What am I paying my Insurance Broker to do - 5 Key Questions to Consider!

Are you paying your insurance broker to merely place your insurance coverage with a carrier that provides the most contingent commission? Does he partner with you to dictate the price to the marketplace?

When conducting a program review – does your broker recommend coverage’s or endorsements to address ALL of your exposures? Does he truly understand the coverage’s you really need?

With the recent soft market and depressed premium pricing - is your insurance broker giving you all the services you need?  Or is he holding back to protect his margins?

Does your broker just want to save you premium to keep you happy for another year? Does he work to decrease your total cost of risk saving potentially missions of dollars to your bottom line - allowing you to Grow, hire and profit?

Does your broker partner with you to ensure you are in compliance contractually and efficient on the supply chain side?

  

Not sure on any of these - then we are at your service.

The World's Leading Broker - Aon.

Regards,

Wage and Hour Litigation……Eureka – The Solution is Here!

Wage and hour lawsuits continue to be a major concern for employers, with the Department of Labor stating that there were 40,000 wage and hour complains during fiscal year 2010 – up 15% from the previous year’s total.

Standard Employment Practices Liability policies do NOT respond or provide coverage for Wage and Hour claims.

Until Now.

Aon Risk Solutions has introduced a manuscript endorsement to its proprietary form to allow for this exposure to be covered.

One less thing for HR and Finance to worry about.

The #1 key (and secret) for CFO’s to take advantage of rising Insurance rates……..

Its common knowledge in the insurance industry that while carriers are seeking significant rate increases for policy RENEWAL’S, in a competitive situation with an outside broker and/or carrier, rate can in fact be driven down below current levels.

It’s the old adage……"I’ll fight for what I don’t have!"

Wage and hour litigation outpacing all other workplace class actions!

According to an industry expert, wage-and-hour litigation is the "No. 1 exposure area in corporate America as far as the plaintiffs class action bar is concerned."

Wage and hour lawsuits have become a major concern for employers, with the Dept. of Labor stating the 40,000 wage-and- hour complaints during fiscal 2010 were up about 15% from the previous year's total.

The complexity of federal and state laws, the relative ease of winning class action certification and workers laid off as a result of the weak economy have led to more litigation in recent years, observers say.

Among reasons for the lawsuits' growth is establishing a class action under the Fair Labor Standards Act is relatively easy under the federal rules of civil procedures, said Paul J. Siegel, a partner with Jackson Lewis L.L.P. in Melville, N.Y.

Many claims fall into two major categories: misclassification of workers as exempt, and unpaid overtime, observers say.

However, employers can minimize the chances of litigation by taking steps that include periodic audits to determine whether employees are being properly classified, as well as careful record-keeping.

When employers are sued, experts say settling the case may be the wiser course.
Employers should keep good records, periodically audit their employee classification and record-keeping, and practice diligent supervisor training to avoid wage-and-hour lawsuits, observers say.
When employees are working off the clock, employers should be aware that federal and state laws may differ when it come to meal or rest breaks and stay up to date on regulations, Mr. Maatman said.
Companies also should have a complaint or grievance procedure for workers who feel they are not being paid appropriately, he said.

Reprinted from Business Insurance.