May 2015 CPAdvantage Newsletter: Risky Business?
A Letter From Our Partner
It seems that every year, there are more and more risks that have left our businesses vulnerable. With natural disasters, massive data breaches, and ever-changing legislation, it can be difficult to keep up. As a trusted partner of Advantage Payroll, Integrated Coverage Group currently works with many Advantage clients already, and continues to help new clients mitigate their risk every day. ICG will carefully review your client’s current coverage and let them know where there are any coverage gaps, as well as provide complimentary price comparisons.
Does your client’s business have all the coverage it needs? Here are just some of the less-considered types of insurance we specialize in, as well as the vulnerabilities that they protect against:
- Cyber Insurance: It’s easy to think that as a small business owner you aren’t at risk for such a traumatic business event, but the surprising truth is that small business owners need the same protections as our large, multimillion dollar competitors. Data Breach or Cyber Liability Insurance policies can be written to include the following kinds of protection: Security and Privacy Liability; Network Asset Protection, Social/Multi Media, Regulatory Agency Fines and Penalties; Copyright and Trademark Infringement; and Cyber Extortion. This insurance can help diminish or eliminate the financial repercussions of sensitive information being breached, as well as minimize the damage to your client’s company’s reputation. Any business that uses email, has a website, accepts credit card payments or collects sensitive data should absolutely have this coverage!
- Employment Practices Liability (EPLI): In today’s business environment we are seeing a consistent occurrence of employers that are being sued by current or former employees. Most standard Business Owners’ policies exclude coverage for employee related lawsuits. EPLI coverage can protect your client’s business from claims related to disability, equal pay/compensation, pregnancy, race, religion, sexual harassment, and more. The important thing to remember with this type of coverage is that your client does not actually have to do anything wrong for a disgruntled employee to bring a lawsuit against them and their business.
- Pay-As-You-Go Workers’ Compensation: ICG offers a unique and hassle-free approach to paying for workers’ compensation insurance. Rather than paying for insurance up to a year in advance and tying up vital cash, premiums are paid as you go one payroll period at a time! Workers’ compensation policies typically require you to pay 25% down each year and then pay monthly or quarterly payments. Pay-as-you-go eliminates down payments and large end-of-year billing adjustments that are the result of incorrect estimates.
- Employee Benefits Programs: We have all been inundated by Healthcare Reform and information related to the Affordable Care Act (“ACA”). Does your client really know how the ACA is affecting their business? Are they in compliance? The ACA affects various types and sizes of businesses in different ways. ICG can help your clients understand what they need to do to be in compliance, and can offer many different affordable healthcare options.
Don’t let your business be exposed any longer! Call (800) 440-9033 today to learn more about how Integrated Coverage can help you protect your business.
Gregg Knepper is the co-founder of Integrated Coverage Group. With over 10 years of insurance industry experience, he helps businesses of all sizes assess their vulnerabilities and create comprehensive risk management programs that reduce risk and save money.