Save Money on Your Auto Insurance
Posted: March 31, 2011 Filed under: Personal Lines | Tags: auto insurance, bill mills, car insurance, independent insurance agent, insurance, insurance nc, insurance north carolina, north carolina, sia group, sia insurance 1 Comment »
SIA Group vice president, Bill Mills, shares his tips on how to save money on your car insurance. For the complete article, visit http://bit.ly/fFWwnv.
The Negative Impact of Hospitals Acquiring Medical Practices
Posted: March 28, 2011 Filed under: Employee Benefits | Tags: employee benefits, health care, health care reform, independent insurance agent, insurance, insurance nc, insurance north carolina, medicaid, medicare, nc insurance, north carolina, north carolina insurance, personal insurance, sia group, sia group benefits consultant, sia insurance, work site insurance Leave a comment »
Across North Carolina, it is becoming the norm for hospitals to purchase individual medical practices. In the past, a hospital purchasing a medical practice was a rarity and was usually done as a last-ditch effort to keep a rural location open. Today, hospitals are purchasing medical practices in great numbers.
Why is this happening?
- Medical practices are receiving reduced Medicare and Medicaid reimbursements.
- Medical practices are seeing rising overhead costs and decreased incomes.
What are the benefits to medical practices?
- Administration functions become centralized.
- The nonprofit status of hospitals alleviates taxes that burden for-profit practices.
- There is a greater possibility for higher reimbursements from Medicare and Medicaid with a hospital.
The downside of all of this is that the hospitals now have greater bargaining power over the insurance companies at the negotiation table. Insurance companies negotiate contracts with medical providers to get discounted rates for their clients. Each company will have a different percentage due to a variety of factors, including the number of providers in the area.
With fewer options for insurance companies, hospitals no longer have to offer larger discounts in order to get the business of insurance companies. With smaller discounts, patients are going to see rising costs for health insurance.
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Importance of Allowing Ample Time for Bond Acquisition
Posted: March 21, 2011 Filed under: Bonds | Tags: bonds, independent insurance agent, insurance, insurance nc, insurance north carolina, nc insurance, north carolina, north carolina insurance, sia group, sia insurance, surety Leave a comment »
Insurance agents should be brought into the discussion of securing surety bonds for clients as early as possible. The importance of applying for bonds and getting bonding established cannot be overstated.
Giving the agent enough time to process a bond request is important due to the fluctuation in our current economy and the ever-changing underwriting philosophies of bonding companies. Bonds are becoming more of a challenge to secure due to these two factors.
With sufficient amount of time to process a bond request, the agent can pursue multiple avenues of securing the bond, especially when it exceeds the current bonding capacity or is outside the realm of the normal scope of work. Sufficient time for the agent is contingent on whether a contractor is already set up for bonding and whether a contractor has kept the agent up to date on underwriting information.
There is no hard-and-fast rule for how much time an agent needs to secure a bond, which is why the earlier you submit your materials, the better off you will be. A declination may be given in a situation where time is rushed due to the lack of necessary underwriting review. Time is of the essence when applying for any type of bond, so that the agent can find the perfect fit and solution to any challenging bond situation. It also allows for time to acquire any additional information that may be needed in order to secure the bond.
As soon as you begin to think that you may need a bond, it is never too early to contact your insurance agent. Bringing them into the discussion will ensure that your agent will have the time needed to identify and secure the best bond for you and your project needs.
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Out of Date Construction Contracts
Posted: March 14, 2011 Filed under: Construction | Tags: construction contracts, construction insurance, contractors insurance, insurance nc, insurance north carolina, sia group, sia insurance, work site insurance, work site nc insurance Leave a comment »
There is no getting around it – every work site needs to have adequate insurance coverage. Workers, subcontractors, general contractors and site owners need different insurance products to protect the different aspects of the work they perform.
Constructing Contracts
General contractors often ask their subcontractors to sign contracts that ensure the protection of their company against lawsuits should an accident occur on the worksite. The purpose of these contracts is twofold. First, the contract makes certain that the subcontractor working on the site, whether overseeing installation of flooring, electrical, HVAC, etc., has the resources to pay a claim that may be made against them. Secondly, the contracts have various legal requirements such as, indemnification, hold harmless, waiver of subrogation and additional named insured wording in favor of the general contractor.
Where the Problem Lies
While these contracts can insure against a range of potential issues, there is no one-size-fits-all contract that protects all parties from all situations. Subsequently, these contracts need to be updated frequently to account for new, expired and obsolete insurance products. While some insurance coverage may no longer be applicable to specific carriers, some may be dead to the industry as a whole.
Building a Solution
In order to ensure that your contracts are legally bonding and as up-to-date as possible, it is important that you bring an insurance professional into the contract agreement. Your agent will be able to tell you if you have the appropriate products in your contract to protect yourself and others on the site. It is difficult enough to keep a job site on schedule and within budget. The last thing you need on site is for an accident to occur and to be liable for negligent acts that were caused by your subcontractors.
Call your insurance agent today to make sure that you have the coverage you need, that your contracts are current and serve the purpose that they were designed to handle.
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The Importance of EPLI Coverage
Posted: March 9, 2011 Filed under: Hospitality | Tags: EEOC, EPLI, hospitality, hospitality insurance, nc insurance, north carolina insurance, sia group, workers comp, workers compensation Leave a comment »
The number of retaliatory claims made by dismissed workers has skyrocketed 55 percent since 2000. This figure has jumped 7 percent this past year alone, with an all-time high of 100,000 new claims against former employers. While workers’ compensation and general liability insurance cover most incidents in the workplace, these retaliatory claims are not.
This situation catches many employers off guard and can cause an almost insurmountable financial burden for a business. Employment Practices Liability Insurance (EPLI) protects your business beyond the coverage that workers’ compensation and general liability provide.
Why is This Happening?
Industry experts have been able to pinpoint a couple of reasons that this surge might be taking place. Some say that the economy is to blame, and dismissed workers who know they might not be able to find work for a while are looking to get as much from their former employer as possible.
The second possible reason is that in 2008 the U.S. Equal Employment Opportunity Commission (EEOC) was given expanded authorities under the ADA Amendments Act, Genetic Information Nondiscrimination Act and the 2009 Lilly Ledbetter Fair Pay Act. These new authorities, coupled with increased accessibility to the EEOC, allow for easier filing from employees who feel they have been wrongfully terminated.
Why Do You Need EPLI?
Take this story as an example. A waitress at a restaurant was dismissed for poor performance, all of which was properly documented over the period of a few months. This employee was also pregnant, and she felt that her termination was not due to her poor performance but her condition. The restaurant, which did not have EPLI coverage, spent $100,000 for defense costs in court alone.
Verdicts for plaintiffs in these types of cases can reach upward of $1 million. EPLI coverage can cover your defense costs and help to defer the cost of the award, should the court side with the defendant in a wrongful termination suit.
No insurance can guarantee that an employee who is let go will not turn around and accuse your business of wrongful termination. However, you can prevent their suit from causing your business immense financial damage in order to defend yourself in court. Call your insurance agent today to make sure you have adequate protection.
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The Advantages of an Independent Insurance Agent
Posted: March 7, 2011 Filed under: Personal Lines | Tags: home insurance, home owners insurance, hurricane insurance, independent insurance agent, insurance, north carolina, north carolina insurance, personal insurance, sia group, sia insurance, wind damage, windstorm insurance Leave a comment »
When it comes to insurance, customers want two things: the right coverage and a competitive rate. Captive agents, or those who work on behalf of a single carrier, have a limited number of products they can offer customers. Subsequently, these products may not be the best that are available in the marketplace.
This is where an independent agent can be an asset, working with a number of carriers to get you all of the coverage you need at the best possible rate. While this is great, a competitive rate is not the only reason independent agents are preferred when choosing insurance.
Don’t Put All of Your Eggs in One Basket
You have all heard this before. This rule, however, does not apply to insurance coverage.
Keeping all of your insurance with a single agent will reduce or eliminate any gaps or duplications in your coverage. Having a single agent that manages all of your coverage ensures you are not paying for anything you do not need, and they will also make sure you are protected from any gaps in coverage that often occur when “mixing and matching” policies.
Additionally, most independent insurance agents can offer multi-policy discounts, making your rates that much more competitive in the marketplace.
In the Wind
Homeowners, especially those who live in coastal areas such as eastern North Carolina, have a difficult time finding complete coverage at affordable rates. Coastal area property owners often deal with high windstorm deductibles and separate wind and hail coverage policies. Combining your auto and home policies through an independent agent will give you the best opportunity at preferred coverage, deductibles and rates offered by a variety of carriers.
However you decide to find coverage for your insurance needs, be sure to speak with an independent insurance agent before making your final decision. Their ability to reach out to various insurance carriers will ensure you receive the coverage that you need at the best rate possible.
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