17,000 for family coverage. These limits cap the total amount you are responsible for paying through deductibles, copays, and coinsurance during the year.

Not all plans with high deductibles qualify as HDHPs, so it is important to verify that a plan is HSA-qualified before contributing.

Consequences of Overcontributing to an HSA

Contributing more than the annual HSA limit can lead to penalties. Excess contributions are subject to a 6% excise tax for each year the excess remains in the account.

The good news is that excess contributions can usually be corrected if addressed before the tax filing deadline. This typically involves withdrawing the excess amount and any associated earnings.

Tracking both personal and employer contributions throughout the year is essential to avoiding these issues, especially for individuals who change jobs or coverage midyear.

Employer HSA Contributions

Employers can contribute to employee HSAs as part of a benefits package. These contributions count toward the annual HSA limit and must be coordinated with employee contributions to avoid exceeding the maximum.

Employer contributions offer tax advantages for both parties. Contributions are tax-deductible for the employer and are not subject to payroll taxes. For employees, employer contributions are excluded from taxable income.

Common employer contribution structures include flat annual contributions, matching employee contributions, or seed contributions made at the beginning of the year. These contributions can help offset the higher deductibles associated with HDHPs and encourage employee participation.

What Business Owners Should Know

For business owners, offering an HDHP paired with an HSA can be an effective benefits strategy. Employer HSA contributions can help attract and retain employees while reducing payroll tax liability. Employees need to understand eligibility rules, contribution limits, and how HSAs differ from FSAs or traditional health plans. A well-communicated HSA program can improve benefit satisfaction without significantly increasing benefit costs.

Strategies for Maximizing an HSA

For those who can afford it, contributing the maximum allowed amount each year can create significant tax savings.
Many people also choose to invest HSA funds once their account balance allows, treating the HSA as a long-term savings vehicle rather than a short-term spending account.
Some account holders pay for current medical expenses out-of-pocket and let their HSA balance grow, saving receipts for future reimbursement.
Coordinating HSA contributions with a spouse’s benefits and other tax-advantaged accounts can further improve overall savings.

Discover HSA Solutions & More with Group Benefits Brokers From BIS Benefits

An HSA can provide more opportunities to save for healthcare expenses while reducing taxes. With limits of $4,400 for individual coverage and $8,750 for family coverage, plus catch-up contributions for those 55 and older, HSAs remain one of the most flexible and valuable benefits available. By working with an experienced HSA broker, businesses can protect themselves and their employees and prepare for a prosperous future.

BIS Benefits is dedicated to helping Georgia-based businesses with 15 or more employees find the right group benefits and commercial insurance solutions. Our insurance brokers have years of experience and a full understanding of programs like Flexible Spending Accounts and Health Savings Accounts . Request a Quote from BIS today to find out how we can help your business find the coverage that fits your needs.

What You Need to Know About Flexible Spending Account (FSA) Limits in 2026

Fri, 30 Jan 2026 14:16:16 GMT

What You Need to Know About Flexible Spending Account Limits in 2026

At a Glance: Flexible Spending Accounts (FSAs) allow employees to set aside pre-tax dollars for qualified healthcare and dependent care expenses, reducing taxable income and overall tax liability. For 2026, the healthcare FSA contribution limit is $3,400, the dependent care FSA limit is $7,500 per household, and the maximum carryover amount is $680.

Healthcare costs continue to rise, and for many employees, every tax-advantaged benefit matters more than ever. Flexible Spending Accounts (FSA) are one of the most effective ways to manage healthcare and dependent care expenses while reducing your taxable income. By contributing pre-tax dollars, employees can stretch their healthcare budgets further and keep more of their paychecks.

Each year, the Internal Revenue Service (IRS) sets contribution limits for FSA. These limits can change based on inflation and regulatory updates. Understanding the 2026 FSA limits is important for any individual or business trying to make the most of their benefits and avoid leaving money on the table.

Understanding FSA Basics

What Is a Flexible Spending Account?

A Flexible Spending Account (FSA) is an employer-sponsored benefit that allows employees to set aside pre-tax money to pay for qualified healthcare or dependent care expenses. Because contributions are deducted from your paycheck before taxes, FSAs reduce your taxable income and lower the amount you pay in federal income tax, Social Security, and Medicare taxes.

FSAs typically operate under a “use-it-or-lose-it” rule, meaning unused funds may be forfeited at the end of the plan year unless your employer offers a grace period or carryover option.

Who Can Participate?

FSAs are available only if your employer offers them as part of its benefits package. Enrollment usually happens during the open enrollment period. Once you choose your contribution amount, it is generally locked in for the year unless you experience a qualifying life event, such as marriage, birth of a child, or job change.

Unlike Health Savings Accounts , FSAs have no income limits, making them accessible to a wide range of employees.

Key Benefits of FSAs

FSAs offer immediate tax savings, access to your full annual election from the first day of the plan year, and coverage for a wide range of common healthcare and dependent care expenses. For many households, they are a core part of smart benefits planning.

Types of FSAs Explained

Healthcare FSA

A Health Care FSA (HCFSA) covers medical, dental, and vision expenses, including co-pays, prescriptions, and many out-of-pocket costs. These accounts cannot be paired with HSAs.

The 2026 Health Care FSA contribution limit is $3,400. The IRS adjusts these limits annually to account for inflation and rising medical costs. This limit applies per employee, not per household. If both spouses have access to an FSA through their employers, each can contribute up to the full individual limit.

Dependent Care FSA Limits for 2026

A Dependent Care FSA (DCFSA) covers childcare and adult dependent care expenses that allow you and your spouse to work or look for work. Eligible dependents generally include children under age 13 or adults who cannot care for themselves. Covered expenses include daycare, preschool, and after-school care. For 2026, the limits increased:

$7,500 per household for single filers or married couples filing jointly
$3,400 for married individuals filing separately

Unlike healthcare FSAs, these limits are not indexed for inflation and apply per household, not per employee.

Limited Purpose FSA Limits

A Limited Purpose FSA (LPFSA) is limited to dental and vision expenses and is designed for employees enrolled in HSA-qualified health plans. These plans allow families to manage predictable dental and vision costs separately while preserving HSA eligibility.

LPFSAs share the same contribution limit as healthcare FSAs, so the 2026 limit is $3,400.

Grace Periods and Carryover Rules

Traditionally, unused FSA funds are forfeited at the end of the plan year. This rule exists to prevent tax abuse but requires careful planning.

Grace Period Option

Some employers offer a grace period of up to 2.5 months after the plan year ends, allowing employees to incur expenses and use remaining funds.

Carryover Limits

For 2026, the maximum carryover amount for a healthcare FSA is $680. This amount rolls over automatically if offered by your employer. Plans cannot offer both a grace period and a carryover.

Employer Plan Variations

Always review your specific plan details, including claim submission deadlines and whether your plan follows a calendar year.

Eligible and Ineligible FSA Expenses

IRS Publications 502 and 503 , FSA administrator apps, and employer benefits portals are reliable resources to verify eligibility.

Common Eligible Healthcare Expenses

Eligible expenses include prescriptions, doctor visits, dental care, vision exams, glasses, contact lenses, medical supplies, first aid items, and FDA-approved over-the-counter medications.

Common Ineligible Expenses

Cosmetic procedures, insurance premiums, general vitamins, gym memberships without a prescription, and overnight camps are typically not eligible medical expenses.

How to Determine FSA Contribution Amounts

Review Last Year’s Expenses

Start by reviewing your prior year’s healthcare or dependent care spending. Look for predictable expenses such as prescriptions, routine doctor visits, therapy sessions, or contact lenses. Past claims data from your insurer can be helpful.

Anticipate Upcoming Needs

Consider planned procedures, scheduled surgeries, or expected changes in prescriptions. Families expecting a baby or supporting aging parents may see increased dependent care or medical costs.

Factor in Family Circumstances

Contributions should reflect your household situation, including the number of dependents, chronic conditions, and your spouse’s healthcare needs. Life changes during the year can affect spending patterns.

Use Planning Tools

FSA calculators, employer tools, and benefits administrators can help estimate an appropriate contribution amount.

Strategies for Maximizing FSAs

Schedule predictable appointments early
Purchase eligible items before the year's end
Review balances regularly
Use FSA debit cards carefully and save receipts.
Coordinate FSA planning with other tax benefits like HSAs or dependent care tax credits
Avoid common mistakes like over-contributing, missing enrollment deadlines, failing to track balances, or using funds for ineligible medical expenses

What Business Owners Need to Know About 2026 FSA Account Limits

FSAs are employer-sponsored benefits, which means business owners control whether they’re offered, how they’re structured, and which features are included, such as carryovers or grace periods. As annual maximum amount limits increase, offering an FSA can become even more valuable as a low-cost benefit that helps employees manage rising healthcare expenses while also reducing payroll tax liability for the business.

Employer contributions are not required, but even employee-only funded FSAs can deliver meaningful tax savings through reduced Federal Insurance Contributions Act (FICA) taxes . A well-structured FSA can support employee retention, improve benefit satisfaction, and provide tax advantages without significantly increasing benefit costs.

Find Group Benefits Solutions for FSA Account & More with BIS Benefits

Proper FSA planning turns everyday healthcare expenses into meaningful tax savings. By reviewing eligible expenses, knowing your employer’s rules, and choosing a contribution amount that fits your needs, you can maximize savings and reduce out-of-pocket costs.

At BIS Benefits, we specialize in helping Georgia-based businesses navigate group benefits and commercial insurance . Our experienced insurance brokers understand industry-specific risks and the regulations for programs like Flexible Spending Accounts and Health Savings Accounts .

If your company has at least 15 employees, Request a Quote today to find out how BIS Benefits can help you find the group benefits or business insurance solution.

Why is Commercial Insurance So Expensive?

Tue, 23 Dec 2025 19:55:19 GMT

Why is Commercial Insurance So Expensive?

At a Glance : Commercial insurance costs continue rising due to a combination of factors including claims severity from medical expenses and legal judgments, inflation driving up repair and labor costs, and tightening insurance market capacity. While these pressures affect all businesses, proactive risk management and working with experienced insurance brokers can help manage costs while maintaining essential protection.

Business owners across the United States are facing a challenging reality: commercial insurance costs are continuing to rise every year, putting significant strain on operational budgets and long-term planning. These escalating costs create difficult decisions about coverage levels, deductibles, and whether to self-insure certain risks.

The surge in commercial insurance pricing isn't arbitrary. Small business owners face a perfect storm of conditions pushing insurance costs upward. Understanding why commercial insurance is so expensive helps businesses make informed decisions about coverage and identify strategies for managing costs while maintaining essential protection.

Understanding the Fundamentals of Insurance Pricing

How Insurance Companies Calculate Premiums

Insurance pricing begins with risk assessment and classification. Insurers analyze vast amounts of data to evaluate the likelihood and potential severity of claims for each business. They examine industry type, business size, claims history, location, and numerous other factors to classify risks into rating categories. Premium calculations also incorporate loss ratio targets—the percentage of premium dollars paid out in claims. Insurers aim for loss ratios allowing profitability after accounting for operating expenses, taxes, and profit margins.

Reinsurance costs significantly impact premiums. Insurance companies purchase reinsurance to protect themselves against catastrophic losses, and when reinsurance becomes more expensive, those costs get passed to policyholders through higher premiums.

Market Cycle Dynamics

The insurance market operates in cycles of "hard" and "soft" markets. During soft markets, ample capacity and intense competition drive premiums down as insurers compete aggressively for business. Hard markets occur when capacity tightens, often following major loss events, causing insurers to raise prices and tighten underwriting standards. Currently, many commercial insurance lines remain in hard market conditions following years of underpricing, natural catastrophes, and emerging risks like cyber threats.

Supply and Demand

When many insurers compete for business, prices moderate. When insurers exit markets or reduce capacity, remaining carriers can charge more for scarce coverage.

Regional and Industry Variations

Geography dramatically affects insurance costs. Some of these local factors can include:

Coastal businesses face higher property insurance costs due to hurricane and flood risks.
Businesses in high hurricane risk areas pay more for earthquake coverage.
Local regulations, court systems, and claims environments create significant pricing variations even within states.

Major Cost Drivers in Commercial Insurance

Increased Claims Frequency and Severity

Claims costs have escalated dramatically across most coverage types.

Medical Costs : Workers' compensation and liability claims continue rising faster than overall inflation. Advanced medical treatments, specialized care, and extended recovery periods push claim costs higher.
Natural Disasters : Weather events generate billions in insured losses annually.
Cyber Attacks : Ransomware and data breaches costing businesses millions in recovery expenses, business interruption, and regulatory penalties.

Legal and Regulatory Environment

The litigation landscape has shifted dramatically in plaintiff favor in many jurisdictions. Certain court systems have earned reputations as plaintiff-friendly venues where juries regularly award large verdicts against businesses. " Nuclear verdicts ”, or jury awards exceeding $10 million, have become more common, particularly in trucking and product liability cases.

Changes in liability laws and statutes affect business exposure. States with higher limits of liability or lengthened statutes of limitations increase insurers' exposure periods, driving up premiums as insurers must reserve for claims that might surface years after the insurance policy expires.

Economic Inflation

General inflation raises claim costs across the board. Commercial property damage claims cost more as building materials and labor expenses climb. Commercial auto policy claims rise as vehicle repair costs and medical expenses increase. This broad-based inflation gets reflected in premium calculations.

Medical cost inflation consistently outpaces general inflation rates, particularly impacting workers' compensation and liability coverages. Labor shortages drive up service costs for everything from legal defense to claims adjustment to loss prevention services.

Industry-Specific Factors

Healthcare

Healthcare providers face particularly acute insurance challenges, including:

Medical Malpractice : Claim severity has increased as treatment costs rise and juries award larger damages.
Professional Liability : Exposures have grown as regulatory requirements expand and patients become more litigious.
Healthcare Data Breaches : These create expensive cyber liability claims unique to this sector.

Construction and Manufacturing

Construction businesses confront multiple cost pressures, including:

Worker Safety Regulations : OSHA compliance violations carry substantial penalties.
Product Liability : Defect claims can devastate manufacturers, particularly as products become more complex.
Equipment & Technology : These risks increase as construction becomes more mechanized and manufacturers adopt sophisticated production systems.
Environmental Liability : Pollution and remediation responsibilities can create long-tail exposures that are expensive to insure.

Transportation

Commercial transportation faces specific challenges driving insurance costs higher.

Accident Rates : Collisions have increased dramatically due to vehicle size and weight and distracted driving by motorists.
Supply Chain Issues : Cargo theft and other disruptions create substantial losses.
Driver Shortage : Some carriers hire less experienced drivers due to a lack of qualified options, increasing accident rates and insurance costs.

Technology

Technology businesses face the highest cyber insurance costs as primary targets for attacks.

Data Breaches : Notification to affected individuals costs hundreds of dollars per record.
Business Interruption : Cyber attacks can interrupt day-to-day business, potentially exceeding property losses from physical disasters.
Regulatory Fines : Penalties from data protection law violations add to claim costs.

Regulatory and Compliance Impacts

Government Mandates

Though they vary by state, government requirements can directly affect insurance costs. Minimum insurance coverage requirements have increased in many states, such as North Carolina’s recent commercial auto insurance changes . New regulations create liability exposures that didn't exist previously, so businesses must insure against risks created by new laws. Workers' compensation insurance rates can change based on state regulatory decisions , sometimes dramatically.

Tax and Fee Structures

Insurance premiums include numerous taxes and fees beyond the base premium which can depend on the state . Regulatory assessment fees fund state insurance departments. Surplus lines taxes and fees apply to coverage placed with non-admitted insurers. Some municipalities and counties impose additional insurance-related fees.

Market Consolidation and Capacity Issues

Insurer Market Exits

Market capacity constraints drive prices higher.

When insurance providers exit certain lines of business or geographic markets, remaining carriers face less competition and can charge more.
Some specialized coverages have few available carriers, creating seller's markets where insurers dictate terms.
These constraints particularly affect high-risk industries and regions prone to catastrophic weather.

Reinsurance Market Challenges

The reinsurance market , where insurance companies buy their own insurance, faces capacity constraints and increased costs following major losses in recent years. Some primary insurers retain more risk rather than purchasing expensive reinsurance, but this strategy increases their own capital requirements and risk exposure.

Investment Performance Impact

Insurance companies invest premium dollars to generate returns that help keep premiums affordable. Lower rates of interest reduce investment income, forcing insurers to charge higher premiums to achieve profitability targets. Investment losses from market volatility strain insurer finances. Capital market instability makes investors demand higher returns for insurance company investments, increasing insurers' cost of capital.

Strategies to Manage Commercial Insurance Costs

Risk Management Programs

Proactive risk management demonstrably reduces insurance costs.

Loss prevention and safety initiatives reduce claim frequency.
Effective claims management and early intervention minimize claim severity.
Employee training and certification programs show insurers your commitment to risk reduction. Technology solutions help prevent losses and provide data proving risk reduction efforts.

Coverage Optimization

Strategic coverage decisions impact costs without sacrificing protection.

Deductible Strategy : Higher deductibles and self-insurance of smaller losses reduce premiums substantially.
Policy Bundling : Package deals with single carriers often provide discounts.
Alternative Risk Financing : Arrangements like captive insurance programs can be an option for larger businesses.
Regular Coverage Reviews : These ensure you're not over-insured or paying for unnecessary coverages.

Professional Guidance

Experienced insurance agents provide value through market knowledge and negotiation skills. They conduct regular coverage reviews identifying savings opportunities and coverage gaps. Market timing can yield significant savings. Professional brokers negotiate on your behalf, leveraging relationships with multiple carriers to secure competitive pricing.

Find Affordable Commercial Insurance Solutions with BIS Benefits

Commercial insurance costs reflect multiple complex factors: increased claims severity, evolving risk landscapes, regulatory requirements, market dynamics, and economic inflation. While these pressures drive premiums higher across industries, businesses aren't helpless against rising costs. Proactive risk management, strategic coverage decisions, and professional guidance provide pathways to more affordable protection.

BIS Benefits specializes in helping Georgia businesses navigate commercial insurance coverage . Our experienced insurance brokers understand the factors driving costs in your specific industry and can identify cost-effective solutions. while ensuring adequate protection. If your business has 15 employees or more, Request a Free Quote today to discuss your business insurance needs with BIS Benefits.

What Georgia Businesses Need to Know About Errors & Omissions Insurance

Fri, 19 Dec 2025 18:16:50 GMT

What Georgia Businesses Need to Know About Errors & Omissions Insurance

At a Glance : Errors & Omissions (E&O) insurance protects businesses from claims that their services caused financial harm due to mistakes, missed deadlines, or inadequate advice. Understanding how E&O works and how state regulations affect coverage helps Georgia professionals manage risk and protect their livelihoods.

Errors & Omissions (E&O) insurance, also known as professional liability insurance, protects businesses and professionals against claims of inadequate work, negligent actions, or mistakes in the professional services they provide. For Georgia businesses offering professional advice, consulting, or specialized services, E&O coverage has become increasingly important as litigation risks continue to grow.

The modern business environment exposes professionals to numerous liability risks. Even when professionals successfully complete their work, dissatisfied clients may file lawsuits alleging negligence or breach of duty. Legal fees alone can devastate a small business, making E&O coverage a critical safeguard.

Georgia's business-friendly legal environment attracts companies across many different industries, but this growth brings increased professional liability exposure. State-specific considerations, including licensing requirements and regulatory mandates, make understanding E&O insurance particularly important for Georgia professionals.

Understanding E&O Insurance Fundamentals

What E&O Insurance Covers

E&O insurance provides protection when clients allege that professional services caused them financial harm. Coverage typically includes:

Professional Mistakes : E&O insurance covers a range of errors and negligent acts by the business.
Contractual Failures : If a business fails to deliver promised services or meet contractual deadlines, E&O insurance provides protection.
Misrepresentation : Breach of professional duty claims are covered when clients allege they received incorrect advice or inadequate information.
Legal Fees : Even groundless claims require expensive legal defense, and most E&O policies cover court costs, attorney fees, expert witnesses, and settlements or judgments up to policy limits.

How Errors & Omissions Coverage is Different from General Liability

E&O insurance is fundamentally different from general liability coverage . General liability addresses bodily injury and property damage claims, physical accidents involving people or property. E&O covers professional negligence claims involving financial losses from inadequate services or advice. General liability policies exclude professional liability claims, leaving businesses without E&O coverage exposed to potentially catastrophic losses.

Claims-Made Policies

E&O policies typically use claims-made coverage triggers, meaning the policy in effect when a claim is filed provides coverage, regardless of when the alleged error occurred. General liability's occurrence-based coverage covers incidents occurring during the policy period regardless of when claims are filed. Understanding this distinction is crucial for maintaining continuous coverage and avoiding gaps.

Key Policy Components

Important elements of E&O policies include:

Coverage limits specifying maximum amounts payable per claim and in aggregate during the policy period. Common limits range from $500,000 to $5 million depending on business size and risk exposure.
Deductibles represent out-of-pocket amounts businesses pay before insurance coverage applies.
Extended reporting periods, called " tail coverage ," allow businesses to report claims after policy expiration for incidents that occurred during the policy period.

Claims-made coverage requires understanding retroactive dates, which is the earliest date for which coverage applies. Maintaining continuous coverage with the same retroactive date ensures protection for past work.

Georgia Industries That Need E&O Insurance

Professional Services

 Accounting : Tax preparers risk claims from preparation errors, missed deductions, or audit triggers.
Architecture & Engineering : These professionals face liability for design errors, code violations, or project cost overruns.
Medicine : The medical field requires malpractice insurance , a specialized form of E&O coverage.
Technology & IT : Technology professionals risk liability from inadequate security implementations, system failures, or advice that leads to data loss.
Insurance : Insurance agents and brokers risk claims from coverage gaps, policy misrepresentation, or failure to recommend appropriate coverage.
Legal : Attorneys and law firms face E&O exposure from missed filing deadlines, inadequate legal research, conflicts of interest, and poor client communication.
Real Estate : Real estate agents and brokers encounter claims from property disclosure issues, transaction delays, or valuation disputes.
Consulting & Advising : Consultants face claims when their recommendations don't produce expected results, when implementations fail, or when clients suffer losses following their advice.

Georgia Legal Environment and Regulations

State Liability Laws

Georgia operates under modified comparative negligence rules, allowing plaintiffs to recover damages if they're less than 50% at fault for their losses. Professional standard of care requirements hold Georgia professionals to the standards reasonably expected of practitioners in their field. Statutes of limitations vary by claim type.

Regulatory Requirements

Georgia licensing boards for various professions establish minimum insurance requirements . The state maintains approved insurance carrier lists for certain regulated professions. Professionals must demonstrate compliance through a Certificate of Insurance or other documentation.

Court System Considerations

Recent legal precedents in Georgia have reevaluated premises liability and truth-in damages, making awareness of evolving case law important for risk management. Courts encourage alternative dispute resolution for professional liability disputes, including mediation and arbitration.

Common E&O Claims

Professional Service Failures

Missed deadlines cause client losses when time-sensitive opportunities are lost. Inadequate or incorrect advice leads to financial harm when clients rely on professional recommendations. Scope of work misunderstandings occur when deliverables don't match client expectations due to communication failures.

Technology-Related Claims

These stem from software bugs causing system failures or data corruption, data loss from inadequate backup systems, integration problems when systems don't work together as promised, and project delays that cause financial losses or missed market opportunities.

Financial Services Claims

These arise from investment losses attributed to bad recommendations, disclosure failures when material information isn't communicated, and regulatory compliance violations triggering fines or client losses.

Policy Features and Coverage Options

Standard E&O policies define covered professional services specifically, limiting coverage to services within stated business descriptions. Many policies include regulatory proceeding coverage for licensing board investigations. Some provide reputation management and crisis response services following claims.

Optional Endorsements

Cyber Liability Coverage : Addresses data breaches and privacy violations.
Employment Practices Liability : Covers discrimination and wrongful termination claims.
Intellectual Property Coverage : Protects against infringement allegations.

Some policies offer regulatory fines and penalties coverage subject to insurability under law.

Policy Limits

E&O coverage limits can vary significantly. Defense costs may share policy limits or apply separately, affecting available coverage for settlements. Aggregate limits cap total payouts during the policy period while per-claim limits apply to individual claims.

Deductibles

Per-claim deductibles apply to each claim separately, while annual aggregate deductibles cap total deductible payments during the policy period. Defense cost deductible applications vary, since some policies apply deductibles only to settlements while others include defense costs.

Cost Factors and Premium Considerations

Determining factors for premium costs include:

Industry Classification : Higher-risk professions often end up paying more.
Business Size : Larger businesses face greater exposure, which can affect pricing.
Claims History : This dramatically impacts costs, since claim-free businesses earn lower rates while those with losses pay premiums reflecting increased risk.
Coverage Limits & Deductible Selections : These directly affect premiums, with higher limits and lower deductibles increasing costs.

Cost management strategies include:

Implementing risk management programs
Professional development for staff members
Favorable client contract terms limiting liability exposure
Claims-free discounts rewarding positive loss experience

Risk Management and Claims Prevention

Following best practices can help prevent claims before they occur.

Clear client contracts documenting scope, deliverables, timelines, and limitations manage expectations from project inception.
Regular communication and progress updates keep clients informed and identify issues early.
Professional development and continuing education ensure current knowledge and best practices.
Quality control and peer review processes catch errors before delivery to clients.
Client relationship management proves essential.
Setting and managing expectations prevents misunderstandings.
Regular check-ins maintain alignment throughout engagements.
Formal complaint handling procedures address issues before they escalate to litigation.

Selecting the Right E&O Coverage

Working with qualified insurance agents experienced in professional liability ensures appropriate coverage selection. Agents understanding industry-specific needs can identify coverage gaps and recommend suitable solutions. Comparing coverage options across carriers reveals differences in terms, exclusions, and pricing.

Coverage evaluation should consider insurance carrier financial strength to ensure claim-paying ability, claims handling reputation and processes, and policy terms, including coverage breadth and exclusions.

Trust BIS Benefits to Find the Right E&O Coverage

E&O insurance provides essential protection for Georgia businesses delivering professional services. The right coverage protects against financial devastation from professional liability claims while providing peace of mind to focus on serving clients.

BIS Benefits specializes in helping Georgia-based companies navigate group benefits and business insurance . Our experienced brokers understand industry-specific risks and Georgia's regulatory environment. We assess your business’s specific requirements, explain coverage options, and connect you with insurance carriers offering competitive rates and comprehensive protection. In addition to E&O coverage , we also offer several other types of business insurance, including general liability insurance , commercial auto insurance , and workers' compensation insurance .

If your Georgia business has 15 employees or more, Request a Quote today to discover how BIS Benefits can help you find the right coverage solution.

What is Commercial Umbrella Insurance?

Wed, 19 Nov 2025 20:58:11 GMT

What is Commercial Umbrella Insurance?

At a Glance : Commercial umbrella coverage can simplify insurance management by providing broad protection across multiple liability exposures through a single policy, including bodily injury and product liability. Many types of businesses benefit from taking advantage of umbrella insurance, especially ones in high-risk industries like construction and transportation.

Commercial umbrella insurance is a specialized form of liability coverage that provides an additional layer of protection beyond your business's primary insurance policies. In today's litigious business environment, where a single lawsuit can result in multi-million dollar judgments, umbrella insurance serves as critical financial protection that can mean the difference between a manageable claim and business-threatening liability.

While primary insurance policies like general liability , commercial auto , and workers' compensation provide essential coverage, they come with limits. A serious accident, major product defect, or significant damage can quickly exceed standard policy limits, leaving business owners exposed to potentially devastating financial consequences. Commercial umbrella insurance bridges this gap, offering additional coverage that protects your business assets and ensures business continuity even when facing serious liability claims.

Understanding Commercial Umbrella Insurance Basics

How Umbrella Insurance Works

Commercial umbrella insurance functions as excess coverage that activates when your primary insurance policies reach their limits. Once a claim exhausts the coverage available under your general liability, auto liability, or other primary policies, your umbrella policy steps in to provide extra protection up to its policy limits. This provides continuous protection without gaps that could expose your business to significant out-of-pocket expenses.

Coverage triggers occur automatically when underlying policy limits are reached. This seamless transition protects your business from having to pay the excess amount from company assets.

Umbrella vs Excess Liability Insurance

It's important to understand the difference between umbrella insurance and excess liability insurance . While both provide coverage above primary policies, umbrella insurance typically offers broader coverage that may extend to claims not covered by underlying policies. Excess liability coverage simply provides additional limits for the same coverages as the underlying policy without broadening protection.

Primary vs. Umbrella Coverage

Primary policies form the foundation of your business insurance program. Each of these policies includes specific limits, commonly $1 million per occurrence, which may seem substantial until you face a serious claim.

General Liability Insurance : Covers bodily injury and property damage claims arising from your business operations.
Commercial Auto Liability : Protects against accidents involving company vehicles.
Workers' Compensation Insurance : Covers employee injuries or illnesses that occur on the job.
Employers' Liability Insurance : Protects against employee lawsuits related to workplace injuries.

Umbrella coverage expands these existing limits, effectively multiplying your protection. This expanded capacity becomes critical when facing claims involving multiple injured parties, permanent disabilities, or significant damages.

Commercial umbrella insurance may also fill certain coverage gaps in your primary policies. For instance, if your general liability policy excludes a specific exposure but your business umbrella policy doesn't, the umbrella may provide coverage subject to its self-insured retention (SIR).

Policy Structure and Limits

Commercial umbrella policies typically offer coverage in increments of $1 million . The appropriate coverage amount depends on your business size, industry risks, asset values, and contractual requirements.

Umbrella policies include both per-occurrence limits (the maximum payable for a single incident) and aggregate limits (the maximum amount payable during the policy period for all covered losses). Understanding these limits helps ensure adequate protection for your specific risk profile.

What Commercial Umbrella Insurance Covers

Bodily Injury and Property Damage

Commercial umbrella insurance primarily covers third-party bodily injury and property damage claims that exceed your primary policy limits. These claims can arise from various situations, including customer injuries at your business location, accidents involving company vehicles, or injuries caused by your products or services.

Product & Professional Liability

Product liability incidents are a significant exposure for many businesses. If your product causes injuries to multiple consumers, claims can quickly exceed primary policy limits. Your umbrella policy would respond after primary product liability coverage is exhausted.

For certain industries and policy structures, umbrella coverage may extend to professional liability claims when underlying professional liability policies are exhausted. This provides crucial protection for businesses offering specialized services where errors or omissions could result in substantial client losses.

Legal Defense Costs

One of the most valuable aspects of commercial umbrella insurance is coverage for legal defense costs. Attorney fees, court costs, expert witness expenses, and litigation-related expenses can sometimes approach or exceed the actual claim settlement. Many umbrella policies cover these defense costs in addition to policy limits, rather than reducing available coverage.

This defense cost coverage applies even when claims prove to be groundless or fraudulent. Your insurer provides legal representation and pays defense expenses while fighting unwarranted claims, protecting your business from both legitimate and illegitimate liability actions.

Industry-Specific Scenarios

Different industries face unique liability exposures where umbrella coverage proves essential.

Manufacturing : These businesses face product defect lawsuits that could affect thousands of customers, resulting in massive claims. A single recalled product line could generate liability far exceeding standard coverage limits.
Construction : These companies encounter worksite accidents that may injure multiple workers, subcontractors, or members of the public.
Retail : These businesses deal with constant public interaction, creating slip-and-fall risks, premises liability, and potential mass casualty events.
Professional Services : Consulting, architecture, and engineering firms face errors and omissions claims where their advice or designs result in significant client losses.

When these claims exceed professional liability policy limits, umbrella coverage provides additional protection.

What's Not Covered

Common Exclusions

Commercial umbrella insurance includes important exclusions that businesses must be aware of, including-

Employee Criminal Behavior : Incidents where employees deliberately cause harm or engage in illegal activities usually receive no coverage under umbrella plans.
Employment Practices Liability : Wrongful termination, discrimination, and harassment claims typically require separate coverage unless specifically added to your umbrella policy through endorsement.
Cyber Liability : Data breaches and other cyber incidents are growing business risks that generally fall outside umbrella coverage. Dedicated cyber liability insurance is usually required to address expenses caused by these exposures.

Gaps in Coverage

Claims falling below your umbrella policy's self-insured retention don't trigger umbrella coverage. The SIR functions as a deductible, requiring you to pay covered losses up to the retention amount before umbrella coverage applies.

If your underlying policies exclude specific activities or exposures, your umbrella policy generally won't cover claims arising from those excluded activities unless the umbrella specifically provides broader coverage. This coordination between primary and umbrella policies means maintaining adequate underlying coverage is essential.

Policy Limitations

Commercial umbrella policies include coverage territory restrictions, typically limiting coverage to the United States, its territories, and Canada. International operations may require additional coverage or policy modifications. Coordination issues can arise when underlying policy terms differ from umbrella policy terms, potentially creating coverage disputes that complicate claims resolution.

Who Needs Commercial Umbrella Insurance

High-Risk Industries

Certain industries face elevated liability exposures that make umbrella coverage essential.

Construction & Manufacturing : These businesses encounter frequent accident risks and product liability exposures.
Transportation & Logistics : These companies face substantial auto liability risks from fleet operations.
Healthcare & Professional Services : These providers deal with high-value errors and omissions exposures.
Entertainment & Hospitality : These businesses serve large numbers of customers in environments with numerous potential hazards.

Business Size Considerations

Large Business : Corporations with significant exposures, valuable assets, and substantial revenues need umbrella coverage to protect against claims that could materially impact financial stability.
Mid-Size Business : Experiencing growth can cause businesses to face increasing liability risks that may outpace primary policy limits.
Small Business : A single serious claim can devastate smaller companies, so small businesses in litigation-prone industries can benefit from umbrella coverage.

Specific Risk Factors

Public-Facing Industries : Businesses with high public interaction face greater slip-and-fall risks and premises liability exposures.
Contractual Liability : Requirements from clients or vendors often mandate specific umbrella coverage amounts.
International Activities : Having international operations can increase complexity and potential liability.
Claims History : Previous claims may indicate vulnerability to future claims, making additional coverage a valuable option.

Choosing the Right Coverage

Coverage Amount Determination

Determining appropriate umbrella limits requires thorough risk assessment and exposure analysis. Industry standards can provide guidance, since businesses in similar sectors typically carry comparable coverage amounts. Your financial capacity and asset protection needs also influence coverage decisions since businesses with substantial assets need proportionally greater protection.

Cost Management Strategies

Implementing robust risk management programs reduces losses and demonstrates to insurers that you're actively managing exposures, potentially lowering premiums.
Accepting higher SIRs reduces premium costs if your business can afford larger retentions.
Multi-year policy agreements sometimes offer premium discounts while providing rate stability.

Find Umbrella Coverage Solutions with BIS's Commercial Brokers

The relatively low cost of umbrella coverage compared to the substantial protection it provides makes it one of the most cost-effective risk management tools available. In today's complex liability environment, commercial umbrella insurance coverage can provide businesses with peace of mind and financial security, even in challenging circumstances.

BIS Benefits specializes in helping businesses identify appropriate umbrella coverage that aligns with their unique risks and exposures. Our experienced commercial insurance agents assess your current coverage, identify potential gaps, and connect you with carriers offering competitive umbrella insurance solutions. Request a Free Quote from BIS Benefits today to discuss your umbrella insurance requirements and discover how we can strengthen your business insurance program with the right umbrella coverage solution.

Fidelity Bonds vs Surety Bonds: Understanding Key Differences

Wed, 19 Nov 2025 19:24:34 GMT

Fidelity Bonds vs Surety Bonds: Understanding Key Differences

At a Glance : Fidelity bonds and surety bonds protect businesses in very different ways. Fidelity bonds safeguard companies from internal threats such as employee theft or fraud, while surety bonds guarantee that contractors or licensed professionals meet their obligations to project owners, regulators, or the public. Choosing the right bond helps business owners avoid compliance issues and protect their financial interests.

In the complex world of business insurance, fidelity bonds and surety bonds can create confusion. Even though they’re both considered "bonds," these financial instruments serve fundamentally different purposes. Fidelity bonds protect businesses against employee dishonesty, including theft and fraudulent acts. Surety bonds protect project owners and government entities when contractors or businesses fail to meet their commitments.

For business owners, understanding who these bonds protect, the number of parties involved, how claims are processed, and when each type is required is essential for proper risk management and regulatory compliance. Choosing the wrong bond type or failing to secure adequate insurance coverage can expose your business to significant financial losses or prevent you from obtaining necessary licenses and contracts.

Understanding Fidelity Bonds

Definition and Purpose

Fidelity bonds function as specialized insurance that protects businesses against financial losses from employee theft, fraud, and dishonest acts. Unlike traditional insurance protecting against external threats, fidelity bonds address internal risks, such as the potential for employees to steal money, property, or sensitive information.

Fidelity bond coverage provides financial protection and serves as a deterrent to employee dishonesty. Coverage typically includes many different incidences that result in financial loss to the employer, including:

Theft of money, securities, and physical property
Forgery and alteration of financial instruments
Computer fraud and electronic theft
Embezzlement schemes

Types and Coverage

Fidelity bonds come in several configurations, including-

Individual Bonds : These cover specific employees in positions of high trust.
Blanket Bonds : These provide broader protection by covering all employees within an organization.
Position Bonds : These offer coverage tied to specific job roles, automatically extending to whoever holds that position.

Many businesses opt for comprehensive commercial crime policies that include fidelity coverage alongside protection against other criminal acts.

Industries Requiring Fidelity Bonds

Certain industries face mandatory fidelity bonding requirements-

Financial Services and Banking : These institutions must maintain fidelity coverage to protect customer funds and meet regulatory requirements.
Investment Advisors : Fiduciaries managing client assets face bonding requirements under the Employee Retirement Income Security Act (ERISA).
Government Contractors : These professionals often must provide proof of fidelity bonding as a condition of contract awards.
Healthcare Organizations : Handling patient funds typically requires fidelity coverage to protect against employee theft.

Understanding Surety Bonds

Definition and Purpose

Surety bonds are three-party agreements that guarantee performance or compliance with specific obligations. Unlike fidelity bonds, which operate as insurance policies , surety bonds create a guarantee that one party (the principal) will fulfill obligations to another party (the obligee).

These three-party contracts protect project owners against contractor default, ensuring that work gets completed or that businesses follow applicable laws and regulations. Surety bonds serve as a risk transfer mechanism in contractual relationships, providing financial protection when principals fail to meet their commitments.

Types and Applications

The surety bond landscape includes two primary categories-

Contract Bonds

Contract surety bonds include four main bond types -

Performance Bonds : Performance bonds guarantee project completion in the event of a contractor’s default
Payment Bonds : Payment bonds ensure that subcontractors and suppliers will be paid for labor and materials
Bid Bonds : By guaranteeing contract execution, bid bonds financially protect the owner if the bidder fails to sign the contract or provide the required performance
Warranty Bonds : Also called maintenance bonds , these bonds guarantee that any defects found in the original construction will be repaired during the warranty period

Commercial Bonds

There are five main types of commercial surety bonds-

License and Permit Bonds : Required for certain types of business licenses, these guarantee that any work completed will be in compliance with state and local laws.
Court Bonds : Also called judicial bonds , these are often needed for legal proceedings to protect from possible losses.
Fiduciary Bonds : Also called probate bonds , these protect the wards, creditors, and heirs of a probate estate.
Public Official Bonds : These guarantee that government employees will perform their duties according to the law.
Miscellaneous Bonds : These cover specialized situations like utility bonds,customs bonds for importers and environmental compliance bonds.

Industries Requiring Surety Bonds

Business license requirements often mandate surety bonds as a condition of operation in regulated industries, such as-

Construction : These projects commonly require performance and payment bonds.
Mortgage Brokers : In many states , brokers must obtain surety bonds to protect clients and state regulators if the broker breaks the law.
Court Proceedings : These may require bonds to guarantee payment of judgments.

The Three-Party Structure

For surety bonds, understanding the three-party relationship is crucial.

Principal : The party required to obtain the bond, typically a contractor, business owner, or individual seeking a license.
Obligee : The party protected by the bond, such as a project owner, government agency, or court.
Surety : The insurance or bonding company providing the financial guarantee.

This structure distinguishes surety bonds from traditional insurance, as the surety expects to be reimbursed by the principal for any claims paid.

Key Differences Between Fidelity and Surety Bonds

Number of Parties

This is the most fundamental difference between the two types of bonds. Fidelity bonds create a two-party agreement between the employer seeking protection and the insurance company. Surety bonds establish a three-party relationship involving the principal, obligee, and surety.

Protection

Fidelity bonds protect employers from their own employees' dishonest actions. Surety bonds protect third parties from the principal's failure to perform contractual obligations or comply with regulations.

Claims Process

Fidelity bond claims are filed directly by the employer with the insurance company, following traditional insurance procedures. Surety bond claims are filed by the obligee against the bond when the principal fails to perform. The surety investigates, potentially pays the claim, and seeks reimbursement from the principal.

Risk Assessment

Risk assessment approaches differ based on what's being evaluated. Fidelity bond underwriting focuses on employee background checks and internal control systems. Surety bond underwriting examines the principal's financial capacity, industry experience, credit history, and project-specific risks.

Premium Structures

Premium structures reflect different risk models. Fidelity bond premiums are calculated based on coverage amounts, number of employees covered, deductible selections, and claims history. Surety bond premiums depend on the bond amount, the principal's credit score, project complexity, industry experience, and collateral requirements.

While they vary based on business size, contractor requirements, and risk factors, surety bonds typically range from 0.5% to 2% of the contract amount. Fidelity bonds have a similar range, costing between 1-3% of the total amount .

Renewal Terms

Fidelity bonds typically operate on annual renewal cycles with standard cancellation provisions. Surety bonds often run for project-specific terms and may be non-cancellable once issued, ensuring continuous protection throughout the bonded obligation's duration.

Legal and Regulatory Requirements

Fidelity Bond Requirements

Under state and federal law, fidelity bonding is required in specific situations-

Employee Benefits Requirements : ERISA requires fidelity bonds for anyone handling employee benefit plan assets, with minimum coverage of 10% of plan assets
Industry-Specific Mandates : These exist for businesses like banking institutions, securities dealers, and many government contractors handling public funds
State Insurance Regulations : These impose bonding requirements for certain licensed professions

Surety Bond Requirements

The Miller Act : These require performance and payment bonds on federal construction projects exceeding $150,000
"Little Miller Acts" : These state-level regulations impose similar requirements for state and local government projects
Industry Licenses : Professional licensing boards across different industries mandate surety bonds as conditions for license issuance
Courts Order Bonds : In litigation contexts, these guarantee payment of potential judgments

Compliance Considerations

Both bond types involve compliance obligations, including-

Laws often specify minimum coverage amounts
Regulatory bodies may require bonds from approved surety companies
Renewal deadlines demand attention to ensure continuous coverage
Regulatory reporting creates ongoing administrative responsibilities for bonded entities

Claims Process and Recovery

Fidelity Bond Claims

When employee dishonesty occurs, employers must discover the loss and report it promptly. After gathering evidence and documenting financial losses, the employer must cooperate with the insurer's investigation. Settlement occurs after the investigation confirms coverage, with the insurer paying valid claims and potentially pursuing recovery against the dishonest employee.

Surety Bond Claims

Surety bond claims begin when an obligee provides notice to all parties of the principal's failure to perform. The surety investigates and determines appropriate responses, which may include completing work through another contractor, paying the obligee for losses, or disputing invalid claims. The principal faces indemnification responsibilities, meaning they must reimburse the surety for any amounts paid on claims.

Recovery Challenges

Both bond types face many different recovery challenges, including-

Proof of Loss : Claimants must provide adequate proof of loss . These requirements can be different by state.
Time Requirements : Bond durations, renew requirements, and other limitations can restrict when claims can be filed.
Subrogation Rights : Sureties and insurers maintain subrogation rights to recover paid claims from responsible parties.
Financial Obstacles : Legal costs and collection efforts can make recovery expensive and time-consuming, especially when principals or dishonest employees lack assets.

Choosing the Right Bond Type

Proper bond selection starts understanding your potential financial exposure and determining appropriate coverage amounts.

Identify whether you face internal risks from employee dishonesty or external risks from contractual non-performance
Evaluate whether contractual obligations or regulatory requirements mandate specific bond types.
Determine appropriate coverage amounts based on these findings

Working with experienced insurance agents and brokers who understand both fidelity and surety bonds ensures proper coverage selection. These professionals can compare coverage options and costs across carriers to make sure you receive adequate protection at competitive rates while meeting all legal and contractual bonding requirements.

Explore Commercial Insurance Bond Options with BIS Benefits

Understanding the differences between fidelity bonds and surety bonds is essential for protecting your business and meeting legal requirements. Fidelity bonds address internal risks from employee dishonesty, while surety bonds guarantee external obligations to third parties. Proper risk identification and coverage selection prevent costly gaps in protection.

BIS Benefits specializes in helping businesses navigate the complex world of commercial bond insurance . Our experienced brokers assess your specific risks, explain your bonding options, and connect you with carriers offering competitive rates. Request a Quote today to discuss your bonding needs and discover how BIS can protect your business with the right bond solutions.

What Does Commercial Auto Insurance Cover?

Tue, 21 Oct 2025 14:02:04 GMT

What Does Commercial Auto Insurance Cover?

At a Glance : Commercial auto insurance covers liability for injuries and property damage your business vehicles cause to others, optional physical damage protection (comprehensive and collision) for your own vehicles, medical payments for drivers and passengers, and uninsured/underinsured motorist coverage. These costs are influenced by factors including vehicle type, business operations, driver qualifications, and selected coverage limits.

Commercial auto insurance provides coverage for businesses that use vehicles in their daily operations, including liability, physical damage, and specialized risks that personal auto policies exclude. Unlike personal auto insurance, which is designed for individual commuting and personal use, commercial policies address the unique exposures businesses face when vehicles serve as tools for generating revenue, transporting goods, or providing services to customers.

In the United States, businesses operating vehicles must carry minimum liability coverage , though state minimums rarely provide adequate protection for the assets and earning capacity most businesses need to safeguard. Understanding what commercial auto insurance covers enables business owners to make informed decisions about protection levels and avoid paying for unnecessary coverage or leaving dangerous gaps in protection.

Basic Commercial Auto Coverage Components

Liability Coverage

Bodily Injury Liability

This is the foundation of commercial auto insurance, paying medical expenses, lost wages, and pain and suffering when your business vehicles cause injuries to others. This coverage extends to pedestrians, occupants of other vehicles, and anyone injured by your vehicle's operation, protecting against potentially devastating personal injury claims that could otherwise bankrupt your business.

Property Damage Liability

This covers repair or replacement costs when your vehicles damage others' property , including other vehicles, buildings, fences, or any other tangible property. State minimum requirements establish baseline coverage levels, but these minimums often prove inadequate for serious accidents. Many businesses carry liability limits of $1 million or more to protect substantial business assets and future earning capacity.

Legal Defense Costs & Settlement Coverage

Commercial auto policies typically cover attorney fees, court costs, investigation expenses, and settlement negotiations, which can equal or exceed actual damage awards. This defense coverage applies even when claims prove groundless, protecting businesses from frivolous lawsuits that still generate substantial legal expenses.

Comprehensive Coverage

Comprehensive coverage protects your vehicles against non-collision losses , including-

Theft
Vandalism
Fire
Flood
Hail Damage
Falling Objects
Animal Collisions

This coverage proves particularly valuable for businesses operating in areas prone to weather events or vehicle theft, providing financial recovery when unexpected events damage or destroy company vehicles.

Collision Coverage

Collision coverage pays for accident-related damage regardless of fault, repairing or replacing vehicles damaged in crashes with other vehicles, fixed objects, or rollover accidents. While optional in most states, collision coverage provides essential protection for businesses that cannot afford to replace damaged vehicles from operating funds.

Deductible Selection

In most cases, higher deductibles reduce premiums while increasing out-of-pocket expenses when claims occur. Businesses must balance immediate affordability against potential claim costs, considering factors like financial reserves, fleet size, and loss history. Actual cash value settlements account for depreciation, while agreed value coverage guarantees specific payouts regardless of depreciation, though at higher premium costs.

Medical Payments

Medical payments coverage provides immediate payment for medical expenses incurred by drivers and passengers in covered vehicles, regardless of who caused the accident. This no-fault coverage pays for emergency treatment, hospital stays, surgical procedures, and follow-up care up to policy limits, typically ranging from $1,000 to $10,000 per person.

Personal Injury Protection

Personal Injury Protection (PIP) offers broader coverage than medical payments, including lost wages, replacement services for household tasks the injured person cannot perform, and funeral expenses in fatal accidents. State requirements for PIP vary dramatically, with some states mandating coverage while others make it optional or unavailable.

Coordination with health insurance and workers' compensation prevents duplicate payments while ensuring injured parties receive appropriate coverage. Commercial auto policies typically specify whether they provide primary or secondary coverage relative to other available insurance, affecting how claims are processed and paid.

Uninsured and Underinsured Motorist Coverage

Despite legal requirements for auto insurance, millions of drivers operate without coverage, leaving businesses vulnerable to uncollectible damages without uninsured motorist protection. Underinsured motorist coverage applies when at-fault drivers carry insurance insufficient to cover your full damages. As medical costs and vehicle values increase, state minimum liability limits often prove inadequate for serious accidents, making this coverage increasingly important for adequate protection.

Hit-and-Run

If an unknown driver flees the scene of a collision, the accident coverage falls under uninsured motorist provisions , protecting businesses when unknown drivers flee accident scenes. This coverage applies to both bodily injury and property damage components, depending on policy structure and state regulations.

Types of Vehicles Covered

Business-Owned Vehicles

Cars, trucks, and vans owned by the company receive straightforward coverage under commercial auto policies, with protection extending to all vehicles listed on the policy declarations page. Specialized vehicles, including delivery trucks, service vehicles, and equipment haulers, require accurate description and valuation to ensure appropriate coverage limits.

Vehicle Fleets

Multiple unit coverage provisions enable businesses to add and remove vehicles throughout the policy term without individual policy amendments for each change. Newly acquired vehicle automatic coverage provides immediate protection for additions to your fleet, typically for 30 days while you formally add vehicles to the policy.

Hired and Rental Vehicle Coverage

Short-term vehicle rentals for business use receive coverage through hired auto provisions , protecting businesses when employees rent vehicles for business trips, temporary replacements, or special projects. Leased vehicles and long-term rentals may require specific listing on policies depending on lease duration and contractual requirements.

Employee rental car coverage while traveling extends protection to rental vehicles employees use for business purposes, preventing gaps between personal auto policies that exclude business use and commercial policies that might not automatically cover rentals.

Non-Owned Vehicle Coverage

Employee personal vehicles used for business create liability exposure for employers even though the business doesn't own the vehicles. Non-owned vehicle coverage provides contingent liability protection when employee personal auto policies prove insufficient to cover accident damages.

Temporary use of other people’s vehicles receives protection through non-owned provisions, covering situations where employees borrow vehicles for business errands or use vehicles provided by clients or vendors. This employer liability protection proves essential for businesses whose employees regularly drive for work without using company vehicles.

Specialized Commercial Auto Coverages

Motor Truck Cargo Coverage

Motor truck cargo coverage pays for damaged or stolen goods during transportation, with coverage extending through loading and unloading operations that present heightened loss exposure. This provides protection for goods in transit and addresses the substantial liability businesses face when transporting customer property or inventory.

Garage Coverage and Transportation Services

Auto dealers and repair shop protection requires specialized garage coverage addressing unique exposures including customer vehicle custody, service operations, and sales activities. This coverage protects customer vehicles while in your care, custody, or control, whether for service, storage, or display.

Public & Livery Services

This coverage serves taxi, rideshare, and limousine operations with specialized provisions addressing passenger liability and commercial transportation requirements. These policies must satisfy airport and municipal licensing requirements while providing adequate protection for unique passenger transportation exposures.

Understanding Coverage Limitations

Understanding the limitations of commercial auto plans prevents unpleasant surprises when claims occur under excluded circumstances. Most policies exclude-

High-Risk Behavior : Racing, off-roading, competitive events, and other reckless actions
Intentional Acts : Damages that are expected or intended by the insured
Criminal Activity : Damages that occur while an employee is breaking the law, including driving under the influence
Personal Use : Injuries or damages that occur while an employee is using a company car for personal use
Ineligible Wear & Tear : Standard damages that falls outside insurable risk parameters
Business-Specific Exclusions : pollution liability, products liability during transportation, and professional services liability often require separate coverage
Geographic & Use Limitations: Personal use of commercial vehicles, out-of-territory operations, and unauthorized drivers are usually not covered

Factors Affecting Coverage Costs

Some business operations factors that affect commercial auto insurance premium costs include-

Vehicle Characteristics (Type, Age, Value, Safety Features)
Industry Classification
Vehicle Use Patterns
Geographic Location
Driver Qualifications

Liability limits, deductibles, and optional endorsements provide control over costs versus protection levels.

Risk Management

Proactive risk management demonstrates commitment to loss prevention that insurers reward through reduced premiums. This can also produce premium savings exceeding program costs while reducing accident frequency and severity. Some risk management factors for commercial auto insurance include-

Driver Safety Programs
Vehicle Maintenance Protocols
Claims History

Find Commercial Auto Insurance in Georgia with BIS Benefits

Commercial vehicle insurance provides essential protection through liability coverage, physical damage protection, and specialized endorsements addressing unique business exposures. Adequate insurance coverage protects business assets, maintains operational continuity, and provides peace of mind that vehicle-related incidents won't threaten your business's financial stability.

BIS Benefits helps Georgia businesses navigate commercial auto insurance complexity, identifying appropriate coverage levels, comparing carrier options, and structuring policies that provide comprehensive protection at competitive costs. We offer brokerage services for general liability insurance , workers' compensation insurance , and more commercial insurance options so you can find coverage options for your specific business needs. Request a Quote today and one of our brokers will review your commercial auto insurance policy.

Georgia Open Enrollment Checklist for 2025-26: A Step-by-Step Guide

Thu, 16 Oct 2025 21:53:59 GMT

Georgia Open Enrollment Checklist for 2025-26: A Step-by-Step Guide

At a Glance : Georgia's open enrollment period for 2025-26 runs from November 1, 2025 through January 15, 2026. For businesses, a successful period requires months of advance planning from September through early December to ensure successful benefits administration, compliance with regulations like COBRA, and the best possible outcomes for both employers and employees.

Open enrollment is one of the most critical periods in the annual benefits administration cycle, requiring careful planning and strategy. Well-planned open enrollment creates opportunities to improve employee satisfaction, ensure regulatory compliance, and position benefits packages as competitive advantages in talent acquisition and retention. However, inadequate preparation can lead to missed cost-saving opportunities, employee confusion, compliance risks, and potential coverage gaps.

Following a month-by-month timeline before, during, and after the open enrollment period can help Georgia employers make sure that nothing falls through the cracks during this critical period.

Key Deadlines for Open Enrollment

Georgia's open enrollment period for the 2025-26 plan year runs from November 1, 2025, through January 15, 2026 . This federally mandated timeframe applies to health insurance marketplace plans and typically aligns with employer-sponsored plan enrollment periods.

Missing these enrollment deadlines typically means employees cannot make changes until the next period unless they experience qualifying life events. Late submissions can result in coverage gaps or delayed implementation.

Successful execution requires beginning preparations months earlier, which provides plenty of time for strategic planning, carrier negotiations, and employee education.

Open Enrollment Timeline

September: Building a Foundation & Strategy Plan

Begin internal discussions about goals and potential changes during September. HR leadership, finance teams, executive decision-makers, and anyone else who provides input on organizational priorities and budgets should be involved in this planning.

Understanding what your employees value can guide strategic decisions about where to invest benefits dollars for maximum impact.

Consider employee needs through analysis of previous year's feedback surveys, demographic changes, and emerging healthcare trends
Evaluate your current coverage and how it is affected by budget constraints, financial objectives, or other business priorities
Explore additions to enhance your group health coverage like vision insurance , dental insurance , Health Savings Accounts (HSA), or Flexible Spending Account (FSA)

Early October: Data Collection

Collect comprehensive employee census data , including:

Headcounts
Dependent Information
Age and Demographic Details
Salary Information
Health Needs
Geographic Distribution

Carrier pricing considers employee age distribution, dependent ratios, geographic locations, and claims history. Providing accurate data is important to ensure appropriate pricing from insurance carriers.

Mid-October: Carrier Engagement and Specialized Considerations

Initiate the formal quotation process by sending your updated information to insurance carriers. This information should include comprehensive census data, current plan details, specific coverage requirements, and budget parameters.

Specialized Considerations

Industry-Specific business insurance plans can address unique risks in your sector. For example, construction companies face different needs than most businesses, requiring specialized coverage options and carriers experienced in the challenges faced in that industry.

Consider engaging benefits consultants or brokers who specialize in your industry and provide valuable insights into best practices, emerging trends, and negotiation strategies that optimize outcomes.

First Week of November: Evaluation and Negotiation Period

Receive and thoroughly evaluate carrier proposals, comparing options across multiple dimensions including premium costs, plan designs, out-of-pocket maximums, and administrative service quality.

Enter negotiation discussions with carriers, leveraging competitive proposals to secure optimal terms. Negotiation opportunities may include premium pricing adjustments, enhanced coverage features, improved administrative support, and wellness program additions.

Don't hesitate to push back on initial proposals. Carriers expect negotiation and often have flexibility, particularly for employers with favorable claims experience or growing employee populations.

Mid-to-Late November: Finalization and Communication Planning

Finalize plan decisions based on a comprehensive evaluation of all benefit offerings, including medical, dental, vision, life insurance, disability coverage, and supplemental benefits. For future reference, document the decisions you made and the reasons you made each of them.

Prepare comprehensive employee communication strategies ensuring workforce members understand their options. Effective communication planning includes developing clear benefit summaries, creating comparison tools, scheduling informational meetings, preparing FAQs, and establishing channels for individual questions.

End of November/Early December: Employee Education and Enrollment

Employers should address all employees with any changes in coverage, explain available options, and answer questions. Open enrollment meetings and presentations should cover all available benefit options, explanation of changes, guidance on evaluating personal needs, enrollment instructions, and opportunities for questions.

Educate employees on the value of their complete benefits package, helping them understand total compensation beyond salary. Some of these methods include-

Providing total compensation statements showing employer contributions
Explaining how to maximize healthcare coverage through preventive care
Demonstrating how to navigate insurance systems effectively.
Offering multiple enrollment support options (in-person assistance, online resources and tutorials, dedicated helplines, and one-on-one counseling) to ensure that all employees receive appropriate support

Additional Features and Things to Note

Special Enrollment Periods (SEP) in Georgia

A Special Enrollment Period provides coverage access outside regular open enrollment for individuals experiencing qualifying life events (QLEs). SEPs support workforce flexibility and employee satisfaction during these significant life transitions. Understanding SEPs is particularly important for small businesses managing ongoing workforce changes.

Eligibility requirements for qualifying life events include-

Marriage or Divorce
Birth or Adoption
Loss of Other Coverage
Changes in Residence
Income Changes

Employees experiencing these events typically have either 60 or 90 days to request special enrollment from Georgia Access .

COBRA Compliance

Georgia employers with 20 or more eligible employees must comply with COBRA (Consolidated Omnibus Budget Reconciliation Act) regulations, which require offering continued health insurance coverage to employees and their dependents following qualifying events such as termination, reduction in hours, or other life changes.

Employers must provide COBRA election notices within 14 days of a qualifying event and allow eligible individuals 60 days to elect continuation coverage. Non-compliance can result in costly penalties, so it's important for businesses to understand these obligations. COBRA Administration services can help businesses stay on top of necessary record-keeping, timely notifications, and accurate premium collection.

Benefits Enrollment Software

Modern benefits enrollment software creates opportunities for increased efficiency and accuracy through streamlined processes. Quality platforms offer opportunities, including-

Employee Self-Service
Automated Eligibility Verification
Integration with Payroll Systems
Comprehensive Reporting Capabilities
24/7 Access

Investing in enrollment technology typically generates significant returns through reduced administrative time, fewer enrollment errors, improved employee satisfaction, better data accuracy, and enhanced compliance documentation.

How BIS Benefits Helps You Make the Most of Open Enrollment

Navigating Georgia's open enrollment landscape is a challenge that many businesses struggle to manage effectively. You need a broker who understands this landscape and can guide you through every phase of open enrollment. The certified agents at BIS Benefits specialize in expert group benefits and business insurance services that transform this annual obligation into a strategic opportunity.

BIS Benefits’s comprehensive approach begins with understanding your unique organizational needs, workforce demographics, and budget parameters. We provide strategic guidance on health plans, benefits trends, and workforce management to help you understand what's working with your current plan and where more opportunities are available. We leverage our relationships with all major insurance carriers in Georgia to negotiate competitive rates. Our brokers handle the complex details, freeing your staff to focus on employee education.

Request a Quote from BIS Benefits today to discuss how our expertise can simplify your 2025-26 open enrollment and position your benefits package as a competitive advantage in Georgia's business marketplace.

How to Get Bonded and Insured for a Small Business

Mon, 22 Sep 2025 13:28:40 GMT

How to Get Bonded and Insured for a Small Business

At a Glance: Getting bonded and insured for a small business involves two distinct protections: bonds serve as financial guarantees that you'll fulfill contractual obligations (protecting your clients), while insurance provides coverage when accidents or unforeseen events occur (protecting your business). Small businesses typically need various combinations of bonds and insurance coverage depending on their industry, legal requirements, and client demands.

Bonds and insurance are fundamental risk management tools that every small business owner should understand. While these terms are often mentioned together, they serve distinctly different purposes in protecting your business. Insurance provides financial protection when accidents, damages, or unforeseen events occur, covering losses and liabilities that could otherwise devastate a small business. Bonding , on the other hand, serves as a financial guarantee that you'll fulfill your contractual obligations, protecting clients and project owners if you fail to deliver on your promises. Together, these protections create a safety net that enables small businesses to operate confidently while meeting client expectations and regulatory requirements.

Why Bonding & Insurance Matter for Small Businesses

Operating a small business without proper bonding and insurance exposes you to potentially catastrophic financial risks that could destroy years of hard work in a single incident. A customer slip-and-fall accident could result in medical bills and legal fees totaling hundreds of thousands of dollars. A data breach affecting client information might trigger regulatory fines, notification costs, and lawsuits that exceed your business's entire annual revenue. Product defects, employee injuries, or professional errors can generate claims that quickly overwhelm a small business's financial resources.

Beyond protecting against financial ruin, bonding and insurance requirements often determine which opportunities your business can pursue.

Commercial Clients : Many clients view adequate coverage as a basic professional requirement and will refuse to work with unbonded or uninsured contractors.
Government Contracts : These typically mandate specific bonding and insurance minimums before allowing companies to bid on projects.
Industry-Specific Licenses : Many industries require proof of bonding or insurance coverage to maintain legal operating status.

State and local regulations frequently mandate specific coverage types for particular business activities:

Workers' Compensation : This type of insurance is legally required in most states for businesses with employees.
Errors & Omissions (E&O) : Professional service providers may need this insurance coverage to comply with licensing board requirements.
License & Permit Bonds : Contractors often must obtain these bonds before receiving authorization to perform certain types of work.

Failing to maintain required coverages can result in license suspension, contract termination, or legal penalties that effectively shut down business operations.

Bonded vs. Insured — What's the Difference?

Understanding the fundamental distinction between bonds and insurance is crucial for making informed coverage decisions.

Bonds

A surety bond functions as a guarantee that you'll follow through on your commitments, protecting others from your potential failure to perform. When you're bonded, a surety company promises to compensate your clients if you fail to complete contracted work, violate regulations, or otherwise breach your obligations. However, you remain ultimately liable to reimburse the surety for any payments made on your behalf. These are often used for construction and other long-term service industries.

Insurance

Insurance operates as protection when something goes wrong, covering losses you suffer or damages you cause to others. Unlike bonds, insurance genuinely transfers risk from your business to the insurance company. When covered losses occur, the insurer pays claims without requiring reimbursement from you, assuming you've maintained coverage and paid premiums.

Types of Bonds for Small Businesses

Small businesses might need various bond requirements depending on their industry, location, and client base.

Surety Bonds

The most common type for contractors and construction companies, these guarantee project completion and payment to subcontractors and suppliers. These bonds enable small contractors to bid on larger projects and demonstrate financial reliability to potential clients. Performance bonds guarantee work completion to specifications, while payment bonds ensure subcontractors and suppliers receive compensation for their contributions.

Fidelity Bonds

These protect employers from employee dishonesty, theft, or fraudulent activities. Businesses whose employees handle cash, inventory, or sensitive information often purchase fidelity coverage to protect against internal theft. These bonds are particularly important for retail operations, financial services companies, and businesses that handle client funds or valuable property.

License and Permit Bonds

Satisfying regulatory requirements enables businesses to operate legally in specific jurisdictions or industries. Many trades require these bonds as conditions for obtaining or maintaining professional licenses. Auto dealers, mortgage brokers, collection agencies, and numerous other business types must post license bonds to comply with state regulations.

Contract Bonds

These guarantee performance on specific projects or agreements, providing clients with recourse if contractors fail to deliver promised results. These bonds are common in government contracting, where agencies require assurance that vendors will fulfill their obligations. Private sector clients increasingly require contract bonds for significant projects as standard risk management practice.

Key Small Business Insurance Policies to Consider

General Liability insurance

This coverage, which is often required by clients and landlords, provides essential protection for most small businesses, covering third-party claims for bodily injury, property damage, and advertising injury. Incidents that this coverage protects against include:

Customer slip-and-fall accidents
Product defects that cause injuries
Allegations of false advertising

Workers' Compensation

This insurance covers medical expenses and lost wages for employees injured during work activities. Most states legally require this coverage for businesses with employees, and penalties for non-compliance can be severe. Workers' compensation also protects employers from lawsuits related to workplace injuries, providing legal defense and settlement coverage.

Errors and Omissions Insurance

Also called professional liability coverage, this insurance protects service-based businesses from claims alleging inadequate work, missed deadlines, or professional mistakes. This coverage is often used by licensing boards and professionals whose advice or services could cause financial losses for clients.

Business Owner's Policy (BOP)

This bundled policy combines general liability and commercial property insurance into a single package. BOPs often provide broader protection at lower costs than purchasing separate policies, making them a cost-effective option for small businesses. Additionally, they typically include business interruption coverage, which pays for lost income when covered events prevent normal operations.

How to Get Bonded

The bonding process begins with determining which bonds your business needs based on legal requirements, industry standards, and client demands.

1. Research & Review

Research federal, state, and local regulations that apply to your business activities, as many bonding requirements are legally mandated. Review typical client contracts and industry practices to identify commonly required bond types. Professional associations and trade organizations often provide guidance on standard bonding practices for specific industries.

2. Strengthen Financials and Credit

Strong financials, including positive cash flow, adequate working capital,reasonable debt levels, and personal and business credit scores improve your bonding prospects and reduce premium costs.

Personal Credit Score : Maintain strong credit by paying bills promptly, managing debt responsibly, and correcting any credit report errors.
Business Credit Score : Build business credit by establishing trade relationships, maintaining business bank accounts, and ensuring your business is properly registered with credit reporting agencies.

3. Prepare Documentation

Surety companies evaluate your creditworthiness, financial stability, and track record before approving bonds and setting premium rates. Prepare comprehensive documentation, including:

Financial Statements
Business Tax Returns
Personal Credit Reports
Project References

4. Contact Small Business Insurance Bonding Experts

Once you've identified necessary bonds, contact licensed surety companies or experienced insurance bonding agents who can guide you through the application process.

How to Get Insured

1. Assess Business Risks

Begin the insurance process with a comprehensive risk assessment that identifies potential threats to your business, such as:

Property Risks : Fire, theft, and natural disasters could damage your premises, equipment, or inventory.
Liability Exposures : Incidents like customer injuries, product defects, and professional errors could result in lawsuits.
Business Interruption Risks : Data breaches and other interruptions could halt operations and eliminate income streams.

2. Gather Information

Put together all the information you will need for insurance quotes, including:

Accurate Descriptions of Business Operations
Detailed Inventories of Business Property
Revenue Figures
Employee Counts
Property Values
Prior Loss History
Safety Programs
Security Measures
Risk Management Practices

3. Find the Right Insurance Professional

Qualified insurance brokers help identify appropriate coverage types, compare quotes from different insurers, and negotiate favorable terms. They also provide ongoing support for claims, policy changes, and coverage reviews as your business evolves. Experienced business insurance brokers who understand small business needs can access multiple insurance companies and provide ongoing support for claims, policy changes, and coverage reviews as your business evolves.

Keeping Your Coverage Active

Maintaining active bonding and insurance coverage requires ongoing attention and proactive management.

Proactive Renewal

Late renewals may result in coverage lapses, increased premiums, or policy cancellations that damage your business relationships and bonding capacity. Mark renewal dates on your calendar and begin the renewal process well in advance to avoid coverage gaps that could expose your business to risk or violate contractual requirements.

Maintain Up-to-Date Records

Proper documentation proves coverage existence, supports claim submissions, and helps resolve disputes.

Keep detailed records of all policies, premium payments, claims, and correspondence with carriers.
Store copies of current policies in secure, accessible locations. Ensure key personnel know how to access coverage information during emergencies or claim situations.
Keep your coverage information current by promptly notifying carriers about changes in business operations, revenue, employee counts, or locations.

Plan for Business Growth & Development

Significant business changes can affect coverage needs and premium calculations, including:

Business Expansion : Growing into new markets, service offerings, or geographic areas may require additional coverage types or higher limits.
Increased Revenue & Asset Values : These necessitate corresponding increases in coverage limits to maintain adequate protection.

Failing to report material changes might void coverage or result in claim denials when you need protection most. As your business grows and evolves, regularly review your bonding and insurance needs with qualified professionals. Schedule annual reviews with your broker to ensure your coverage keeps pace with your business growth and changing risk exposures.

Finding the Right Bonding & Business Insurance Plans with BIS Benefits

From workers' compensation insurance to commercial auto insurance , our business insurance agents work with many different types of companies and insurance providers.

If your business is located in the Metro Atlanta area, give us a call to find out what our Surety Bond or Business Insurance brokerage services can do for you!

How Do Construction Bonds Work for Small Businesses?

Wed, 17 Sep 2025 20:28:07 GMT

How Do Construction Bonds Work?

At a Glance : Construction bonds are specialized surety bonds that guarantee contractors will fulfill their contractual obligations, protecting project owners from financial losses if contractors fail to complete work or deliver substandard results. Small construction contractors need construction bonds to bid on public projects, demonstrate credibility to clients, and access larger commercial opportunities that require bonding as standard practice.

What Is a Construction Bond?

A construction bond is a specialized type of surety bond designed specifically for the construction industry, serving as a financial guarantee that protects project owners when contractors fail to meet their contractual obligations. Unlike insurance that protects the policyholder, construction bonds protect the project owner or client from financial losses caused by contractor default, poor workmanship, or failure to complete projects as agreed.

Construction bonds operate through a unique three-party relationship that distinguishes them from traditional insurance policies. The principal is the contractor who purchases the bond and is responsible for fulfilling the contract terms. The obligee represents the project owner or client who requires the bond protection and will benefit from any claims paid. The surety is the bonding company that issues the bond and guarantees the contractor's performance, essentially acting as a financial safety net project.

Through this structure, the surety company assumes responsibility for ensuring project completion or compensating the project owner for losses, but ultimately holds the contractor liable for any payments made on their behalf. This arrangement provides project owners with confidence that their investments are protected while creating accountability for contractors to maintain high-performance standards.

Why Small Business Contractors Need Construction Bonds

Construction bonds have become increasingly essential for small business contractors seeking to compete in today's construction marketplace.

Legal Requirements

Many public sector projects, including federal, state, and local government contracts, legally require contractors to provide construction bonds before bidding. The Miller Act mandates bonding for federal construction projects exceeding $100,000, while individual states have enacted "Little Miller Acts" with similar requirements for state and local projects.

Business Development

Construction bonds serve as tools that demonstrate financial reliability and professional credibility. When small contractors can provide bonding, they signal to potential clients that they possess the financial stability, technical expertise, and track record necessary to complete complex projects. This credibility becomes particularly valuable when competing against larger, more established firms with extensive bonding capacity.

Small Business Benefits

Construction bonds also provide small businesses with access to larger projects that would otherwise be unavailable. Many private owners, particularly those undertaking significant commercial or industrial projects, require bonding as a standard practice to protect their investments. By obtaining bonding capacity, small contractors can pursue projects that offer better profit margins and growth opportunities than smaller, unbonded work.

Through a surety bond company's underwriting evaluation, thorough financial and operational assessments are conducted that often reveal areas for business improvement. This analysis can help small contractors identify weaknesses in their financial management, project management systems, or operational procedures.

Types of Construction Bonds

The construction industry utilizes several distinct types of bonds, each designed to address specific risks and project phases. Understanding these different bond types helps small contractors determine which bonds they need for particular projects and clients.

Bid Bonds

Bid bonds protect project owners during the competitive bidding process by guaranteeing that winning contractors will accept the contract and provide required performance and payment bonds. Typically ranging from 5-10% of the bid amount, bid bonds prevent contractors from submitting unrealistic bids or withdrawing after winning contracts. If a contractor fails to honor their bid, the surety compensates the project owner for the difference between the winning bid and the next lowest acceptable bid.

Performance Bonds

Performance bonds , the most comprehensive construction bond type, guarantee that contractors will complete projects according to contract specifications, schedules, and quality standards. These bonds typically equal 100% of the contract value and remain in effect throughout the construction period. If contractors default, the surety can hire replacement contractors to complete the work or compensate project owners for additional costs incurred.

Payment Bonds

Payment bonds ensure that contractors pay subcontractors, suppliers, and laborers involved in bonded projects. These are equal in bond amount to performance bonds and protect project owners from mechanics liens and legal disputes from unpaid project participants. These bonds are particularly important for public projects where property liens may not be available to unpaid parties.

Maintenance Bonds

Also known as warranty bonds, these bonds extend protection beyond project completion by covering defects in materials or workmanship that appear during specified warranty periods, typically one to two years. These bonds provide project owners with recourse if contractors fail to remedy legitimate defects discovered after project acceptance.

License & Permit Bonds

License and permit bonds represent regulatory requirements that enable contractors to operate legally in specific jurisdictions. These bonds guarantee compliance with local regulations, proper completion of permitted work, and payment of applicable fees or fines. Requirements vary significantly by location and trade specialty.

How Construction Bonds Work Step-by-Step

The construction bonding process begins when contractors identify projects requiring bonds and contact licensed surety companies or experienced bonding agents.

1. Documentation

Contractors must submit comprehensive applications including detailed financial statements, business history, project experience, and personal credit information. This enables surety companies to evaluate the contractor's ability to complete bonded projects successfully.

2. Evaluation

Surety underwriters analyze submitted information to assess risk factors including financial stability, management experience, project complexity, and market conditions. This process, known as prequalification, determines whether the surety will provide bonding and establishes the contractor's bonding capacity - the maximum amount of work they can have bonded simultaneously.

3. Approval

Once approved, contractors receive bond quotes specifying premium costs and terms. After accepting terms and paying premiums, the surety issues bonds that contractors submit with their project bids or contract documents. Bonds typically include specific project details, contract references, and effective dates that align with project schedules.

Throughout bonded projects, contractors must maintain performance standards and fulfill all contractual obligations . Project owners may file claims against bonds, triggering surety investigations to determine claim validity. Valid claims result in surety payments to project owners, but contractors ultimately remain liable to reimburse sureties for all payments made in addition to associated costs and legal fees.

How to Get Bonded as a Small Business

Small contractors seeking bonding should begin by selecting surety companies that specialize in small business accounts and understand the unique challenges facing emerging contractors. Regional or specialty sureties often provide more personalized service and flexible underwriting approaches compared to large national companies focused on major contractors.

Successful bond applications require comprehensive documentation demonstrating business stability and competence. This documentation can include:

Audited or reviewed financial statements
Business tax returns
Personal financial statements
Project references
Banking relationships
Resumes highlighting management experience.

Contractors should prepare this documentation carefully and accurately to avoid delays or denials.

Long-Term Strategy for Bonding Success

Small contractors can improve their bonding prospects through several strategic actions, including:

Maintaining Strong Personal & Business Credit Scores : This demonstrates financial responsibility and reduces perceived risk.
Establishing Consistent Profitability & Positive Cash Flow Trends : This shows business viability and growth potential.
Building a Project Portfolio : Even if small, this provides evidence of technical competence and reliability.
Developing Relationships with Experienced Bonding Agents : Insurance agents who understand surety requirements can provide valuable guidance throughout the bonding process.

How Much Do Construction Bonds Cost?

Construction bond premiums vary significantly based on multiple risk factors that surety companies evaluate during underwriting, including:

Project Size and Complexity : Larger, more complex projects typically requiring higher premiums due to increased risk exposure.
Bond Type : Bid bonds generally cost less than performance and payment bonds due to shorter exposure periods and lower risk levels.
Contractor Qualifications : Credit scores, both personal and business, are one of the most significant cost factors.
Financial Indicators : These can include working capital, net worth, and debt-to-equity ratios.
Business Track Record : Contractors with extensive successful project histories typically qualify for lower rates than those with limited experience or past performance issues.
Industry Specialization : Technical expertise in specific construction types can influence pricing favorably.
Market Conditions : Premium rates may decrease during competitive market periods as sureties compete for quality accounts or increase during difficult market conditions following major losses.

What Happens if There's a Bond Claim?

Bond claims typically happen when contractors fail to complete projects according to contract terms, deliver substandard work, or default on their obligations entirely. Common claim triggers include missed completion deadlines, failure to correct defective work, abandonment of projects, or bankruptcy.

Upon receiving claims, surety companies conduct thorough investigations to determine the claim’s validity and the extent of damages. This process involves:

Reviewing Construction Contract Documents
Inspecting the Work Performed
Interviewing Involved Parties
Assessing the Costs Required to Fix Damages & Defaults

Sureties may attempt to work with contractors to cure defaults before paying claims, particularly when defaults appear correctable.

When claims prove valid, sureties must decide whether to complete projects using replacement contractors or compensate project owners for damages incurred. Completion options often prove more cost-effective for sureties and beneficial for project owners seeking finished projects rather than monetary compensation.

Regardless of how claims are resolved, contractors remain liable to reimburse sureties for all amounts paid plus associated investigation, legal, and administrative costs. This obligation can create significant financial hardship for contractors and often includes personal guarantees from business owners. Claims also damage contractors' bonding capacity and may result in surety companies declining future bonding requests.

How BIS Benefits Can Help Businesses with Construction Bonds

Navigating construction surety bonds requires specialized expertise that many small contractors lack. BIS Benefits provides comprehensive brokerage services designed specifically for growing businesses seeking to establish or expand their bonding capacity. Our experienced team understands the unique challenges facing small contractors and works closely with surety companies that specialize in small business accounts.

Learn more about how our Surety Bond and Construction Business Insurance brokers can help your small business access the bonding capacity necessary for growth and success in today's competitive construction marketplace. If your business is based in Georgia, request a quote from BIS Benefits today to discuss your construction bonding needs.

ACA Compliance Recap | July 2025

Wed, 27 Aug 2025 19:44:08 GMT

July brought the Final Rules on the One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025. The 2026 ACA affordability threshold has been released, affecting employer and employee contributions to group health plans.

The One Big Beautiful Bill Act Impact on Employee Benefits

The One Big Beautiful Bill Act of 2025 (OBBBA) introduces permanent changes to a range of employee benefits, creating a more stable and generous framework for employers and employees.

HDHPs and HSAs

Telehealth Services : High-deductible health plans (HDHPs) can now permanently cover telehealth before deductibles are met (effective for 2025 plan years).
Direct Primary Care : Beginning in 2026, fixed-fee primary care arrangements (≤$150/month for individuals) are compatible with health savings accounts (HSAs) and eligible as medical expenses. Primary care services do not include procedures that require general anesthesia, prescription drugs (other than vaccines), or lab services not typically administered in an ambulatory primary care setting.
Expanded HDHP Eligibility : Bronze and catastrophic ACA Exchange plans will qualify as HDHPs (effective in 2026).

DCAP Limit Raised

The annual exclusion for dependent care assistance plans (DCAPs) rises to $7,500 (not inflation-adjusted).

PFML Tax Credit

The Paid Family and Medical Leave (PFML) tax credit is now permanent and expanded to include wage-based and premium-based policies.
Employers may elect a broader definition of qualifying employees.

Employer Considerations

Employers should begin assessing whether to:

Redesign HDHPs to incorporate new telehealth and primary care guidelines.
Adjust DCAP offerings.

ACA Affordability Threshold Increased

The IRS has announced that the affordability threshold for employer-sponsored health insurance coverage under the Affordable Care Act (ACA) with plan years beginning in 2026 will rise to 9.96% of an employee’s household income, up from 9.02% in 2025. This change carries important implications for both employee eligibility for exchange subsidies and employer responsibility under the ACA’s shared responsibility provisions.

This increase reflects updated indexing calculations based on premium growth rates compared to income growth, using data from the National Health Expenditure Accounts.

Understanding ACA Affordability Standards

Under the ACA, an employer’s offer of minimum essential coverage (MEC) is considered affordable if the employee’s required contribution for the lowest-cost, self-only plan providing minimum value does not exceed the applicable percentage of household income. Because employers typically do not know employees’ full household incomes, the IRS permits use of one of three safe harbor alternatives. Each of these options allows employers to gauge affordability based on more accessible data, ensuring compliance while minimizing administrative burdens.

1. Federal Poverty Line (FPL) Safe Harbor

The FPL safe harbor is often the simplest to administer. In 2026, if an employer offers a medical plan that meets minimum value and costs no more than $129.89 per month for employee-only health coverage, the plan will be deemed affordable under this safe harbor.

This amount is based on the 2025 FPL for a single individual in the continental U.S.:

$15,650 x 9.96% ÷ 12 = $129.89/month

Higher FPLs apply for Alaska ($162.27/month) and Hawaii ($149.32/month).

For non-calendar-year plans, employers may use the FPL in effect within six months prior to the start of the plan year, providing flexibility to select the most advantageous threshold.

2. Rate of Pay Safe Harbor

Employers who do not meet the FPL affordability test may use the rate of pay safe harbor, which calculates affordability based on employee wages.

Hourly Employees : Hourly wage x 130 hours = Monthly wage x 9.96% = maximum contribution

Example: $20/hour x 130 = $2,600 monthly wage x 9.96% = $258.96/month maximum premium

Salaried Employees : Annual salary ÷ 12 = Monthly salary x 9.96% = maximum contribution

Example: $36,000/year ÷ 12 = $3,000 monthly salary x 9.96% = $298.80/month maximum premium

This approach is more customizable based on workforce compensation but requires accurate payroll data and consistency.

3. Form W-2 Safe Harbor

This method uses Box 1 wages from the employee’s W-2. It is generally less predictable and only confirmed retrospectively after year-end, making it a less preferred method unless an employer’s contributions are tied directly to W-2 earnings.

Coverage is affordable if employee premiums for the lowest-cost, self-only plan do not exceed 9.96% of W-2 wages.

ACA Penalties and Liability

Two penalties may apply under the ACA’s employer mandate :

The Section 4980H(a) “A Penalty” applies if an employer fails to offer MEC to at least 95% of full-time employees. In 2026, the penalty will be $3,340 per full-time employee (excluding the first 30 employees).
The Section 4980H(b) “B Penalty” applies when coverage is unaffordable, not offered, or lacks minimum value. In 2026, the penalty is $5,010 per affected employee receiving a subsidy on the exchange.

These penalties are indexed annually.

Employer Considerations

The ACA’s updated affordability threshold for 2026 represents both a compliance challenge and an opportunity for strategic benefits design. By planning ahead and selecting the right affordability safe harbor, employers can maintain compliance, avoid penalties, and meet coverage requirements to offer meaningful options to their workforce.

Employers should evaluate their 2026 health benefits strategy now. Key actions include:

Budgeting for Affordability : Consider designing at least one medical plan option that meets the FPL affordability safe harbor ($129.89/month) for streamlined compliance.
Safe Harbor Selection : Evaluate whether the FPL, rate of pay, or W-2 safe harbor is most practical and effective for various employee groups.
Employers satisfying affordability through the FPL safe harbor may use the Qualifying Offer Method on IRS Forms 1094 -C and 1095-C :
Form 1094-C: Check Box A on Line 22.
Form 1095-C: Use Code 1A in Line 14; Code 2G (optional) in Line 16 for waivers.
Employers using the rate of pay and W-2 safe harbors, use Code 2H and Code 2F, respectively, in Line 16.
If an opt-out credit is unconditional, its value must be added to the employee premium when testing affordability. To avoid this:
Make the credit conditional on enrollment in other group coverage.
Require employee attestation that they and their tax family have MEC.

Question of the Week

Q . An employee and their spouse are enrolled in an HSA and the spouse has a child with an ex-wife. The employee and spouse do not claim the child as a tax dependent. Can the employee use HSA funds to pay for out-of-pocket medical/dental expenses for the child?

A . The HSA cannot be used to pay for expenses of a child who is not a tax dependent of the HSA owner.

Answers to the Question of the Week are provided by Kutak Rock.

Large Group vs Small Group Health Insurance: What Employers Need to Know

Tue, 26 Aug 2025 15:55:01 GMT

Large Group vs Small Group Health Insurance: What Employers Need to Know

At a Glance : Small group health insurance typically offers simplified administration and community-based pricing but limited plan customization. Large group insurance provides greater flexibility and potential cost savings through experience rating, but requires complex compliance and administrative oversight. Crossing the 50-employee threshold triggers the Affordable Care Act (ACA) employer mandate, which opens up significantly more plan design options alongside increased regulatory responsibilities.

Choosing the right health insurance for your employees represents one of the most important decisions you'll make as an employer. The type of coverage you provide directly impacts your ability to attract and retain quality talent while managing your business's healthcare costs. However, many employers don't realize that their group size fundamentally determines not only what insurance options are available to them, but also their legal obligations, pricing structure, and administrative requirements.

Understanding the difference between small group and large group health insurance is crucial for making informed decisions about your employee benefits strategy. The distinction between small and large group health insurance affects everything from the benefits you must provide to how your premiums are calculated. As your business grows, these classifications can change, potentially opening up different coverage options.

What Defines a Small Group vs Large Group Plan

The classification of your business as either a “small group” or “large group” for health insurance purposes depends primarily on the number of full-time equivalent employees (FTEs) you have, though the exact thresholds can vary by state.

Small Group Classification

This typically includes businesses with 1-50 full-time employees. Full-time equivalent employees include both full-time workers and part-time employees whose combined hours equal full-time positions. For example, two employees working 20 hours per week would count as one FTE. This calculation becomes important when you're near the threshold, as seasonal fluctuations or part-time staffing changes can potentially shift your classification.

Large Group Classification

This generally applies to businesses with 51 or more full-time equivalent employees. Once you cross this threshold, you enter a different regulatory environment with distinct advantages and obligations. Large group status typically provides more flexibility in plan design but comes with increased compliance requirements and administrative complexity.

Some states set different thresholds or additional requirements for these classifications. It's essential to understand your specific state's regulations and how they impact your classification, since they can impact what options are available to your business.

Plan Design & Coverage Differences

The differences in plan design flexibility between small and large group health insurance are substantial and can significantly impact both employers and employees.

Small Group Requirements

Under the Affordable Care Act (ACA), these requirements are quite specific. Small group plans must include the 10 Essential Health Benefits , which cover services including:

Ambulatory patient services
Emergency services
Hospitalization
Maternity and newborn care
Mental health and substance use disorder services
Prescription drugs
Rehabilitative services
Laboratory services
Preventive care
Pediatric services, including vision and dental care

These requirements ensure comprehensive coverage but limit customization options. Small group plans typically offer standardized benefit designs with predetermined deductibles, copayments, and coinsurance levels. While this standardization provides consistency and makes plan comparison easier, it may not perfectly match your employees' specific needs or your budget constraints.

Large Group Flexibility

The ability to self-insure also becomes available to large groups, allowing them to assume the financial risk of their employees' healthcare costs rather than paying fixed premiums to an insurance company. With more employees to insure, large groups have greater leverage to negotiate favorable terms with insurance carriers. This allows for significantly more customization in plan design. Large groups can:

Negotiate custom features
Adjust deductibles and copayments
Offer multiple plan options
Select specific insurance provider networks
Exclude certain benefits that aren't required by law

This flexibility enables large employers to create plans that better align with their workforce demographics and budget requirements. While this option requires careful consideration and professional management, it can provide significant cost savings for the right organizations.

Pricing & Rating Structure

The fundamental difference in how small and large group health insurance premiums are calculated can have dramatic impacts on your costs and budgeting predictability.

Small Group Community Rating

This means that premiums are based on community-wide factors rather than your specific group's health history. Insurance carriers consider factors like your employees' average age or geographic location, but they cannot adjust premiums based on your group's past claims experience or health status.

This community rating system provides several advantages for small groups. Businesses with older or less healthy employee populations aren't penalized with higher premiums, making health insurance coverage more accessible and predictable. However, community rating also means that healthier small groups may pay higher premiums than their actual risk would warrant.

Large Group Experience Rating

This allows insurance carriers to adjust premiums based on your group's actual claims history and health status. This means that groups with lower healthcare utilization and healthier employees can benefit from reduced premiums, while groups with higher claims may face increased costs.

Experience rating provides more direct control over premium costs through effective wellness programs, preventive care initiatives, and claims management. However, this can also cause increased volatility and potential for significant premium increases if your group experiences high claims.

Compliance & Administrative Impact

The regulatory burden and administrative requirements vary significantly between small and large group health insurance, with large groups facing substantially more complex obligations.

Small Group Compliance

Under the ACA, this is relatively straightforward. Small employers (under 50 FTEs) are not subject to the employer mandate and therefore don't face penalties for not offering health insurance. Small groups enjoy simplified reporting requirements with minimal IRS paperwork beyond basic tax filings.

Large Group Requirements

Large group coverage is substantially more complex. Once you reach 50 or more full-time equivalent employees, the ACA employer mandate kicks in, requiring you to offer affordable, minimum value health coverage to full-time employees or face potential penalties.

Large groups must navigate extensive reporting requirements. Compliance oversight for large groups includes potential IRS audits, Department of Labor investigations, and state insurance department reviews. The complexity increases further with COBRA administration and HIPAA compliance .

What Happens When A Business Grows Past 50 Employees?

Crossing the 50-employee threshold represents a significant milestone that triggers new obligations and opportunities requiring careful planning and preparation.

The Employer Mandate

This becomes effective for applicable employers once the business has 50 or more full-time equivalent employees, typically measured using a 12-month lookback period. This means you must offer affordable, minimum value health coverage to full-time employees or face potential penalties.

Plan Reassessment

As a small business transitions from community-rated to experience-rated pricing, the current small group plan may no longer be available. This requires you to evaluate new options for larger organizations that may have different provider networks, benefit structures, or cost-sharing arrangements.

Administrative Changes

Business infrastructure needs significant upgrading to handle large group compliance requirements. You'll need systems to track eligible employees, generate required reports, and manage the increased complexity of benefits administration.

Broker and Vendor Relationships

As your needs become more complex, you might need to transition to brokers with more sophisticated large group capabilities or consider working with a Professional Employer Organization (PEO) that can provide large group access and administrative support.

Tips for Choosing the Right Health Plan

Making the right health insurance decision requires careful consideration of your current situation and future growth plans.

Assess Employee Needs and Budget

You can evaluate these by conducting surveys or focus groups to understand what your employees value most in health benefits. Consider demographic factors like average age, family status, and income levels that might influence plan preferences.

Plan for Growth

If you're approaching the 50-employee threshold, consider how your benefits strategy will evolve as your business grows. Start preparing for the transition to large group status well in advance.

Explore Alternative Solutions

Other options, like PEOs, can provide access to large group pricing and administrative support even while you're still technically a small group.

Consider Total Compensation Strategy

Sometimes, investing in a more expensive health insurance plan can reduce pressure for salary increases or help attract higher-quality candidates. Evaluate how health benefits fit into your overall employee value proposition.

Work with Specialized Brokers

Small group specialists who understand your market segment and the community rating environment can help you navigate standardized plan options effectively. As you approach or exceed 50 employees, consider brokers with large group expertise.

Picking the Right Plan for Your Business with BIS Benefits

The decision between small and large group health insurance isn't just about current employee count. Employers must also understand how your choice aligns with your business strategy, growth plans, and employee needs. Small group plans offer simplicity and predictability, while large group plans provide flexibility and potential cost advantages for the right organizations.

As your business evolves, your health insurance strategy should evolve with it. Working with a knowledgeable health insurance agent who will honestly explain the differences between small and large group options can help you build a benefits strategy that grows with your business while keeping you compliant and competitive.

Don't let the wrong group classification leave you with less-than-optimal coverage or unnecessary compliance burdens. At BIS Benefits, we take the time to understand your workforce demographics, growth trajectory, and budget constraints to help you plan for whatever changes and transitions lie ahead. Whether you're approaching the 50-employee threshold or just looking for a more personalized brokerage experience, BIS will work with you to find the small group or large group health insurance plan that best serves your business.

If your business is located in the Metro Atlanta area, give us a call to find out what our Group Health Insurance brokerage services can do for you!

What Does Cyber Insurance Not Cover (And Why It Matters for Your Business)

Tue, 26 Aug 2025 15:32:54 GMT

What Does Cyber Insurance Not Cover (And Why It Matters for Your Business)

At a Glance : Cyber liability insurance provides valuable protection for data breaches, ransomware attacks, and business interruption, but it doesn't cover everything. These policies often exclude crime and theft, insider threats, contractual liability, regulatory fines, and reputational losses. Understanding these coverage gaps helps businesses build a complete risk management strategy that combines cyber insurance with strong cybersecurity practices and any necessary additional coverage.

Cyber insurance has become a critical component of modern business risk management, offering protection against the financial devastation that can follow a data breach or cyberattack. As cyber threats continue to evolve and multiply, more businesses are recognizing the importance of having cyber coverage in place. However, many business owners make a dangerous assumption: that cyber insurance provides comprehensive protection against all digital risks. This misconception can prove costly when a claim is denied due to policy exclusions or coverage gaps.

While these cyber insurance policies provide valuable protection in many scenarios, they also contain significant exclusions that could leave your business financially exposed when you need coverage most. Understanding what cyber insurance does and doesn't cover can help you build a more complete understanding of your protection and where you might need to fill the gaps.

What Cyber Insurance Does Cover

Before examining the limitations, it's important to understand the valuable protections that cyber insurance typically provides . Most comprehensive cyber insurance policies cover several key areas that can help businesses recover from cyber incidents.

Data Breach Response

This represents one of the most fundamental cyber coverages, including the costs associated with notifying affected customers, regulatory bodies, and other stakeholders as required by law. This often extends to providing credit monitoring services for affected individuals, which can cost thousands of dollars per person over multiple years. The policy may also cover the expenses of hiring specialized forensic investigators to determine the scope and cause of the breach.

Ransomware Payments and Recovery

Coverage for these events has become increasingly important as these attacks surge across all business sectors. Cyber insurance can cover both the ransom payments themselves (where legally permitted) and the associated costs of data recovery, system restoration, and business interruption during the recovery period. These payments, both the initial amount and total recovery costs, can create substantial losses for businesses.

Business Interruption

In cyber insurance, this can replace lost income when your business operations are disrupted by covered cyber events. This might include lost revenue from website downtime, inability to process orders due to compromised systems, or operational delays while systems are restored. Some policies also cover extra expenses incurred to minimize business interruption, such as renting temporary equipment or hiring additional staff.

Legal Defense Costs

Legal fees tied to covered events can quickly escalate into high expenses, particularly when dealing with regulatory investigations or customer lawsuits following a data breach. Cyber insurance typically covers settlement payments, regulatory proceedings, and other legal expenses related to covered incidents.

What Cyber Insurance Does Not Cover

Despite these valuable protections, cyber insurance policies contain numerous exclusions that can surprise business owners when they need coverage most. Understanding these limitations is crucial for comprehensive risk management.

Crime & Theft

These are the most common exclusions to catch many businesses off guard. Insurers increasingly require policyholders to maintain basic security standards, such as encrypting sensitive data or intellectual property, implementing multi-factor authentication, and maintaining updated software. Claims may be denied if losses result from the failure to meet these security requirements, leaving businesses that haven't invested in proper cybersecurity infrastructure without coverage when they need it most. Businesses need a separate crime policy to cover ransomware attacks and other incidents of cyber crime.

Insider Threats and Employee Misconduct

If an employee intentionally steals data, commits fraud, or sabotages systems, traditional cyber policies may not respond. This exclusion is particularly concerning, especially for small businesses, given that insider threats account for a significant percentage of data breaches and security incidents.

Contractual Liability

If your business has contractual obligations with third parties to protect client data and faces liability for failing to meet those obligations, you may need separate professional liability or Errors & Omissions coverage.

Physical Injury and Property Damage

Even if these damages result from cyber incidents, they are still generally excluded from cyber policies. For example, if a cyber attack on a manufacturing facility causes physical damage to equipment or injures workers, cyber insurance likely won't cover these losses.

Fines and penalties present a gray area in many policies. While some cyber insurance policies cover certain regulatory fines, others exclude them entirely. The coverage often depends on whether the fines are considered "insurable" under applicable law, which varies by jurisdiction and type of violation.

Reputational Damage or Loss of Future Profit

While cyber insurance coverage policies may cover immediate financial losses from business interruption, they generally don't compensate for long-term revenue decline due to damaged customer trust or brand reputation following a cyber incident.

Why These Exclusions Matter

These coverage gaps matter significantly because small and medium-sized businesses often assume they're fully protected once they purchase cyber insurance. Many small businesses purchase a Business Owner's Policy (BOP), which can provide broad coverage for various aspects of their operations. However, a more general BOP policy will have lower limits, and a BOP’s cyber insurance provisions might not provide protection for several common cybersecurity issues.

This false sense of security can lead to inadequate risk management and devastating financial consequences when excluded events occur. Claims may be denied if basic security measures aren't in place, leaving businesses that view insurance as a substitute for proper cybersecurity without any protection at all. Discovering coverage gaps during an active incident, when your business is already under stress, is far too late to address these limitations. Businesses need to understand their policies thoroughly, asking specific questions about exclusions and requirements.

How to Protect Your Business Beyond the Policy

Given these limitations, businesses must implement comprehensive risk management strategies that extend beyond cyber insurance coverage.

Investing in Strong IT and Cybersecurity Systems

This forms the foundation of effective cyber risk management by implementing firewalls, intrusion detection systems, endpoint protection, and regular security updates. These investments not only improve your security posture but may also help satisfy insurance requirements and potentially reduce premiums.

Training Employees on Phishing & Secure Behavior

Employees are common targets for scammers looking to access a company's sensitive information. Regular training programs, simulated phishing exercises, and clear security policies help create a culture of cybersecurity awareness that can prevent many incidents from occurring.

Conducting Regular Risk Audits

These assessments should examine both technical systems and business processes, providing a comprehensive view of your cyber risk exposure to identify vulnerabilities before attackers do.

Exploring Add-On Coverages

Additional coverages can help fill gaps in your cyber liability policies. Technology errors and omissions insurance, property insurance, crime insurance, and specialized coverages for specific industries may provide financial protection where traditional cyber policies fall short.

Working with a Knowledgeable Broker

An experienced insurance broker who understands cyber risk and policy exclusions ensures you're making informed decisions about coverage. One of these professionals can help you navigate policy language, understand exclusions, and identify appropriate coverage limits for your business.

Building Comprehensive Protection

Cyber insurance provides valuable protection against many digital risks, but it's not a complete solution. Understanding what your policy does and doesn't cover enables you to build a comprehensive risk management strategy that combines insurance protection with strong cybersecurity practices and additional coverage where needed. In today's modern, increasingly digital landscape, this multi-layered approach is essential for business survival.

By taking a realistic view of cyber insurance limitations and implementing complementary risk management strategies, you can better protect your business against the ever-evolving landscape of cyber threats. Cyber insurance is an important tool in your risk management toolkit, but it is meant to work hand-in-hand with, not replace, strong cybersecurity practices and comprehensive business planning.

Find Cyber Insurance Protection That Covers Your Real Risks with BIS Benefits

A good cyber insurance broker will explain what standard policies don't cover and help you identify additional coverage options when appropriate. They should acknowledge when basic cyber policies have significant gaps that could leave your business exposed, helping you make informed decisions about comprehensive protection strategies.

At BIS Benefits, we take the time to understand your industry-specific cyber risks, regulatory requirements, and business vulnerabilities. Our team helps companies navigate the complex landscape of cyber insurance exclusions and create tailored strategies that provide adequate protection where standard policies fall short. We'll work with you to identify coverage gaps like insider threats or regulatory fines and explore solutions such as crime insurance or specialized E&O coverage .

If your company is based in the Metro Atlanta area, give us a call to find out what our Business Insurance and Cyber Liability brokerage services can do to protect your business from both covered and excluded cyber risks. Don't let policy exclusions leave you vulnerable when you need protection most.

PEO vs Broker: What's Right for Your Business

dholley@bisbenefits.com (Drew Holley) — Tue, 22 Jul 2025 18:13:51 GMT

PEO vs Broker: What's Right for Your Business

At a Glance : Professional Employer Organizations (PEOs) and brokers both offer employee benefits to businesses. When evaluating these options, you'll need to consider cost (both obvious and hidden), service level requirements, and your specific business needs. The "right" choice varies significantly based on your company size, growth trajectory, internal capabilities, and risk profile.

One of the most important decisions that small business owners and HR professionals will make regarding employee benefits is how to structure and purchase your health insurance. This choice often comes down to two primary options: working with a Professional Employer Organization (PEO) or partnering with an insurance broker. Understanding the differences between these approaches can save your company thousands of dollars annually while ensuring your employees receive the coverage they need.

The decision between a PEO and broker affects more than just your insurance premiums. It impacts your HR operations, compliance responsibilities, administrative burden, and long-term flexibility. As healthcare costs continue to rise and regulatory requirements become more complex, making the right choice becomes increasingly critical for your business's success and your employees' satisfaction.

What's the Difference Between a PEO and a Broker?

The fundamental difference between PEOs and brokers lies in their relationship with your business and the scope of services they provide. Startups and very small businesses often gravitate toward PEOs for their comprehensive, all-in-one approach, while growing companies with dedicated HR staff typically prefer the flexibility and control that brokers offer.

Professional Employer Organizations (PEOs)

A PEO becomes your professional co-employer, providing bundled HR services including:

Payroll Processing
Benefits Administration
Workers' Compensation
Regulatory Compliance Under a Co-Employment Arrangement

This means you share legal responsibility for your employees with the PEO, though you maintain control through daily operations.

Many business owners first encounter PEOs through their payroll companies. Major providers like ADP and Paychex often expand their relationships by offering PEO services to existing payroll clients. The transition feels natural since you're already working with them for payroll processing.

The "leasing" of your tax ID is a critical concept to understand with PEOs. Your employees become part of a larger group under the PEO's master tax identification number for insurance and benefits purposes, allowing small groups to access benefits typically available only to larger organizations.

Brokers and Agents

Most of the time, insurance brokers operate as independent advisors who help you navigate the complex world of employee benefits without any co-employment arrangement. They maintain relationships with multiple insurance carriers and can shop your coverage across various providers to find the best fit for your company's needs.

As independent insurance professionals, brokers are compensated through commissions paid by insurance companies, not through monthly fees charged to your business. This compensation structure means brokers have incentives to find you appropriate coverage that you'll maintain long-term.

Brokers provide direct access to multiple insurance providers, including major carriers like UnitedHealthcare , Anthem , and Aetna . They can provide customized quotes based on your specific employee demographics, claims history, and risk factors.

How Each Model Works

The PEO Model in Practice

PEOs operate on a comprehensive service model that handles multiple aspects of human resources under one roof. They create a one-stop solution for business owners who want to focus on their core business operations by managing:

Payroll Processing
Benefits Administration
Workers' Compensation Insurance
HR Compliance Requirements

The co-employment structure means you share legal employer responsibilities with the PEO. While this might sound concerning, you retain control over hiring, firing, compensation decisions, and day-to-day management. The PEO handles the administrative and compliance aspects of employment.

PEOs bundle your employees with larger groups under their master tax identification number for insurance purposes. This "bulk buying" approach can potentially reduce costs by spreading risk across thousands of employees from multiple companies. However, health insurance pricing doesn't always follow traditional bulk purchasing rules.

The risk pooling aspect means your 15-person company's health insurance rates are calculated based on the health status and claims experience of potentially 10,000+ employees across hundreds of different companies. This can work in your favor if your group has higher-than-average health risks, but it may result in higher costs if your employees are young and healthy.

The Broker Model in Practice

Brokers focus specifically on insurance and benefits without providing payroll or comprehensive HR services. They help you design custom health plans by shopping across multiple carriers to find the best combination of coverage, network access, and pricing for your specific group.

You remain the sole employer under the broker model, maintaining complete control over all employment decisions and HR policies. The broker serves as your trusted advisor and advocate, providing ongoing support in dealing with insurance companies, but your business retains full autonomy over employee relationships.

Individual company rating means your health insurance premiums are based exclusively on your employees' demographics, health status, and claims history. A company with 25 healthy employees in their twenties and thirties could potentially secure significantly better rates than they would get through a PEO.

Company Factors & Differences to Know

It's important to remember that paying more is not always a poor decision. Factors like business size, cost needs, and risk profiles can play an important role in selecting the right PEO or broker for your business.

Key Decision Factors

Company Size and Demographics : The size and makeup of your workforce significantly impact which model works better. Companies with younger, healthier employees often benefit from individual rating through brokers, while businesses with older employees or those with known health issues might find cost advantages in PEO risk pooling.
Risk Assessment : Understanding your group's health risk profile is crucial. Consider not just your employees' apparent health status, but also their spouses and dependents who may be covered under your plan.
Total Cost Analysis : Look beyond just monthly premiums. PEO fees can range from $5 to $180+ per employee per month, depending on the services included. These administrative costs can quickly offset any premium savings.

Critical Differences to Understand

HR Services : PEOs provide comprehensive HR support including compliance assistance, employee handbooks, and guidance on employment law issues. Brokers focus exclusively on insurance and benefits.
Benefits Access : PEOs offer pooled benefits that may include access to larger group rates but limit your plan customization options. Brokers provide tailored solutions designed specifically for your workforce.
Employment Structure : PEOs create a co-employment relationship that some business owners find confusing. Brokers maintain your status as the sole employer.
Flexibility : PEOs typically offer limited plan options from their preferred carriers. Brokers can access the entire market, providing maximum flexibility in plan design and carrier selection.

Pros & Cons

PEO Pros : PEOs provide operational simplicity through bundled services, built-in compliance support that reduces legal risks, and potential cost savings for small teams or high-risk groups. Additionally, they offer access to enterprise-level benefits that small companies typically cannot access independently.
PEO Cons : Under a PEO system, you have reduced control over HR policies and benefit plan design, potentially higher or less transparent total costs when fees are included, and co-employment arrangements that some business owners find complicated.
Broker Pros : Brokers offer maximum flexibility in plan design and carrier selection, competitive pricing through market access, and retention of full control over all employment and HR decisions. Brokers also provide specialized expertise focused specifically on insurance and benefits.
Broker Cons : With a broker you must handle HR functions separately, compliance support varies by provider, and manage relationships with multiple vendors.

Making the Right Choice for Your Business

Before making this decision, ask yourself what HR services you actually need and how important convenience is versus cost savings and control. Consider your company's growth trajectory and whether your current choice will still make sense in two or three years.

Choose a PEO if:

You have no internal HR capabilities and need comprehensive support beyond just benefits administration.

PEOs work particularly well for smaller companies under 25 employees that want convenience and are scaling rapidly. Companies with high-risk employee populations that might benefit from risk pooling should also consider PEOs.

Choose a Broker if:

You want maximum flexibility in plan design and carrier selection, or you already have HR capabilities in place and only need benefits expertise.

Brokers typically work better for companies outgrowing the PEO model, those with low-risk demographic groups that benefit from individual rating, and businesses prioritizing cost optimization and specialized expertise over convenience.

Implementation and Ongoing Management

Before making a final decision, think about your business’s needs and ask yourself the following questions:

Do we need comprehensive HR services or just benefits help?
Are we comfortable with co-employment?
Do we want control over our benefits package design?
What's our long-term growth plan?

After making a decision, conduct regular analysis through annual or biannual reviews to ensure your current arrangement still makes sense. Market conditions, your company's risk profile, and available options change over time.

The choice between PEOs and brokers isn't permanent, and the right answer for your business today may change as you grow. Focus on understanding your business's unique needs, evaluating total costs including hidden fees, and working with providers who prioritize your long-term success over their short-term profits.

Find a Commercial Insurance Solution with BIS Benefits

Good brokers will sometimes suggest PEO arrangements when appropriate, and reputable PEOs should acknowledge when companies have outgrown their model so their client can make an informed decision for their business. Working with honest professionals who may recommend the alternative when appropriate helps you prepare for the future, regardless of what state your business is currently in.

At BIS Benefits, we take the time to understand your industry-specific risks, employee makeup, budget, and future goals. Our brokers help companies create a tailored strategy to ensure the right coverage for their business needs. If your company is based in the Metro Atlanta area, give us a call to find out what our Group Health Insurance and Business Insurance brokerage services can do for you.

Insurance Agent vs Broker: Understanding Your Options for Business Insurance

dholley@bisbenefits.com (Drew Holley) — Mon, 21 Jul 2025 21:12:29 GMT

Insurance Agent vs Broker: Understanding Your Options for Business Insurance

The Short Answer : Insurance agents and brokers both help businesses find coverage, but the key difference lies in their expertise and specialization rather than their official titles. While agents may represent specific carriers and brokers work independently with multiple insurers, what matters most is finding a commercial insurance specialist who understands your industry and can provide proper business protection at competitive rates.

Navigating the business insurance landscape can feel overwhelming, especially for companies that are outgrowing basic coverage but haven't yet reached enterprise-level complexity. As your business evolves, so do your insurance needs, and it's crucial to understand your options for obtaining the right protection at the right price.

While the terms "insurance agents" and "brokers" are often used interchangeably in the industry, the real distinction lies not in their titles but in their expertise, specialization, and ability to advocate for your specific business needs. Making the right choice now can save you thousands of dollars and significant headaches down the road.

Understanding Insurance Brokers vs Agents

Agent vs Broker: Are They Really Different?

In the insurance industry, the terms "agent" and "broker" are both used to refer to insurance professionals who help their clients navigate insurance policies. For the most part, this distinction doesn't significantly impact your experience as a business owner. Both professionals have an insurance license and serve as intermediaries between you and insurance companies, helping you navigate policy options to find the right coverage that offers the right protection for your business.

Typically, agents represent specific insurance carriers while brokers are independent professionals who can work with multiple carriers. However, this distinction has blurred significantly in modern practice, with many professionals operating under hybrid models that allow them to access multiple insurance markets regardless of their official title.

What matters far more than their official title is their expertise, service quality, and specialization in commercial insurance. A knowledgeable professional who understands your industry and business needs will provide better service than someone with the "right" title but limited commercial experience.

Assessing Your Business’s Insurance Coverage Needs

Many small businesses discover their insurance needs extend beyond basic coverage when they begin working with larger corporations. These relationships often come with specific insurance requirements, including minimum coverage amounts and particular types of protection that may not be included in standard Business Owner’s Policies (BOPs). This is where the difference between working with an insurance agent versus a broker becomes crucial, since brokers typically have access to more carrier options and specialized coverage types needed to meet complex corporate requirements.

As your business scales, your insurance needs become more sophisticated. Higher revenues, more employees, larger contracts, and increased exposure to various risks all require more comprehensive protection than basic policies can provide. Insurance brokers often excel in these situations because they can shop multiple carriers to find specialized coverage combinations, while agents working for a single insurance company may need to refer you elsewhere if their carrier doesn't offer the specific protection you need.

How Insurance Agents and Brokers Handle Litigation

America's litigious society makes comprehensive insurance protection not just advisable but essential for business survival. Even businesses with excellent safety records can face unexpected lawsuits from accidents, product defects, employment issues, or professional errors.

Real-world scenarios where coverage becomes critical include:

Slip-and-Fall Accidents
Product Liability Claims
Employment Practices Disputes
Cyber Security Breaches
Professional Negligence Allegations

Annual insurance premiums that cost a few thousand dollars can protect against potential claims reaching hundreds of thousands or even millions of dollars in damages and legal fees. Both insurance brokers and agents can help you understand these cost-benefit calculations, though brokers may provide more options for finding the most cost-effective coverage combination since they can compare liability coverage options across multiple carriers.

Specialization Matters: Finding the Right Commercial Insurance Specialists

The Expertise Gap

Not all insurance professionals are created equal, and this distinction becomes crucial when protecting your business assets. Just as you wouldn't expect a patent law attorney to handle real estate transactions effectively, agents who primarily work with personal auto insurance, home insurance, and health insurance policies may lack the specialized knowledge needed for complex commercial coverage.

Working with generalists for business insurance comes with several risks, including inadequate coverage recommendations, misunderstanding of policy terms, poor claims advocacy, and lack of industry-specific knowledge that could leave your business vulnerable to uninsured risks. Additionally, commercial insurance policies contain complex language that can significantly impact coverage. Specialized knowledge helps ensure your interests are properly protected through appropriate policy terms and coverage limits.

Commercial Insurance Specialists

Identifying true commercial insurance experts requires asking the right questions and understanding what separates specialists from generalists. True commercial specialists spend the majority of their time working with business clients, understand industry-specific risks and requirements, and maintain relationships with carriers that specialize in commercial coverage.

Key questions to ask include:

What percentage of your business is commercial versus personal insurance?
How long have you been working specifically with commercial clients?
Do you have experience with businesses in my industry?
Can you provide references from similar clients?

Avoid professionals whose client base is 95% personal insurance with only occasional commercial clients, as they likely lack the depth of experience needed to properly protect your business interests.

Choosing the Right Insurance Professional

Key Questions to Ask

When evaluating insurance professionals, focus on their commercial experience and specialization. Ask how long they've been handling commercial insurance specifically, what percentage of their business involves commercial clients, and whether they have experience with your industry or business type.

Request references from similar clients and ask about their claims experience and ongoing service quality. Understanding their carrier relationships and market access can also indicate their ability to find competitive coverage options.

The Long-Term Relationship

Insurance relationships extend far beyond the initial policy placement, with the real value becoming apparent during claims situations that may occur years later. Experienced professionals provide better claims advocacy, helping ensure fair and prompt settlements when problems arise.

Poor placement decisions made to save money initially can cost significantly more during claims, making the expertise and advocacy skills of your insurance professional crucial for long-term protection.

Agents & Brokers of Record

An agent of record (AOR) or broker of record (BOR) represents the officially designated insurance professional authorized to act on behalf of a business for all insurance-related matters. This grants the agent or broker exclusive rights to quote, bind, modify, and service insurance policies for that specific client, while also establishing clear accountability for ongoing policy management. This relationship can be transferred between professionals without changing insurance carriers, which allows businesses to execute an AOR or BOR change when they're satisfied with their current carrier but want better service from their insurance professional.

Getting Started with an Insurance Agent or Broker

Assessing Your Insurance Needs

Begin by evaluating whether basic BOP coverage meets your needs or if your business requires more specialized protection. Consider industry-specific risks, growth plans, and any requirements from clients or business partners that might dictate coverage needs.

Finding Qualified Professionals

Seek referrals from other business owners in your industry, your accountant, attorney, or banker. Professional associations and industry groups often maintain lists of recommended insurance specialists who understand specific industry needs.

During the vetting process, ask about their experience and approach to handling claims. Understanding their fee structure and compensation helps ensure transparency in your business relationship.

Making the Final Decision

Balance expertise, service quality, and cost when making your final choice. While price matters, the cheapest option may not provide the best long-term value if it comes with inexperienced service or inadequate coverage recommendations.

Focus on building a long-term professional relationship with someone who can grow with your business and provide ongoing advice and advocacy as your needs evolve.

Find the Right Fit with BIS Benefits

Choosing the right insurance professional represents one of the most important risk management decisions you'll make for your business. While the distinction between agents and brokers may be less important than their expertise and specialization, finding a commercial insurance specialist with relevant experience is crucial for proper business protection.

Remember: the goal isn't just to check the insurance box, but to build a comprehensive protection strategy that supports your business's success and growth for years to come. The investment in working with qualified brokers pays dividends not just in competitive pricing and appropriate coverage, but in superior claims advocacy and ongoing support as your business grows and evolves.

At BIS Benefits , we're aware that different companies have different needs, and we take the time to understand your specific industry risks, employee demographics, budget, and projected growth. If you're located in the Metro Atlanta Area, including areas like Sandy Springs, Dunwoody, or Decatur, or Sandy Springs, BIS Benefits can help you tailor a strategy that helps you find the best coverage for your business. Give us a call today to have a conversation with our brokers and find out what our employee benefits and business insurance services can offer your business.

Are You Working with the Right Group Health Broker in Georgia?

Thu, 22 May 2025 18:06:18 GMT

Are You Working with the Right Group Health Broker in Georgia?

If you're a Georgia employer asking, “Why are my health insurance rates so high?”—you’re not alone. Rising healthcare costs continue to challenge businesses across Atlanta, Savannah, Macon, and beyond. But one crucial factor often overlooked is the role of your group health broker or benefits agent .

At BIS Benefits, we often hear this question, and we’ve created a video series to help employers understand the underlying reasons behind escalating group health premiums. The reality? There are no magic fixes—but there are proven strategies, and it starts with having the right advisor on your side.

Not All Benefits Brokers Are Created Equal

A seasoned benefits broker in Georgia does more than quote a few rates. The top-tier brokers actively shop plans with every major carrier, analyze your workforce data, and hold consultative conversations to tailor solutions. If your current group health agent isn’t doing that, it might be time to reevaluate.

What Makes Healthcare So Expensive?

Costs can stem from multiple factors:

Poor plan design
Insufficient contribution strategies
Lack of competitive shopping
Inadequate risk analysis

But here's the truth few brokers will admit: most of us have access to the same tools and strategies. What separates a truly valuable group health broker from the rest is whether they’re sharing those tools with you—or keeping them behind closed doors.

The Georgia Advantage: Local Knowledge Matters

Healthcare plans vary dramatically across state lines. That’s why partnering with a Georgia-based broker like BIS Benefits matters. We understand state-specific compliance rules, market fluctuations, and regional carrier options better than a national broker might.

From fast-growing hubs like Johns Creek and Kennesaw to food industry hotspots like Savannah and Atlanta , we serve employers across the state with custom strategies that work for local businesses.

Explore our Georgia group health insurance solutions .

Are You In a High-Turnover Industry Like Restaurants?

If you're running a food service operation in Atlanta or Macon, offering the right benefits package can significantly reduce turnover. Tailored group health plans for restaurants can balance affordability with coverage, helping you retain talent in a competitive labor market.

Check out our dedicated page on restaurant and food business insurance to learn more.

Let’s Talk About Your Costs

If your benefits broker hasn’t initiated conversations around contribution strategies, plan stacking, or utilization data—it's time for a second opinion. At BIS Benefits, we invite Georgia employers to sit down with us and explore whether your current strategy is really working as hard as it could.

Whether you're in Chamblee , Decatur , or Peachtree Corners , we're just a call away.

Looking for a consultative benefits agent who puts your bottom line first? Let’s talk. BIS Benefits is ready to bring Georgia-focused insight and strategy to your group health planning.

Local Group Health Broker Strategies to Save and Retain Talent

Mon, 12 May 2025 20:09:16 GMT

How a Local Group Health Insurance Broker Can Help You Lower Employer Contributions While Retaining Top Talent

One of the most common questions Georgia business owners ask is: What’s the minimum amount I can contribute toward employee health insurance? While cost control is essential, focusing solely on minimum employer contributions could hurt your ability to attract and retain top talent .

A local group health insurance broker can help businesses balance affordability with competitiveness , ensuring you offer attractive benefits while keeping costs under control. Let’s explore how employers can strategically lower contributions without driving employees to competitors.

Understanding Employer Contributions to Health Insurance

Employers in Georgia typically contribute around $580 per month per employee for health insurance. Employees, on average, contribute $138 per month toward their coverage. However, insurance carriers such as Blue Cross Blue Shield, UnitedHealthcare, Aetna, and Cigna require employers to cover at least 50% of the employee-only premium to qualify for a group health plan.

That means if the lowest-cost health plan option is $500 per month , an employer could legally contribute just $250 per month —but is that really the best strategy?

Why the Minimum Contribution Might Hurt Your Business

While contributing the minimum may seem like a cost-saving measure, it could lead to several unintended consequences:

Higher Employee Costs – If employees are forced to pay significantly more out of pocket, they may see this as a pay cut and seek employment elsewhere.
Lower Employee Satisfaction & Retention – Offering a high-cost plan with minimal employer contribution could drive away top talent.
Reduced Plan Participation – If employees decline coverage due to high costs, it could result in adverse selection , increasing premium rates over time.

A better approach is to find cost-efficient strategies that reduce employer spending without sacrificing employee satisfaction . This is where a local group health insurance broker in Georgia can help.

How to Lower Employer Contributions Without Hurting Employee Benefits

Instead of asking, What’s the minimum contribution I can make? , a better question is: How can I offer affordable benefits without increasing my costs? Here are a few proven strategies:

1. Offer Multiple Plan Options

Rather than offering just one plan, businesses should provide at least two options :

A high-deductible health plan (HDHP) with a lower monthly premium, reducing employer costs while giving employees an affordable option.
A standard deductible plan for employees who prefer lower out-of-pocket expenses.

By keeping your employer contribution the same across all options, employees have more flexibility while your business maintains cost control.

2. Utilize a Defined Contribution Model

A defined contribution approach allows businesses to set a fixed dollar amount toward employee health benefits instead of a fixed percentage of premiums. This helps employers control spending while giving employees more plan choices.

3. Consider Level-Funded or Self-Funded Plans

For businesses with 50+ employees , level-funded and self-funded health insurance plans can provide significant savings compared to traditional fully insured plans. A local group health insurance broker can evaluate whether these options make sense for your business.

Why Work with a Local Group Health Insurance Broker in Georgia?

A Georgia-based health insurance broker understands the regional insurance landscape , ensuring that businesses can:

Find cost-effective plan options tailored to their industry.
Negotiate better rates with local carriers.
Ensure compliance with state and federal regulations.

Find the Right Group Health Insurance Broker in Georgia

If you’re searching for a group health insurance broker in Georgia who understands how to lower employer contributions without sacrificing benefits , BIS Benefits is here to help. We work with businesses throughout the state, including Roswell , Sandy Springs , and beyond.

To learn how your business can cut health insurance costs while keeping employees happy , visit our Group Health Insurance page or contact us today!

How to Choose the Best Local Group Health Insurance Broker for Your Business

Mon, 28 Apr 2025 15:40:59 GMT

How to Choose the Best Group Health Insurance Broker Near You for Your Georgia Business

If you’re a business owner in Georgia , you’ve likely asked yourself: Why are my health insurance rates so high? While many factors contribute to increasing premiums, one critical piece of the puzzle is your group health insurance broker . The right broker can provide cost-saving strategies, tailored benefits solutions, and expert guidance —but not all brokers offer the same level of service.

A top-tier broker can help control costs, negotiate better rates, and provide long-term strategies for your business. So, how do you know if you have the right broker? Let’s break it down.

What Should a Local Group Health Insurance Broker Be Doing for You?

Many business owners assume that all brokers provide the same level of service, but that’s not the case. A great broker does more than just renew your policy each year —they proactively look for ways to reduce your costs and improve benefits for your employees.

Here are the key responsibilities of a top-tier local broker:

Shopping Every Major Carrier – Your broker should be comparing Blue Cross Blue Shield, UnitedHealthcare, Aetna, Cigna, and other regional providers to ensure you’re getting the best deal.
Providing Consultative Strategy Sessions – Your broker should meet with you regularly to discuss ways to manage costs, improve employee benefits, and stay compliant with regulations.
Educating Employers on Why Rates Go Up – A knowledgeable broker explains the factors behind rate increases and what can be done to mitigate them.
Offering Data-Driven Solutions – The best brokers use benchmarking data and market trends to guide your business toward cost-effective plans.
Customizing Plan Options for Your Workforce – Instead of a one-size-fits-all approach, they should recommend multiple plan options to meet diverse employee needs.

Red Flags: Signs You May Not Have the Best Broker

If your current broker isn’t providing strategic insights, alternative plan designs, or proactive cost-saving solutions , you may not be working with the best advisor. Some warning signs include:

They only present one or two carrier options instead of a full market analysis.
You only hear from them once a year —usually right before your renewal.
They don’t offer strategies to lower costs beyond raising deductibles.
They don’t discuss contribution structures or compliance risks.

Can a Local Broker Really Lower Health Insurance Costs?

There are no magic tricks when it comes to reducing healthcare costs, but a knowledgeable broker understands the “secrets” of the industry that can help employers save money. These strategies include:

Negotiating with carriers for better rates.
Offering level-funded or self-funded plans to control expenses.
Structuring employer contributions to maximize employee satisfaction.
Introducing multiple plan options to meet diverse workforce needs.

The difference between a good broker and a great broker isn’t necessarily proprietary knowledge—it’s how well they apply industry best practices to benefit your business.

Find the Best Group Health Insurance Broker in Georgia

If you’re unsure whether your current broker is providing the best strategies for cost reduction and benefits optimization , it might be time for a second opinion. A local group health insurance broker with expertise in Georgia’s healthcare market can help you navigate carrier options, employer contributions, and compliance requirements .

BIS Benefits works with businesses throughout Georgia, including Marietta , Alpharetta , and beyond.

To ensure you’re getting the best health insurance solutions at the most competitive rates, visit our Group Health Insurance page or contact us today!

Why Working with a Local Group Health Insurance Broker in Georgia Matters

Wed, 16 Apr 2025 16:52:43 GMT

Finding the right health insurance plan for your employees is one of the most critical decisions a business owner can make. With rising healthcare costs and increasing compliance requirements, partnering with a local group health insurance broker in Georgia can provide your business with tailored solutions that national providers may not offer.

The Value of a Group Health Insurance Broker

A group health insurance broker does more than just connect businesses with insurance providers—they act as strategic advisors, helping employers navigate complex healthcare costs, compliance regulations, and plan customizations that suit their workforce.

Our data shows that employers in the South Atlantic region contribute an average of $580 per month for single employee coverage and $707 per month for family coverage. Without expert guidance, businesses may end up overpaying or offering plans that don’t meet employee expectations.

Why a Local Broker Makes a Difference

While national brokers offer one-size-fits-all solutions, a Georgia-based employee benefits and insurance broker understands the local market, regional healthcare networks, and state regulations that impact your plan selection and pricing. Here’s why working with a local broker can save you money and help retain employees:

1. State-Specific Compliance & ACA Regulations

Businesses with 50+ employees must comply with the Affordable Care Act (ACA) , ensuring they meet minimum essential coverage (MEC) requirements. Georgia-based brokers are well-versed in state insurance mandates and network restrictions , ensuring your business remains compliant while controlling costs.

2. Tailored Health Plan Design for Georgia Businesses

A local broker helps customize plans based on your company size and industry . Our data indicates that 55% of employers in the South Atlantic region use fully insured plans , while 39% use level-funded models , which can provide cost savings. A knowledgeable broker can assess whether level-funding or self-funding is a viable alternative for your company.

3. Cost Savings Through Local Carrier Relationships

Georgia-based brokers have direct relationships with regional insurance carriers , allowing them to negotiate better premium rates and more competitive employer contributions than businesses can secure on their own.

4. Better Employee Engagement & Retention

Health insurance is one of the most valued benefits for employees. Businesses offering competitive health plans—where employees pay around $138 per month for single coverage—are more likely to retain talent. A local broker understands industry benchmarks and helps structure cost-effective benefits packages that keep your company competitive.

5. Personalized Support & Ongoing Service

Unlike national brokers who may offer generic support, a local broker provides hands-on assistance with:

Annual plan renewals to ensure cost-effectiveness
Employee education sessions to maximize benefits utilization
Claims assistance to resolve issues with insurance providers

Choosing the Right Group Health Insurance Broker in Georgia

When selecting a broker, businesses should look for:

Experience with businesses of your size (50-99 employees)
Strong relationships with Georgia-based insurance carriers
Knowledge of ACA compliance and level-funded plans
A proactive approach to cost reduction

If you’re searching for a broker who understands the Georgia business landscape , our team at BIS Benefits is here to help. We work with businesses across the state, including Johns Creek , Decatur , and beyond.

Get Expert Guidance for Your Business

Navigating group health insurance is complex, but you don’t have to do it alone. A local group health insurance broker ensures you get competitive rates, compliance guidance, and ongoing support tailored to Georgia businesses.

To explore your options and start saving on health insurance, visit our Group Health Insurance page or contact us today!

The No-Cost Strategy Georgia Employers Should Know to Improve Their Benefits Package

Wed, 16 Apr 2025 16:26:18 GMT

The No-Cost Strategy Georgia Employers Should Know to Improve Their Benefits Package

As a small to midsize business owner in Georgia, offering a competitive benefits package can feel like walking a financial tightrope. You want to attract and retain top talent , but rising healthcare costs often make that feel out of reach.

What if there was a way to improve your employee benefits—specifically health insurance—without increasing your overhead?

At BIS Benefits, we’ve seen countless Georgia businesses transform their benefits offerings simply by using one overlooked strategy: offering multiple health plans with tiered pricing options.

One Size Doesn’t Fit All: Why Multiple Plans Matter

If you’re only offering a single health insurance plan, you could be unintentionally limiting your employees’ options—and paying more than you need to. According to industry averages, a typical group health insurance plan with a $2,300 deductible costs around $718 per month. Most employers contribute about $580, leaving the employee responsible for approximately $138 per month.

Now, imagine this: what if you offered a second plan alongside your current one—maybe one with a higher deductible, like $6,000? While this plan has less coverage, it also costs significantly less—under $600 per month in many cases.

By maintaining your same contribution of $580, an employee could now opt into the high-deductible plan and only pay $10 per month out of pocket. You haven’t increased your contribution, but your employee just cut their premium by more than 90%.

Why It Works in the Real World

Younger, healthier employees who rarely use their health insurance are often more concerned about what comes out of their paycheck than what's covered in the fine print. For them, the option of a high-deductible, low-premium plan is a no-brainer. On the other hand, employees with chronic health conditions or families may still prefer the richer, more traditional plan.

By giving your team a choice—two or even three plans—you show you value their individual needs. This small shift is often the single most effective way Georgia employers can increase benefits satisfaction without spending more.

And no, it doesn’t mean more admin work for you. A good benefits broker will handle the heavy lifting, using benefits software to simplify enrollment and communication for your staff.

Make Strategy Part of Your Benefits Plan

This approach aligns perfectly with other proactive strategies we recommend for Georgia employers, such as the ones detailed in our post on Steps to Build an Employee Benefits Strategy . Small tweaks—like adjusting plan offerings or leveraging benefits technology—can lead to major cost savings and happier employees.

For a deeper dive into creating a package your employees will love, check out What Employee Benefits do Georgia Workers actually want?, where we explore how personalization and flexibility can elevate your offerings even further.

Ready to Offer Better Benefits in Georgia?

From Atlanta to Alpharetta, employers across the state are rethinking what “affordable” benefits can look like. If you're located in areas like Johns Creek, Decatur, or Sandy Springs, BIS Benefits can help you tailor a strategy that makes sense for your budget and your people.

Explore how Group Health Insurance in Georgia can work smarter—not harder—for your business.

If you’re curious how your benefits stack up or ready to explore a multi-plan strategy, reach out to us. We’d love to help.

Why Are Health Insurance Rates So High? Employer Strategies to Lower Costs in Georgia

Tue, 08 Apr 2025 19:04:10 GMT

Why Are Health Insurance Rates So High? Employer Strategies to Lower Costs in Georgia

Health insurance costs continue to be a significant challenge for small and medium-sized businesses across Georgia. If you’re an employer, you may find yourself asking: Why are health insurance rates so high? The answer isn’t simple, but it revolves around several factors, including the tension between employer contributions and employee expectations. Let’s break it down.

The Reality of Employer-Sponsored Health Insurance Costs in Georgia

For businesses providing employer-sponsored health insurance, understanding the numbers is crucial. The average annual cost for single coverage is $6,192 , while family coverage averages $15,300 . However, this figure doesn’t tell the full story.

The employer’s contribution to single coverage averages $580 per month .
For family coverage, employers typically contribute $707 per month , while employees cover the remainder.
Employees pay an average of $138 per month for single coverage and $459 per month for family coverage.

These numbers indicate a baseline expectation for businesses competing for talent. If your employees are paying significantly more than this, they may feel they’re experiencing a pay cut —even if you’re providing annual raises. Offering a competitive group health insurance plan in Georgia is crucial in today’s job market.

Factors Driving High Health Insurance Costs

Several factors contribute to rising premiums, making it increasingly difficult for businesses to keep up. Here are some key reasons:

1. Medical Inflation & Rising Healthcare Costs

The cost of healthcare services, prescription drugs, and hospital visits has been increasing steadily. As a result, insurance companies raise premiums to cover these growing expenses.

2. Plan Design & Deductibles

A low-deductible plan (e.g., $500 per year) will have significantly higher premiums than a plan with a $2,300 deductible —which is a common benchmark. The average deductible for high-deductible health plans (HDHPs) in the South Atlantic region is $3,810 for single coverage and $6,799 for family coverage .

3. Group Health Risk & Adverse Selection

If your company has had employees with serious medical conditions or higher-than-average claims, your insurance rates will likely be impacted. Additionally, if only those who expect to need medical care enroll while healthier employees opt out, this can cause adverse selection , leading to even higher premiums.

How Georgia Employers Can Manage Rising Health Insurance Rates

As a business leader, you need to weigh affordability for your company against competitiveness in the job market . Here are a few strategies to consider:

1. Ensure Your Contribution Remains Competitive

Employers must ask themselves: Am I offering a plan where employees are paying $138 or less per month for single coverage? If your employees are contributing significantly more, they may start seeking opportunities elsewhere. Benchmarking your offerings against group health insurance plans in Georgia can help ensure you stay competitive.

2. Offer Cost-Saving Plan Designs

A well-structured benefits package should balance premiums, deductibles, and employee contributions . Many businesses find success by offering high-deductible health plans (HDHPs) paired with health savings accounts (HSAs) , which provide tax advantages and lower premium costs. Around 35% of employers in the South Atlantic region offer HDHPs , making them a viable cost-saving option.

3. Explore Alternative Funding Models

Traditional fully insured plans may not be the most cost-effective solution for every business. 55% of employers in the South Atlantic region use fully insured plans , while 39% use level-funded models , and 6% are self-funded . Exploring level-funded or self-funded plans can provide savings based on your company's specific health risk profile.

Partnering with a Benefits Broker to Reduce Costs

A knowledgeable employee benefits broker plays a crucial role in controlling health insurance costs. They don’t just provide quotes—they help you navigate plan options, find cost-saving opportunities, and ensure that your company remains competitive in the hiring market. If you’re considering switching brokers, our comprehensive guide on changing insurance brokers can help you understand what to look for in a partner.

Get Expert Guidance for Your Business

Navigating the complexities of health insurance can be overwhelming. If you’re a small business in Georgia looking for expert advice, BIS Benefits is here to help. Whether you’re based in Johns Creek , Decatur , or any other city in Georgia, our team can provide insights and solutions tailored to your needs.

To ensure your company is offering the best possible benefits while maintaining affordability, explore our health insurance solutions for Georgia businesses or contact us today!

What's Not Covered by Cyber Insurance in Georgia?

Mon, 24 Mar 2025 18:49:40 GMT

Cyber Insurance Exclusions: What Business Owners Need to Know Before Buying a Policy

Cyber insurance has become a must-have for small and mid-sized businesses in Georgia, as cyber threats continue to rise. But while having a policy can offer peace of mind, not all cyber insurance coverage is created equal. Many business owners only realize their policy has critical exclusions after it's too late. Understanding what’s not covered is just as important as knowing what is.

Why Cyber Insurance is Essential for Small Businesses

Small businesses are prime targets for cybercriminals because they often lack the robust security measures of larger corporations. Cyber attacks such as ransomware, social engineering fraud, and data breaches can lead to devastating financial losses. While cyber liability insurance can provide critical protection, policyholders need to be aware of common exclusions that could leave their business vulnerable.

Common Cyber Insurance Exclusions to Watch For

1. Social Engineering and Funds Transfer Fraud

One of the most common cyber threats is social engineering, where hackers trick employees into transferring funds to fraudulent accounts. Many business owners assume their cyber insurance policy will cover these losses, only to find out that funds transfer fraud is often excluded or requires a separate endorsement.

How to Protect Your Business: Look for policies that specifically include social engineering fraud coverage and implement a strict callback verification process before authorizing payments.

2. Lack of Multi-Factor Authentication (MFA)

Multi-Factor Authentication (MFA) is a crucial security measure that prevents unauthorized access to accounts and systems. Many insurance carriers now require businesses to have MFA enabled on key systems—such as email and financial accounts—before covering losses related to hacking or phishing attacks.

How to Protect Your Business: Ensure that all employees use MFA for company accounts, especially email and banking logins. If your policy requires MFA and you don’t have it in place, your claim could be denied.

3. Failure to Report Cyber Incidents in a Timely Manner

Many cyber insurance policies require businesses to report cyber incidents within a specific timeframe—sometimes as little as 48 hours. If a business delays reporting a breach, ransomware attack, or phishing attempt, the claim may be denied.

How to Protect Your Business: Establish a clear cyber incident response plan that includes immediate reporting to your insurer. Assign a team member to monitor and report potential security breaches.

4. Acts of War or Nation-State Attacks

Certain cyber attacks—especially those linked to foreign governments—may not be covered under standard cyber insurance policies. Some insurers classify state-sponsored cyberattacks as an "act of war" and exclude coverage.

How to Protect Your Business: While it’s difficult to predict nation-state attacks, working with an experienced broker can help you find policies with more inclusive coverage for cyber incidents.

5. Data Breaches Due to Employee Negligence

If an employee’s careless actions—such as sharing passwords, using weak credentials, or falling for a phishing scam—lead to a data breach, some insurers may deny coverage, citing negligence.

How to Protect Your Business: Provide regular cybersecurity training for employees and enforce strict password policies. Educating employees can reduce the risk of human error leading to an uncovered breach.

6. Loss of Future Revenue Due to a Cyberattack

Cyber incidents often disrupt business operations for weeks or months, leading to significant revenue losses. However, many cyber insurance policies don’t cover lost profits—only the immediate costs of responding to an attack.

How to Protect Your Business: Consider business interruption coverage or a policy that includes financial losses due to prolonged downtime.

How to Choose the Right Cyber Insurance Policy

Given these exclusions, it’s critical to carefully review any cyber insurance policy before purchasing. Here’s what you can do to ensure your business is fully protected:

Work with a knowledgeable broker: A cyber insurance expert can help you navigate policy exclusions and secure comprehensive coverage.
Request a detailed policy review: Ask for clarification on what is and isn’t covered, and negotiate additional coverage if needed.
Invest in cybersecurity best practices: Many insurers offer better coverage or lower premiums to businesses with strong security measures in place.

Why BIS Benefits is the Right Broker for Your Business

At BIS Benefits, we help businesses in Georgia find the right cyber insurance coverage without the hidden exclusions that can leave you exposed. Here’s how we stand out:

Expert policy analysis: We ensure that your policy includes necessary protections like social engineering fraud and business interruption coverage.
Tailored solutions for various industries: Whether you’re in technology or digital marketing , we find coverage that meets your industry-specific needs.
Ongoing cybersecurity support: We offer resources and strategies to help prevent cyber incidents before they happen.

Cyber insurance is an essential safeguard for businesses, but not all policies provide the same level of protection. By understanding common exclusions and taking proactive security measures, business owners can reduce risk and avoid costly coverage gaps.

If you’re unsure whether your current policy provides adequate protection, schedule a free cyber insurance consultation with BIS Benefits today. Let us help you secure the right coverage before it’s too late!

Cyber Insurance: Why Small Businesses in Georgia Can't Afford to Ignore It

Thu, 13 Mar 2025 13:55:46 GMT

Understanding Cyber Insurance: Essentials for Small Businesses

Cyber threats aren't just a concern for Fortune 500 companies like Coca-Cola or Home Depot. Small businesses in Georgia—especially those with under 150 employees—are prime targets for cybercriminals. Hackers know that smaller organizations often have weaker cybersecurity measures, making them easier prey for cyberattacks.

Why Small Businesses Are at Risk

For years, many small business owners assumed that cyber insurance wasn’t necessary for them. They believed that hackers only targeted large corporations with vast amounts of data and money. However, cybercriminals have become more sophisticated, recognizing that small businesses lack the robust security protocols that larger companies invest in. This makes them ideal targets.

A real-world example? A small nonprofit in Georgia recently fell victim to a social engineering attack, losing $50,000 through wire fraud. Fortunately, cyber liability insurance helped them recover from the financial hit.

Common Cyber Threats for Small Businesses

Cyber threats come in various forms, but two of the most common attacks on small businesses are:

Social Engineering Attacks – These occur when hackers trick employees into sending funds or sensitive information by posing as a legitimate contact.
Invoice Manipulation – Hackers gain access to a business’s email and alter invoices, redirecting payments to fraudulent accounts. This is particularly dangerous because the business has no control over the customer’s payment, yet they bear the financial consequences.
Ransomware Attacks – Malicious software that locks business data until a ransom is paid, often crippling small businesses that can’t afford the downtime.
Data Breaches – Compromising customer or employee data can result in legal penalties, loss of customer trust, and significant financial losses.

Many small business insurance policies offer some form of cyber coverage, but they often lack comprehensive protection. General business owner policies may contain a line or two about cyber insurance, but they often exclude coverage for social engineering fraud and invoice manipulation. Without a dedicated cyber insurance policy, businesses may find themselves without adequate financial protection in the event of an attack.

What Can Small Businesses Do to Protect Themselves?

While cyber insurance is crucial, prevention is just as important. Here are a few best practices that can help mitigate cyber risks:

Implement a Callback Verification Process – Before sending funds, businesses should verify payment requests by calling the requestor directly using a known phone number.
Use Multi-Factor Authentication (MFA) – Many insurance carriers now require MFA as a basic security measure. This extra layer of protection helps prevent unauthorized access to email and financial systems.
Train Employees on Cybersecurity Best Practices – Regular training sessions can help employees recognize phishing attempts and fraudulent requests before they become costly mistakes.
Regularly Update and Patch Software – Outdated software can have vulnerabilities that cybercriminals exploit. Keeping systems updated is critical.
Encrypt Sensitive Data – Ensuring data is encrypted prevents unauthorized access even if a breach occurs.
Develop an Incident Response Plan – Knowing how to respond to an attack can reduce downtime and financial losses significantly.

Do You Have the Right Coverage?

Not all cyber insurance policies are created equal. Some insurers include exclusions that leave businesses vulnerable. For example, some policies won’t cover losses if the company failed to call back and verify a wire transfer. This is why working with an experienced insurance broker, like BIS Benefits, is essential. We help businesses in Georgia find cyber insurance policies that provide full protection without hidden loopholes.

If your business operates in industries such as technology or digital marketing , the right cyber insurance can be even more critical, as these industries often handle sensitive client data that hackers seek to exploit.

Cyber liability insurance doesn’t just cover financial losses—it can also help with:

Legal Fees and Compliance Costs – Assisting with legal action if a breach results in lawsuits or regulatory fines.
Public Relations and Reputation Management – Helping businesses recover their brand image after a cyberattack.
Forensic Investigations – Determining the cause of an attack and preventing future breaches.

Final Thoughts

Cyber threats are evolving, and small businesses can no longer afford to assume they’re too insignificant to be targeted. Cyber insurance is no longer a luxury—it’s a necessity. Protecting your business with the right policy can mean the difference between a minor setback and a financial disaster.

If you’re unsure whether your current policy provides adequate coverage, reach out to BIS Benefits today. We can help assess your cyber risk and find a policy that ensures your business is protected against the ever-growing landscape of cyber threats.

Additionally, if your business operates in Georgia, check out our other resources on business insurance and industry-specific coverage, such as general contractors insurance and errors and omissions insurance .

What Are the Insurance Requirements for General Contractors in Georgia?

Tue, 04 Mar 2025 18:47:05 GMT

Navigating the insurance landscape is crucial for general contractors in Georgia. Understanding the state's specific insurance requirements ensures compliance and safeguards your business against potential risks. In this blog, we'll outline the essential insurance policies you need to operate legally and protect your contracting business in Georgia.

General Liability Insurance

General contractors in Georgia are required to carry general liability insurance with minimum coverage limits based on their license type:

Residential Basic: $300,000 per occurrence
Residential Light Commercial: $500,000 per occurrence
Commercial General Contractor: $500,000 per occurrence
Commercial General Contractor Limited Tier: $500,000 per occurrence

This coverage protects against claims of property damage or bodily injury arising from your business operations. Without it, a single claim could pose a severe financial burden on your company.

Workers’ Compensation Insurance

Georgia law mandates that businesses with three or more employees carry workers’ compensation insurance . This policy covers medical expenses and lost wages for employees who suffer job-related injuries or illnesses. Even if you have fewer than three employees, obtaining this coverage is advisable to protect both your workers and your business. To estimate your costs, use our Workers' Compensation Insurance Calculator .

For more information on workers’ comp exemptions, check out An Employer’s Guide to Workers Comp Exemptions .

Surety Bond Requirements

General contractors in Georgia must also obtain a surety bond , particularly if they work on public projects. This bond ensures that the contractor fulfills contractual obligations and provides financial protection to clients in case of default or poor workmanship.

Commercial Auto Insurance

If your business uses vehicles for transporting tools, equipment, or employees to job sites, commercial auto insurance is essential. Personal auto policies typically do not cover business-related incidents, so having proper commercial coverage ensures that your company vehicles are protected against accidents and liabilities.

Additional Coverage Options

While not always required, general contractors should consider the following additional insurance policies:

Professional Liability Insurance: Protects against claims of errors or negligence in your professional services.
Builder’s Risk Insurance: Covers damages to a construction site while a project is underway.
Equipment and Tool Insurance: Protects valuable tools and machinery from theft or damage.
Umbrella Insurance: Provides additional liability protection beyond standard policy limits.

Why You Need an Experienced Insurance Broker

Navigating the complexities of contractor insurance can be overwhelming. Working with an experienced insurance broker who specializes in general contractors' insurance ensures that your coverage is tailored to your business needs. If you're considering switching brokers, check out our guide on How to Change Insurance Brokers .

Get a Free Policy Review

If you haven't reviewed your insurance policy in the past year, now is the time. A single oversight could leave your business vulnerable to financial risk. BIS Benefits offers comprehensive policy reviews for general contractors to ensure you have the right coverage at the best possible rates.

Contact us today to discuss your general contractor insurance requirements in Georgia and protect your business from potential liabilities.

General Contractors Insurance Checklist

Mon, 24 Feb 2025 15:58:18 GMT

The Essential Insurance Checklist for General Contractors in Georgia – Download Now!

Are You Fully Covered? Avoid Costly Insurance Gaps with This Free Checklist

As a general contractor in Georgia, your business faces daily risks—property damage, worker injuries, subcontractor issues, and legal disputes. Without the right insurance coverage , one unexpected claim could severely impact your business.

To help you navigate these risks, we've created a comprehensive Insurance Checklist for General Contractors that outlines the essential coverages you need to stay protected and compliant.

�� Download the Free Insurance Checklist for General Contractors Now

Why This Checklist Is a Must-Have for Georgia General Contractors

Many contractors assume their insurance covers everything, only to discover costly exclusions when a claim arises. This checklist provides an easy-to-follow breakdown of crucial coverages and best practices to keep your business protected.

What’s Included in the Checklist?

This free checklist helps you assess your insurance coverage in key areas, including:

1. General Liability Insurance – Your First Line of Defense

Covers third-party bodily injury, property damage, and advertising injury.
Ensures your policy includes contractual liability to protect against subcontractor risks.
Reviews policy exclusions—some insurers don’t cover residential or multi-unit projects.

2. Workers’ Compensation Insurance – Stay Compliant with Georgia Law

Covers injuries, medical expenses, and lost wages for employees.
Required by law if you have three or more employees .

Electrical Contractors Insurance in Georgia : What You Need to Know

Wed, 19 Feb 2025 15:09:09 GMT

Electrical Contractors Insurance: What You Need to Know in Georgia

Electrical contractors in Georgia, from Atlanta to Savannah, face unique risks on the job. Whether you're working on residential, commercial, or industrial projects, having the right electrical contractors insurance is crucial to protect your business from financial setbacks. Understanding electrical contractor insurance requirements ensures that your company remains compliant while mitigating risk.

Understanding Electrical Contractor Insurance Coverage

Not all electrical work carries the same level of risk. Are you installing residential lighting in Alpharetta, rewiring commercial spaces in Marietta, or handling heavy industrial projects in Augusta? Each type of work comes with different liability insurance for electrical contractors requirements. Many insurance carriers will cover light residential work but may hesitate to underwrite policies for industrial projects involving high-voltage systems.

At BIS Benefits, we work with multiple insurance carriers like Hanover, Travelers, and Hartford to find the right coverage for your specific needs. Unlike single-carrier agents such as State Farm, our broad network allows us to tailor policies to your unique risks.

Key Policies Electrical Contractors Need

General Liability Insurance – Protects against claims of property damage or bodily injury.
Workers’ Compensation Insurance – Required in Georgia if you have three or more employees. You can use a Workers' Compensation Insurance Calculator to estimate costs.
Commercial Auto Insurance – Covers work vehicles used for job-related activities.
Professional Liability Insurance – Protects against claims of negligence in electrical system design.
Commercial Property Insurance – Essential if you own a physical office or storage space for your equipment. Learn more about Commercial Property Insurance .

Avoiding Common Policy Pitfalls

Many electrical contractors assume their policy covers all their work, only to find out after a claim is denied. One common issue is policy exclusions , where an insurance carrier excludes coverage for residential construction, apartment complexes, or specific states like New York or Colorado. Another frequent exclusion is subcontractor liability —if you use subs and don’t have the correct risk transfer agreements , your insurance may not cover any damages they cause.

Before signing an insurance policy, it’s crucial to have an experienced broker review it. If you haven’t updated your electrician business insurance in over a year, you could be exposed to uninsured risks as your business grows.

How to Choose the Right Insurance Broker

Partnering with an insurance broker who specializes in business insurance for electrical contractors is key to getting the right coverage. An expert broker will ensure your policy is tailored to your operations, helping with certificate of insurance management so you can focus on your projects instead of paperwork. If you're considering a broker switch, read our guide on How to Change Insurance Brokers .

Get a Free Policy Review

Your insurance should grow with your business. If you haven’t reviewed your policy in the last year, now is the time. BIS Benefits offers comprehensive policy reviews to ensure your electrical contractor insurance covers what you need—before a claim happens.

Contact our team today to discuss your electrical contractor insurance requirements in Georgia and find a policy that provides the right coverage at the right price

Small Business Owners in Georgia: The Secret to Outcompeting Big Corporations!

Mon, 17 Feb 2025 16:35:28 GMT

How Small Businesses in Georgia Can Compete with Corporate Giants Using Smart Employee Benefits Strategies

Leveling the Playing Field

In Georgia’s competitive job market, small businesses often find themselves vying for top talent against corporate giants like Delta, Coca-Cola, or Home Depot. These large companies can offer extensive employee benefits packages that smaller employers may feel they can’t match. However, the truth is that small businesses have unique opportunities to compete effectively by crafting smart, targeted benefits strategies. This blog explores how Georgia’s small businesses can offer compelling benefits to attract and retain high-caliber employees without breaking the bank.

The Challenges Small Businesses Face

When competing with big corporations, small businesses often encounter obstacles such as:

Budget Constraints : Limited resources can make it difficult to match the extensive contributions of larger companies.
Lack of Resources : Small businesses may not have a dedicated HR department to design and manage benefits programs.
Perceived Value : Employees may view small businesses as less stable or unable to provide comparable perks.

Despite these challenges, there are innovative ways for small businesses to stand out and offer benefits packages that rival those of corporate giants.

Key Strategies for Competitive Employee Benefits

1. Prioritize Contribution Levels

Corporate giants often cover a significant percentage of healthcare costs, making benefits affordable for employees. Small businesses can adopt a similar approach by focusing on:

Subsidizing Premiums : Aim to cover at least 50% of employee premiums, with a goal of contributing around $500 per employee per month.
Offering Affordable Plan Options : Provide at least one low-cost option that minimizes out-of-pocket expenses for employees.

2. Leverage Supplemental Benefits

Supplemental benefits can enhance your overall package without significantly increasing costs. Options include:

Dental and Vision Plans : These are highly valued by employees and relatively affordable for employers.
Life and Disability Insurance : Offering basic coverage shows employees you’re invested in their well-being.
Critical Illness or Accident Insurance : These plans provide financial security and can be offered on a voluntary basis.

3. Focus on Flexibility and Wellness

Small businesses have the advantage of being nimble, allowing them to offer creative and personalized perks. Consider:

Flexible Work Arrangements : Remote work options or flexible hours can be a huge draw for talent.
Wellness Stipends : Subsidize gym memberships, mental health apps, or wellness programs to support holistic health.
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) : Pair these with high-deductible plans to help employees manage medical costs effectively.

4. Tailor Benefits to Your Workforce

One size does not fit all when it comes to benefits. Use surveys or employee feedback to determine which benefits matter most. Tailoring your package ensures that you’re investing in areas that employees truly value.

The Role of Technology in Benefits Management

Adopting user-friendly benefits management tools can help small businesses deliver a seamless experience to employees. These tools simplify enrollment, provide clear communication about offerings, and ensure compliance with regulations. A streamlined process makes your benefits package more attractive and easier to navigate.

Why Small Businesses Have an Edge

Small businesses can offer advantages that large corporations often can’t match:

Personalized Attention : Employees at small companies often feel more valued and appreciated, which can offset any perceived gaps in benefits.
Unique Perks : From local discounts to company-sponsored events, small businesses can create a tight-knit culture that resonates with employees.
Community Impact : Many employees take pride in working for businesses that support their local communities.

Partnering with the Right Benefits Advisor

Navigating the world of employee benefits can be complex, especially for small businesses. Partnering with an experienced benefits advisor like BIS Benefits can make all the difference. We specialize in:

Designing tailored benefits packages that align with your budget and workforce needs.
Shopping competitive rates among major carriers like Blue Cross, UnitedHealthcare, and Cigna.
Providing ongoing support, including open enrollment guidance and compliance assistance.

Taking the Next Step

Small businesses in Georgia have more opportunities than ever to compete with corporate giants by offering smart, thoughtful benefits packages. The key is to focus on affordability, flexibility, and personalization—all while leveraging expert advice to maximize your impact.

Ready to build a benefits strategy that sets your business apart? Contact BIS Benefits today for a personalized consultation and take the first step toward leveling the playing field in 2025.

About BIS Benefits

BIS Benefits is a Georgia-based independent insurance agency specializing in employee benefits and risk management. With over 25 years of experience, we help small businesses in Alpharetta, Roswell, and beyond compete effectively with innovative benefits strategies.

Attracting and Retaining Top Talent in 2025

Mon, 27 Jan 2025 21:25:57 GMT

As 2025 begins, businesses across Georgia are striving to position themselves for success in a fiercely competitive job market. The ability to attract and retain top talent is more critical than ever, and the foundation of that strategy often lies in offering exceptional employee benefits.

At BIS Benefits, we’ve partnered with businesses throughout Alpharetta, Roswell, and the greater Atlanta metro area to develop customized benefits packages that meet the needs of both employers and employees. If you’re looking to refine your approach this year, this guide will provide actionable insights to help your business thrive.

Why Employee Benefits Are Essential in 2025

In an era where job seekers have more choices than ever, offering comprehensive employee benefits isn’t just about staying competitive—it’s about creating a workplace that attracts and retains the very best talent. For Georgia businesses, this means building a benefits package that:

Attracts Talent in a Tight Job Market : Talented professionals are evaluating more than just salary when considering offers. Benefits that support their health, well-being, and financial security are often the deciding factor.
Improves Retention : Losing skilled employees is expensive. A benefits plan that addresses the needs of your workforce can reduce turnover and build loyalty.

Research indicates that the majority of employees would choose a job with better benefits over a higher salary. In 2025, this trend continues to grow, especially among millennials and Gen Z workers.

What Today’s Employees Expect from Their Benefits

To create a benefits package that resonates with employees, businesses need to understand their priorities. Here’s what matters most to the modern workforce:

1. Affordability

Employees are laser-focused on what they pay out of pocket. While the gross cost of a health insurance plan matters to employers, employees evaluate what’s deducted from their paycheck. Offering affordable options—through a combination of cost-sharing and employer contributions—makes your benefits package more attractive.

Example : A small business with five employees can still compete with larger firms like Delta or Coca-Cola by subsidizing a significant portion of healthcare costs. Even if their gross premiums are lower due to a younger, healthier workforce, employers must cover enough to ensure affordability for employees.

2. Diverse Options

Employees value variety in benefits, including:

Health Insurance
Dental and Vision Insurance
Life Insurance and Disability Coverage
Supplemental options like long-term care or accident insurance

Providing a mix of benefits allows employees to choose the coverage that suits their unique needs.

3. Transparency and Communication

It’s not enough to offer great benefits; employees need to understand them. Clear communication—via benefit booklets, enrollment meetings, or even video guides—ensures that employees can take full advantage of what’s available.

Building the Right Benefits Package for 2025

Creating a benefits plan that attracts and retains talent starts with strategic planning. Here’s how you can approach it:

1. Evaluate Contribution Levels

According to data from the United Benefit Advisors, the average small business in 2023 contributed about $500 per employee per month for healthcare. In 2025, this figure is expected to increase as healthcare costs rise. Ensure you’re contributing enough to make at least one plan affordable for your employees.

2. Offer Tailored Plans

Rather than a one-size-fits-all approach, provide multiple plan options. For example:

A high-deductible health plan (HDHP) for younger employees or those seeking lower premiums.
A low-deductible plan for employees with families or greater healthcare needs.

Supplement these plans with benefits like flexible spending accounts (FSAs) or health savings accounts (HSAs) to help employees manage costs.

3. Leverage Technology

Use tools like online enrollment platforms to streamline the benefits selection process. This makes it easier for employees to understand their options and make informed decisions.

The Role of a Broker in 2025: Why BIS Benefits Stands Out

A knowledgeable broker is a critical partner in building and maintaining a competitive benefits package. At BIS Benefits, we:

Shop Competitive Rates : We work with major carriers like Blue Cross, UnitedHealthcare, and Cigna to find the best value for your business.
Explore Innovative Solutions : From self-insured plans to level-funded options, we help you navigate the full spectrum of benefits strategies.
Provide Ongoing Support : Open enrollment can be stressful for HR teams. We handle employee communication, answer questions, and ensure a seamless process.

Learn more about what a broker does and how the right partner can transform your approach to employee benefits.

The Long-Term Benefits of a Strong Plan

Investing in employee benefits does more than attract talent—it enhances your company culture and builds a more productive workforce. A few benefits include:

Increased Productivity : Healthy employees are more focused and effective at work.
Improved Morale : Employees who feel valued are more engaged and motivated.
Cost Savings : Retaining employees reduces turnover-related expenses, from hiring costs to lost productivity during transitions.

By aligning your benefits strategy with your business goals, you can set your company up for sustained growth and success in 2025.

Your 2025 Benefits Strategy Starts Here

The new year offers a fresh opportunity to refine your benefits approach. Whether you’re a small business exploring group health insurance for the first time or a growing company looking to revamp an existing plan, BIS Benefits is here to help.

Contact BIS Benefits today to schedule a consultation. Together, we can build a benefits package that sets your business apart in 2025.

Want to dive deeper? Download the full 2025 Employee Benefits Benchmarking Report to gain actionable insights and trends tailored for businesses like yours.

What Employee Benefits Do Georgia Workers Want in 2025?

Fri, 17 Jan 2025 16:57:48 GMT

Key Insights on Employee Benefits for Small Businesses in Georgia

Employee benefits play a pivotal role in attracting and retaining talent, particularly for small businesses striving to compete with larger corporations. BIS Benefits has partnered with Mployer Advisor to bring you an exclusive 2025 Employee Benefits Benchmarking Report, tailored specifically for businesses in the South Atlantic region with 25–49 employees. This blog highlights key findings from the report and how they can help you craft a competitive benefits strategy.

Want to dive deeper? Download the full 2025 Employee Benefits Benchmarking Report to gain actionable insights and trends tailored for businesses like yours.

Key Findings from the 2025 Employee Benefits Benchmarking Report

1. Medical Benefits: Affordability and Trends

76% of employers in the South Atlantic region offer medical benefits, with 63% of employees enrolling.
On average, small businesses contribute $580 per month for single coverage and $707 for family coverage —in line with regional benchmarks.
High-deductible health plans (HDHPs) with health savings accounts (HSAs) are gaining traction as cost-saving options.

What this means for your business: Offering at least one affordable plan option with employer contributions around regional averages helps you stay competitive in the labor market.

2. Supplemental Benefits: A Strategic Edge

Dental and vision benefits are offered by over 80% of employers in this cohort, with high employee enrollment rates of 98% and 93%, respectively.
Life insurance payouts are commonly structured as multiples of earnings, with the majority of plans offering 1–2x salary coverage.
Voluntary benefits such as critical illness and accident insurance are being increasingly adopted to attract talent without significant cost increases.

Takeaway: Supplemental benefits can enhance your overall offering without breaking your budget. Highlight these options to potential hires to differentiate your package.

3. Retirement and Financial Benefits: Securing the Future

91% of employers offer defined contribution retirement plans (e.g., 401(k)), with 74% of employees participating.
Employer matching contributions average between 4%–6% , a vital component in employee retention.
Auto-enrollment and auto-escalation features are becoming standard, simplifying the process for employees and increasing participation.

Action Step: Ensure your retirement plan includes competitive matching and user-friendly features like auto-enrollment to boost engagement.

4. Leave and Flexibility: Meeting Modern Expectations

Consolidated leave programs (combining sick, vacation, and personal days) are offered by 69% of employers , reflecting a trend toward greater flexibility.
Remote work options and flexible schedules are growing in popularity, with 40% of businesses offering work-from-home arrangements .

How to stand out: Consider adding or expanding remote work policies and flexible scheduling to meet employee expectations in 2025.

Why Download the 2025 Employee Benefits Benchmarking Report?

This comprehensive report provides:

Regional and national comparisons to help you understand how your benefits stack up.
Detailed insights into cost-sharing, plan designs, and employee preferences.
Actionable data on emerging trends like HDHPs, flexible leave policies, and wellness programs.

The report equips Georgia small businesses with the knowledge needed to craft a competitive benefits package that aligns with employee needs and business goals.

Download the Report Today

Don’t miss out on the opportunity to gain insights that can transform your benefits strategy in 2025. Download the full report here by entering your email address and receive actionable data to help your business attract and retain top talent.

HDHPs: How High Deductible Health Plans Can Save Money for Employers and Employees

Mon, 06 Jan 2025 14:11:26 GMT

High Deductible Health Plans (HDHPs) are transforming how employers and employees manage healthcare costs. By offering lower premiums and pairing seamlessly with Health Savings Accounts (HSAs) , HDHPs provide a strategic way to save money while maintaining access to quality healthcare.

In this article, we’ll explore how HDHPs work, their benefits for employers and employees, and how to maximize their potential.

To learn more about the benefits of HDHPs and related options, visit our Group Benefits page .

What Are HDHPs?

HDHPs are health insurance plans characterized by higher deductibles and lower monthly premiums. These plans encourage smarter healthcare spending, as individuals must pay for medical expenses out-of-pocket until their deductible is met.

A significant advantage of HDHPs is their compatibility with HSAs. HSAs allow employees to save pre-tax dollars for qualified medical expenses, reducing taxable income and providing a long-term financial safety net. Unlike Flexible Spending Accounts (FSAs), HSA funds roll over year after year, making them an ideal savings tool.

To better understand the differences between HSAs and FSAs, check out our detailed guides on Health Savings Accounts and Flexible Spending Accounts .

The Employer Advantage: Cost Savings and Competitive Benefits

Employers benefit significantly from HDHPs because they reduce overall premium costs while providing employees with greater flexibility. These plans can be part of a larger strategy to attract and retain top talent, especially when paired with proper education about HSAs.

Offering HDHPs demonstrates a commitment to cost-effective, forward-thinking benefits management. Businesses can tailor these plans to align with workforce needs, ensuring employees feel supported while keeping costs under control.

For help designing a comprehensive benefits package, visit our Group Benefits page for insights on tailoring solutions for your team.

The Employee Advantage: Affordable and Flexible Coverage

For employees, the main draw of HDHPs is their affordability. With lower premiums, employees can save on monthly healthcare costs while taking advantage of HSAs to manage out-of-pocket expenses.

HSAs offer employees tax savings, flexibility, and long-term benefits, making them an excellent choice for those planning for future healthcare needs. This is especially valuable for individuals and families who don’t anticipate frequent medical expenses but want to ensure coverage for unexpected costs.

Learn how to maximize your savings with our guide to Health Savings Accounts , a vital companion to any HDHP.

Key Differences: HSAs vs. FSAs

While both HSAs and FSAs offer tax advantages, they differ significantly in how funds are managed. HSAs allow for funds to roll over indefinitely and are owned by the employee, even if they change jobs. FSAs, on the other hand, are subject to the "use it or lose it" rule, meaning unspent funds may be forfeited at the end of the year.

Employees using FSAs should familiarize themselves with rollover and grace period options to avoid losing money. To better understand how these accounts compare, check out our Flexible Spending Accounts overview .

Industry Trends: HDHPs Are Gaining Momentum

HDHPs are increasingly popular across various industries, from technology to manufacturing. Businesses see these plans as a way to manage rising healthcare costs while still offering competitive benefits.

As employers look for cost-effective solutions, HDHPs stand out as a forward-thinking option that balances affordability with quality. Pairing HDHPs with educational resources ensures employees feel confident in navigating their healthcare choices.

Key Takeaways

For Employers: HDHPs lower premium costs while providing flexibility for employees.
For Employees: When paired with HSAs, HDHPs offer significant tax advantages and long-term savings opportunities.
For Everyone: Understanding the differences between HSAs and FSAs is essential for making informed benefits decisions.

Whether you’re an employer or employee, HDHPs can be a game-changer for managing healthcare costs. To explore how these plans fit into your benefits strategy, visit our pages on Group Benefits , Health Savings Accounts , and Flexible Spending Accounts .

FSA vs HSA | Which One is Best for your Georgia Employees?

Thu, 12 Dec 2024 17:47:15 GMT

Use It or Lose It? Demystifying FSAs and HSAs

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are popular options for managing healthcare expenses while enjoying some tax benefits. However, these two accounts differ significantly in how unused funds are handled at the end of the year. This difference can impact your financial planning and overall healthcare strategy. In this article, we'll delve into the "use it or lose it" concept, explore how it applies to FSAs, and compare it with HSAs, highlighting why it's important to understand these rules when making your benefits choices.

For more information on HSAs and FSAs, watch the full episode of the BIS Podcast here or below.

FSAs and the "Use It or Lose It" Rule

FSAs have traditionally been governed by a "use it or lose it" rule. This means that any unspent funds in your account at the end of the year would be forfeited. This requirement made it crucial for employees to accurately estimate their healthcare costs and spend all allocated FSA funds before the year ended. However, since the introduction of the Affordable Care Act (ACA), things have changed. Today, many employers offer more flexibility with FSAs.

Thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Alternatively, some employers may offer a grace period of up to two and a half months after the end of the plan year to use any remaining funds. It’s important to know what rules apply to your FSA so that you don’t leave any money on the table. To learn more about maximizing your benefits options, check out our guide on employee benefits strategy .

HSAs: A Different Story

Unlike FSAs, HSAs do not follow the "use it or lose it" rule. Funds contributed to an HSA remain in the account year after year, regardless of whether or not you use them. This is one of the key benefits of an HSA—you can build up savings over time to cover future medical expenses. Plus, the funds in an HSA are portable, meaning you take them with you if you change jobs or retire. This makes HSAs a valuable tool for long-term healthcare planning.

If you're considering switching to a High Deductible Health Plan (HDHP) to become eligible for an HSA, it’s important to weigh the pros and cons. For more information about HDHPs and their compatibility with HSAs, check out our Health Savings Account service page .

Making the Most of FSAs and HSAs

Whether you choose an FSA or an HSA, it’s important to understand how to make the most of these accounts. For FSAs, knowing your employer's specific rules about rollover and grace periods can help you avoid losing funds. For HSAs, the focus should be on maximizing contributions, as the funds will continue to grow tax-free, providing a cushion for future medical needs.

Both FSAs and HSAs can be used for a wide range of eligible expenses, including medical, dental, and vision care. If you want a comprehensive overview of your coverage options, our group health insurance page is a great resource.

Additionally, if you work in a specialized industry like construction or technology, it's beneficial to explore options that are tailored to your needs. Industries like construction and technology have unique challenges that may impact the type of coverage you choose, including how you use tax-advantaged accounts like FSAs and HSAs.

Key Takeaways About FSAs, HSAs, and the "Use It Or Lose It" Rule:

FSAs : Historically governed by a "use it or lose it" rule, thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Be sure to understand your employer's policies.
HSAs : Funds roll over year after year and are portable. HSAs offer significant long-term savings opportunities, particularly for those on HDHPs.
Plan Carefully : Knowing how these accounts work can save you money and help you better prepare for healthcare costs now and in the future.

To get more insights into how you can make the most of your employee benefits, visit our resources page and discover helpful tools to make informed decisions for yourself and your family.

How to Lower Commercial Auto Insurance Costs

Thu, 05 Dec 2024 21:16:35 GMT

Strategies to Lower Commercial Auto Insurance Costs in Georgia: A Guide for Business Owners

Commercial auto insurance is essential for Georgia businesses, but rising premiums pose challenges, especially in high-traffic areas like Metro Atlanta. This guide offers actionable insights for managing and reducing commercial auto insurance costs while maintaining comprehensive protection. From HR policy adjustments to leveraging technology and working with an independent broker, discover the strategies that can keep your insurance affordable without compromising on coverage.

Why Are Commercial Auto Insurance Rates Rising?

Understanding why insurance costs are increasing can help you better manage expenses and anticipate future rate changes. Here are some key drivers:

Inflation and Economic Pressures : Across industries, inflation has driven up costs, and the insurance sector is no exception. Higher prices for vehicle repairs and medical expenses from accidents contribute to increased claim payouts, which ultimately affect premiums.

Growing Population and Traffic Density : Metro Atlanta’s population surge has led to more vehicles on the road, heightening the risk of accidents. Insurance companies adjust premiums to account for this added risk, particularly in areas with dense traffic.

Frequent Claims and Legal Costs : Georgia’s high rate of auto-related claims and litigation also contributes to rising premiums. Businesses in fleet-heavy industries, such as construction or delivery, are especially impacted by frequent claims and increased legal expenses.

To understand how other types of coverage can protect your business, check out our Georgia Workers’ Compensation Requirements page.

Essential Strategies to Lower Your Commercial Auto Insurance Costs

1. Implement HR Policies Focused on Driver Screening

Setting clear HR policies around driver records is one of the simplest, yet most effective, strategies to reduce insurance premiums. Businesses can reduce accident risks by hiring drivers with clean driving histories and clearly defined standards on issues such as speeding or DUI offenses. Establishing these requirements as part of your hiring and onboarding process sets expectations early, helping to maintain a safer fleet and lower claim likelihood.

For more on managing employee risks, our What Is Employer Liability Insurance? article outlines additional strategies to protect your business.

2. Leverage Technology to Improve Safety and Accountability

Investing in fleet technology can help businesses prevent accidents and reduce premiums. Common options include:

GPS Tracking : This provides real-time location tracking, enabling companies to monitor routes and discourage risky driving.
Dashboard Cameras : Cameras record driving events, which can deter reckless driving behaviors and serve as critical evidence in case of an accident.

Some insurers even offer discounts to companies using technology to improve fleet safety, so consider discussing these options with your provider.

If you’re interested in exploring a full suite of insurance solutions that include fleet management, visit our Commercial Insurance Services page.

3. Work with an Independent Broker to Access Competitive Rates

Independent brokers offer businesses access to multiple carriers and can shop for the most competitive rates. Unlike single-carrier agents, brokers can assess coverage across different providers, ensuring you have options that fit your budget and needs. Brokers like BIS Benefits can also negotiate customized policy terms, often achieving better results for clients than direct carriers.

If you’re considering making the switch, learn more with our article on How to Change Insurance Brokers .

Exploring Additional Coverage Options for Comprehensive Protection

Meeting Georgia’s minimum commercial auto insurance requirements is essential, but additional coverage options can be wise investments:

Collision Coverage: Pays for repair costs if your business vehicle is damaged in an accident.
Comprehensive Coverage: Protects against damages from non-collision events like fire, theft, or vandalism.
Uninsured Motorist Coverage: Covers expenses if an accident involves an uninsured driver, which can be particularly helpful in states with high rates of uninsured motorists.

For more guidance on what’s necessary for your industry, visit our page on Georgia Workers’ Compensation Requirements , which can complement your auto policy with other necessary protections.

Practical Tips for Reducing Premiums Through Policy Adjustments

Here are some straightforward steps to control premium costs:

Choose Higher Deductibles : Selecting a higher deductible can reduce premium costs, as you’re taking on a larger portion of the risk.
Limit Coverage on Older Vehicles : Older vehicles may not require full coverage. Review your fleet periodically to ensure you’re not over-insuring lower-value vehicles.
Annual Policy Reviews : Reviewing your policy annually or ahead of renewal periods allows you to evaluate any premium changes and make necessary adjustments in advance.

Final Thoughts: Take Proactive Steps to Control Costs

While rising commercial auto insurance rates present challenges, proactive strategies can help businesses reduce their premiums. By implementing HR policies focused on driver safety, investing in fleet technology, and working with an independent broker, Georgia businesses can maintain optimal coverage without breaking the bank.

For a customized approach to commercial auto insurance, reach out to BIS Benefits today. Our team is ready to help you explore competitive rates and solutions that meet your specific business needs.

Why Are Commercial Auto Insurance Rates Rising in Georgia, and How Can Your Business Manage the Cost?

Sat, 16 Nov 2024 15:46:24 GMT

Why Are Commercial Auto Insurance Rates Rising in Georgia, and How Can Your Business Manage the Cost?

As commercial auto insurance rates rise across Georgia, especially in Metro Atlanta, business owners need to understand the factors behind these increases and explore ways to manage premiums effectively. With a growing population and congested roadways, Metro Atlanta faces unique challenges that impact commercial auto insurance rates, particularly for businesses managing fleets of vehicles. Here, we break down the reasons for rising costs and provide strategies to help manage commercial auto premiums.

1. What’s Driving Up Commercial Auto Insurance Costs in Metro Atlanta?

Economic Pressures and Inflation Rising inflation is a significant factor affecting commercial auto insurance rates. As the cost of vehicle repairs, parts, and medical expenses rises, insurance companies are faced with higher claim costs. This means that for Georgia businesses with fleet vehicles or frequent commercial auto use, premiums are also on the rise.

Increased Population and Higher Accident Risks Metro Atlanta has seen rapid growth, recently surpassing cities like Boston in population size. As more vehicles fill the roads, the risk of accidents increases, which in turn raises insurance costs. Commercial vehicles, often on the road for long hours, are at greater risk of being involved in accidents, pushing up premiums for businesses that rely on them.

Claims and Legal Costs In Georgia, frequent claims and a high rate of litigation add to commercial auto costs. When insurance companies face more claims and increased legal expenses, they pass these costs onto policyholders. This is especially relevant in industries like construction , where companies with large fleets may face higher claims frequency.

For more on legal and regulatory requirements impacting Georgia businesses, explore our page on Georgia Workers’ Compensation Requirements for insights into compliance and cost management.

2. Strategies to Help Your Business Manage Rising Commercial Auto Premiums

1. Review HR Policies on Driving Records Implementing policies that require employees driving company vehicles to have clean driving records can mitigate risk. For example, setting guidelines around speeding tickets or DUI history can help ensure that only responsible drivers represent your company on the road, ultimately helping to lower premium costs.

For an in-depth look at how policies impact commercial insurance costs, check out our page, " Management Liability Insurance ".

2. Use Technology for Monitoring and Safety Investing in technology such as GPS tracking and dashboard cameras can deter risky driving behavior and provide crucial evidence in case of accidents. Some insurers offer discounts to businesses that adopt safety technologies, which can help offset premium increases. However, it’s essential to balance safety with privacy concerns, and work closely with a broker to explore how technology can support cost savings.

3. Partner with an Independent Broker for Competitive Rates Working with an independent broker like BIS Benefits allows access to a broader range of carriers and options, providing opportunities for more competitive rates. Unlike single-carrier agents, brokers can shop for the best rates across multiple carriers, ensuring you’re not limited to a single provider’s pricing.

Explore our Commercial Insurance Services for a full range of coverage options tailored to your business needs.

Planning for Premium Increases

To effectively manage commercial auto costs, consider annual discussions with your insurance broker, ideally a month or more before your policy renews. This ensures adequate time to explore carrier options, assess risk factors, and make policy adjustments. By enforcing safe driving policies, leveraging technology, and working with an independent broker, your business can stay proactive and minimize the financial impact of rising commercial auto insurance rates in Georgia.

For tailored commercial insurance solutions that fit your Georgia business, contact BIS Benefits . Our team can help you navigate the complexities of commercial auto insurance while providing a high level of personalized service.

The Role of Technology in Modern Benefits Administration: Why It Matters for Your Business

dholley@bisbenefits.com (Drew Holley) — Mon, 28 Oct 2024 15:50:18 GMT

The Role of Technology in Modern Benefits Administration

Technology has changed nearly every aspect of business management—and benefits administration is no exception. Gone are the days when HR departments juggled paper forms and spreadsheets to handle employee benefits. Today, brokers like BIS Benefits use modern tools to streamline open enrollment, automate employee onboarding, and integrate with payroll systems. If you're still relying on outdated methods to manage employee benefits, you might be missing out on some key efficiencies. Here’s how technology can transform the way your business handles benefits.

The Shift to Digital Benefits Management

Just a few years ago, many businesses still relied on manual processes to manage employee benefits. Open enrollment often involved paper forms, mailed packets, and time-consuming data entry. Fast forward to today, and digital platforms have revolutionized the process.

Modern benefits administration software allows brokers to manage everything from open enrollment to ongoing benefits management through easy-to-use online portals. Employees can make their selections, update information, and even manage claims through a secure online platform—reducing the burden on HR teams and improving the accuracy of data.

Key Benefits of Technology in Benefits Administration

Here’s how digital tools make benefits administration more efficient:

Streamlined Open Enrollment : Open enrollment is often a stressful time for HR departments. A good digital system simplifies the process by allowing employees to review and select benefits online, reducing paperwork and the potential for errors.
Integration with Payroll : One of the biggest advantages of using modern benefits technology is its ability to integrate with your payroll system . This ensures that benefit deductions are accurately calculated and updated in real time, reducing the likelihood of errors in employee paychecks.
Automated Enrollment and Termination : Employees come and go, and managing their benefits manually can be cumbersome. Technology makes it easy to enroll new hires and terminate benefits for departing employees—automatically syncing with payroll systems so there’s no lag in benefit updates.

Employee Self-Service : Employees increasingly expect self-service options. With benefits technology, employees can log in at any time to update their information, check claims, and make changes—without needing to contact HR.

How Technology Improves the Employee Experience

Technology also plays a crucial role in improving the employee experience. When employees have access to an intuitive, online system, they are more likely to engage with their benefits. They can check whether their doctors are in-network, compare coverage options, and get instant answers to their questions—all from their smartphone or computer.

A seamless benefits experience not only improves employee satisfaction but can also reduce turnover. Employees who understand and appreciate their benefits are more likely to feel valued by the company, leading to higher retention rates.

Evaluating Your Broker’s Technology

If your current broker isn’t using modern technology to manage benefits, you may want to consider switching. Ask your broker these important questions:

How do you handle open enrollment ?
Does your benefits system sync with payroll?
Do you offer online tools for employees to manage their benefits?

At BIS Benefits , we use cutting-edge technology to ensure that our clients in Georgia get the most efficient benefits administration possible. Learn more about our benefits services .

The Future of Benefits Administration

The use of technology in benefits management will only continue to grow, with more companies adopting systems that streamline processes and improve the employee experience. Whether you're a small business or a larger organization, now is the time to explore how digital tools can help your company handle employee benefits more effectively.

If you’re ready to explore a more modern approach to benefits management, BIS Benefits is here to help. Let’s discuss how we can integrate technology into your benefits administration for a smoother, more efficient process.

Switch Brokers, Not Carriers – A Simple Guide

Fri, 11 Oct 2024 20:53:49 GMT

Written by: BIS Benefits

When To Keep Your Insurance But Ditch Your Broker

This article is part of our ongoing series on demystifying the Agent of Record. If you're unfamiliar with the basics of what an Agent of Record is and why it matters, check out our detailed guide: What is an Agent of Record and Why Does It Matter for Your Business .

What is an Agent of Record?

An Agent of Record (AOR) is a broker designated by you to manage your existing insurance policies. When you sign an AOR letter, you authorize a new broker to take over service and management of your current insurance policy without changing the carrier or coverage. This allows you to enjoy better service and support without disrupting your business’s insurance.

For more information, download the free agent of record guide .

Why Switch Brokers?

There are several reasons to consider switching brokers while keeping your existing policies:

Better Service: If your current broker is unresponsive, switching to a more client-focused broker can ensure your needs are met.
Access to Expertise: A new broker may offer deeper industry knowledge or specialized services that better align with your business needs.
No Service Contracts: At BIS Benefits, we don’t tie clients into long-term contracts, so you can switch if your expectations aren’t met.
Seamless Transition: Your policy remains unchanged, your employees retain their insurance cards, and there’s no disruption in coverage.

How to Switch Brokers

Switching brokers is easier than you might think. Here are the simple steps to make the switch:

Evaluate Your Current Broker: Are they meeting your needs? If not, consider exploring other options.
Find a New Broker: Look for a broker who aligns with your business needs and offers the expertise you require.
Sign an Agent of Record Letter: This letter authorizes your new broker to manage your current policies without changing your insurance carrier.
Notify Your Current Broker: After signing the AOR letter, your new broker will inform your current broker and your insurance carrier. The transition typically takes effect within 30 days.

The Importance of Trust in Your Broker

Whether on the benefits or commercial side, trust between you and your broker is vital. At BIS Benefits, we ensure transparency in our relationships with clients. You get the freedom to choose who manages your insurance while knowing that you have a team committed to providing the best service.

If you’re considering switching brokers, it’s as simple as signing an AOR letter. No changes to your insurance carrier, no extra costs—just better service.

Benefits of Switching Brokers Without Changing Policies

Switching brokers while keeping your current policies allows you to:

Maintain consistency in your business insurance and employee benefits.
Avoid the hassle of re-enrollment or explaining new policies to employees.
Benefit from new ideas, services, or technology integrations that a new broker may provide.

A Side Note About Managing Benefits Through a Broker Change:

Switching brokers involves more than just choosing a new representative—it also means ensuring that your employee benefits remain properly managed throughout the transition. Services like COBRA Administration are crucial during this time, as they help manage health benefits for employees leaving the company, avoiding compliance issues and ensuring a seamless transition. When changing brokers, it’s important to have a broker that handles all these aspects smoothly, making sure there is no disruption in benefits management.

What is an Agent of Record and Why Does It Matter for Your Business?

Mon, 30 Sep 2024 21:44:11 GMT

Written by: BIS Benefits

Demystifying the Agent of Record - Your Key to Better Service

In the world of insurance—whether you’re dealing with employee benefits or commercial risk services—understanding how the Agent of Record (AOR) process works can make managing your insurance much simpler. In this post, we’ll break down what an Agent of Record is, how it works, and why it might be beneficial for your business—without needing to change your insurance carrier.

What is an Agent of Record?

An Agent of Record (AOR) , sometimes referred to as a Broker of Record (BOR) , is the broker or agent responsible for managing your insurance policies. When you sign an AOR letter, you authorize a new broker to handle your existing policies without needing to change your insurance company. This means you can continue working with your current carrier, but you’ll have a new broker providing the service and advice your business needs.

For example, if you’re a Georgia business owner with health insurance through Anthem or Aetna but feel that your current broker isn’t meeting your expectations, you can sign an AOR letter and switch to a broker like BIS Benefits. The policy remains the same, but you benefit from a new broker who aligns with your goals—no disruptions to coverage, no new carrier.

For more information, download the free agent of record guide .

Change Your Insurance Carrier or Change Your Agent of Record?

Many business owners mistakenly believe that switching brokers requires changing insurance carriers. However, the AOR process provides a solution if you’re happy with your current policies but want better service or a more proactive broker.

Here are a few reasons why you might want to consider signing an Agent of Record letter:

Better Service : You might feel your current broker is not responsive enough to your questions or slow in handling claims. Signing an AOR allows you to switch to a broker like BIS Benefits that prioritizes your needs without changing your policy.
No Service Contracts : At BIS Benefits, we don’t tie our clients into long-term contracts. If we’re not meeting your expectations, you have the freedom to switch brokers again—no sssstrings attached.
No Disruptions to Coverage : Your insurance stays the same. Your employees will keep their ID cards, doctors, and coverage, making the switch seamless from their perspective.
Expert Advice : Your broker should act as a consultant, not just someone who shops for the lowest rates. At BIS Benefits, we go beyond insurance by handling logistical challenges like open enrollment and COBRA Administration , ensuring compliance and smooth transitions.

To get more detailed information about how brokers can tailor insurance policies to your needs, check out our article on What Does an Insurance Broker Do .

Agent of Record for Benefits vs. Commercial Insurance

There are slight differences between how the AOR process works for employee benefits and commercial insurance:

Benefits Side : For employee benefits, brokers manage open enrollments, handle claims, and ensure ID cards are issued promptly. A smooth transition is essential to avoid disruptions for your employees. Learn more about streamlining open enrollment with our Benefits Enrollment Software .
Commercial Insurance : For commercial policies like property or liability insurance, switching brokers without changing carriers ensures your business is covered when significant claims happen. For example, if your business suffers a fire, having a broker with deep industry knowledge can make all the difference. Learn more about the importance of having the right broker for Business Insurance for Construction .

The Importance of Trust in Your Broker

If you’re considering switching brokers, it’s as simple as signing an AOR letter. No changes to your insurance carrier, no extra costs—just better service.

You Don't Have To Settle For Poor Service.

If you’re looking to improve your benefits administration or commercial insurance coverage without changing policies, consider working with BIS Benefits. We specialize in helping Georgia businesses navigate insurance with ease. Contact us today to learn how we can support your business.

Georgia Open Enrollment Checklist 2024

dholley@bisbenefits.com (Drew Holley) — Mon, 23 Sep 2024 20:13:57 GMT

Written by: BIS Benefits

Georgia Open Enrollment Checklist for 2024: A Step-by-Step Guide

Open enrollment is an essential time for Georgia employers to review and finalize their employee benefits. Whether you are a small business in Roswell or a larger organization in Savannah, following a structured checklist can ensure a smooth and compliant enrollment process. Below is an open enrollment timeline, tailored to Georgia businesses, to help guide your preparations from September through January. This is part two of our series on open enrollment 2024. Click here to read part one.

September: Laying the Groundwork

For effective open enrollment planning, start in September with initial discussions about goals and potential changes. This is the perfect time for small businesses to evaluate their current group health insurance in Georgia . Consider whether your offerings align with your employees’ needs and your company’s budget. You might also explore adding group dental insurance or vision coverage to enhance your benefits package and attract top talent in the competitive Georgia job market.

Early October: Data Collection

As October begins, update your employee census and demographics. Accurate data is essential for open enrollment, ensuring you receive precise quotes from insurance carriers. Changes in your workforce can significantly impact your insurance rates, so having up-to-date information is critical.

Mid-October: Reaching Out to Carriers

By mid-October, send your updated information to insurance carriers. This timing allows them to prepare quotes and gives you ample opportunity to explore various options. If you’re considering a change, now is an excellent time to look into different business insurance options tailored for your industry .

First Week of November: Evaluation and Negotiation

At BIS Benefits, we've made significant investments in open enrollment solutions, including top-tier benefits enrollment software. This technology allows us to manage the complexities of open enrollment efficiently, from updating contributions to managing payroll periods. Our software streamlines the process, ensuring that everything is documented and communicated clearly to your staff.

Why did we make this investment? Because we understand that time is of the essence, especially during open enrollment. By investing in advanced technology and a skilled team, we can provide you with a seamless experience that saves you time and minimizes errors. Our goal is to help you avoid the headaches that often come with open enrollment, allowing you to focus on what matters most—running your business.

If you’re also navigating COBRA compliance, our COBRA Administration services ensure that your benefits administration remains compliant and efficient.

Mid to Late November: Finalizing Decisions

By mid to late November, it’s time to finalize decisions and prepare for employee communication. Utilizing comprehensive benefits enrollment software can streamline this process for small businesses, making it easier to manage plan selections and employee data.

End of November/Early December: Employee Education

The final step in the open enrollment timeline is holding informative meetings with employees. These sessions should address any changes in coverage and answer questions. It’s also an excellent opportunity to educate your staff on the value of their benefits package and how to maximize their coverage.

By following this open enrollment planning timeline, Georgia small businesses can ensure a smooth process that benefits both the company and its employees. Proper planning and communication are key to a successful open enrollment.

At BIS Benefits, we’re committed to helping businesses navigate the complexities of employee benefits. Whether you’re looking for workers’ compensation insurance or need assistance with COBRA administration , our team is here to support you every step of the way.

Don’t let open enrollment overwhelm your business. Start your planning early, stay organized, and don’t hesitate to seek expert advice from local professionals who understand the unique landscape of Georgia’s insurance market. Your employees—and your business—will thank you for a well-executed open enrollment process.

To hear our entire conversation about having the best open enrollment period ever, watch the podcast here:

This is part two of our series on open enrollment 2024. Click here to read part one.

No Stress or Giant Mess? A Blueprint for Open Enrollment Success

Wed, 28 Aug 2024 17:54:20 GMT

Written by: BIS Benefits

As a small business, managing open enrollment can often feel like juggling a myriad of tasks while trying to ensure everything goes off without a hitch. At BIS Benefits, we understand the challenges you face and are here to help streamline your open enrollment process. Whether you're looking to enhance your open enrollment planning or seeking comprehensive benefits enrollment software, we've got you covered.

The Importance of Proactive Open Enrollment Planning

One of the key takeaways from our recent podcast discussion is the significance of proactive open enrollment planning. Imagine you're an HR manager or a small business owner preparing for a January 1st renewal. The last thing you want is to notify your employees about new benefits on Christmas Eve or struggle with late ID card distributions. Unfortunately, many businesses face these challenges due to poor planning.

To avoid these pitfalls, we recommend beginning your open enrollment planning as early as September. This early start gives you ample time to discuss your needs, evaluate different plans, and ensure that all changes are communicated effectively. For more detailed guidance, check out our blog on Proactive Open Enrollment Planning. Additionally, our Benefits Enrollment Software simplifies this process, ensuring timely and accurate implementation across all aspects of your benefits program.

Key Deadlines to Keep in Mind:

A successful open enrollment experience hinges on hitting key deadlines. For instance, if your renewal is on January 1st, you should be conducting your open enrollment meetings no later than the end of November. This means initiating discussions as early as September to ensure everything is in place. For those in industries such as Construction , meeting these deadlines is crucial due to the unique insurance needs and seasonal work schedules.

Our team at BIS Benefits puts a strong emphasis on collaboration. We work closely with our clients to set and meet these deadlines, ensuring that the open enrollment process is smooth and stress-free. By pushing for early decisions and maintaining open lines of communication, we can help you avoid the nightmare of last-minute changes and ensure that your employees are informed and satisfied.

Investing in the Right Open Enrollment Solutions

If you’re also navigating COBRA compliance, our COBRA Administration services ensure that your benefits administration remains compliant and efficient.

Creating a Comprehensive Open Enrollment Planning Checklist

To further streamline your open enrollment process, consider developing a detailed open enrollment planning checklist. This checklist should include key milestones, such as setting deadlines for employee meetings, finalizing benefit selections, and ensuring all changes are communicated well in advance of the renewal date. A well-organized checklist can be your best ally in managing the complexities of open enrollment.

If you're looking for more tips on how to improve your open enrollment process or need help with benefits enrollment software, check out our comprehensive solutions .

Conclusion

Open enrollment doesn't have to be a stressful experience. By starting early, collaborating closely with your broker, and investing in the right tools, you can ensure a smooth and successful open enrollment for your business. At BIS Benefits, we're here to support you every step of the way, providing the expertise and technology needed to make your open enrollment a breeze.

This is part one of our series on open enrollment 2024. Click here to read part two.

An Employer's Guide to Workers Comp Exemptions

Tue, 13 Aug 2024 20:14:39 GMT

Written by: BIS Benefits

Understanding Workers' Compensation Exemptions

Many entrepreneurs don't realize what a significant liability it can be to run a business until they're already well in the thick of it. There is risk from virtually all angles. If yours is the type of organization that interacts with members of the public, a customer could slip and fall. If you perform a service on behalf of others, they might say those services caused some type of damage. The list goes on.

Because of all this, business liability insurance is often one of the biggest expenses most companies have. A major chunk of that is workers compensation insurance - although workers comp exemptions could ease a bit of that burden, provided you approach things from the right angle.

What is Workers Compensation Insurance?

If yours is a business that hires and maintains employees , you need to have workers compensation insurance. This is a type of insurance that is required by law (in all states except Texas) that provides financial coverage for employees who are injured or become sick while performing their duties.

Who Qualifies for Workers' Compensation Exemptions?

The answer to this question depends on the specific type of workers' compensation exemption in question. Often, companies seek exemptions to avoid providing insurance for independent contractors, who are typically not considered employees under workers' compensation laws. In some states, business owners, partners, and corporate officers may also qualify for exemptions, especially if they have a certain level of ownership or control over the company. However, the criteria and process for obtaining an exemption can vary widely by state, industry, and the nature of the work being performed.

Workers' Compensation Exemptions in Georgia

In the state of Georgia specifically, you need to regularly employ three or more people to be required to have workers compensation insurance. While corporate officers and LLC members in the state are automatically included in this, it is possible to apply for an exemption. However, only five officers or members can be exempt from coverage at any one time.

How to Apply for a Workers' Compensation Exemption

Applying for a workers compensation exemption is something that can be done using Form WC-10. The state of Georgia also offers a free online tool that you can use to verify your organization's current workers compensation insurance coverage. You can search for your business by name or by using the FEIN - whichever you prefer.

When filling out the form, you'll need to provide a few key pieces of information. This includes information about the employee in question, and a description of the type of company you operate. You'll need to provide not only proof that you own the business, but proof that all relevant licenses are up-to-date, too.

If necessary, you'll also need to provide contact information for your company's workers compensation insurance carrier. Note that this is needed if you do offer workers compensation insurance to some employees, but not to all of them. If you're trying to avoid the requirement to provide this level of coverage altogether, you wouldn't necessarily have this information.

You'll also have to pay an appropriate application fee. Once everything is filled out and submitted, your application will either be approved or denied. Assuming that the application is approved, you'll get a certificate that will act as proof moving forward.

Benefits of Workers' Compensation Exemptions

The major benefit of applying for workers compensation exemptions is one of cost-savings. Not having to pay for workers' compensation insurance should dramatically reduce the amount you'll pay for business insurance coverage across the board. The money that you free up can then be funneled back into other areas of the business where it can do the most good.

Risks and Drawbacks of Workers' Compensation Exemptions

Of course, just because you're able to apply for a workers compensation exemption doesn't necessarily mean that it is a good idea.

It's entirely possible that you could apply for one on certain grounds and get approved - only to turn around and get sued by employees who feel their employer is liable for any injuries they sustained while on-the-job.

Yes, it's true that you were granted the exemption - but that doesn't mean you're automatically in the clear forever. At a bare minimum, you'll have to pay money to litigate that lawsuit, even if you do come out victorious in court. That can be a huge financial burden - not to mention a massive time commitment - that you might not be able to afford to deal with.

The other downside comes by way of a scenario where you're applying for a workers compensation exemption as a sole proprietor. Keep in mind that whatever health insurance you get won't automatically cover you for any workplace injuries. You might have to pay out of pocket for any necessary medical care. You think you're saving money now by avoiding workers compensation insurance premiums, but you could easily be paying far more once all medical coverage is considered.

Secure Your Coverage: Get Workers' Compensation Insurance with BIS Benefits

At BIS Benefits , we understand that different factors always impact the amount that you'll pay for workers compensation insurance. These can include but are certainly not limited to job risk, claims history, business and payroll size, and more.

More than anything, we want to help make sure that you're paying for the exact type of coverage you need - the kind that will protect you in the event that a claim is filed and that won't cost an exorbitant amount of money when one isn't. That's why we take the time to get to know as much about your business, and your personal goals, as possible.

Only then will we be able to make sure that you have the correct coverage for the most cost-effective prices possible. At that point, you can worry less about insurance and focus more of your attention on running the most successful business that you can, free from restrictions or compromise.

If workers comp exemption is a topic that you're eager to find out more about, or if you just have any additional questions that you'd like to go over with someone in a bit more detail, please don't hesitate to contact the team at BIS Benefits today .

What Is Commercial Property Insurance?

Mon, 12 Aug 2024 20:38:51 GMT

Written by: BIS Benefits

It doesn't matter what type of business you're running or even the industry that you're operating in - all organizations depend on commercial property insurance . If you own the building where you operate, are currently leasing a space, or even if you work out of your own home, this type of policy is still essential .

What Does Commercial Property Insurance Cover?

Commercial property insurance protects not only your physical place of business, but also its contents and exterior elements like fixtures or signage, from harm. Should the building suffer the unfortunate impact of a fire or sudden storm, the damage can be severe and commercial property insurance can help make sure you have the funds needed to get up and running again.

What Is Not Covered?

Generally speaking, commercial property insurance will not cover any issues that would require additional coverage to pay out. If you're in a business vehicle and cause a car accident, for example, that's not the type of situation this policy is for. Likewise, if a storm rolls through your area and causes a significant amount of flooding, that would be covered by a different type of optional policy that you may or may not have.

How Much Does Commercial Property Insurance Cost?

The amount of money that you'll pay for commercial property insurance will vary depending on a wide range of different factors. Not only does your business location matter a great deal (as an area with higher crime would be more expensive to insure, for example), but other elements like the age/construction of your building, your industry, and any optional coverage will also impact the price.

Factors to Consider in Commercial Property Insurance Coverage

The number one thing to consider when looking into any type of commercial property insurance policy involves making sure that it aligns with what you're actually trying to accomplish. Again, there are a number of things that will not be covered and if you're concerned about them, this doesn't mean you shouldn't get commercial property insurance. It means you should get a supplemental type of coverage, too.

Case in point: flood damage. If your business operates in an area where flooding is a legitimate concern, you'll want to talk to your insurance broker partner about adding this to your overall policy.

If the area you're in hasn't had flooding in decades, or it is generally very unlikely, this probably isn't something you have to concern yourself with quite as much.

Another great example of this would be something that happens while you're out of the office. If part of your job requires you to travel to a client's location, and you unfortunately damage something while you're there, this type of property damage is not covered under your own commercial property insurance policy. It could be covered by theirs. However, you would be covered under a general liability insurance policy that you've invested in as well.

Some of this may seem inherently complicated, but it's important not to overthink things. This also helps to illustrate why it's so important to choose a knowledgeable, experienced partner like the team at BIS Benefits in the first place. They can help you make the most informed decisions possible regarding what type of coverage you need and where you should be devoting your attention to operate your business free from worry or restriction.

Businesses That Benefit Most From Commercial Property Insurance

In a larger sense, remember that any type of insurance coverage is designed to protect you in the event that something goes wrong. The more likely a devastating event is to occur, or the higher the damage you would be forced to deal with should said event happen, equates to how much you can benefit from a commercial property insurance policy.

Generally speaking, those organizations (specifically small business owners) who have the most to gain from investing in the right type of commercial property insurance include those that:

Own the physical building that their business operates out of.
Those who rent or lease an office, or some type of storage space where important files or other materials are stored.
Businesses that depend heavily on an inventory of products that they sell to customers.
Any organization that relies on certain business assets, like computer systems or specific types of office equipment. If losing access to that equipment means you would be unable to function, you naturally want to protect that as much as you can.
Businesses that store records or documents in one location.

If any of those match the type of business you're running (and it's likely more than one will be true), you should invest in a commercial property insurance plan as soon as you're able to do so.

Looking for a Commercial Insurance Partner in Georgia?

At BIS, we understand that your business is more than just the sum of its parts. It's something that you've put an incredible amount of time, energy, and money into building - and you don't deserve to see anything happen to that.

Events like fires, storms, theft, and even vandalism do unfortunately occur. If you should lose computers, equipment, furniture, personal property, or other essential assets during that time, it shouldn't bring your business to its proverbial knees. That's why we want to help you find the right commercial insurance policy to protect everything you've worked so hard to achieve. We can also help with employee benefits and other elements to help make sure your successful Georgia business stays that way.

If you'd like to find out more information about commercial property insurance in Georgia and whether your business actually needs it, or if you have any additional questions that you'd like to discuss with a team of professionals in a bit more detail, please don't delay - contact BIS Benefits today .

Changing Insurance Brokers: How to and What You Should Know

Wed, 03 Jul 2024 20:02:56 GMT

Written by: BIS Benefits

One of the jobs of an insurance broker is to act as a custom solutions provider for all your business' insurance-related needs. That is to say, there is no "one size fits all" answer to the question "what does an insurance broker do?" The quality professionals that you can trust should tailor their approach to the needs of each individual client.

Having said that, most act as something of a middle-man between your business and an insurance company . They help find the types of policies that can protect your business, they make an effort to understand your unique requirements, and they communicate with insurance companies so that you don't have to. They free up as much of your valuable time as possible so that you can focus on running a business, which is precisely as it should be.

Signs It's Time to Change Your Employee Benefits Broker

The number one sign that it's time to change your employee benefits broker involves a scenario where you feel like your needs just aren't being met.

This can take three different forms. Sometimes, it's a matter of whether your insurance needs have changed organically as your business continues to grow and evolve. Maybe your old benefits broker was able to get you to a certain point, but for your own future success, this is where the relationship will need to end.

Or maybe you're getting a sense that the broker is in no way attempting to meet your unique needs and is instead trying to force you into a "one size fits all" box that doesn't really exist.

You should also consider moving your broker if you find they often ignore your emails or you’re not familiar with them. Assigning that policy to another agent won’t change your rates or policies, but it ensures you have a trusted advisor to advocate on your behalf when claim time comes.

Either way, you aren't being served the way you need, and changing insurance brokers may be in order.

You may also want to consider changing brokers if you're looking to save money. A dependable insurance broker like the team at BIS Benefits will compare rates at different companies, all in the name of saving you as much money as possible. That money can then be funneled back into other areas of your organization where it can have the biggest positive impact.

Benefits of Changing Insurance Brokers

There are a wide range of different benefits that come along with changing insurance brokers, including but not limited to ones like:

1. Competitive pricing. As mentioned, one of the key reasons to changing brokers involves unlocking more competitive pricing for yourself. If you want to give yourself the best chance of reduced rates without compromising the quality of your insurance policies, changing brokers may be the way to do it.

2. Improved service. Sometimes, an insurance broker just isn't a good fit. Ultimately, it isn't anyone's fault in particular. But changing insurance brokers may be a great way to finally get what you feel like you've been missing.

3. Changing insurance needs. Oftentimes, insurance brokers will specialize in helping out organizations at a specific size level. If your goal is to continue to grow, and you suddenly exceed the level that an insurance broker is capable of delivering at, the time is right to at least consider looking elsewhere for what you need.

When Can You Make the Switch?

The good news is that you can change insurance brokers at literally any time you want. Making a chance doesn't even necessarily mean that you'll have to change policies or insurance providers.

Depending on why you want to make the switch, changing one or both of those two things may be likely or even recommended. Still, switching to a different insurance broker should be a quick and easy process. If you're doing so before your current renewal time, you may get charged an early cancelation fee depending on their own policy.

What is the Cost of Changing Insurance Brokers?

That early cancelation fee will vary depending on your current insurance broker. If you're considering switching, you should speak to them directly to find out how much you have to pay in order to do so. It may be worth it to simply wait it out and make the change at your next renewal date.

Can You Keep Your Insurance But Change Brokers?

As stated, you can absolutely keep your current insurance if you are satisfied with it but still change insurance brokers. Just tell your new insurance broker that this is what you want to do.

What to Look For In Your New Insurance Broker

For the best results, always choose a new insurance broker with experience in the specific industry that you're operating in. They should be able to understand not only your business' unique requirements, but your employees' as well.

Beyond that, choose a full-service insurance broker to make sure you're getting the widest array of coverage possible. Look at their existing customer reviews to determine the lengths they're willing to go to in order to make clients happy. If they're unwilling to share reviews with you, consider that to be a red flag.

Finally, make sure that you choose an insurance broker that offers excellent ongoing customer service. You should hear from them more than once a year. They should be available at any time to answer any questions or to address any concerns that you might have.

BIS is an Insurance Broker That Works For You

At BIS Benefits, we want nothing more than to leverage the full might of our experience to your advantage. By making sure that your insurance and employee benefits-related needs are taken care of, your workers will be more engaged and you'll have created a legitimate competitive advantage for yourself in the marketplace at the same time. We've done this for countless clients over the years and are eager for the opportunity to do the same for you, too.

If you're interested in finding out more information about when changing insurance brokers might be in your future, or if you'd just like to discuss your business' own needs with someone in more detail, please feel free to contact BIS Benefits today to request your free quote.

Workers Compensation Insurance Calculator

Fri, 03 May 2024 13:29:22 GMT

Written by: BIS Benefits

How are Workers' Compensation Premiums Calculated?

Workers compensation insurance is a specific type of protection that gives employees assistance in the event that they are injured or become ill while on-the-job. Note that while this is similar in concept to disability insurance, they are not the same thing and should not be treated as such.

Workers' compensation insurance, which is legally required most of the time for employers, specifically covers illnesses and injuries that are sustained while someone is performing the duties required by their job. Disability insurance also covers any injuries that someone might sustain while away from work, assuming that it still renders them unable to return to their employer .

Factors Influencing Workers Comp Insurance Costs

Just a few of the major factors that influence the amount your average business will pay for workers compensation insurance include but are certainly not limited to ones like:

Employee Classification . Every state has classification codes that vary depending on the type of work that an employee is performing. Each classification code has a rate associated with it, which is listed as per every $100. Therefore, the rate that you pay per employee will be influenced by their current classification.
Payroll Size . Workers' compensation rates are heavily dictated based on the amount you have in payroll. The more money you pay out to employees, the more you'll end up paying for workers' comp insurance as a result. Generally, the index rate is pretty stable across the state. Even still, more employees will equate to more money going to your insurance provider every month.
Claim History . As is true with most types of insurance, the amount you'll pay will be heavily influenced based on how often you "use" the insurance. The more claims you file, the riskier your business is seen in the eyes of the insurance provider. Therefore, they'll likely raise your rates in an attempt to secure the highest profit possible - meaning that you'll end up paying more than a business that never files any workers comp claims at all.
Industry Risk Factors . Again, it's important to look at workers' comp costs through the lens of risk. By taking you on as a client at all, insurance providers are assuming a certain amount of risk if a claim should be filed. Some professions are inherently riskier than others. If yours is a business with three employees who work in a safe, traditional office all day and never see outside customers, you'll pay less than an electrical contractor business filled with employees who work in dangerous environments all day long.
Location . This is a major factor in how much you'll pay for workers' compensation insurance as things like cost of living and average medical expenses will be taken into consideration. If your business operates exclusively in an area with high medical costs, you'll need to pay more for workers' compensation insurance because of it.

Premium Rates in Georgia

As is true with other types of insurance like general liability insurance in Georgia , premium rates can vary wildly depending on all the factors outlined above. Even the industry that you're operating in will play a role in how much you can expect your premiums to be.

Coverage Options for Georgia Businesses

Having said all of this, just because workers' comp in Georgia is rigidly managed doesn't mean that you lack options when it comes to the type of coverage you receive. Different carriers provide different packages, and you can always include optional types of protection depending on the unique threats that you face.

Note that the more coverage you add, the higher your premiums will go as a result. But when you consider the level of protection that you're offering to your employees, and the legitimate competitive advantage you're creating for yourself at the same time, it's an investment that most people find to be more than worth it. At BIS Benefits, we'll help you understand your coverage options in Georgia so that you can make the most informed decision possible at all times.

What Businesses Typically Pay for Workers' Comp Insurance

Generally speaking, it is estimated that you will pay roughly $1.64 for every $100 of payroll. Although again, there are exceptions to every rule and, depending on the size of your business or even the type of work people are doing, you could come in far higher than that number in certain circumstances.

At BIS Benefits, we'll leverage the power of our relationships with today's top carriers to your advantage. We'll shop around to help you find the best rate automatically. We do this so that you can have the peace-of-mind that only comes with knowing you're providing people with the best workers' compensation insurance in the most cost-effective way that you can.

Contact BIS Benefits for Expert Guidance

At BIS Benefits , we understand how important insurance and other benefits are to your ongoing success as a business. In many ways, putting together the right benefits package is one of the cornerstones of your competitive advantage - it helps you attract and retain top talent.

But at the same time, your workforce is every bit as unique as your business - meaning that there's no "one size fits all" approach to insurance coverage in particular. That's part of the reason why we've designed tools like our handy workers comp calculator to help you not only get your expectations in order regarding what you need to provide to your workers, but to help make sure you put your best foot forward at all times. Regardless of how long this process takes or how many difficult decisions you need to make , we'll proudly be by your side every step of the way.

If you'd like to find out more information about how much the appropriate amount of workers compensation insurance will cost your business, or if you'd just like to discuss your organization's own needs with a team of passionate professionals in a bit more detail, please don't hesitate to contact us today. You can also click here to request a quote for your own custom benefits package.

Types of Construction Insurance for Businesses

Wed, 24 Jan 2024 16:40:30 GMT

Written by: BIS Benefits

What is Construction Insurance?

The construction industry is an inherently risky one. Not only is every live construction site a potential danger to those who enter it, but massive losses can occur for both the construction company and their client if the project isn't successfully completed.

That, in part, is why construction insurance is so important. These policies protect contractors, property owners, and other key stakeholders from specific risks and losses until the moment the project is formally completed.

Types of Construction Insurance

Builder's Risk Insurance/Course of Construction (COC) Insurance

This is a type of insurance designed to protect buildings that are actively under construction. This is also why it is referred to as a course of construction insurance, or COC for short. It's a type of commercial property insurance that protects the building itself from certain types of damages. Note that it covers all stakeholders — including both the building owner and the construction company.

Commercial Umbrella Insurance

1. General Liability Insurance

This is a type of insurance that protects a construction company against any general claims that might be made by a third party on the project. This can include not only bodily injury that someone sustains while on a live construction site, but also damage to equipment, property, or other assets as well. Note that this can even include coverage for claims involving issues like defamation .

2. Commercial Auto Insurance

As the name implies, this is a type of insurance that protects any work vehicle that a construction company depends on from damage. Depending on the size of the construction company, they could have a fleet of vehicles transferring important personnel and equipment in the field at any given moment.

Errors & Omissions Insurance

This helps protect a construction company against any claims that they did not live up to the standards and best practices inherent to the industry. Essentially, if they are accused of making a mistake during a project or if they fail to do something, E&O insurance enters into the conversation.

Workers' Compensation

Workers' compensation insurance is designed to protect people who work at a construction company from situations involving work-related accidents or illnesses. Being a contractor inherently involves risks, and in the event of temporary or permanent injuries sustained

during regular duties, workers' compensation insurance serves to provide the necessary financial support for individuals to facilitate their recovery to the best extent possible.

Commercial Property Insurance

Contractor’s Tools & Equipment Insurance

If a contractor were to suffer losses related to their essential tools and other equipment, they would literally be unable to conduct business. They couldn't complete a project on time, and both the financial losses and the damage to their reputation could be enormous. This is what contractor's tools and equipment insurance is designed to protect against.

One type of policy to be aware of is called inland marine insurance, which is designed to protect not only equipment but also tools and other materials while they are being transferred to and from a construction project site over land.

Pollution Liability Insurance

Depending on the construction project, hazardous materials like waste could be present during normal operations. Employees may have to work with, around, or even dispose of these materials. Pollution liability insurance protects against claims from bodily injury or property damage caused by these materials.

Subcontractor Default Insurance

If a construction company needs to hire a subcontractor to perform a particular duty on a job, and that subcontractor fails to perform according to their original agreement, subcontractor default insurance becomes necessary. These types of policies often provide coverage that goes beyond what even a surety bond would offer.

Wrap (Wrap-Up) Insurance (OCIP/CCIP)

This is a specific type of policy that can provide liability protection for specific construction projects or even multiple jobs at the same time. There are two types of these policies to concern yourself with: OCIP and CCIP. The former is purchased by the owner of a project. If a building was under construction, it would be the person who hired the construction company. The general contractor provides the latter. This is the main difference between the two, as both offer essentially the same protection.

Construction Insurance Requirements

Construction insurance requirements will vary depending on the state you're operating in, the type of project you're working on, and more. In Georgia , for example, you need to have general liability insurance in a minimum amount of $500,000.00 per occurrence. It is also required by state law to have workers' compensation insurance. Some types of insurance will be required before you can get your license to operate as a construction company owner in the first place.

Note that Georgia separates things into a residential division and a general division. There are varying requirements for residential basic contractors, residential light commercial contractors, general contractors, and others to be aware of.

How Much Does Construction Insurance Cost?

The total amount of money that you can expect to pay for construction insurance will vary depending on several factors, including the specific type of business you run, the number of people you employ, and even the scope/value of the projects you're involved in.

Surety Bonds in Construction (Construction Bonds)

Also commonly known as construction bonds , a surety bond is a way to transfer the risk for a project from the construction company onto a third party. An insurance provider/bond provider will guarantee the client that a project will be completed on time and in accordance with the contract.

Start an Insurance Quote with BIS

If you'd like to find out more information about the various types of construction insurance that are available, or if you're eager to speak to someone in more detail, so you can put together the custom package that works for you, please don't hesitate to contact BIS Benefits today .

Understanding the Different Types of Cyber Insurance

Tue, 23 Jan 2024 22:25:32 GMT

Written by: BIS Benefits

What is Cyber Insurance Coverage?

In the modern era, not only are cyber-attacks becoming more common, they're also getting more expensive. According to the experts at IBM, the average cost associated with a single data breach for companies hit a massive $4.45 million in 2023. Note that there is truly no industry too niche or organization too small to become a target.

That, in essence, is why cyber insurance coverage is so important. Sometimes referred to as cyber liability insurance, this is a type of policy that is designed to cover any losses that an organization might go through as the direct result of a data breach, cyber-attack, or similar incident.

First Party

First-party cyber insurance coverage refers to a situation where an insurer would pay a business for any expenses that happen as the direct result of a security breach.

For the sake of example, consider a situation where an attacker infiltrates your business' network, steals client information , and posts it on the Internet. First-party cyber insurance coverage would help compensate you for expenses that happened as a direct result of the breach; including not only the forensic work needed to determine how the breach happened, expenses related to recovering any information, and more.

There are a few different elements of this to be aware of, including but not limited to the following:

Fraud and Theft
Business Interruptions
Cover for Extortion and Blackmail
Forensic Work
Loss of Data and Restorative Work

Third-Party

When it comes to third- party cyber insurance, the policy would cover any damages or settlements that a business must pay as the result of litigation or claims for injuries that were due to that business' failure to take action.

To continue with the same example outlined above, third-party coverage would help cover expenses related to the lawsuits that will very likely be filed after customers l earn that their sensitive data has been compromised. Most businesses are also required to notify their customers by law that a breach has happened. Insurance can cover expenses related to that, as well as similar needs like crisis management and emergency risk mitigation, among others.

The elements of this type of coverage include, but are not necessarily limited to, the followin

Crisis Measures and Emergencies
Communications and Notifications
Credit Monitoring and Review
Litigation Coverage
Regulatory Coverage
Credit Monitoring and Review
Liability for Breach of Privacy and Confidence
Liability for Media Issues

Different Types of Cybersecurity Insurance Coverage

As stated, one of t he major types of cybersecurity insurance coverage is privacy liability coverage. This is a necessity whenever a company is handling sensitive or otherwise confidential information, either on behalf of customers or their own employees.

Another common type of cybersecurity insurance coverage is network security coverage. This is designed to protect a business during any type of network security failure. A data breach is perhaps the biggest example of this, but it can also extend to malware infections, any type of event that compromises business email services, extortion demands, and more.

One of the most important types of cybersecurity insurance coverage is called network business interruption coverage. This helps to protect against those situations where an entire system may fail, either because of an attack or human error. These types of events are almost always disruptive on some level, and every minute that a business cannot be productive is a minute they're losing money.

These are just a few of the major type s of cyber insurance that are available. Working with a partner like the team at BIS Benefits can help make sure you're always protected against your unique risk surface so that you can worry less about cybersecurity and can instead focus more on running the most successful business that you can.

What is Not Covered By Cyber Liability Insurance?

While it is true that most cyber insurance policies are very comprehensive by design, there are certain types of events and damages that they specifically do not cover. From that perspective, this is not unlike any other type of insurance coverage you might purchase.

A few of the issues that fall into that category include ones like:

Damages resulting from a data breach where it is found that your business did not have effective security measures in place at all.
Damages that were the result of a data breach or other cyber incident that happened before the policy was put in place.
Situations that happen as the result of human error.
Data theft, loss, or other damages that happen due to what is ultimately deemed to be an “insider attack.”
Any costs that are related to making improvements to your technology or other systems. Patching network vulnerabilities or increasing your security posture is something that you will have to do on your own.

Overall, one of the most important things to understand about cyber insurance is that a business must demonstrate that it has taken reasonable steps to protect itself before a provider will pay out in the wake of a data breach. Remember that insurance providers are nothing if not risk-averse. The riskier you're deemed, the more you'll have to pay — if you're offered coverage at all.

If you take no steps to protect yourself despite the fact that cyber-attacks are incredibly common in virtually all industries, you're not going to be able to find the policy you need.

Likewise, working with a partner like those at BIS Benefits can help make sure you get the right type of coverage for the specific threats you face. We'll work hard to understand your business and your industry, allowing us to best find the coverage that will keep you protected .

If you'd like to find out more information about the different types of cyber insurance, or if you'd just like to discuss things with a team of professionals in a bit more detail, contact BIS Benefits today .

Workers Comp vs Disability Insurance?

Mon, 08 Jan 2024 21:51:39 GMT

Written by: BIS Benefits

What is Workers' Compensation Insurance?

Workers' compensation insurance is a type of coverage that protects employees in a few different ways. If someone becomes sick or injured while on the job due to the requirements of their position, that is where workers' comp comes into play.

If they are forced to take time off of work for recovery or rehabilitation, a workers' comp policy can cover not only their healthcare costs but, in some cases, lost wages, too.

What is Disability Insurance?

Disability insurance also provides someone with financial support when they are unable to work, although the type of coverage typically varies depending on the role someone plays within a company. It's available in two different versions: short-term and long-term .

A short-term disability plan typically provides benefits for a duration ranging from three to six months. This coverage is commonly included in employers' standard group insurance plans, with employees contributing through monthly premiums.

Long-term disability insurance provides coverage over an extended period, often spanning several years. It is designed for scenarios involving prolonged or permanent disabilities. Individuals can acquire this type of insurance through their employer, where the cost is either fully borne by the employee or the employer. In the former case, the employee covers 100% of the cost, while in the latter, the employer assumes the full financial responsibility.

Workers' Comp vs. Disability Insurance

The major difference between workers’ comp and disability insurance is that the former is for work-related injuries or sickness but disability covers injuries or sickness outside of work. Given the nature of workers' compensation, this makes sense. If you own a roofing business and part of an employee's job description requires them to climb up a ladder onto the roof of a home, and one day they fall off that ladder and seriously injure themselves, this is something that happened as a direct result of the job you are paying them to do.

Disability insurance , on the other hand, is paid through private insurance policies, employer-sponsored plans, or government programs (ie. Social Security Disability Insurance).

The nature of what is covered is another major difference between workers' comp and disability insurance. In workers' comp situations, the policy offers compensation in situations where the employer would ultimately be found liable. Again — if someone's normal job duties lead to them getting injured, that would be covered. If someone just generally becomes injured and cannot work (like if they get into a car accident that is totally unrelated to their job), that is where disability benefits would be useful.

Just a few of the other differences between workers' compensation and disability insurance include but are not limited to ones like:

Coordination with other benefits differs as workers' compensation may be adjusted based on receipt of other public disability benefits, such as Social Security Disability Insurance, while disability insurance benefits are typically independent and can be received concurrently with other forms of assistance without substantial modifications.
While disability benefits are typically taxable, the tax treatment varies based on factors like the source of benefits and premium payment methods. Workers' compensation benefits are often tax-exempt, but tax implications for disability insurance depend on whether premiums were paid with pre-tax or after-tax dollars.
With a workers' compensation policy, oftentimes payments will continue even after someone has returned to the job. This is because they may still need physical therapy or other forms of rehabilitation to get back “up to full speed,” which can take a significant amount of time even after someone is capable of working again. With disability benefits, all payments usually stop the moment an employee gets back to work.

Finally, one of the biggest ways in which workers' compensation and disability benefits differ is that the former is dictated by law. While the requirements of a compliant policy will vary depending on where in the country a business is located, some type of coverage must still be offered to employees.

Disability insurance, on the other hand, will vary wildly in coverage based on the provider someone works with, the type of policy they get, and more. Because of this legal requirement, there are also consequences of not getting workers' compensation insurance where there will not be disability insurance.

Assessing Your Business Needs

As stated, your business is legally required to offer some form of workers' compensation coverage to employees. Typically, this only varies based

on who must be covered — some states do not require seasonal or migrant workers to be covered, for example. This is why it's important to find a partner who understands not only workers' compensation insurance but all compliance-related matters in the specific part of the country you're operating in.

Having said that, it's likely still a good idea to offer disability insurance to employees — even if you aren’t necessarily legally required to. It's no secret that a significant number of people would have trouble paying for basic expenses if they were to become injured and have to take time off work. Adding disability insurance to your existing benefits package is a great way to make it more robust, while also cementing a legitimate competitive advantage for yourself at the same time.

The more attractive your employee benefits offerings are, the easier it will be to both attract and retain top talent.

Can an Injured Employee Collect Both Disability

and Workers' Comp?

Yes — but when it comes to Social Security Disability Insurance, in particular, there are rules that must be followed. If someone is getting workers' compensation and SSDI payments, the combined total cannot be more than 80% of their average current earnings.

Along the same lines, you cannot file for short-term disability insurance when you should be getting workers' compensation benefits. Some of the short-term disability benefits will likely have to be repaid.

Buy Insurance from a Trusted Benefits Broker like BIS

If you'd like to find out more information about the major differences between workers' compensation and disability insurance, or if you'd just like to discuss your organization's own benefits needs with someone in a bit more detail, please contact the team at BIS Benefits today .

The Ultimate Guide to Business Insurance

Mon, 04 Dec 2023 16:22:36 GMT

It's crucial to prioritize safeguarding your business from financial uncertainties, and understanding the importance of business insurance is key to this protection. Small business insurance acts as a safety net, shielding your enterprise from unexpected events and crises, providing legal payment and claims assistance, and ensuring the protection of your business property and employees. With the right coverage, your company can recover quickly and maintain operational continuity. This guide explores different insurance types, from affordable general liability policies to specialized workers' compensation plans, empowering you to make informed decisions and secure the future success of your business. Don't wait; dive into the details and fortify your business against potential risks.

Importance of Small Business Insurance

To protect your business from potential financial loss, it is essential to understand the importance of small business insurance. Business insurance acts as a safety net, shielding your company from unforeseen events and crises. It provides legal payment, claims assistance, and protection for your business property and employees. With the right insurance coverage, you can recover swiftly and continue operating your company. Insurance protects you from financial distress and ensures coverage for likely claims that may arise. General liability policies are affordable and offer comprehensive protection. Seeking professional advice will help you determine the optimal coverage for your business. Don't wait until it's too late – invest in small business insurance and secure the future of your company.

Benefits of Small Business Insurance

Small business insurance offers numerous advantages for your business, providing protection and peace of mind. By having the right insurance coverage, you can safeguard your business from financial loss during times of crisis or unforeseen events. Insurance not only provides legal payment and claims assistance, but it also protects your business property and employees. In the event of compensation claims, legal fees, or damage to property, insurance can help cover these expenses. Having the right business insurance can help you recover and continue operating your company. It protects against financial distress and ensures coverage for likely claims. General liability policies can be affordable, and seeking professional advice can help you determine the optimal coverage for your business. Don't underestimate the importance of small business insurance in protecting your business and ensuring its success.

Coverage Provided by Business Insurance

Get comprehensive coverage for your business with the various types of insurance provided by business insurance. Business insurance offers a range of coverage options to protect different aspects of your business. Additionally, it offers protection against liability for injury to owners and employees. Business insurance also provides property and casualty coverage for your buildings, machinery, and business transportation assets. Furthermore, it can cover product liability , employee health insurance , and workers compensation . With the right insurance policies in place, you can safeguard your business from financial loss and ensure its continuity in the face of unforeseen events. Don't leave your business vulnerable; invest in the coverage that meets your specific needs.

Types of Business Insurance

Choose from a variety of insurance options to protect your business with the right coverage. When it comes to types of business insurance, there are several options to consider.

A Business Owners Policy (BOP) combines general liability and property insurance , providing comprehensive coverage for your business. Business interruption insurance helps cover lost income and operating expenses during a shutdown.
Management liability insurance includes coverage for employment practices liability, fiduciary liability, and directors and officers liability. Workers compensation insurance covers medical costs and lost wages for injured employees.
Errors and omissions (E&O) insurance protects against claims related to professional services.
Product liability insurance provides protection against product-related claims.
Commercial auto insurance covers vehicles used for business purposes.
Cyber Liability Insurance and Data breach insurance
Commercial Umbrella Insurance
Bond Insurance

Understanding these types of insurance and their coverage options can help you choose the right protection for your business.

Request a Free Quote Today

Allow BIS to aggressively shop the market to get you the most competitive rates.

Understanding Business Insurance Costs

When considering the different types of business insurance, it's important to understand the factors that contribute to the cost of coverage. The cost of business insurance can vary depending on the type of coverage chosen. The cost of insurance is influenced by the type of business you have and the number of employees you have. Additionally, coverage amounts and deductibles also impact the cost of business insurance. By understanding these factors, you can make informed decisions about the coverage you need and find the best insurance options for your business. Certain industries like construction, healthcare, and transportation often require extra coverage due to the higher risks involved in their operations.

Tips for Choosing the Right Insurance Coverage

Make sure to carefully weigh your options and narrow down the best insurance coverage for your business. Choosing the right insurance coverage is crucial to protect your business and ensure its success. Here are some tips to help you make the right choice. First, analyze your business's risks and evaluate the cost of insurance versus the risk of loss before making any decisions. Consider your legal responsibilities, business assets, and potential liabilities. It's also important to research state requirements and seek professional assistance for guidance. Assess location-specific risks, business operations, and facilities. Determine the level of coverage needed and consider the specific needs of your business. Don't forget to research and compare different providers, evaluating policy coverage, cost, reliability, customer service, and how claims are handled. By following these tips, you can choose the best insurance coverage for your business and protect it effectively.

Factors to Consider When Assessing Insurance Needs

To effectively assess your insurance needs, it's essential to take into account the specific risks and liabilities that your business may face. Start by analyzing your business operations and facilities to identify any potential risks. Consider location-specific risks, such as natural disasters or crime rates. Evaluate your legal responsibilities and the assets that need protection. Assess your succession planning needs to ensure seamless continuity in case of unexpected events. Determine the level of coverage needed based on the size and nature of your business. It's also important to research state requirements and seek professional assistance for guidance. By thoroughly evaluating your risks and liabilities, you can make informed decisions and choose the right insurance coverage to protect your business and ensure its success.

Evaluating Insurance Providers for Small Businesses

Assessing the suitability of insurance providers is crucial when safeguarding your small business and ensuring its long-term success. When evaluating insurance providers, there are several factors to consider. First, you should research and compare different providers to find the one that best fits your business's needs. Look into their policy coverage and cost to determine if it aligns with your budget and requirements. Additionally, consider the reliability and customer service of the insurance company. It is essential to choose an insurer that is known for handling claims efficiently and providing excellent customer support. By carefully evaluating insurance providers, you can select the best one for your small business, giving you peace of mind knowing that you have the right coverage in place to protect your assets and mitigate risks.

Common Mistakes to Avoid When Purchasing Business Insurance

When purchasing business insurance, it is important to avoid common mistakes that can leave your small business vulnerable to financial risks and potential losses. One common mistake is not assessing your business's specific needs and risks. It is essential to thoroughly analyze your operations, assets, and potential liabilities to determine the level of coverage needed. Another mistake is overpaying for unnecessary coverage or skimping on essential coverage. To avoid this, research and compare different providers, evaluating policy coverage, cost, reliability, and customer service. Additionally, failing to understand the claims process can be a costly mistake. Make sure to assess how claims are handled by the insurer before making a decision. By avoiding these common mistakes, you can ensure that your small business is adequately protected and prepared for any unforeseen events.

Are There Any Common Exclusions or Limitations in Business Insurance Policies That I Should Be Aware Of?

Business insurance policies often come with common exclusions and limitations. These typically include events like natural disasters, intentional or criminal acts by the policyholder or employees, wear and tear, and damages from pollution or nuclear accidents. Coverage for cybersecurity, data breaches, and professional errors may also be excluded, necessitating additional specialized insurance. It's crucial for business owners to thoroughly review policy terms and consult with insurance professionals to ensure comprehensive coverage and understand specific exclusions that may apply to their unique circumstances.

Finalizing Your Small Business Insurance Plan

By carefully evaluating your business's specific needs and risks, you can finalize a comprehensive small business insurance plan. This crucial step ensures that you have the right coverage to protect your business from potential financial losses. Consider the different types of insurance available, such as general liability, property insurance, workers compensation, and business interruption insurance. Analyze your business operations, facilities, and location-specific risks to determine the level of coverage needed. Research and compare different insurance providers, evaluating policy coverage, cost, reliability, and customer service. Seek professional advice to optimize your coverage and avoid overpaying for unnecessary policies. Remember to assess the cost versus the probability of potential losses to make informed decisions. By taking the time to finalize your business insurance plan, you can safeguard your business and ensure its long-term success. Contact BIS Benefits to help you navigate your businesses insurance policies.

A Contractors Guide to OCIP Insurance & CCIP Insurance

Wed, 11 Oct 2023 20:27:54 GMT

In the world of construction and general contracting, OCIP and CCIP insurance coverage is of paramount importance. Even if you're talking about a modest project, there's still a lot that could potentially go wrong. People could get injured, equipment could be damaged, a site could be rendered permanently altered negatively. While both programs offer comprehensive coverage, they differ in terms of who initiates and manages the insurance. OCIP is typically controlled by the project owner, where as CCIP is initiated and managed by the contractor. By diving into the intricacies of these construction insurance programs, you will be able to make a well-informed decision in choosing the right construction insurance program.

OCIP vs CCIP

Regardless of the scope of the project you're talking about, there are two main types of Controlled Insurance Programs to concern yourself with: Owner Controlled and Contractor Controlled. When it comes to construction projects, it is crucial to understand the differences between OCIP (Owner Controlled Insurance Program) and CCIP (Contractor Controlled Insurance Program). Both OCIP and CCIP provide comprehensive insurance coverage for all parties involved in a construction project. The main difference lies in the party that takes responsibility for obtaining and managing the insurance coverage. OCIP is typically initiated and controlled by the project owner, while CCIP is initiated and controlled by the contractor.

In order to identify the right policy and plan administrator, it is important to research and evaluate insurance providers and plan administrators, consider their experience and expertise, review their track record in claims handling, assess their financial stability, and seek recommendations from other construction industry professionals. Working with a reputable broker can also be beneficial as they can provide expert advice and guidance throughout the insurance procurement process, assess project parameters, determine appropriate insurance type and coverage level, and offer access to multiple insurance providers for comparison.

Owner Controlled Insurance Program (OCIP)

In an Owner Controlled Insurance Program, the insurance coverage is obtained by either a property owner or a sponsor throughout the construction project taking place. If the goal was to completely rehabilitate a property for a period of six weeks, an OCIP policy would be utilized for the duration of that period.

Generally speaking, most of these policies offer the same basic level of coverage . They tend to include excess liability protection, employer's liability coverage, worker's compensation , and commercial general liability . Depending on the nature of the project and the unique types of concerns that are a factor, it could also be expanded to include contractor's pollution liability, builder's risk insurance, or even terrorism insurance should it be deemed necessary.

Pros of OCIP

When it comes to an OCIP, many consider the biggest benefit being that only one policy premium is required to guarantee all the aforementioned coverage for the duration of the project. Rather than being forced to keep up with and pay multiple partners, everything is consolidated under one proverbial roof. Obviously, this is a benefit primarily to the property owner.

Because everything is being provided by a single entity, this also offers the added advantage of giving property owners total control over things like administrative fees and other related costs. Some property owners with many projects running simultaneously even go as far as to get one OCIP for multiple sites. If you were renovating multiple schools within a school district, for example, naturally those might be spread out over a big geographic area. But because the projects are running simultaneously, one OCIP could cover all of them - further streamlining the administrative side of things and going a long way towards keeping costs down.

Cons of OCIP

The cons of OCIP include the increased administrative burden on the project owner, potential for higher insurance premiums due to increased project owner liability, limited flexibility in choosing insurance providers, additional coordination required among project participants, and possible confusion regarding coverage responsibilities and limits.

Contractor Controlled Insurance Program (CCIP)

Also commonly referred to as a Contractor Controlled Insurance Program, a CIP is a type of insurance that covers any project owner, the general contractor who has taken control of the project, and any subcontractors that are listed under a larger agreement. Those parties are protected from not only liability claims related to worker's compensation but also third-party general liability as well.

A helpful way to think of it might be like a pyramid, because a CCIP works from the "top-down" by design.

Pros of CCIP

Maybe the biggest benefit that a CCIP insurance policy brings with it is that it allows for small business entity participation. Remember it isn't

the project owner or developer who is covered - subcontractors can easily be added as well.

This helps to bring about a much broader level of coverage than many people would be able to find on their own. It helps to significantly reduce (and often outright eliminate) any gaps in coverage that may exist. This goes a long way toward lowering insurance costs across the board. But when you also consider that having a CCIP policy in place can help significantly improve site safety, you're looking at what many consider to be the biggest advantage of all.

Cons of CCIP

Increased administrative burden on the contractor, requiring additional time and resources.
Potential for higher insurance premiums due to increased contractor liability.
Limited control over insurance coverage by subcontractors, potentially leading to coverage gaps if subcontractors have inadequate insurance.

Choosing Between OCIP & CCIP

One factor that may influence whether to go with an OCIP or a CCIP has to do with the number of subcontractors involved in the project at hand. Naturally, all those contractors will want to have a say - which can often mean an extended negotiation process. This will all occur after the final bids have been entered and could add to the cost of administration overall.

Beyond that, remember that the policyholder is the one who will be responsible for paying the premiums on the policy. This is also true with regard to any required deductible. For some types of projects, it doesn't make sense for a contractor to take this upon themselves. An Owner Controlled Insurance Program will be more appropriate. For others - especially where a general contractor wants to stop covering liability across multiple projects that are happening concurrently - a CCIP is the way to go.

Let each project dictate which type of policy you invest in. Consider the unique scope and other requirements and work your way back to the type of policy that meets your needs. Don't default to one or the other just because you think you should or because that's what you did in the past.

How to Navigate OCIP and CCIP Successfully

As is true with most types of insurance, perhaps the best way to navigate either an OCIP or a CCIP policy successfully involves partnering with the right team of business insurance experts to begin with. You need someone who understands not only this type of insurance but the field you're in and even the project you're engaged in. The last thing you want to do is wind up with insufficient coverage when you need it the most and a policy of dedicated, passionate administrators can help make sure that doesn't happen.

If you'd like to find out more information about the ins and outs of OCIP insurance and CCIP insurance, or if you would like to talk about your own needs with a team of professionals in a bit more detail, please don't hesitate to contact BIS Benefits today.

OCIP & CCIP FAQs

Employee Benefits Brokers: What They Are & How to Choose One

Fri, 15 Sep 2023 13:19:57 GMT

Especially during a time when healthcare costs are on the rise, it's imperative that businesses show, not simply tell, employees how valuable they are. After all, no successful company exists in a vacuum - it takes the hard work, passion, and dedication of countless people to make that which initially seems possible a reality.

One of the biggest ways to show appreciation for employees is to make sure they have access to a high quality employee benefits package. When it comes time to address this, companies can rely on an employee benefits brokerage like BIS Benefits for a number of essential reasons.

What is an Employee Benefits Broker?

An employee benefits broker is an organization that helps to create and manage benefits packages for employees. Rather than forcing businesses into a "one size fits all" box when it comes to benefits, they consider each organization as the unique entity that it is. They then leverage their experience and connections with certain companies to your advantage, putting together a package that specifically addresses the needs and desires of your workforce.

They also provide administrative assistance to employers on an ongoing basis, reassessing needs and addressing problems as they arise.

Why Do You Need a Benefits Broker?

According to one recent study , benefits make up approximately 29.6% of all employee compensation costs. This is important to note for a few distinct reasons.

For starters, even more so than base salary in most cases, employees are looking for benefits when deciding where to work and devote their time. Even if you can't offer the largest salary in your field, giving people access to an excellent benefits package is a great way to both attract and retain the top talent you need to remain competitive.

With benefits making up such a significant cost, it stands to reason that you would want to A) offer the best that you can, while B) doing so in the most cost-effective way possible. The right employee benefits broker can help tremendously with all of these things.

An Employee Benefits Broker You Can Trust

Allow BIS to aggressively shop the market to get you the most competitive rates.

Tips to Choosing the Right Benefits Broker

Before choosing an employee benefits broker, it's helpful to enter into the situation with at least a basic understanding of what you actually need . Sit down with your employees and listen to their concerns. Solicit feedback in terms of what they would like to see in a benefits package.

That way, when you finally sit down with a benefits broker, you can ask the right questions and choose a partner that is experienced in what you're actually looking for.

You'll also want to start looking for a benefits broker as early on in the process as you can. It would be a mistake to wait until a few weeks before it's time to renew your existing plans. You need to give yourself more than enough time to interview potential candidates and find an employee benefits brokerage firm that will be an ideal fit for your long-term goals.

In a larger sense, you'll want to treat finding a new employee benefits broker with the same care and attention-to-detail that you would finding a new employee . Don't just choose someone based on reputation alone - you need to be able to ask questions and get answers that you're satisfied with. Find the company that can offer you the best level of service specific to what that actually means to you. Go into your search with a list of criteria and don't stop until you find an organization that can meet as many of those requirements as possible.

When Should You Choose a New Employee Benefits Brokerage Partner?

The number one sign that you should start looking for a new employee benefits brokerage partner has to do with a situation where you feel like your existing one is no longer operating with your best interests at heart.

Again, there are a lot of companies out there that can offer you benefits packages in the general sense of the term. You don't need someone who will put together a cookie cutter package that they're also offering to a dozen other companies. You need a partner who will take the time to learn what makes your company unique and that will tailor your benefits to play to those strengths.

If you're having a difficult time finding top tier candidates whenever you have an available position, or if you're dealing with an unfortunately high level of employee turnover, these would also be clear signs that you should look at your employee benefits for opportunities to improve. In most situations, that will involve looking for and carefully selecting a new employee benefits partner.

A Benefits Broker Who Supports Your Company

In the end, remember that an employee benefits broker is supposed to support both your employees AND your business at every step. From a business perspective, they do more than just put together a benefits package. They help you manage costs, saving as much money as possible so that you can funnel it into other areas of the enterprise where it can do the most good.

They help dramatically simplify communications, even going as far as educating employees on how to get the most out of their benefits if necessary. Overall, they help maximize the benefits experience for everyone involved - which in and of itself is the most important benefit of all.

At BIS Benefits, we're proud to act as that employee benefits partner for many organizations and are honored for the opportunity to do the same for you, too. Health insurance , dental plans , vision coverage - all these things are an important part of your employee's lives, and we want to treat them with the attention they deserve. We'll leave no stone unturned when it comes to meeting your needs and exceeding your expectations every time we have the opportunity to do so.

If you'd like to find out more information about what employee benefits brokers are and how to choose the one that fits your business' goals, or if you'd just like to discuss your specific needs with a team of professionals in a bit more detail, please contact BIS Benefits today .

Aca Affordability Updates, Chip Notice, Rebates, Overdose Awareness Week, Colorado Paid Leave & Illinois Vessa Amendments

Wed, 13 Sep 2023 16:35:32 GMT

Navigating through the labyrinth of US employee benefits regulations, August 2023 emerged as a milestone month with several noteworthy updates. The Internal Revenue Service (IRS) recalibrated the Affordable Care Act (ACA) affordability percentage to 8.39% for plan years commencing in 2024, influencing employers with a workforce of 50 or more. The Department of Labor unveiled an updated model Employer Children's Health Insurance Program (CHIP) Notice, applicable to employers with group health plans in states facilitating premium assistance subsidies. Colorado amplified employee rights to paid leave under the Colorado Healthy Families and Workplace Act, now encompassing bereavement and management of financial and legal matters post death. Illinois revised the Victims Economic Security and Safety Act (VESSA), incorporating new grounds for leave linked to deaths from violent crimes.

Additionally, President Biden ushered in Overdose Awareness Week, focusing on the national drug overdose crisis.

IRS Affordability Percentage Change

In a significant shift, the Internal Revenue Service (IRS) has reduced the Affordable Care Act (ACA) affordability percentage to 8.39% for plan years commencing in 2024. This effectively tightens the belt on employers with 50 or more employees by mandating them to offer health plans that do not surpass this percentage of an employee's household income for self-only coverage.

The move underscores the importance of the ACA affordability requirements, which are designed to ensure accessible health care for all. To assist in determining affordability, the IRS provides three safe harbors: Federal Poverty Level, Rate of Pay, or W-2 Wages.

Non-compliance with these guidelines may incur penalties, underscoring the necessity for employers to adapt to this change in a timely and informed manner.

Determining ACA Affordability

For the 2024 plan year, the IRS has adjusted the percentage threshold for health plans offered by large employers to be considered affordable, to 8.39% of an employee's household income for self-only coverage. To determine ACA affordability, employers have three safe harbors: Federal Poverty Level, Rate of Pay, or W-2 Wages.

Federal Poverty Level: This option bases the calculation on the federal poverty line for a single individual.
Provides certainty and simplicity in calculations.
Can lead to lower costs for employers.
Rate of Pay: The affordability calculation is based on the lowest hourly wage of an employee.
Allows for adjustments based on individual employee wages.
W-2 Wages: The calculation is based on the employee's annual W-2 earnings.
Accommodates for fluctuations in income throughout the year.

Compliance with ACA affordability is essential as non-compliance may lead to penalties for applicable large employers.

Updated Employer CHIP Notice

Shifting gears to the realm of employer obligations, the Department of Labor has unfurled a revised model of guidelines pertaining to employers with group health plans in states offering premium assistance subsidies, serving as a beacon for businesses in navigating their responsibilities.

These updated Employer CHIP Notices encapsulate the compliance requirements demanded of employers in states that provide these subsidies, offering critical guidance in meeting regulatory standards.

Employers are entrusted with the task of delivering these notices in a flexible manner, though they must ensure that minimum state-specific contact information is included.

This policy underscores the vital role of employer communication in ensuring adherence to statutory mandates. It further illustrates the strategic alignment between federal regulations and the interests of employees, calling for diligent and accurate compliance from employers.

Medical Loss Ratio Rebates

Employers who operate fully insured group health plans may experience the receipt of medical loss ratio rebates from their insurance providers. These rebates, which are to be distributed annually, can be utilized by employers or allocated to plan participants.

The process of calculating rebates accurately can be challenging due to the requirement of determining the plan asset portion. It is critical to ensure that this calculation is accurate to avoid compliance issues.

Moreover, using rebates effectively is essential. Employers have the option of either improving plan benefits or returning the appropriate amount to participants. ERISA regulations necessitate the timely distribution of employee portions of the rebate, although a specific notice about the rebate to employees is not mandatory.

Overdose Awareness Week Proclamation

In an important step towards addressing the national crisis of drug overdoses, President Biden has issued a proclamation establishing a dedicated period of heightened attention and intervention. This initiative, known as Overdose Awareness Week, aims to galvanize comprehensive overdose crisis response at multiple levels.

The administration has implemented a National Drug Control Strategy to streamline efforts in this direction. The strategy is designed to make it easier for healthcare providers to prescribe effective treatments for drug dependency, thus addressing one of the major barriers to treatment.

This initiative reflects a holistic approach to tackling the overdose crisis, acknowledging the need not only for immediate medical intervention but also for long-term strategies focused on prevention, education, and access to quality treatment.

Colorado's Expanded Paid Time Off

The Healthy Families and Workplace Act in the state has undergone modifications to broaden the rights of workers to avail paid time off. Effective August 7, 2023, Colorado has expanded the permissible reasons for taking paid leave to include bereavement and the handling of financial and legal matters post a death.

Additionally, Colorado paid time off can now be used when an employee must evacuate their residence or care for a family member due to inclement weather or unexpected events. Employers are obligated to revise their policies to incorporate these new reasons for paid leave and duly inform employees about their rights. Failure to do so could potentially lead to penalties such as fines or liability for unpaid wages.

VESSA Amendments in Illinois

Modifications to a significant law in the Prairie State now provide additional unpaid time off to employees impacted by violent crime, including those who are victims of domestic, sexual, or gender violence, or affected by crimes of violence in their household. For instance, an employee who has recently lost a loved one due to a violent crime can now take time off to attend the funeral, make necessary arrangements, or simply grieve.

An Employers Guide to Fully Insured vs Self Insured Plans

Tue, 29 Aug 2023 20:34:56 GMT

If you had to make a list of all the elements that are crucial to the success of any business, employee benefits would undoubtedly be right at the top.

These days, people care just as much about benefits packages as they do base salary - if not more so. That's why putting together the right benefits, particularly when it comes to healthcare , isn't just a perfect opportunity to attract top tier talent . It's also a perfect chance to retain your existing, satisfied employees as well.

To speak to healthcare in particular, most businesses will have one major decision to make right away. Do they embrace a more traditional fully-insured health plan, or do they go with something a bit more versatile like a self-funded option? Both have their fair share of advantages and disadvantages and understanding what each has to offer is how you make the most informed decision possible given your organization.

What is a Self-Funded Health Plan?

At its core, a self-funded health plan is exactly what it sounds like: one where health claims are paid out for employees as they happen.

When you're talking about a fully insured health plan, a business owner will pay their premium every month and the associated insurance company will take care of all costs pertaining to employee healthcare.

With a self-funded health plan, however, a business owner is essentially running their own health plan. They assume all financial risk for providing benefits to their employees, regardless of whether those benefits are actually used.

Benefits of a Self-Funded Health Plan

The major benefit that self-funded health plans bring with them is that they tend to be more flexible than fully-insured health plans. You're not necessarily paying to follow an insurance company's specifically designed plan structure as far as what types of claims will or will not be covered. You have the freedom to put together something that is just as unique as your workforce. This helps prevent spending money on healthcare that people aren't taking advantage of.

Negatives of a Self-Funded Health Plan

The major downside of a self-funded health plan sometimes has to do with cost. If you know with certainty that your workers are (relatively) healthy, a self-funded health plan can actually be a great way to save over a fully-insured plan. Instead of paying a set amount of money every month for benefits that people aren't using, you're only paying out-of-pocket for that which they are.

If something catastrophic happens to one or more of your employees, however, you'll likely end up paying far more than you ever would on a fully-insured plan. This increased financial risk also comes with a significantly higher degree of administrative burden, too.

What is a Fully-Insured Health Plan?

A fully-insured health plan is most commonly referred to as a "traditional" plan because this is the type that most people are familiar with. Employers are charged a fixed amount of money every month, called the premium, and they are then enrolled in a health plan.

That plan then covers the medical expenses of employees when qualified claims occur.

Benefits of a Fully-Insured Health Plan

The major advantage of a fully-insured health plan is that they are predictable. A business owner is charged a precise amount of money every month. They know exactly how much healthcare will cost for their workforce for the year and can budget accordingly. The price may go up year-over-year, but they will be notified well in advance.

Negatives of a Fully-Insured Health Plan

For many, the major downside of a full-insured health plan is that they tend to be more expensive than their self-funded counterparts. This can be especially problematic if a business has mostly healthy employees who aren't actually filing claims or using the healthcare in any appreciable way. At that point, it can feel like a business is spending money with little to actually show for it.

What is an HRA?

Also commonly referred to as a " Health Reimbursement Arrangement ," an HRA involves a scenario where an employer contributes a certain amount of money on a regular basis to an HRA account. That money is then used by employees to pay for qualifying medical expenses. In certain scenarios, the money in an HRA can also be used by the employee to pay insurance premiums for any plan they may have gone out and purchased for themselves.

If you're thinking to yourself that this sounds like a " Health Savings Account, " or HSA, you're correct. The major difference is that while both an employee and an employer can add money to an HSA, only an employer can add money to an HRA.

Because of this, the employer owns the HRA account and all money contained within it. If an employee should leave the business, they don't get to take that money with them. Instead, it can be funneled back into other HRA accounts for the remaining employees where it can still make a long-term impact.

Why Choose BIS Benefits as Your Broker?

At BIS , we've worked hard for over 35 years to make sure that employers in Georgia have access to all the information they need to make the most educated decisions possible given their workforce . Our team members are strategists, advocates, advisors - everything you need them to be as you work to select, optimize, and maintain the best employee benefits package that you can.

We understand how crucial your employees are to your success, which is why we're here to help. We want you to enjoy all the advantages of this process with as few of the potential downsides as possible.

If you'd like to find out more information about the differences between fully insured vs self insured plans, or if you'd just like to speak to someone about putting your own benefits packages together in a bit more detail, contact the team at BIS today.

What Is Cyber Liability Insurance & Why Is It Important?

Tue, 08 Aug 2023 16:05:55 GMT

Cybersecurity has become a major concern for businesses of all sizes and industries. With the increasing reliance on technology and digital platforms, cyber attacks have become more frequent and sophisticated. As a result, businesses are vulnerable to data breaches, network intrusions, and other cyber threats that can cause significant financial losses and reputational damage.

One way that businesses can protect themselves from these risks is by purchasing cyber liability insurance .

What is Cyber Liability Insurance?

Cyber liability insurance is a type of insurance that specifically addresses the risks associated with cyber threats to businesses and organizations. It provides coverage for losses arising from data breaches, cyber-attacks, and other forms of cybercrime. Cyber insurance policies are designed to protect companies against financial losses resulting from these incidents by covering expenses such as legal fees, business interruption costs, and damage to reputation.

The need for cyber liability insurance has become increasingly apparent in recent years as the frequency and severity of cyber-attacks have grown. According to a report by Hiscox Insurance, 61% of small businesses experienced a cyber attack in 2019 alone. These attacks can result in significant financial damages for businesses, including lost revenue, legal fees, and reputational harm. In many cases, the cost of recovering from a cyber attack can be so high that it can put smaller companies out of business entirely.

Cyber insurance works by providing coverage for specific types of losses resulting from cyber incidents. For instance, some policies may cover expenses related to restoring lost data or repairing damaged computer systems. Others may provide coverage for expenses incurred while investigating the cause of an incident or responding to customer inquiries about privacy breach notifications. The specifics of each policy will vary depending on the insurer and the needs of the insured company.

Cyber liability insurance is an essential tool for businesses looking to protect themselves against financial losses resulting from data breaches and other forms of cybercrime. As technology continues to advance at an unprecedented rate, companies must remain vigilant against emerging threats in order to safeguard their valuable assets and maintain their competitive edge in today's digital landscape. By investing in comprehensive cybersecurity measures such as cyber liability insurance policies, businesses can mitigate risk while remaining focused on their core operations without fear or anxiety over potential data loss or theft incidents occurring unexpectedly affecting future outcomes negatively.

Who Needs Cyber Liability Insurance?

Businesses of all sizes and industries must evaluate their exposure to cyber risks and ensure adequate protection against potential financial losses. Cyber liability insurance has become a crucial component of a comprehensive risk management plan for any business that uses digital technology to store, access, or transfer sensitive information. This insurance provides coverage for costs related to data breaches, network security failures, cyber extortion, and other cyber-attacks.

Small businesses, lacking resources and expertise in managing digital risks, are particularly vulnerable to cyber threats. However, larger companies with valuable data assets are also targeted by sophisticated hackers. Even non-profit organizations collecting personal information online face risks. Therefore, any business relying on computers or electronic devices should consider purchasing cyber liability insurance.

Successful cyber-attacks can have devastating consequences, regardless of a company's size or industry. Costs associated with data system restoration, customer notifications, credit monitoring services, and legal defense fees can quickly escalate into millions of dollars. Additionally, reputational damage resulting from a data breach can harm an organization's brand image and customer trust for years. Adequate coverage under a reputable cyber liability insurance policy helps mitigate these risks and protect businesses from potential financial ruin.

What Does Cyber Liability Insurance Cover?

The coverage provided by a cyber liability policy can vary depending on the specific terms and conditions of the policy. A typical plan covers:

Data Breaches: Cyber liability insurance can help cover the costs associated with a data breach, such as the cost of notifying customers, providing credit monitoring services, and defending against lawsuits.
Cyber Extortion: This policy can help cover the costs associated with cyber extortion, such as the cost of paying a ransom or negotiating with cybercriminals.
Business Interruption: This insurance can help cover the costs associated with business interruption caused by a cyber attack, such as lost revenue and extra expenses incurred as a result of the attack.
Reputational Damage: Cyber liability insurance can help cover the costs associated with reputational damage caused by a cyber attack, such as the cost of public relations and advertising campaigns to repair the business's reputation.

What is Not Covered by Cyber Insurance?

It is crucial for businesses to carefully review the terms and conditions of their cyber insurance policies to understand what is covered and what is not. They should also collaborate closely with their insurance providers to ensure they have adequate coverage based on their specific risk profile and industry sector. The following are often not covered by cyber insurance:

Acts committed intentionally or with fraudulent intent: Some policies exclude coverage for intentional acts or those carried out with fraudulent intent. This means that if a company willingly engages in illegal activities or intentionally causes a cyber incident, they may not be covered under the policy.
Damage resulting from preventable viruses or malware: Basic security measures like installing antivirus software and updating operating systems are expected preventive measures. Therefore, damage resulting from viruses or malware that could have been prevented through these measures may be excluded from coverage.
Losses arising from insider threats: Cyber insurance policies may not cover losses caused by employees who steal sensitive data or intentionally disrupt systems from within the organization. Insider threats are considered internal risks that may be addressed through other means, such as employee training and internal controls.

Cyber Liability VS. Data Breach Insurance

Understanding the nuances between different insurance policies can help businesses make informed decisions when it comes to managing their cybersecurity risks. Two types of insurance policies that are commonly discussed in the context of cybersecurity are cyber liability insurance and data breach insurance. While these two terms may sound interchangeable, they actually refer to distinct types of coverage.

The main difference between cyber liability and data breach insurance is the scope of coverage. Cyber liability insurance covers a broader range of risks associated with online activities, including not only data breaches but also other forms of cybercrime such as hacking, phishing scams, and malware attacks. This type of policy typically provides coverage for both first-party losses (such as damage to your own computer systems) and third-party losses (such as lawsuits filed by customers or business partners who have been affected by a cyber-attack).

Data breach insurance, on the other hand, focuses specifically on covering the costs associated with a data breach event. This may include expenses related to notifying affected individuals, providing credit monitoring services, hiring forensic investigators to determine the cause of the breach, and defending against potential legal claims resulting from the incident. Data breach insurance does not typically cover losses resulting from cyber attacks that do not involve a data breach.

Ultimately, whether a business should invest in cyber liability or data breach insurance will depend on their individual risk profile and needs. Businesses that engage in high-risk activities such as e-commerce or handle large amounts of sensitive customer information may benefit from broader coverage offered by cyber liability insurance. However, companies that primarily want protection against potential data breaches may find that a more targeted policy such as data breach insurance is sufficient for their needs.

Choosing a Cyber Insurance Policy for Your Business?

Selecting an appropriate policy to safeguard against potential cyber risks is a crucial decision for businesses. The first step in choosing the right cyber insurance policy is to assess your business's specific needs and exposure to cyber risks. This includes evaluating the types of data you store, the number of employees who have access to sensitive information, and any regulatory requirements that apply.

Once you have a clear understanding of your business's unique cyber risk profile, it's time to compare policies from different insurers. When evaluating policies, it's important to consider not only the scope of coverage but also the terms and conditions of each policy. For instance, some policies may include exclusions or limitations that could leave your business vulnerable in certain situations. Another important factor to consider when selecting a policy is the insurer's reputation for customer service and claims handling. In the event of a cyber incident, prompt and efficient resolution is critical. Look for an insurer with a proven track record of working closely with clients throughout the claims process. Choosing a policy requires careful consideration and evaluation of your business's specific needs and exposures.

By taking these steps and partnering with a reputable insurer, like BIS Benefits , that offers comprehensive coverage and outstanding customer service, you can help protect your business from potentially devastating financial losses resulting from cyber incidents.

Cyber Liability Insurance FAQs

A Business Owners Guide to HSA & FSA

Fri, 21 Jul 2023 14:44:05 GMT

Regardless of the type of business you're running, one of the most effective ways to both find and retain top talent is to focus on things that go above and beyond salary. Sure, how much someone is getting paid is important - but it's not the only thing people look at when deciding where to work (or how long to stay there).

Case in point: healthcare. Many business owners know that they should focus more on healthcare-related benefits, but things can quickly get confusing. What is an HSA vs FSA for employers and which one is right for your workforce? By keeping a few key things in mind, you can make the right decision regarding the future of your business.

What is a Health Savings Account?

Short for "health savings account," an HSA is a type of account that is intended to work alongside someone's high deductible health insurance plan.

Also called an HDHP, these types of health insurance plans are offered to employees for a number of reasons. Sometimes, employees love the fact that they're paying lower monthly premiums than they otherwise would - even though their annual deductible is likely higher.

That's where a health savings account comes in. This is a tax-advantaged type of savings account that allows contributions to go towards those medical-related expenses, helping employees save money while still enjoying the benefits of their HDHP without quite as much of the financial burden.

What is a Flexible Spending Account?

A "flexible spending account," on the other hand, is another type of tax-advantaged account that is designed to help in a slightly different way.

Again, an HSA is designed to work with a "qualified high deductible plan." An FSA goes one step further and allows those funds to be used with any type of health insurance account someone has.

You don't actually even need insurance to open an FSA account. This can be great if you have certain employees who may be covered by their spouse's plan, for example. They still have health insurance from one place and get to enjoy the benefits of a flexible spending account from you - leading to the type of win-win situation that helps improve company culture and instill loyalty in workers at the same time.

Benefits of an HSA or FSA for Your Business

Overall, the biggest benefit of both HSAs and FSAs is that they allow business owners to A) help reduce the overall costs of the health plan that they're offering to employees and B) reduce tax exposure, all with C) limited involvement and expense on their behalf.

In the case of an HSA, for example, employees take advantage of a high deductible plan that helps them save on healthcare, and they get an efficient way to save money to be used for medical-related expenses. Employers get to take advantage of a tax-free way to help people pay for those medical expenses, which goes a long way towards showing everyone involved what an impact they have made on your organization.

If you're a business owner who wants to take advantage of this concept but doesn't want to offer a plan with a higher deductible (or have a lot of employees who are satisfied with the health insurance they're getting from their spouse), you always have the flexibility that comes with an FSA. Regardless, it's a great way to help people pay for everything from routine medical expenses to large bills associated with emergencies.

Again, people look at more than just salary when it comes to deciding where to work. Benefits are always a big part of their decision. So offering an HSA or FSA can not only help bring new and talented people into your organization, but it can keep them loyal and help them stay there as well. They'll be happier, more productive, and healthier - a best case scenario.

Which Should You Offer to Your Employees: HSA & FSA

Ultimately, whether you should offer an HSA vs FSA for employers depends on a number of key factors.

If your business is already offering an HDHP, offering a health savings account would almost certainly be the way to go. If you do not offer this type of coverage and have employees that aren't eligible for one in the first place, you are limited in that you can only offer a flexible spending account.
If you and your employees feel like your current health insurance premiums are too high, offering an HSA could help with that. Employees now have motivation to enroll in a cheaper plan, which saves you money as a business owner while also still giving them financial benefits for healthcare.
If yours is a business that sees a lot of employee turnover, you'll likely want to offer an FSA. If an employee leaves your business, they take the money in the HSA with them. The same is not true of an FSA - that comes back to the company. Having said that, an increased focus on benefits like these should also help with employee turnover moving forward.

Every business is unique , so don't assume there is a "one size fits all" answer to this question. Only by looking at your unique organization will you be able to make the right decision regarding whether to offer an HSA vs FSA for your workers.

BIS Benefits, A Benefits Advisor

At BIS Benefits, we understand how important your employees are to the ongoing success of your business - which is why we want to do whatever it takes to help offer the types of group benefits that people will appreciate and that will meaningfully impact your organization moving forward. HSAs, FSAs and similar types of healthcare-related benefits are just one example of how we're willing to leverage our experience to your advantage.

To find out more information about the differences between an HSA and an FSA for employers, or to speak to someone about the unique needs of your workforce in a bit more detail, please don't hesitate to contact the team at BIS Benefits today .

Short Term vs Long Term Disability Insurance for Employers

Wed, 24 May 2023 17:13:54 GMT

According to one recent study , there are at least 51 million adults in the United States without any type of disability insurance coverage. When you also consider that every year about 5% of workers experience some type of short-term disability situation due to illness, injury, or pregnancy, it's easy to see why that lack of coverage is such a big problem.

But what are the differences between short-term and long-term disability insurance policies ? What do they mean for employers who want to run the best business they can? The answers to those questions require you to keep a few key things in mind.

How Does Disability Insurance Work?

At its core, disability insurance is provided by employers to employees in an attempt to protect the latter's ability to earn a paycheck should certain conditions arise. Note that while this is similar in concept to workers' compensation insurance, it is not the same thing and should not be treated as such. Workers' compensation insurance offers things like partial wage coverage should someone be injured while on the job.

Disability insurance, on the other hand, provides partial wage coverage for situations where the employee becomes A) disabled while away from work, and B) can no longer complete their duties and earn a living.

Benefits of Employee Disability Insurance

The biggest benefit of employee disability insurance is that it helps take care of someone in their time of need. If employees become injured or disabled while at home and are unable to earn an income, that can be an incredibly stressful situation to be in. Employee disability insurance provides coverage for at least some of that income, giving them less to stress out over so that they can focus on the recovery and the healing process.

In a larger sense, offering employee disability insurance (both the types that are required by law and those that are optional) benefits employers as well. It helps show employees that you truly care about them and their needs , which goes a long way toward increasing both engagement and morale. The more invested people are in their workplace, the more productive they typically are.

What is a Short-Term Disability Policy?

Short-term disability insurance pays out a portion of an employee's income, but it does so under the full assumption that this situation is temporary. Many estimates indicate that this type of insurance can provide between 50% and 60% of someone's wages.

What is Considered Short-term?

Typically, "short-term" is defined as any period of between nine and 52 weeks. The actual definition will vary depending on the plan in question.

It's also important to note that many short-term disability policies don't begin until after a predetermined waiting period has passed. This may be between seven and 14 days depending on the situation. If an employee needs financial assistance during this time, they may be forced to take paid time off, sick time, or take advantage of other leave-related benefits their employer offers.

What is Considered "Disabled"?

To qualify to take short-term disability policy benefits, an employee needs to both be unable to perform the duties required by their job and also have that confirmed by a medical professional. For some, this may be a condition as common as something like pregnancy, especially if the pregnant person is considered high-risk. Recovering from surgery or some other type of physical injury would also likely require someone to utilize short-term disability benefits.

What is a Long-Term Disability Policy?

Long-term disability benefits, on the other hand, are much more open-ended in nature. There are certain types of injuries or illnesses that a person might not ever recover from - at least not 100%. In those situations, long-term disability policies can provide them with between 60% and 80% on average of the wages they lost so that they can focus on their own recovery as much as possible.

What is Considered Long-term?

Generally speaking, long-term disability policies usually specify periods of two, five, or even 10 years of coverage for the recipient. Having said that, it can also be utilized for life on certain types of policies - it will depend on the conditions of said policy at the time the injury took place or the illness developed.

What is Considered "Disabled"?

In many cases, the definition of "disabled" will be the same as the one outlined above - an employee is unable to perform the duties required of their specific job due to injury or illness. However, some insurance companies define this as being unable to do any type of work within the context of long-term disability policies, so it's best to make sure you understand the exact parameters that you're operating in before offering anything to your own employees.

Differences Between LTD & STD Coverage

The main differences between short-term disability (STD) and long-term disability (LTD) insurance can be summarized as follows:

Duration of Coverage :
STD: Provides benefits for a relatively short duration, often ranging from a few weeks to several months.
LTD: Offers benefits for an extended period, which can last for several years or until the policyholder reaches retirement age, depending on the policy terms.
Waiting Period :
STD: Typically has a shorter waiting period (elimination period) before benefits begin, often a matter of days.
LTD: Usually has a longer waiting period, which can be several months. This reflects the expectation of more extended disabilities.
Coverage for Disabilities :
STD: Covers disabilities that are expected to be short-term or temporary in nature, such as temporary illnesses, surgeries, or minor injuries.
LTD: Covers disabilities resulting from long-term or permanent conditions, such as chronic illnesses, major injuries, or permanent disabilities that hinder the ability to work.
Benefit Amount :
STD: Provides a percentage of your regular income (typically around 50-70%) to offer partial income replacement during a short-term disability.
LTD: Also offers a percentage of regular income, aiming to provide more comprehensive income replacement during long-term or permanent disabilities.
Employer or Individual :
STD: Can be provided by employers as part of their employee benefits package or purchased individually.
LTD: Commonly provided by employers, but can also be purchased individually. Individual policies often offer more flexibility in terms of coverage.
Common Uses :
STD: Used for temporary medical conditions, surgeries, or minor injuries that require time off work. STD helps bridge the gap until the individual can return to work.
LTD: Used for more serious disabilities, such as chronic illnesses, major injuries, or permanent medical conditions that hinder the ability to work for an extended period. LTD provides ongoing income replacement.

Should My Company Offer Disability Insurance?

The most important thing to understand about this question is that there are some states that actually mandate companies offer disability insurance coverage - which is to say that you may not have a choice. Be sure to check the list to see if this describes your situation.

If you're not required to offer it, however, you'll want to consider a few things very carefully to see whether this is the right move to make for your business. Obviously, you want to offer the highest quality benefits plan so that you can attract top talent; but if this additional cost is one you cannot afford, it's not a good idea - plain and simple.

If you can afford it, however, you should likely do so for a lot of the benefits outlined above. It helps make your employees happier, which makes them more productive, which ultimately impacts your bottom line in the best possible way. It also makes it easier to not only bring top-tier workers into the fold but to prevent them from looking elsewhere and jumping ship as well.

BIS Benefits, Georgia's Top Benefits Broker

At BIS Benefits , we're proud of the reputation we've been able to earn over the years as one of the leading benefits brokers operating anywhere in the state of Georgia today. We always take the time to learn as much about our clients as possible so that we can better understand not only what you want, but what you and your employees need. That way, we can put together the right benefits plan for your workforce, all while keeping within your budget requirements as well.

In addition to helping with short-term and long-term disability concerns, we also handle group health, dental, vision, critical illness coverage, voluntary benefit offerings, and more. All of this is so that you can focus less on benefits and more on running your business, exactly the way it should be.

If you'd like to find out more information about the major differences between short-term and long-term disability insurance for employers, or if you'd just like to discuss your own benefits needs with someone in a bit more detail, please don't delay - contact BIS Benefits today .

Cyber Insurance Coverage Checklist: Everything You Should Know

Wed, 17 May 2023 21:51:08 GMT

The Internet has undoubtedly made our lives better in a variety of ways, but it has also made the world a more dangerous place as well. That's why cyber assurance coverage is critical for any business . This is true in a wide range of different ways, all of which are more than worth a closer look.

Why You Need Cyber Assurance

Cyber assurance coverage is necessary, in large part, because the ramifications of a data breach are so large. Going beyond the immediate costs that come with identifying the issue and informing those who have been

impacted, you also have reputational issues to think about. Once people stop trusting your business because you've suffered a data breach, you are unlikely to win those people back - which means that this is an impression that you will carry with you for years to come.

Understand Your Level of Risk

By far, the most important step that you can take on your road to obtaining an appropriate cyber insurance coverage checklist involves understanding the risk that you are exposed to. In the event of a worst case scenario - meaning that those with malicious intentions have access to virtually every piece of data on your server - what would be the ramifications? What is the potential monetary value of the damage that could be done?

Only once you know the answers to these questions will you be able to make the most informed decision regarding the type of policy that you should invest in.

Understand the Need of the Company

As a business, one of the most important things to understand is that you don't just need a blanket "one size fits all" cyber assurance policy. You need something that will protect the specific type of organization that you actually run. That means not only response coverage but also ransomware coverage, data restoration coverage, coverage for losses in third-party systems, and more. Even coverage that helps to account for regulatory fines and penalties in the unfortunate event of a data breach will be essential, all so that you can worry less about cybersecurity and focus more of your attention where it belongs - on your business.

Estimate Your Budget

Another one of the most important steps to making sure that you have enough cyber insurance coverage involves comparing your budget to what you could afford to spend in the event of a worst case scenario happening. Keep in mind that, according to one recent study, the average cost of a data breach as of 2022 is an incredible $4.35 million. Would you rather spend that much in potential costs, or significantly less towards an adequate insurance policy? This is a critical question to answer.

Look For a Plan Based on Your Company Needs + Budget

Along the same lines, it's important to acknowledge that not all businesses are created equal. The type of data that your average healthcare organization maintains is obviously different from something like a retail business. Therefore, you need to always make sure that you're investing in a plan that meets your company's unique needs - all while staying within the precise budget that you have set for yourself.

Regularly Review Your Cyber Insurance Policy with Your Insurance Broker

In the end, it's critical for you to understand that investing in a cyber assurance policy is not something that you "do once and forget about." The conditions of the marketplace will always change and you need to be prepared to adapt right along with them. Only by doing so will you be able to not only address the challenges of today, but better prepare yourself for the ones you may face tomorrow as well.

If you'd like to find out more information about the various types of cyber insurance coverage that you need to have as a business, or if you're just looking to talk about your own situation with someone in a bit more specificity, please don't delay - contact us today.

Cyber Liability Insurance FAQs

Steps to Build an Employee Benefits Strategy To Retain Your Employees

Fri, 28 Apr 2023 14:16:09 GMT

How Can an Employee Benefits Strategy Benefit Your Organization?

The right employee benefits strategy can benefit your business in a wide range of different ways. Not only is it your opportunity to attract and retain top talent, but it can also dramatically improve your company culture as well. Happy employees tend to be more engaged and more productive on average, which is always a good thing.

How to Develop an Employee Benefits Strategy

Employee benefits are a crucial aspect of any organization's compensation package, and can play a significant role in attracting and retaining top talent. As such, it's important to approach the development of a benefits strategy with careful consideration and attention to detail. And while every organization is a bit different (meaning there isn't really a "one size fits all" approach to developing an employee benefits strategy ), there are still some factors you'll want to carefully consider all throughout this process.

Understand Your Budget

By far, the most important step to take when building an employee benefits strategy involves planning with your precise budget in mind. According to one recent study , benefits can be nearly 30% of the total compensation for a typical employee. You need to plan for this not just in the context of each employee, but for your business as a whole, to make sure that the funds are available to meet these goals.

Assess Current Offerings & Employee Needs

To build a comprehensive benefits strategy to retain your employees, it stands to reason that you need to know as much about those employees as possible. Take the time to understand their demographics, their needs, and their preferences. Take that data and compare it to what you're currently offering. Within that context, opportunities for improvement should start to reveal themselves fairly quickly.

Give Your Employees Options

Keep in mind that as your workforce grows more diverse, it will become harder to find a single plan that meets everyone's needs equally. Therefore, it's important to give people options when it comes to the benefits they can embrace. Some organizations find success with offering a "basic" package, for example, and then by allowing their workers to add in additional options as they see fit. This can be a great way to meet basic needs while still giving people the flexibility they want to build a package that is right for them.

Monitor & Evaluate the Plan

Finally, understand that offering employee benefits is not something you "do once and forget about." As new options become available to potentially improve your program, they should be considered and capitalized on. Monitor how many employees are taking advantage of the plan on an ongoing basis. Gather feedback from employees in any way that you can - be it via focus groups, anonymous surveys, or even emails - to make sure that you understand what people want and, more importantly, what they need. Take all of this into consideration when making adjustments in the future.

If you'd like to find out more information about the steps you should take to build an employee benefits strategy to retain your employees, or if you'd just like to discuss your own specific needs with someone in a bit more detail, please contact the team at BIS Benefits today .

Attract Employees With A Competitive Employee Benefits Package

Fri, 10 Mar 2023 20:04:46 GMT

In an effort to remain as competitive as possible, companies in all industries must not only work to attract top talent for available positions. They also need to retain the ones they currently have. That's why competitive benefits plans are so important and putting together your own requires you to keep a few key things in mind.

What Is An Employee Benefits Package?

An employee benefits package encompasses an array of non-wage advantages that go beyond an employee's base salary, serving as a crucial component of overall compensation.

Employers tailor these packages to attract and retain talent, recognizing that diverse employee needs and job requirements necessitate flexibility in benefit offerings. These packages often feature a spectrum of perks, including various insurance programs, retirement plans, and provisions for paid time off due to illness or vacation. The employer's discretion in crafting these packages allows for a customized approach, taking into account individual employee preferences and job roles. Additionally, it's essential to note that certain benefits within the package may have tax implications, highlighting the importance of seeking guidance from professionals such as accountants to navigate the complexities of tax considerations. As organizations strive to create enticing work environments, the design and implementation of a comprehensive employee benefits package contribute significantly to fostering a satisfied and motivated workforce.

What Are Included in Competitive Benefits Plans?

A competitive benefits plan is one that offers a plethora of different advantages to employees, including but not limited to desirable ones like:

Quality healthcare .
Vision Insurance
Dental Insurance
Flexible Spending Accounts
Opportunities for both retirement savings and general planning.
Paid time off.
More flexible working schedules, including the possibility of remote work.
Opportunities for professional development.
Disability Insurance
Life Insurance

Why Offer Competitive Salary and Benefits Packages

Many industries had already been dealing with skills gaps and labor shortages for years - something that was only exacerbated by the COVID-19 pandemic . These days, more and more people are looking towards benefits when deciding where to work - even more so than salary in a lot of places. Because of that, offering not only competitive salaries but also a robust benefits package is the best way to make sure you have access to the talent you need for your business to thrive.

Additional Employee Benefits

Of course, you need to do more than just meet the bare minimum to attract top tier candidates for your organization. That's why additional employee benefits that you would want to consider include but are not limited to things like:

Flexible working benefits, like the ability to come into a workplace for only part of the week, or giving people the ability to work from home.
Access to educational opportunities and other resources that can assist in career development.
Paid parental leave, including both maternity and paternity leave for those who qualify.
Child care assistance
Wellness Benefits
Relocation Benefits

Legally Mandated Employee Benefits

Georgia employers must offer these benefits to their employees:

COBRA
Workers' Compensation
Family and Medical Leave Act (FMLA)
Minimum Wage
Overtime
Unemployment Benefits

Benefits Based on Generational Preferences

When it comes time to put together a competitive employee benefits package , understand that every generation will have a different list of priorities. Those born between 1946 and 1964 - otherwise known as the Baby Boomers - tend to value salary above all else. Those born between 1965 and 1980 - known as Generation X - tend to look for things like career advancement opportunities, job security, and an employer who understands the importance of a work/life balance.

Addressing all of these needs is essential to attracting the widest array of candidates for available positions, which is why working with an experienced team like the one at BIS Benefits is always recommended.

A Benefits Broker Who Supports Your Company

At BIS Benefits, we're proud to act as that employee benefits partner for many organizations and are honored for the opportunity to do the same for you, too. All these benefits listed above are an important part of your employee's lives, and we want to treat them with the attention they deserve. We'll leave no stone unturned when it comes to meeting your needs and exceeding your expectations every time we have the opportunity to do so.

If you'd like to find out more information about how to attract employees with a competitive employee benefits package, or if you have any additional questions that you'd like to go into more detail about in a personal setting, please contact BIS Benefits today.

What is the difference between a Deductible and an Out-Of-Pocket Max?

Tue, 07 Feb 2023 15:59:36 GMT

What is the difference between a Deductible and an Out-Of-Pocket Maximum?

Knowing the details of your specific health care plan and how it operates can help you save in the long run with health care expenses.

Commercial Excess Liability Coverage vs Umbrella Liability Coverage

Wed, 25 Jan 2023 22:08:23 GMT

As a business owner, one of the most important things to understand about insurance is that not all types of coverage are created equally. Case in point: commercial excess liability and umbrella insurance. What are the major differences between each one and which is right for your business? The answers to those questions are straightforward, but they also require you to understand a few key things about these policies in general.

What is an Underlying Policy?

In the insurance field, the term "underlying policy" simply refers to all insurance policies that provide coverage against the type of risks that businesses are likely to face on a daily basis. Commonly, this is used to describe the primary policy that protects an organization from things like liability claims. You pay a certain amount of money per month for a set amount of coverage (also referred to as your "limit") and you get to rest easy knowing that even if something devastating happens, you're still covered from a potentially catastrophic financial fallout.

What is Commercial Excess Liability Coverage?

Commercial excess liability insurance , as the name implies, extends the limits of an underlying policy. It doesn't change the amount of coverage that you have from your existing liability insurance. Rather, it simply offers additional coverage up to whatever the amount is that you've chosen to purchase.

All told, this is a type of insurance protection intended to cover unexpected events that could be financially devastating to your business. These include things like damage resulting from automobile accidents in company vehicles, liability claims, and more.

What is Commercial Umbrella Insurance?

In a commercial setting, umbrella insurance is a type of policy that helps to cover any claim that may be larger than the limits of a pre-existing underlying policy. If you have a general liability policy with a $100,000 limit and a claim is filed for $150,000, for example, that umbrella insurance policy would kick in at a certain point and help account for the difference.

Depending on the situation, this additional coverage can help with the costs of a wide range of different things. These include but are not limited to scenarios like:

Legal bills
Medical expenses
Expenses related to damage to someone else's property
Judgments
Settlements
Class action product and construction lawsuits
And more

Find What's Right for Your Business

At BIS Benefits , we understand that there is no "one size fits all" approach to obtaining the right insurance coverage or your business . Every organization is unique, which is why you must first find a partner who is capable of pulling together the coverage you need to account for your specific risks. Only then will you be able to guarantee you have the protection you need when you need it the most.

If you'd like to find out more information about commercial excess liability vs umbrella insurance, or if you have any additional questions you'd like to speak to a professional about in more detail, please don't delay - contact BIS Benefits today.

Commercial Excess Liability and Umbrella Insurance FAQ

Open Enrollment Communication is Important: Here's What You Need To Know

Tue, 29 Nov 2022 20:43:31 GMT

Needless to say, the open enrollment period for any employee can be a stressful and time-consuming one. There are a myriad of different details to consider - from health insurance to vision insurance to health savings accounts (HSAs), disability insurance, and more.

That, in essence, is why prioritizing communication during the open enrollment period is so essential. If these benefits plans are designed to help your workforce, you need to guarantee they have access to all the information they need to make the most informed decisions possible moving forward.

Why is it Important To Have An Open Enrollment Communication Plan?

It's important to have an open enrollment communication plan because, as stated, this is a lengthy and potentially frustrating process. Every minute that an employee is spending worrying about issues like health or disability insurance is a minute that they're not devoting their full attention towards the job at hand. Therefore, if you can proactively answer someone's questions or address someone's concerns in a way that puts their mind at ease, you go a long way towards avoiding this type of stress for a lot of people.

How Should I Tell My Employees About Open Enrollment?

Generally speaking, communications regarding open enrollment start with the "why" of it all. Make sure that people understand why benefits have been structured the way they have been, and what your overall goal is as an employer in terms of what the benefits plan will accomplish on behalf of your workers.

You don't need to hold back any information about changes to your existing program that may be seen as negative. Employees are smart and they can take it. Be open, be honest, and explain your reasoning to get everyone on the same page and moving in the same direction.

When Should I Tell My Employees About Open Enrollment?

Typically, the best time to start communicating with employees about open enrollment is approximately six to twelve weeks before the period actually begins. Messaging should continue approximately four weeks before, along with one to two weeks before so that you can confirm everyone is armed with the knowledge they need.

How to Support Your Employees During the Open Enrollment Process

The best thing that you can do to support your employees during the open enrollment period involves simply making yourself available as a trusted resource. Send them email and text reminders that let them know how if they have an essential last-minute question, they can turn to you for an answer. Make them aware that if they have a concern, you will do what it takes to address it. All of this goes a long way towards guaranteeing not only the success of the program, but of your larger business as well.

At BIS Benefits, we've been proudly serving clients in the state of Georgia for over two decades and are honored for the opportunity to do the same for you, too. If you'd like to find out more information about why communication is essential when it comes to the larger topic of group benefits , or if you just have any additional questions that you'd like to discuss with someone in a bit more specificity, please don't hesitate to contact the team at BIS Benefits today .

What is a FSA

Wed, 19 Oct 2022 21:18:20 GMT

What is a F.S.A.?

Health care costs can be a great expense. Watch this video to see how a Flexible Spending Account can benefit you.

Health Savings Account

Tue, 09 Aug 2022 20:22:10 GMT

What is a Health Savings Account and how can BIS Help You Save on Company Health Care?

Health care costs can be a great expense to your business. Let BIS take care of your company's healthcare needs . Watch this video to consider a plan with an HSA and learn how that can benefit you and your employees.

What is GoodRX

Tue, 09 Aug 2022 20:13:22 GMT

What is GoodRX and How Can it Help You?

If you are tired of paying too much for prescriptions, try GoodRX. Reach out to BIS for more information or watch our video on how GoodRX can work for you!

What HR Teams Need To Know About Productivity Monitoring

Thu, 02 Jul 2020 16:38:04 GMT

What HR Teams Need To Know About Productivity Monitoring

By United Benefit Advisors

Even before the pandemic, remote work was trending upward. From 2017 to 2018, the U.S. Bureau of Labor Statistics found that 28.8 percent of college graduates were working from home for all or some of the work week. After COVID-19, that percentage has skyrocketed—roughly two-thirds of the American workforce is now operating remotely.

The stay-at-home orders have forced the hand of many employers that previously resisted the idea of telework, fearing a downtick in productivity. What's more, jobs that were once thought impossible to do remotely have since been proven to be feasible, even an improvement over their in-office counterpart. It all adds up to teleworking becoming even more normalized as we navigate COVID-19 and beyond—a possible concern for those same employers that don't like the idea of being sequestered from the staff they're supposed to be monitoring.

In response, some employers have considered implementing productivity and employee monitoring software. These tools enable employers to track log-on and log-off times, device usage, and even how much work employees actually perform. They may seem like a fitting solution for managers and executives, but HR teams should know some of the baggage that comes with productivity monitoring.

Office Culture

You'd be hard pressed to find an employee that was enthusiastic about productivity monitoring. Nobody wants to be subjected to further scrutiny and surveillance, which means productivity monitoring could take a toll on office morale. With recent research having all but confirmed the correlation between office morale and productivity, these monitoring tools could actually lower an employee's productivity. Furthermore, employers may find themselves being viewed as intrusive and branded as micro-managers. Overall, most productivity monitoring is going to have an adverse effect on office culture and employee engagement.

Legal Concerns

If the office morale concerns weren't enough, there's also a knot of legal ramifications that come with any employee monitoring implementation. Generally speaking, employers are allowed to monitor employee activity while they're in the office. But the legality gets much dicier when that same employee is working from home, especially if they're using their personal devices instead of company-provided ones. There are a plethora of different laws and statutes, including the Electronic Communications Privacy Act of 1986 and the National Labor Relations Act, as well as some industry- or state-specific protocols to follow as well. It all adds up to a complicated, sometimes even contradictory, web of legal concerns. If your upper management is considering employee monitoring, make sure they're aware of the potential legal headaches that accompany it.

How Do We Measure Productivity?

Monitoring tools aren't a silver bullet for employers concerned about their employees' productivity. For example, software installed on a computer that tracks program usage can't account for time spent on a phone call. Tools that only activate during the workday fail to capture work done off the clock.

A more feasible (and less expensive) solution for managers that harbor productivity concerns about working from home may be simply opening a dialogue with their employees and re-examining the way they think about productivity. For many office jobs, the outcome is more important than the output.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

10 Resources For HR Departments To Foster A More Diverse Workplace

Tue, 30 Jun 2020 16:18:10 GMT

10 Resources For HR Departments To Foster A More Diverse Workplace

By United Benefit Advisors

Fostering a just and equal work environment means more than a diversity seminar once a quarter. It takes work to cultivate a truly inclusive environment for all employees. Here are ten resources to help you get started.

College & University Professional Association For Human Resources (CUPA-HR) Knowledge Center

Although CUPA-HR specializes in the higher ed sector, their knowledge center includes case studies, webinars, and eCourses that any HR professional can benefit from. They even have a diversity, equity and inclusion maturity index to gauge your company's progress.

Racial Equity Tools

Racial Equity Tools provides resources research, tips, curricula and ideas for people who want to elevate their own understanding and to help those working toward justice at every level—systems, organizations, communities and the culture at large.

Diversity In Hiring

GitHub hosts a continually growing document of resources to promote diversity in hiring, including job boards focusing on different races, genders, and sexual orientations. This is a fantastic resource for HR teams looking to diversify their workplace.

Forbes Diversity & Inclusion Reading List

Essential reading for anyone tasked with cultivating a more diverse workforce. Compiled by Janice Gassam, author of the forthcoming "Dirty Diversity: A Practical Guide to Foster an Equitable and Inclusive Workplace for All."

Conscious Style Guide

A massive repository of guides and articles for understanding and using conscious language in corporate communications (and in everyday life).

Project Implicit

Project Implicit is a non-profit dedicated to the research and education of implicit social cognition: thoughts, feelings, and biases outside of conscious awareness and control. Project Implicit provides consulting services, lectures, and workshops on implicit bias, diversity and inclusion to help organizations translate research into actionable practices for organizations.

EEOC Discrimination By Type Hub

The Equal Employment Opportunity Commission provides a launchpad for learning about the different types of workplace discrimination, links to relevant laws, regulations and policy guidance, as well as fact sheets, Q&As, best practices, and other information.

American Psychological Association Employer Resources

The APA understands that diversity and inclusion play a key role in a psychologically healthy workplace. The pages on psychology topics offer guidance in navigating issues affecting our personal and professional lives.

SHRM Tools and Resources for Diversity and Inclusion

The Society for Human Resource Management provides many resources to help create a better workplace, including current, topical articles on bias, diversity and inclusion, gender identity, cultural awareness, and more.

Toolkit For Establishing & Maintaining Employee Resource Groups

An excellent starting point for HR teams interested in forming healthy employee resource groups for their staff.The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(312) 416-3660
support@ubabenefits.com

Should Your Company Keep Its Telework Option?

Tue, 23 Jun 2020 16:32:59 GMT

Should Your Company Keep Its Telework Option?

By United Benefit Advisors

Across America, states, cities and counties are gradually easing stay-at-home orders and expanding the industries that can now reopen their doors or return to work on premises. After months of teleworking, many employees will soon find themselves able to return to the office: it's just that not all of them may want to. Whether it's due to continued fears of COVID-19 exposure or simply because they prefer it, many workers have found that remote work suits them for the time being.

The question then falls to the employer: should remote work be allowed to continue, even when the office reopens? If so, should it be under the ad hoc coronavirus policy, or a new, more robust one? How will an office split between remote workers and on-premises staff operate? If your organization is asking these types of questions, read on for an exploration of how other businesses are handling this issue.

Where The Majority Stand

According to a survey of 1,000 businesses, conducted by the Society for Human Resource Management (SHRM) and the global advisory firm Oxford Economics, all but five percent of the companies reported that they expect their workforce to return to pre-crisis levels within six months. Clearly, they believe the temporary transition to remote work has been just that: temporary.

But these companies may be underestimating just how much the American workforce will shift in the New Normal. The ability to work remotely was already a popular job benefit before COVID-19. Post pandemic, its popularity has soared. In an article for NASDAQ.com, SHRM CEO Johnny C. Taylor reports that the debate of remote work not being viable for most companies has ended on a definitive note. "Before the pandemic there were always managers who claimed that this job or that job could never be done remotely," says Taylor. "Now, they can't say that because it's working. And not for a week because of a hurricane, but for months now."

As the American job market continues to recover, it's more likely than not the workers will prefer positions that have a robust teleworking policy. So despite most businesses imagining a return to normalcy, in reality it may be smarter to keep what's now one of the most prized job benefits on the market.

An Office Divided

Some employers balk at the idea of operating an office where a significant number of employees are working off-premises—in reality, many successful organizations have been managing a balance of on- and off-site staff long before COVID-19. Day-to-day tasks like meetings can (usually) be replaced with video conferencing software and other remote working tools, but the larger difficulties lie in managing these two different groups. Remote workers face different challenges than in-office ones: their workday tends to blend into their free time, and while that can mean more productivity, it also increases their risk of burnout.

It's not impossible or unfeasible to manage an office that's a mix of remote and in-office workers. But managers will need to take into consideration how to juggle these two different types of employees.

Should Your Company Keep Its Telework Option?

There isn't a simple formula for determining whether or not your organization should keep its remote work policy once employees return to the office. It depends on a myriad of factors: industry, specific position, team structure, and even office culture. But as we head forward into the New Normal, remote work will continue to grow in popularity. It's just one of the ways COVID-19 has forever changed the business world.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Can Companies Require Their Employees To Pass A COVID-19 Test Before Returning To Work?

Fri, 05 Jun 2020 16:47:07 GMT

Can Companies Require Their Employees To Pass A COVID-19 Test Before Returning To Work?

By Colleen Kucera, Senior VP, Operations at United Benefit Advisors

As the country gradually begins to reopen, organizations loosen their teleworking mandates, and employees return to the office, it may be tempting for companies to pick up where they left off and consider COVID-19 a non-concern. But for HR teams, the workplace challenges presented by the coronavirus are just beginning. Health authorities have made it clear that the reopening of the country does not mean phasing out COVID-19 guidelines and protocols. If anything, employees returning to on-site work means HR teams need to take more precautions than ever to ensure the safety and wellbeing of their staff. As human resource professionals grapple with this, many have wondered: can they require their employees to pass a COVID-19 test before they can return to the office?

The Short Answer: Yes, But

On April 23, the U.S. Equal Employment Opportunity Commission (EEOC) updated its guidelines to confirm that employers could institute mandatory COVID-19 tests for their employees, so long as it is "job related and consistent with business necessity.” (It’s also worth noting that the EEOC also recommends employers "still require —? to the greatest extent possible —? that employees observe infection control practices.”)

But just because the EEOC has given the green light to this practice, doesn’t mean your company should, or even can, realistically implement it. Accurate, reliable COVID-19 testing is still difficult to come by, and may not be realistic for organizations with a large staff.

Alternative Methods

While mandatory employee tests may not be feasible for most organizations, there are several other precautions employers can take to prevent the spread of COVID-19 in the workplace. One popular option is regular temperature checks. Like coronavirus tests, the EEOC has approved the use of mandatory temperature tests as a condition for returning to work. Temperature tests can be performed by the employer, by a third party, or by the employees themselves. The only guideline the Centers for Disease Control and Prevention (CDC) gives is the “100.4 degree threshold,” where an employer can turn away an employee with that temperature or higher.

Employers can also enforce a waiting period before employees can return to work, in order to ensure they’re not experiencing any symptoms of COVID. The CDC currently recommends two weeks, though some organizations may wish to wait longer.

Avoiding Discriminatory Testing

No matter what precautions or policies your organization implements as its employees return to work, it’s important to remain compliant and ensure the testing is administered evenly, without discriminating against age, gender, race, or ethnicity. The EEOC and CDC have emphasized that employers must remain especially alert to bias and discrimination in the workplace against Asian Americans or people of Asian descent during the coronavirus pandemic.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Tips For Effectively Leading During A Crisis

Fri, 29 May 2020 16:55:09 GMT

Tips For Effectively Leading During A Crisis

By Colleen Kucera, Senior VP, Operations at United Benefit Advisors

The coronavirus crisis is, in a word, unprecedented. Business executives and department heads find themselves facing challenges that even a few months ago would have seemed unfathomable. As the world grapples with the anxiety and fear of a global pandemic, one recurring theme that has arisen is the uncertainty of it all. Every message we receive from businesses and organizations seems to start with “In these uncertain times…”.

Searching for the comfort of certainty, employees turn to their leaders. But as leaders, how can we continue to guide and support our organizations through a seemingly impossible time? Here are a few tips to help you effectively navigate your role as a company leader during the COVID-19 crisis.

Maintain Transparency

It’s imperative for business leaders to be totally transparent with their staff about how COVID-19 is affecting their company and the organization’s response to it—even if these updates are uncomfortable. It may be tempting to take an unflappably confident “everything will be fine” approach, but more often than not this comes off as tone-deaf and unrealistic. At worst, it may raise suspicions among employees that their leadership isn’t being outwardly honest. A much better approach is to clearly communicate the information you do have, the decisions you’re making with it, and openly acknowledging that you’re ready to adjust and change course if necessary. Demonstrating that you recognize the reality of the crisis and are willing to address the issues head on shows your employees that your leadership has remained steadfast as ever.

Elevate Leaders

The coronavirus has forced companies to reorganize and regroup as they shift to remote operations while in quarantine, especially human resource departments. As new responsibilities and challenges arise, so will new leaders, as employees take on different roles as the organization adjusts. It’s important for senior level leaders to embrace and encourage this new group of leaders. That can mean formally granting them the authority to make decisions in their assumed roles, or solidifying their positions on the company’s organizational chart to avoid confusion and promote accountability. Some companies’ crisis-response plans actually include a dedicated COVID-19 task force, whose responsibilities range from boosting company morale to ensuring employees are following the most up-to-date health guidelines from the CDC.

Lead with Empathy

Above all, leaders must understand and acknowledge the enormous impact COVID-19 is having on their employees’ mental and physical health. Everyone is handling the coronavirus in different ways, but all of them must be led with an empathy-first approach, one that recognizes the individual's struggles and responds with support and reassurance. As department heads and team leads, this empathy extends to ourselves too. The past weeks have been filled with stress, tragedy and fear, and being an effective leader doesn’t make you immune to the toll COVID-19 is taking. Be gentle with yourself and invest time in your own well-being, just as you are with your team members.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

New Policies For Returning To Work Post-COVID-19

Thu, 21 May 2020 17:00:09 GMT

New Policies For Returning To Work Post-COVID-19

By Colleen Kucera, Senior VP, Operations at United Benefit Advisors

As more states either re-open entirely or unveil multi-step plans to return to normalcy in the coming months, some businesses will have the opportunity to phase out remote operations and return to on-site working. But just like every other aspect of our lives when quarantine ends, the office is going to be a different place than it was before COVID-19.

With the safety and well-being of their employees still as their number one priority, human resources departments will need to implement new policies and adjust long-standing ones in order to protect their staff. While every office is different, here are a few common precautions that many companies will need to take in a post-quarantine workplace.

Social Distancing

Nearly every municipality that has already re-opened, or plans to, has advised its constituents to continue to practice social distancing. Offices that are working on-site should consider enforcing this same mandate wherever possible. For some, this could be to continue using video conferencing tools like Zoom or Skype in the office, instead of meeting in person. If that option isn’t feasible for your workplace, consider putting a cap on the number of employees that can convene in conference rooms and other meeting areas. Some companies may even want to explore the idea of “office shifts,” where only certain employees or departments are allowed to come into the office at certain times.

Employee Health Monitoring

Earlier in March, the Equal Employment Opportunity Commission (EEOC) announced that employers would be allowed to conduct temperature checks to mitigate the risk of infection in the office. If your office decides this is necessary, be sure to communicate to employees exactly how these tests are administered. While some may choose to conduct the test directly, others may enlist a third-party organization, and others still could simply ask employees to test themselves and self-report.

Regardless of whether your company implements temperature checks, it’s important to demonstrate to the staff that you’re prioritizing the office’s health. Some businesses are requiring their employees to acknowledge and agree to abide by the organization’s COVID-19 safety policies and do their best to take necessary precautions when outside of the office.

Remote Work Policy

When quarantine began, countless businesses that didn’t allow for remote work rushed to throw together a teleworking policy. As employees slowly begin to return to work, now is the time to update an ad-hoc policy into a more robust protocol.

For starters, just because your state or county has re-opened, doesn’t mean your employees will want to return to the office. Many will opt to remain quarantined until they personally feel it’s safe to go back to work. If you’re going to require certain employees to come into the office, be sure to communicate the rationale and reasoning behind it.

Above all, remember that the transition back to our regular lifestyles won’t be easy. Be kind and patient with your employees, and remember that adjusting to the “new normal” is going to present challenges for all of us.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Long Term Care Insurance - A Personal Story

Fri, 15 May 2020 18:28:14 GMT

Long Term Care Insurance – A Personal Story

By Robyn Leonard

Growing up in Alaska was definitely different than in other states in so many ways. One of the things you come to realize, as you age into adulthood, is how expensive things are there compared to other states. A trip to a local fast food restaurant will give you a good indication. A child’s meal pack at the local drive-thru can be as much as a $5 more compared to prices in “the states.” Everything is more expensive in Alaska.

I grew up in Alaska, but went to college in Oregon and never moved back home. We love to visit in the summer, but I don’t plan to live there year-round again.

My mom and her husband are in their mid-seventies and in great health. My step-dad still runs 50-mile races! This past summer I went to visit them and one of the conversations we had was about their retirement and care plans. We discussed how their properties were going to be distributed among my brother and me and our step-dad and his two children. We talked about how they thought they would pay for their care when they should need it. Since I work in the insurance industry, I was able to easily research the cost of care in their area prior to my visit. I was not surprised at all by the cost of home care or assisted living because, as with most other services and items, it was just slightly more than it is in the rest of the U.S. (or “lower 48” as Alaskans refer to it). The shocker was the $351,495 it currently costs PER YEAR for nursing home care! I know that the average need for care is about three years. I also know, on a personal level, that we have a family health history of dementia and Alzheimer’s. I would assume that my mom will potentially need at least six years of care.

When you do the math, that is just over $2 million ($2,108,970) total cost – TODAY. Let’s assume she doesn’t start needing care for 10 to 15 years. Those costs will have increased by about three to five percent each year until that time.

I would love to say that I would move back to Alaska and care for my mom, but that is just not possible. We have three grown children who will be starting their own families soon. We also have my husband’s family here who are a bit older than my mom and her husband and will also need assistance. My step-dad is another component of the bigger picture; he has his two children, one who lives in Alaska and one who does not. So, what is the plan for him and his care?

I know I am not the only one in this kind of complicated situation. In fact, I am sure that I am in the majority, not the minority here. Our lives and our families can get complicated. What we do need to realize as our parents (and ourselves) get to a certain age, is that we need to have these conversations. We need to plan. We need to realize that we are not invincible. Seventy percent of people who reach age 65 and older WILL need long-term care. This is not a make-believe number. This is reality. This is my reality. This is your reality.

My mom and I had a very good conversation about her potential needs and she has let me know what she would like to see happen once she does need care. I also told her it doesn’t really mean anything until she puts it into a legal document. She agreed and she and her husband have set up an appointment with their lawyer. They will then share the documents with each of their children.

My personal experience has led me to really understand the complexities of how to navigate the discussion about long term care. There are many ways to mitigate the issues. There is no right and wrong; just make sure you are having this conversation with your family. Instead of facing that annual cost of $351,495 per year for care, consider your option of paying a smaller monthly premium for long-term care insurance that will help pay for that total cost. As an employer, you can offer your employees easier access to a plan with better pricing and payroll deductions. If you have not considered this before, now is a great time to look at it. One thing people don’t realize is that the premiums for long-term care insurance are based on the age in which you purchase coverage. None of us are getting any younger. Now is the perfect time to start these discussions.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Remaining ADA-Compliant Under COVID-19

Tue, 05 May 2020 19:29:13 GMT

Remaining ADA-Compliant Under COVID-19

By Bill Olson, Senior VP, Operations at United Benefit Advisors

The coronavirus crisis has forced human resources teams to juggle more challenges than ever before, from employee benefits and sick leave to new teleworking policies. On top of this, the drastic change in the American workplace has spawned new laws and protocols, while raising questions about how these new regulations affect standing legislation like the Americans with Disabilities Act (ADA). In order to remain fully compliant, HR departments need to keep abreast of the latest developments, especially regarding the Families First Coronavirus Response Act (FFCRA), which officially went into effect April 2. Here’s some guidance on how to remain ADA-compliant while your company implements new policies in response to COVID-19.

Calling In Sick & Recruitment

According to the EEOC, the reasonable accommodation and nondiscrimination regulations mandated by the ADA, as well as the Rehabilitation Act, are still in effect; however, they “do not interfere with or prevent employers from following the guidelines and suggestions made by the CDC or state/local public health authorities about steps employers should take regarding COVID-19.” So as a general rule of thumb, any guidelines or protocols made by the CDC are considered independent from the ADA, and can be acted on accordingly while remaining compliant. Still, there are a few scenarios where the coronavirus takes precedent.

For example, if an employee covered by the ADA calls in sick, employers may request information about the illness, in order to protect the health and wellbeing of the workforce, as reported by the EEOC. If the employee exhibits symptoms of COVID-19, the ADA allows the employer to require the employee to stay home.

The EEOC also offers guidance if an employer is hiring during the crisis. After making a conditional job offer, employers can screen potential hires for coronavirus symptoms—so long as this practice is applied to all employees that are entering the same or similar position.

Employees With COVID-19

If an employee contracts coronavirus, their symptoms would likely not qualify as a disability according to ADA guidelines. Temporary impairments with no substantial long-term impact, like broken limbs, concussions, pneumonia, and influenza, are typically not considered disabilities under the law.

However, according to Littler Mendelson P.C., a legal firm specializing in labor and employment law, an employee with severe COVID-19 symptoms, or one whose symptoms worsen or complicate a pre existing health issue or concern, could be entitled to ADA accommodation or protection. A panel consisting of Littler counsel, shareholders, and associates report that “the ADA requires employers to assess whether a particular employee is “disabled” under the ADA on an individualized basis, taking into account the employee’s particular reaction to the illness, their symptoms and any other relevant considerations.”

It’s also important to refer to your state’s specific disability laws, and pay particular attention to how your state defines disability. If those laws are more lax than the ADA’s, it’s possible an employee with COVID-19 could qualify for disability.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

How To Communicate Effectively In An Isolated Workplace

Wed, 29 Apr 2020 19:34:08 GMT

How To Communicate Effectively In An Isolated Workplace

By Bill Olson, Senior VP, Operations at United Benefit Advisors

With the world in isolation and social distancing in full effect, the coronavirus pandemic has suddenly transformed the workplace, maybe irreparably. Almost overnight, businesses across the globe, many of which had no preexisting work-from-home policy, shifted all operations to remote work. The drastic change presented a wave of new challenges for these companies, on top of the strain inherent in working during an international pandemic. Chief of these challenges has been effective communication between coworkers, upper management, and even to clients.

While it may be exacerbated by the coronavirus, the communication issues that arise while working from home aren’t unique to the current climate. Even offices with robust teleworking policies, or ones where the majority of the staff work remotely, can struggle with miscues and information breakdowns. Here are a few tips to ensure your team stays on the same page, and that nothing slips through the cracks.

Be Redundant

When working in close proximity, it’s easy to verify that whoever you’re communicating with has heard you loud and clear, whether that’s via an announcement in a conference room or simply swinging by their desk to follow up. Work-from-home communication has no such luxury, so it’s important to include redundancies when relaying important information, especially if your organization uses multiple channels of communication like Slack, email, Google Hangouts, and Zoom. In addition to sending an email, consider pinging the recipient over your office’s instant messaging platform, as well tagging them in a project management system or other line of communication.

Be Proactive In How You Want To Be Reached

In addition to over-communicating, you can help your team members by establishing the communication channels you want them to use to reach you, and when. This is especially important if you won’t have access to certain lines of communication during different times of the day. For example, if you’re away from your computer for an hour each afternoon, be sure to give your team with your phone number if they need to reach you. Team managers or supervisors need to be especially proactive. “As a remote team manager, it’s important that you’re proactive in making sure that everything runs smoothly,” says Gloria Kupp, a recruiting manager and career advisor. “The more proactive you can be, the more fluidly your team and employees will operate.”

Update Progress In The Short- And Long-Term

Most companies have implemented some sort of daily check-in or regular progress monitoring in order to keep teams abreast of project developments (and to keep employees on task in a working environment that’s now rife with distractions). These are helpful for short-term updates, but it’s essential that workers also remain proactive in advancing long-term goals as well. Consider setting up a separate document or video conference to keep track of assignments that span greater lengths, whether that’s larger projects or just long-term personal goals.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

How To Support Your Employees During A Global Pandemic

Fri, 03 Apr 2020 19:40:45 GMT

How To Support Your Employees During A Global Pandemic

By Bill Olson, Senior VP, Operations at United Benefit Advisors

As companies frantically try to adapt to the coronavirus pandemic, many HR teams find themselves with an alarmingly jam-packed workload. Employee interviews need to be postponed, telework policies implemented or adjusted, health and wellness protocols changed. And when everyone is in crisis mode, it’s easy to let a simple, but crucial, aspect of the job fall to the wayside: being there for your employees.

While setting up work-from-home, sorting out paychecks and PTO, and all the other ins and outs of your company’s crisis plan does help your workers, what many people need right now is empathy, compassion and someone to talk to. This is a stressful and downright scary time for many, and as human resources professionals it’s our job to be there for our coworkers when they need that support.

Here are a few things you can do (remotely) to help emotionally support your employees as we withstand the global coronavirus pandemic.

1. Set Up Regular Video Check Ins

With a large portion of the American workforce practicing social distancing, quarantining, and working from home, it’s easy for employees to feel isolated and disconnected. While many workers will get a chance to get some face time with their team members over video conferences and meetings, it’s important they also get time to simply chat, catch up, and be there for each other—just as they would in the office. Consider setting up daily or biweekly video conferences, either one-on-ones or small groups, that allow workers to hang out and converse about non-work-related topics.

2. Be Considerate Of Each Individual Work Environment

While it’s certainly possible to be just as productive working from home as you would be in the office, it’s important to keep in mind that everyone’s new work environment is going to be different, and potentially present new challenges. Workers may be sharing cramped office spaces with a spouse or roommate, and employees with children who are home from school may have to juggle parental duties in between their typical responsibilities. It’s important to be understanding and compassionate as both employees and employers adjust to these new circumstances, and not to hold the growing pains of mass teleworking against them.

3. Lead With Care

Above all, openly let your employees know that you are a resource for them in these turbulent times. By leading with compassion, care, and empathy above all else, you can help keep office morale high and enable employees to feel safe and secure, despite the global pandemic.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

What The Families First Coronavirus Response Act Means For HR Teams

Tue, 24 Mar 2020 19:46:07 GMT

What The Families First Coronavirus Response Act Means For HR Teams

By Bill Olson, Senior VP, Operations at United Benefit Advisors

Last week, the House of Representatives ended ongoing negotiations and reached a finalized agreement on the Families First Coronavirus Response Act , another legislative response to the COVID-19 pandemic (an emergency spending bill was already rushed through Congress during the first week of March). After garnering the votes required for approval from the House, the bill will go to the Senate, where it is likely to pass with bipartisan support, and finally President Trump, who is expected to sign. The Families First Coronavirus Response Act is a more comprehensive piece of legislation than the previous emergency spending bill, and some of its provisions—like temporarily increasing federal funding for Medicaid—will resonate even after COVID-19 has been contained. As of this writing, as reported by SHRM’s Lisa Nagele-Piazza, the bill includes:

Free coronavirus testing
Paid emergency leave
Improved unemployment insurance
More funding for nutritional programs
Protections for health care workers and employees responsible for cleaning at-risk places
Additional federal funds for Medicaid

Let’s break down some of these stipulations that will have a lasting impact for human resource teams.

Paid Emergency Leave

COVID-19 has forced millions of workers into an impossible dilemma, one succinctly summarized by House Speaker Nancy Pelosi during the announcement of the House’s approval of the bill: "We cannot slow the coronavirus outbreak when workers are stuck with the terrible choice between staying home to avoid spreading illness and the paycheck their family can't afford to lose."

To combat this, the Families First Coronavirus Response Act provides workers with two-thirds of their wages for up to 90 days of leave related to their own or a covered relative’s COVID-19 related illness. Paid for by the Social Security Administration, the program would be in effect for nearly a year, with an agreed expiration date of January 2021. The bill’s current iteration also provides immediate sick-leave benefits for workers who get sick during the pandemic, and employers would have to provide two weeks of paid sick leave to full-time employees (part-time staff would be given paid sick leave for the amount of hours they would typically work in a two-week period.

Enhanced Unemployment Insurance

The unemployment insurance provision of the bill, officially titled the Emergency Unemployment Insurance Stabilization and Access Act of 2020 , provides all states with an emergency administration grant for unemployment insurance to fund staffing, information technology, and other costs related to administer unemployment, so long as workers who lose their jobs are given notice and, if necessary, training to access and navigate the system. And states where unemployment insurance claims skyrocket could receive additional funding if they commit to temporarily easing eligibility requirements and access.

It is important to note that as bills are negotiated in the House and Senate, they often undergo alterations and revisions before being finalized. For that reason, the provisions listed in this article may be subject to change. Please continue to stay abreast of the latest coronavirus updates from the CDC and federal authorities.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Everything HR Teams Need To Know About Coronavirus

Thu, 19 Mar 2020 19:52:50 GMT

Everything HR Teams Need To Know About Coronavirus

By Bill Olson, Senior VP, Operations at United Benefit Advisors

As the coronavirus (COVID-19) epidemic continues to outbreak across the globe, the Centers for Disease Control & Prevention (CDC) has been regularly releasing new updates and developments, along with best practices and instructions for businesses to help prevent the further spread of the disease. Please note that these may change as international health groups like the World Health Organization (WHO) continue to monitor the virus’ progress. Always refer to the CDC’s website for the latest developments.

Institute a More Flexible Teleworking Policy

Already, massive corporations like Facebook and Amazon have temporarily closed offices or instituted mandatory work-from-home in high-risk locations like Seattle. While your business may not be as susceptible to COVID-19 as international conglomerates like these, an ad-hoc work-from-home (WFH) policy is the best way to ensure your employees won’t come in contact with the virus in the workplace. If your company already has an existing teleworking policy, consider making these modifications:

If your current WFH policy requires a doctor’s note, temporarily void this requirement
Extend the amount of consecutive days employees can work from home
Re-emphasize that if an employee is sick, they should not come into the office

Combating COVID with a Cleaner Office

Create a healthier working environment by wiping down all frequently touched or communal surfaces in the office, including counters, doorknobs, shared conference call equipment, and coffee machines. As of this writing, the CDC hasn’t recommended any additional disinfecting besides routine wipe-downs. Consider posting signage that reminds staff of hygienic habits like thoroughly washing hands and avoiding excessive touching of the face. If possible, companies should also provide ample amounts of an alcohol-based hand sanitizer at various locations throughout the office. If your company does not have the capabilities of keeping a cleaner office, look to hire a commercial cleaning company.

If an Employee Has Contracted Coronavirus

If an employee has tested positive for COVID-19, it is imperative that employers inform their staff of their potential exposure to the virus, while upholding the confidentiality and privacy of the employee in accordance with the Americans with Disabilities Act (ADA) protocol. Other employees that have been in contact with the worker who has contracted the virus should refer to the CDC’s latest advisory.

Stay Up to Date

The number one precaution employers can take to combat the spread or contraction of coronavirus is to stay as informed as possible. By regularly monitoring communications from the Centers for Disease Control & Prevention, the World Health Organization, and your local health authorities, you can proactively ensure you’re doing everything you can to protect the health and wellbeing of your employees.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

How Businesses Are Helping Their Employees Stay Politically Active

Tue, 17 Mar 2020 19:57:18 GMT

How Businesses Are Helping Their Employees Stay Politically Active

By Bill Olson, Senior VP, Operations at United Benefit Advisors

With Super Tuesday just in the rearview mirror and the 2020 general election looming ahead, we’re in the thick of election season. It can be a difficult time for human resources teams, as they try to navigate politics in the workplace while maintaining an open and supportive office culture. In the past, some businesses have approached this by enacting a simple company-wide “no politics” policy. But recently, HR teams have found more success taking the opposite route: encouraging their employees to stay politically engaged.

Why Invite Politics into the Office?

For starters, the modern business often positions itself not just as a company, but as an active member of the community. If a business truly believes itself to be an advocate of the community, that means supporting its employees in exercising their primary civic responsibility: voting. Secondly, research has found that openly nurturing employees’ civic involvement actually helped to reduce contentious political debate, and resulted in a happier, more engaged staff.

A 2018 survey conducted by O.C. Tanner found that 72% of employees at voting-friendly workplaces reported that their job offers the flexibility to balance their work and personal life, compared to 56% of employees at companies that weren’t voter-friendly. Similar discrepancies between these voter-friendly and non-voter-friendly workplaces were found when the same participants were asked how happy they were with their company, and if they would recommend their company as a “good place to work”.

Becoming a Voting-Friendly Workplace

If you’re interested in promoting a more forward-thinking office culture that encourages its employees to be politically active, try implementing these policies.

1. PTO on Election Day

It might seem like a lofty ideal, but workers getting paid time off on Election Day is becoming increasingly common. In fact, 62% of the participants surveyed in the O.C. Tanner study reported that their employer gave them time off to vote. If it seems like a hard sell to upper management, remember that it doesn’t have to be the entire workday—even just an hour or two on voting days can be enough for employees to do their civic duty.

2. Eliminating Meetings on Election Day

If paid time off isn’t an option, consider blocking out Election Day on the calendar to prevent any meetings being scheduled. Originally conceived to promote efficiency and productivity in the workplace, “no-meeting” days are already common in the American workplace. By scheduling one on voting days, employees can feel better about taking the time to cast their ballots during the workday.

3. Offering Voting Resources

Finally, if neither of the previous options are feasible for your office or industry, you can still foster a more politically friendly workplace by offering different resources to help your employees vote. Blocking out office time for voter registration, providing mail-in ballots for absentee voting, and providing resources for early voting are all excellent ways to support employees in their responsibilities as citizens.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Looking To Improve Your Company’s Training Program? Try Gamification

Thu, 12 Mar 2020 20:15:21 GMT

Looking To Improve Your Company’s Training Program? Try Gamification

By Bill Olson, Senior VP, Operations at United Benefit Advisors

Day one of a brand new job can be an exciting, invigorating experience, one that can rekindle your passion for your career and act as a re-energizing reminder of why you do what you do. At least, until the HR department drops a 50-pound training manual on your desk.

Training isn’t fun for either party involved. For new hires, it means a mountain of paperwork, form-filling, and general red tape that’s standing in the way of what they were looking forward to doing: their job. For employers, training saps company resources and takes up an exorbitant amount of time. And if training isn’t properly conducted, it can seriously harm company performance.

Looking to spruce up their training program and increase engagement from new hires, many HR departments have been turning to gamification, or applying elements of gameplay to different tasks or processes to make them more engaging. Gamification is common in the American workplace, from friendly competitions between departments to the classic ”employee of the month” award. But why is it such a popular technique, and how can it be applied to employee onboarding and training?

The Power of Gamification

Gamification is much more than livening up something tedious to make it more interesting or entertaining. It’s an incredibly effective learning tool that’s been proven to engage trainees and help them better learn and retain information. Trainees that learn through gamification don’t just retain more knowledge—they also learn faster and are more likely to apply that knowledge in real-world situations. That’s what makes gamification such a perfect fit for employee training. Employers can be assured that their trainees will be actively putting the policies, processes, and techniques they’re learning into practice.

While every office is different, try incorporating these gamified onboarding methods that are common to most companies.

Break It Down into Levels

Levels are a staple of video games, dating all the way back to forerunners like Pac-Man and Super Mario. The purpose of levels is to break up the user experience by delivering information in more digestible, easier to understand segments. It also instills a sense of progress, and thus accomplishment, into the game.

To apply this to your training program, consider segmenting the process into smaller modules, potentially spread out over the course of a week. Splitting up a 10-hour training session over five days is much more productive and engaging than having your trainees sit in a conference room all day. And if you can show visuals that track their progress—even a simple “60% of training complete” in a learning management system—you’ll engage trainees even more.

Spread Feedback Throughout

Games are constant engines of feedback: players are assigned scores or rankings, statistics are given to identify where users excel or struggle. Traditionally, HR teams tack on feedback at the end of their onboarding, where new hires and trainers can exchange their thoughts and feelings about the training process after it’s all been said and done. But if feedback and check-ins are integrated throughout onboarding, trainees have more opportunities to demonstrate what they’ve learned, and trainers can make adjustments accordingly.

Incorporate a Reward System

By regularly rewarding trainees throughout the onboarding process, you reinforce the knowledge they’ve learned while engaging them in a tried-and-true method. Rewards don’t have to be physical prizes—virtual points displayed on a scoreboard or some sort of experience-based ”level up” system work just as well. Some offices even have their trainees progress through different conference rooms or floors, to give them a sense of completion and accomplishment.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Take Control Of Your Commute

Thu, 05 Mar 2020 21:22:35 GMT

Take Control Of Your Commute

By Bill Olson, Senior VP, Operations at United Benefit Advisors

It’s a staple of office small talk, one of the first things we check when considering a new job, and a necessary evil for an overwhelming majority of American workers: the commute. While more and more companies are offering remote positions and flexible work-from-home options, the U.S. Census Bureau recently announced that the average commute is still hovering around 25 minutes. The fact that this hasn’t decreased significantly with the rise of telework tells us that while more Americans are working from home, more are also hunkering down for longer trips to and from the office.

For many of us, commuting makes up a considerable portion of how we spend our time, and thus has a serious impact on our quality of life. It’s no secret that poor commutes can affect our mood, but it can also disrupt your work/life balance, strain personal relationships, and even negatively influence your physical health.

If your commute is bringing you down, here are a few easy steps you can take to help make the most out of a tough situation.

Double-check your options. Do you really know the quickest way to work? Or are you trusting the GPS? By comparing both the time and cost of different methods of transportation, as well as different routes if you’re driving, biking, or walking, you might be surprised to discover a way that’s cheaper, faster, or simply more enjoyable. If you want to take it a step further, experiment with leaving work or home at different times—even a ten-minute adjustment can make a difference.

Ask your employer about scheduling. If you’ve tried different routes, methods, and departure times, and your commute is still a slog, it might be time to broach the topic of flexible work scheduling with your employer. A significant shift in your clock-in or clock-out time can work wonders for your commute. Assuming you can still complete all of your expected duties, many employers are open to the idea of starting earlier or later, or even allowing different days in the office. For example, many companies allow their staff to work four ten-hour workdays, instead of five nine-hour ones.

Get a commute companion. Whether it’s a buddy that works nearby, or a coworker that lives in the same neighborhood, sharing your commute with a friendly face can make the trek a bit less painful. Besides the obvious benefits of companionship, you can both cut costs by splitting gas, tolls, and other travel expenses. And if your carpool gets big enough, you can even use high-occupancy vehicle lanes on some highways to slim down the time.

Give yourself a head start. If you take public transportation to work, you may be able to be productive on your way to and from the office. Check with your employer if the time spent working during your commute can count toward your workday—it could help you spend less time in the office and improve your work-life balance.

Take time to unplug. If you already feel your work-life balance is tipped in the “career” direction, consider using your commute in the opposite direction as time to unplug, unwind, and focus on any and all things not work-related. With streaming services offering an endless amount of music, audiobooks, and podcasts, your once-stressful drive can be a time of relaxation and enjoyment.

Commutes aren’t anybody’s favorite part of the workday. But with these tips, you can optimize your daily travel and help calibrate your work-life balance.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Why Some HR Teams Are Bringing In Health Coaches

Tue, 03 Mar 2020 21:31:50 GMT

Why Some HR Teams Are Bringing In Health Coaches

By Bill Olson, Senior VP, Operations at United Benefit Advisors

Despite most companies implementing corporate wellness programs, bringing in the standing desks, and swapping out the coffee and donuts for more nutritional office snacks, the American workplace still isn’t the healthiest environment for us. The modern employee still spends most of a stressful eight-hour day sitting in a chair and staring at a screen—not exactly an active lifestyle—and employers are paying for it. In fact, the Center for Disease Control estimates that companies pay more than $3 trillion in healthcare costs to combat chronic illnesses and conditions. That’s why more and more companies—over 92% for those with 500 or more employees—are currently offering some form of corporate health coaching or wellness program, and more are expected to follow suit. But is it the right fit for your business?

What Exactly Is a Health Coach?

Health coaches help work environments promote a culture of wellness, arming their employees with tools, techniques, and guidance to foster healthier habits and lifestyles both in and out of the workplace. This can take many forms, from including healthier food options in the office to organizing office workouts during lunch. Health coaches can regularly conduct educational seminars or even one-on-one sessions to help employees reach their individual goals.

Can a Health Coach Really Help My Business?

Besides the obvious benefit of a healthier, happier staff, health coaches can better your business in a number of ways.

Increased productivity: Recent research into employee productivity has uncovered a direct correlation between an employee’s health and their performance. In fact, one study found that companies collectively lost $227 billion from limited productivity tied to poor health. With a health coach implementing exercise programs or wellness initiatives, employers across the board find an uptick in productivity.

Improved retention: The current American workforce is more health-conscious than ever before. Combined with higher expectations from employees to provide better benefits, a health coach can serve as an extremely appealing perk for attracting and retaining talent. And it’s not just about the tangible results prospective or current employees can receive from a health coach—workers appreciate and value when their employers show they care about their employees’ well-being.

Decreased absenteeism and presenteeism: Illness remains one of the top reasons that employees miss work (absenteeism) and one of leading causes of employees not performing to their full potential (presenteeism). Health coaches can help create individualized health plans for employees to decrease their chances of getting sick or injured, and prevent missed days at the office.

Like the wellness programs and corporate health initiatives that preceded them, as more and more companies bring on health coaches, the more employees will come to expect it as the norm. Health coaches are a win-win: employees gain an excellent resource in mainta

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Using the Power of Predictive Analytics

Tue, 25 Feb 2020 21:37:47 GMT

Using the Power of Predictive Analytics

By Bill Olson, Senior VP, Operations at United Benefit Advisors

How does your HR department make key decisions? Your personal experience? Cold, hard data? An educated guess? Gut feeling? All of the above?

Making major HR decisions is difficult. There are countless dependencies and variables, especially when you’re unsure what the future holds. That’s why more and more companies are turning to predictive analytics to predict outcomes for their business and plan accordingly.

Wait, What’s Predictive Analytics?

While ”predictive analytics” on its own may sound like a complex or even intimidating idea, as a concept it’s really not that novel. After all, HR departments have been using analytics to inform their business decisions for decades. Even before the digital age, HR departments collected qualitative employee feedback with (gasp) just a few pens and paper.

Predictive analytics essentially works the same way—leveraging data to make business choices—but instead of using previous data to respond to current issues, predictive analytics combines that same historical data with industry trends to predict future events.

A Digital Swiss Army Knife

What kind of future events can predictive analytics foretell for human resource departments? Everything from turnover rate (by leveraging data from economic indicators and the job market) to employee performance (based on previous performance and current industry trends). Hewlett-Packard saved an estimated $300 million dollars, simply by using predictive analytics to help them mitigate the turnover rate across their departments, some of which had reached a turnover of over 20%.

In fact, there’s not much on an HR director’s to-do list that predictive analytics can’t help with (though if you’re searching for sure-fire Super Bowl predictions or tomorrow’s lotto numbers, you’ll have to look elsewhere).

Predictive analytics can serve as your department’s Swiss Army knife, offering a variety of different use cases and applications. Some recruiters use predictive analytics to recommend applicants for new job openings, determining the best fit from a pool of candidates by looking at their background, previous experience, skill set, and more. This can even be extended to internal employees, in order to determine if management should hire from within or seek outside the company.

Others have applied predictive analytics to the problem of employee engagement—not just by forecasting engagement as it fluctuates throughout the year, but by recommending incentives can be used to bolster it.

It’s Still Human Resources

It’s easy to see why some HR departments might balk at the idea of using a data processor to help them make people-centric decisions. But predictive analytics isn’t here to replace the human element that factors into all HR decisions—it’s here to complement it. It adds a quantitative element to qualitative data, making it easier to process and digest. With predictive analytics, you have another powerful tool in your HR arsenal to aid you in forming smarter policy, making wiser business decisions, and ultimately fostering a better, higher performing workplace environment.

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United Benefit Advisors

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(317) 705-1800
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Battle Tips to Win the War for Talent

Thu, 13 Feb 2020 14:35:32 GMT

Battle Tips to Win the War for Talent

By Bill Olson, Senior VP, Operations at United Benefit Advisors

In the late 2000s, major headlines concerning the economy and jobs were usually related to unemployment. Qualified people might struggle to get an interview or retain a position in a volatile job market. This was especially true for millennials graduating college at the height of the most recent financial recession in 2008. But unemployment is at a historic low here in the new decade, so it’s no longer the employee struggling to find a good fit—it’s the employer.

From Factory to Cubicle

Since the 1940s, the U.S. economy has been moving further and further away from manufacturing as its primary labor market . In fact, it’s estimated that 900 million service-based jobs have been created in the past 30 years alone. With technology and industrialization moving at a rapid pace, many economists fear there won’t be enough qualified people to fill new jobs. A McKinsey Quarterly article stated that by 2020 the world could have 40 million too few college-educated workers, and developing economies could have a shortage of 45 million workers with secondary-school education and vocational training. In more advanced countries, the number of employees lacking the right skills could be as high as 95 million.

An Employee’s Market

If our economy were a poker table, employees would be the dealer. Among the small pocket of those qualified for the booming amount of jobs created, it’s really an employee-driven market, and top talent is driving the next move. Studies show that high-performing and highly-qualified employees will “shop around” for organizations that align with their core values, even if that shopping around is at the expense of the company’s needs or bottom line. In short, company loyalty is decreasing at a rapid pace.

Ways to Play the Game (and Succeed)

Keeping with our poker analogy, let’s take a look at the strategies employers are using today to help win the war for talent. According to the annual Business Pulse Survey by SunTrust, businesses are taking the following actions to attract and retain talent, in order to succeed in the labor market. Is there anything your business can glean from this list that will help boost employee engagement and retention?

Increased wages (45%)
Increased benefits (43%)
Offering more flexible work arrangements (36%)
Training current employees to fill vacant positions (31%)
Hiring more employees that take up-front training (24%)
Offering additional recognition programs (23%)
Offering college loan repayment and college savings programs (17%)

Final Thoughts

Research shows that a company’s culture and its financial success are inextricably linked, and employees are the drivers of both metrics. Even the most buttoned-up hiring processes have gaps to fill, and hiring the wrong person is costly, time-consuming, and can have devastating effects on morale if it’s not executed well. 2020 is a great time to do an audit or reset on your hiring AND benefits process and ensure both are aligned to the changing labor market.

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United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
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Beat the Winter Blues with These Helpful Tips

Tue, 11 Feb 2020 14:44:53 GMT

Beat the Winter Blues with These Helpful Tips

Posted by: Bill Olson

With February’s arrival, we find ourselves in the midst of the winter doldrums: the holidays are far in the rearview mirror, the once-exciting sight of falling snow has lost its charm, and it feels like it's been ages since we’ve felt the sun. During this final, seemingly endless stretch of the season, our moods typically take a turn for the worst. Nearly 15 percent of Americans experience some form of winter blues, with six percent struggling with its more severe version: seasonal affective disorder (SAD).

SAD is much more than a mid-winter slump. Officially recognized in the Diagnostic Manual of Mental Disorders (DSM-5), seasonal affective disorder is categorized as a subset of major depressive disorder. Its symptoms include fatigue, reduced productivity, changes in appetite, and decreased interest in hobbies or activities, among others.

If you have severe symptoms of seasonal affective disorder, you should contact your doctor or a mental health professional. But if you’re among those experiencing milder versions of these signs, there are steps you can take to bolster your mood until spring.

1. Get your sunlight fix.

One major biological cause of winter malaise is a lack of exposure to the sun. Natural light promotes the production of hormones like serotonin (a chemical contributor to the feeling of happiness) and melatonin (the hormone associated with sleep). Exposure to sunlight can also course-correct your body clock, which the darker winter months can often interfere with. There are special lamps that emit light similar to the sun rays, which can give these same benefits from just a few minutes of use a day.

2. Get some exercise.

It’s often the last thing you want to do (especially in the winter weather), but physical activity helps increase serotonin levels and releases endorphins, another “feel-good” hormone. Take advantage of seasonal exercises like skiing, snowboarding, hiking or sledding, or beat the cold by going to the gym or taking an indoor fitness class.

3. Eat more nutritious foods.

The holidays usually aren’t the healthiest times for our diets, and that can seriously impact our mood come late winter. Research indicates that people who consume more fruits and vegetables were less likely to experience SAD and its symptoms.

4. Get out of the house.

After the holidays, it’s tempting to bunker down and be a bit of a shut-in until the weather warms up. But isolation can often worsen your mood, not improve it. Consider a regular meetup or get-together with friends, or even plan a trip. Having a few things to look forward to on the calendar makes a larger difference than you think!

5.Get into a routine.

Our circadian rhythm impacts our mood in a major way, and the dark winter days infamously interrupt our sleep cycles. By going to sleep and waking up at the same time every day, as well as regularly eating three balanced meals, you can help keep your natural cycle in check.

6. Use your EAP.

Many companies offer a no-cost Employee Assistance Program (EAP) to help their team members cope through issues just like these. Today’s HR departments understand the challenges that come after the holidays, and can offer assistance in finding childcare, eldercare, and other resources to help ease the work-life balance and alleviate post-holiday stress. And if your symptoms continue to persist, a qualified EAP counselor can direct you to long-term help.

Winter can be a tough time for everyone, and it’s normal to experience the telltale signs of the seasonal blues. But remember, SAD is a serious condition, and if your mood worsens, be sure to reach out to a medical professional.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

The Potential of Pay Transparency

Tue, 04 Feb 2020 15:03:33 GMT

The Potential of Pay Transparency

By Bill Olson, Senior VP, Operations at United Benefit Advisors

In the not-too-distant past, an individual’s salary was a topic to be avoided. Bringing it up in the break room or at a dinner party was a major faux pas, almost taboo. But today, many HR departments are implementing more pay transparency into their policies—some even going as far as posting every employee’s salary.

Pay reporting remains one of the more polarizing topics in the HR industry. In fact, the numbers suggest it’s nearly a 50-50 split: LinkedIn’s 2019 Global Trends report found that 51% of companies weren’t openly sharing salary ranges with their employees, while 49% had either implemented pay reporting or planned to in the near future.

Why the stark divide? Some believe that transparency can solve some of the most persistent workplace problems, from negotiation headaches to wage disparities across gender and racial lines. Others fall into the camp that claims transparency actually hamstrings salary negotiation, and can cultivate a more negative, even resentful, office culture.

Pay reporting can seem like a counterintuitive idea, so we’ve investigated the argument for the contested issue, and have compiled our findings here. Read on to learn the potential of pay reporting and transparency, and decide if your office can benefit from it!

The Argument for Pay Reporting

Improved Retention

In 2019, PayScale conducted a Best Practices Compensation survey that, among other questions, asked its participants that had left their previous companies the reason for their exit. The top answer was simply “seeking higher pay elsewhere.”

On its own, this isn’t that surprising. But PayScale also found that most employees also didn’t actually know how their pay compared to the rest of the market. What does this mean for employers? That they just lost a capable employee who took a gamble, when they could have retained that person by showing how their salary compared to others in the market. More open and honest communication about pay means employees understand how they’re valued and gives them additional incentive to stay.

The Next Generation of Labor

It’s worth mentioning that millennials, who now make up a considerable amount of the workforce, as well as Gen Z, who will be entering it in the coming years, value transparency in companies—both the ones they work for and the ones they interact with. Brands that target these demographics often opt for more honest and transparent communications, in order to instill trust in the consumer. And just as, in the advent of the Internet age, consumers began to expect all companies to have a digital presence, these same workers may begin to expect transparency from the companies they work for as well.

Fight the Wage Gap

By far the most popular argument for pay transparency is the closing of both gender and racial wage gaps, a problem that still persists across companies of every size and sector. The social media management company Buffer, that made headlines in 2013 when it publicly posted every employee’s salary on the Internet, completely eliminated the gender pay gap by role. Buffer’s an extreme example, but its philosophy of transparency helped reduce one of the most ingrained issues in the workplace.

It’s important to note that pay transparency alone can’t narrow the wage gap between men and women. Even in Buffer, women still make 9.25% less than men on average. But shedding light on that disparity is the first step to ending the wage gap entirely.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Aligning with the C-Suite Agenda

Tue, 28 Jan 2020 15:47:42 GMT

Aligning with the C-Suite Agenda

By Bill Olson, Senior VP, Operations at United Benefit Advisors

If your CEO’s Gmail calendar looks more like a colorful bar graph than a few simple meetings, it can be difficult to capture and retain their attention. Your “C-suite” (CIOs, CEOs, CTOs, CMOs, CFOs, etc.) have a lot of responsibility placed on their shoulders and are likely involved in many key decisions throughout the day. They are often pulled in many directions as managers and directors try to get buy-in for their next program or initiative. In such a fast-paced environment where each minute matters, how can you be efficient and get the latest and greatest programs off the ground?

Getting your own agenda in line with your CEO’s is crucial, but studies show that not enough employees are doing it, particularly those in middle management. The latest Randstad Sourceright Talent Trends survey found a glaring disconnect between talent leaders and their executive among 700 human capital and C-suite leaders in 15 key markets around the world. Today we’re sharing a few insights to help bridge this gap and align with any member of the C-suite team.

Align Your Programs to Business Strategy

When the C-suite is considering your pitch or proposition, they will be cross-checking your key points to see if they are aligned with the company’s overarching business strategy and financial goals. Crafting your pitch with this in mind, and predicting what questions will be asked, is key to a successful presentation. Some points to consider as you’re developing your presentation are your company’s goals for:

Profit generation
Business growth
Revenue advancement
Operational efficiencies
Risk management and mitigation

Another good way to be prepared is to anticipate questions. Depending on who is in the room during your meeting, you may hear things like: How does this program increase sales, decrease costs, improve efficiency or reduce risk? What is the projected ROI? What are the operating costs? Anticipating these types of questions and knowing the answers will make you look more prepared and help achieve a better outcome.

Identify Key Players

Often, winning over the CEO or CMO will not be enough when it comes to new initiatives, especially when they are coming from HR and involve company or hiring policies. Many times, your C-suite team will be reporting to a board of directors before any decisions are made. If there is no board present, there may be external partners or customers who are key decision makers that will weigh in. It’s a good idea to do your research and tailor your program objectives to fit any of the above audiences.

Be Your Own Project Manager

We are all familiar with how jam-packed leadership schedules can be. Setting reasonable expectations for your own agenda with plenty of milestones along the way is key to a successful launch, whether you have a brand new idea or are kicking off this year’s benefits roll-out. Leave a little bit of cushion in your timeline that allows for absences, unexpected deadlines, or shifting priorities among the C-suite team.

Putting It All Together

If you’re broaching a new idea to your leadership team, preparation is your strongest tool. Understand how your initiative strengthens the company’s broader strategy or business objective, and explicitly demonstrate how in a clear and efficient way. Remember all of the key stakeholders and audiences that could be affected by your plan—executives need to understand how it could impact every aspect of their business. Finally, be your own project manager, outlining preliminary milestones and timeline for the C-suite to consider. Put it all together, and you’re well on your way to having your idea come to life.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Implications of California’s AB 5 for I-9 for Managers and Employees in 2020

Tue, 21 Jan 2020 15:57:17 GMT

Implications of California’s AB 5 for I-9 for Managers and Employees in 2020

By Bill Olson, Senior VP, Operations at United Benefit Advisors

I-9 compliance is fundamental for an HR team when onboarding new employees. Its primary function is to verify the identity and employment authorization of individuals hired in the United States. All U.S. employers must ensure proper completion of Form I-9 for each individual they hire for employment in the United States. I-9 becomes more complicated with the new addition of California’s Assembly Bill 5 (AB 5), which deals primarily with an employee’s hiring status. Under current federal immigration law, independent contractors do not have to be in compliance with I-9. However, with the addition of AB 5, if those contractors are classed as employees their path to compliance will change.

First, some brief background: On September 18, 2019, California Governor Gavin Newsom signed AB 5 into law. AB 5 defines a strict set of requirements that employers must use for determining whether a worker is an employee or an independent contractor. The law, which goes into effect on January 1, 2020, had its beginnings in a 2018 California Supreme Court case involving a same-day courier service that had started to reclassify its workers as independent contractors. ( LawLogix ).

Currently, California businesses are subject to a variety of tests of employee status, depending on the law in question. However, as of January 1, 2020, the default standard for independent contractor treatment will be the “ABC test.” A worker will be considered an employee rather than an independent contractor if:

Under this ABC set of criteria, there will be huge implications for “gig economy” workers with companies such as Uber, Lyft, and Doordash — a sector that has steadily contributed to California’s overall economic growth.

The worker is free from the control and direction of the hiring entity in performing the work, both in the contract for performance and in fact.
The worker performs work that is outside of the usual course of the hiring entity’s business.
The worker is customarily engaged in an independently established trade, occupation, or business of the same nature as the work performed for the hiring entity.

The Aftermath of AB5

Many employers are wondering whether AB 5 is retroactive and if there will be repercussions outside of California. The legislature included language in AB 5 that is retroactive for Industrial Welfare Commission Wage Orders and violations of the Labor Code “relating to wage orders.” Despite this, it remains unclear what Labor Code violations are sufficiently related to the wage orders to qualify for retroactive application. While there will not be immediate effects of AB 5 outside of California, experts are saying the legislation makes it easier for other states to follow suit and change the classification of independent contractors.

The largest implication of AB 5 will be for those employed within the gig economy, entitling millions of people who were previously not covered to overtime, workers’ compensation, paid sick leave, and business expense reimbursement to name just a few. And there are implications beyond a benefits package. Unlike a salaried or full-time employee, freelance contractors can't apply for unemployment insurance when they lose a job. They also aren't required to be paid minimum wage or overtime and aren't allowed to form a union, as employees are. The repercussions of AB 5 that will be felt in California and potentially around the country will be that these contractors and freelancers will be entitled to similar rights as a salaried or full-time employee.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Leading the Social Enterprise: Building a Culture of Community Experience

Thu, 09 Jan 2020 16:25:06 GMT

Leading the Social Enterprise: Building a Culture of Community Experience

By Bill Olson, Senior VP, Operations at United Benefit Advisors

If you’ve been considering developing a social responsibility plan for your company in 2020, now is the perfect time. Experts are predicting that the future of success for organizations lies in their ability to make a marked difference in their community — an initiative that is directly tied to boosting the bottom line.

This sentiment was summarized in Deloitte’s emerging 2019 Global Human Capital Trends report, which noted that in order to be successful, organizations need to go beyond merely fulfilling their initially stated corporate social responsibility goals. According to Deloitte’s report, there is a profound shift happening to business leaders worldwide: the rapid rise of what is now referred to as ”social enterprise.” This shift reflects the growing importance of social capital in shaping an organization’s purpose, guiding its relationships with stakeholders, and influencing its ultimate success or failure.

The reason for this shift in perception is that 2019 has brought on an intensifying combination of economic, social, and political issues that are challenging business strategies. Faced with the never-ending acceleration of artificial intelligence, cognitive technologies, and automation, 86 percent of respondents to Deloitte’s Global Human Capital Trends survey believe they must reinvent and pivot where they are allocating energy, and what they are learning from. For respondents, this looked like more investment in social responsibility, diversity, and environmental issues.

In order to integrate this sentiment into your 2020 corporate business plan, it’s important to remember that social enterprise is beneficial not only for influencing your bottom line but also for creating an attractive employer brand. When your company’s external corporate social responsibility is successfully combined with growing social capital within your networks, you’ll start to onboard better candidates, clients, customers, and projects. The data is plentiful to support this insight. In fact, one recent study found that as many as 86 percent of U.S. consumers expect companies to act on social and environmental issues and 87 percent will buy a product because a company advocated for an issue they cared about.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

Marketing a Modern Benefits Package

Tue, 31 Dec 2019 16:29:31 GMT

Marketing a Modern Benefits Package

By Bill Olson, Senior VP, Operations at United Benefit Advisors

Each year can bring new challenges for successfully implementing and marketing a modern employee benefits package . Participation is critical—without it, companies cannot offer the kind of benefit savings that they are expected to. Add this to the state of the “talent crisis” as it stands with the current job market, and your HR team has quite a tall order. There are many skill shortages in today’s labor market, which makes it easier for employees to jump from job to job in search of better compensation and benefits.

Because of this, companies need to make employee benefit marketing a priority in order to attract and retain their best team members. As it turns out, a little organization goes a long way when you are planning what is going to be most attractive to your employees in 2020.

1. Turn Employees into Brand Ambassadors

Designating one employee to be the gatekeeper of your brand is the trick to getting everyone else on board. While senior leadership or HR promoting a brand is expected, leveraging a key influencer from your own team is the key to making your message stick. Appoint one of your team members with great leadership skills and understanding of your product and have them set up webinars or lunch-and-learn sessions with your team to review benefit changes and options for 2020.

2. Use Portals and Third Party Websites

Email campaigns, newsletters, and portals are going to be your friend when it comes to distributing a unified message to all employees and outlining the next steps and action items that need completion. When you can get all of your communications in one place, you’ll have better response times from team members and greater rates of participation.

3. Enlist the Support of Benefit Plan Administrators

Employee benefit plan administrators can be essential in managing and helping your team, though many companies don’t use them to their fullest potential. Benefit plan administrators can act as project managers for getting your entire team reaching benefit milestones.

4. Use Common Sense

Your company doesn’t have to be Google to provide a benefits plan people care about. In fact, research shows that employees care more about the basics benefits than the haircuts or sleep pods Google provides its employees. Providing sensibly-costing insurance, plenty of sick time, and vacation goes a long way when you’re determining what your benefits package will offer. In fact, things like time off or an occasional work-remote policy consistently rank higher on the list of items employees actually care about, compared to boutique offerings like yoga or nap rooms.

Brought to you by:

United Benefit Advisors

http://www.ubabenefits.com

(317) 705-1800
support@ubabenefits.com

DOL Releases Final Overtime Rule, Effective January 1, 2020

Tue, 24 Dec 2019 16:35:46 GMT

DOL Releases Final Overtime Rule, Effective January 1, 2020

By Bill Olson, Senior VP, Operations at United Benefit Advisors

For many employers, overtime is a tricky issue. Should you offer it to all employees? Only hourly employees? How much time should they work before they are eligible? Effective January 1, 2020, this will be decided for any employers struggling to classify overtime status. Last September, the U.S. Department of Labor (DOL) announced a final rule to make 1.3 million American workers eligible for overtime pay under the Fair Labor Standards Act (FLSA). This final rule will reclassify employees across dozens of industries, though it will have the most impact on those falling below the newly designated salary threshold. The overtime rule has implications for the minimum salary threshold, which is what makes an employee eligible for overtime. The minimum salary threshold for "white collar" exemptions from overtime will increase from $455 per week ($23,660 annually) to $684 per week ($35,568 annually) ( American Payroll) . The ruling will additionally allow employers to use bonuses, commission, and incentive payments paid at least annually to be in consideration of the minimum salary threshold. All employees who are paid a salary falling below this holistically considered salary threshold will be categorically non-exempt, or in other words, eligible for overtime for all hours worked over 40 in a workweek. The DOL final rule will not target people within the gig economy or short-term contract workers.

The DOL estimates that approximately 1.3 million additional workers will now be eligible for overtime based on the new standards. Employers should consider auditing their wage practices to ensure that in 2020 all non-exempt employees are being properly paid overtime to avoid high-penalty FLSA claims. Employers in states with more stringent overtime standards, such as California, should continue complying with their state wage laws, as the FLSA does not preempt any stricter state laws. Because there is variation in stricter states, it is prudent for employers to research and discuss with counsel before assigning changes to employees' regular rates, since those must be in compliance with the DOL's new rule.

"For the first time in over 15 years, America's workers will have an update to overtime regulations that will put overtime pay into the pockets of more than a million working Americans," said Acting U.S. Secretary of Labor Patrick Pizzella. "This rule brings a common-sense approach that offers consistency and certainty for employers as well as clarity and prosperity for American workers."

Brought to you by:

United Benefit Advisors

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BIS Benefits Named Healthiest Employer in Atlanta

Fri, 19 Feb 2016 14:23:46 GMT

ATLANTA – February 19, 2016 – Sometimes it is the simplicity of a small change in habit that can result in a healthier lifestyle.

That is what wellness specialist and accounts manager Marla Mohr found when she issued a water-drinking challenge in 2015 to employees of Alpharetta-based BIS Benefits, Inc., winner of the Small Employers category in Atlanta’s Healthiest Employers Awards awarded by the Atlanta Business Chronicle.

We encourage all the employees to get up and stretch, drink water, and eat healthy as well as walk around the building at least once a day. The company provides healthy snacks including fresh fruit and water. The company encourages flu shots, dental and vision exams, yearly medical exams, eating healthy and learning more about how to stay healthy.

Not only do all these challenges and changes get us healthy, but it is good for morale as we work together to achieve healthy goals.

Making a wellness program fun and creative is a necessity as is offering incentives. “Even if it is something small such as a $5 gift card, you need it to get attention. You can have your employees donate a dollar a week to participate in a challenge and whoever wins that challenge, wins all the contributed money.”

The wellness program has had an impact. “You will hear discussions in our office about how much better our employees feel and we have had less absenteeism and sickness as well.” Mohr said.

BIS client service specialist Mary West said the program has given her motivation and structure to achieve her goals of good health and an active lifestyle. “Our quarterly wellness challenges provide opportunities to develop a healthy lifestyle in a fun, encouraging way. Also, because we are involved in the program year round, the changes I have made have become a part of my daily life without even a second thought.”

Ray Bachman, BIS founder and President said, “We try to establish healthy living among our clients as well. As the old saying goes, ‘you must import to export’. How are we supposed to promote wellness to our clients if we don’t challenge ourselves to do the same?”

BIS Named to the Top 25 Employee Benefits List by Atlanta Business Chronicle

Tue, 10 Feb 2015 14:29:42 GMT

BIS Benefits, headquartered in Atlanta and serving clients across the state, recently ranked among the top 25 leaders in its industry – the third major recognition received by the firm in the past year.

BIS Benefits was named to “Atlanta’s Top 10 Healthiest Employers” given by the Atlanta Business Chronicle to companies that create policies that foster employee wellness.

BIS Benefits was also honored as “2014 Best in State Broker” by FormFire, a Cleveland, Ohio-based insurance technology company. BIS was rated by 100,000 small businesses and was part of 5,000 brokers nationwide that were given feedback by the survey.

And BIS Benefits was just named one of the “Top 25 Employee Benefits and Compensation Companies,” in metro Atlanta, a list released annually by the Atlanta Business Chronicle.

“We’re thrilled with these awards,” says BIS Benefits Founder and President Ray Bachman. “It appears these reviewers are recognizing our two top priorities, serving our clients with excellence and building a high performance team.”

BIS Benefits assists clients by becoming a trusted advisor in helping clients navigate through the complexity of the Affordable Care Act (ACA), and its compliance challenges rather than being a broker who is transactional, simply selling insurance policies.

The firm is noted as having a culture that emphasizes employee wellness. BIS has implemented wellness programs that are structured with financial incentives to benefit those of its employees who are participating in their company’s medical plan.

Based on the results of certain biometric screenings, employees can significantly reduce their own premium costs, much like a “good driver’s discount” at auto insurance companies. This type of program can effectively lower overall claims, which results in lower premiums for the employer.

“We are passionate about helping our clients balance economic savings with quality health care offerings. When these are coupled with an effective wellness initiative, a winning combination is the result. Our hope is there will be an equal emphasis on providing all of these initiatives in the future,” says Mr. Bachman.

BIS Benefits Receives 2014 Best in State Broker Award

Tue, 22 Apr 2014 13:38:21 GMT

BIS Benefits today announced the firm has been recognized as a “2014 Best in State Broker” by FormFire, a Cleveland, Ohio-based insurance technology company.

The annual award is based on feedback from 100,000 small business employers who took part in the survey. BIS was selected from over 5,000 brokers nationwide.

“We’re grateful to receive an award that speaks to the strength of the relationships that we build with our clients and friends,” says BIS Benefits Founder and President Ray Bachman. “Good service is about total client satisfaction, diligent negotiations on behalf of our clients, and doing what is fair in all circumstances.”

“The cookie-cutter approach doesn’t work for us, our clients, or our employees. That’s what makes our approach so effective,” says Chief Operating Officer Jack Bruce. “A small company with 10 employees demands a different approach than a company with 100 employees and multiple locations.”

Clients of the Atlanta-based brokerage appreciate BIS Benefits for enabling them to focus on the day-to-day operation of their business rather than spending too much time negotiating rates or resolving claim issues with insurance carriers.

“We have saved thousands of dollars through our partnership with BIS,” says the executive pastor of a large church in Atlanta, one of many nonprofit organizations who rely on BIS Benefits.

With more than 350 business clients and over 800 individual and family clients across metro-Atlanta and around the state, BIS Benefits focuses on the mission and needs of clients rather than policy sales.

BIS Benefits Named to the Top Ten Healthiest Employers list of the Atlanta Business Chronicle

Fri, 21 Feb 2014 15:41:43 GMT

BIS Benefits has been named to the Top Ten Healthiest Employers list of the Atlanta Business Chronicle.

“Any company of any size can enjoy a well-designed wellness program,” said Jack Bruce, the chief operating officer. “We’re happy to show anyone how.”

Mr. Bruce credits the firm’s wellness coordinator, Marla Mohr, with implementing the firm’s Quarterly Wellness Challenge.

BIS hosts “Lunch & Learns” for employees to learn about nutrition, coping with stress, and other health topics. Break room snacks offer healthier choices; reimbursements for gym memberships and exercise classes are available; and employees are equipped to fight the spread of germs through participation in Kimberly Clark’s program, The Healthy Workplace Project.

“Marla has helped transform the culture at BIS,” said Mr. Bruce, a human resources and employee wellness expert. “With the wellness challenge, we’ve made our healthy, active approach a business strategy – and our people have embraced wellness as a lifestyle.”

The approach has been popular inside and outside the office. Points are earned for eating balanced meals, creating healthy hydration habits, and increasing physical activity. Employees can convert the points to dollars in order to make purchases that support healthier lifestyles.

“Over 75 percent of employees received money for new walking, running, cross-training, or tennis shoes,” says Ms. Mohr. “That simple act encourages everyone to bring these healthy habits home to their families.”

Wellness programs across the country have been praised for cutting healthcare costs and reducing insurance premiums. But BIS aims for a broader impact.

“Increased productivity at work depends on our lives inside and outside the office,” says Mr. Bruce. “Overall wellness of our wonderful employees is the goal — a lower cost burden on the bottom line is just an added bonus.”

About BIS Benefits

The locally owned employee benefits brokerage and consulting firm serves over 350 small businesses and non-profit organizations in metro Atlanta and around Georgia with insurance and wellness solutions. BIS Benefits has been known for outstanding value and service since its founding by Ray Bachman in 1997.

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Manufacturing & Industrial

How Product Liability Claims Arise

How Much Product Liability Coverage Do You Need?

Balancing Cost & Protection

Reducing Product Liability Risk

Quality Control

Warnings & Instructions ﻿

Discover Product Liability Solutions with BIS Benefits

Should Your Nonprofit Have D&O Insurance?

Should Your Nonprofit Have D&O Insurance?

What Is D&O Insurance for Nonprofits?

What It Covers

Coverage Exclusions

Why Nonprofits Need D&O Insurance

Risks for Board Members

Unique Risks for Nonprofits

Limited Statutory Protections

Common D&O Claims Against Nonprofits

Governance & Fiduciary Claims

Employment-Related Claims

Regulatory & Compliance Claims

Donor & Member Claims

Third-Party Claims

Who Should Consider Nonprofit D&O Insurance?

Smaller Nonprofits & Startups

Organizations Undergoing Transitions

How Much D&O Coverage Does a Nonprofit Need?

Balancing Cost & Protection

Key Insurance Policy Features to Look For

D&O Insurance as Part of Nonprofit Risk Management

Find the Right Coverage with BIS Benefits

How Does Group Health Insurance Differ From Individual Health Insurance?

How Does Group Health Insurance Differ From Individual Health Insurance?

What Is Group Health Insurance?

Key Characteristics of Group Health Insurance

What Is Individual Health Insurance?

Key Characteristics of Individual Health Insurance

Key Differences Between Group and Individual Health Insurance

Coverage Purchases

Warnings & Instructions