Looking to inspire movement and camaraderie in your workplace? Forsite’s sister company, Motion Connected, is excited to announce the release of their 2025 Step Challenge Calendar, the ultimate tool to engage employees and promote healthy habits throughout the year!

A Voya Financial survey revealed that the average American spends far more time on social media each day than reviewing their benefits information for just one day during open enrollment. In fact, nearly 7 in 10 (69%) employees spend 30 minutes or fewer reviewing their options. The vast majority of employees simply choose the same options as the previous year during open enrollment.

Encouraging Active Employee Participation

As health costs continue to rise, spending time reviewing offerings and needs and making thoughtful benefits decisions is more important than ever. Employees should ensure that their chosen benefits adequately cover their and their family’s needs. Rushing through the process might mean missing out on essential coverage options.

To help encourage employees to actively participate in the open enrollment process, employers may consider the following strategies:

• Educate and inform employees about the importance of benefits selection.
• Leverage technology to make the experience engaging and informative.
• Encourage younger employees to take their time and understand their choices.
• Provide support and assistance for employees who have questions or need more assistance.
• Communicate year-round to avoid information overload during open enrollment.
• Solicit feedback from employees about the enrollment process.

Conclusion

By educating, supporting, and incentivizing employees, organizations can help them maximize their benefits and enhance their overall job satisfaction. In turn, this can lead to a more motivated, healthy, and productive workforce.

Contact us today for more open enrollment guidance or information.

Small businesses in all industries face numerous risks that can lead to significant financial losses. To mitigate these exposures, businesses secure insurance. Many considerations go into building an insurance portfolio; business leaders must be mindful of policy specifics, such as limits and exclusions. Failure to adequately address a business’s insurance needs can result in costly coverage “gaps.” In these situations, a business’s insurance policies don’t cover a specific loss, forcing the organization to pay out of pocket.

This article discusses common causes of insurance gaps, explores steps to identify and close those gaps, and notes which types of coverage are often overlooked. It also offers tips for ensuring adequate coverage is in place.

Common Causes of Insurance Gaps

Insurance gaps can be detrimental to a business and its stakeholders. They can cause financial damage when an organization must pay out-of-pocket expenses after its current policies fail to adequately cover a loss-causing event. This can also negatively impact a business’s reputation, resulting in a decline of trust in its operations and difficulty obtaining financing.

Coverage gaps commonly arise due to several reasons, including:

• Misunderstanding policy exclusions—Business owners may not understand how policy exclusions impact their insurance coverage. Exclusions eliminate coverage for certain risks, leaving the insured business vulnerable. If a policyholder is unaware of these exclusions or misunderstands how they apply, significant coverage gaps may occur.
• Not reviewing and updating policies—As businesses develop, their insurance needs evolve. Expansions, new services or increased inventory can outpace existing coverage and require additional insurance to meet the operation’s new needs. Business owners must regularly review and update policies so that limits remain sufficient and coverage gaps don’t form.
• Relying on personal insurance for business activities—Small business owners may incorrectly assume their personal insurance policies (e.g., homeowners insurance, auto insurance) cover their business activities. However, this is generally not the case; those policies typically exclude coverage for business activities. This is why it is essential to secure proper business insurance.

Steps to Identify and Close Insurance Gaps

Business owners and employers should take the following steps to discover and eliminate insurance coverage gaps that may exist in their policies:

• Conduct a comprehensive risk assessment. To understand their insurance needs, business owners must evaluate potential risks specific to their business and industry. This allows them to select the policies that best meet their needs.
• Review and update insurance policies regularly. Regular insurance reviews, especially after any changes in business size or scope, are a necessity. As organizations expand, so do their insurance needs. Therefore, a system should be in place to review coverage at least annually and after any major changes occur to the business.
• Work with an experienced insurance agent or broker. Insurance professionals can provide valuable advice on the coverage businesses need. Agents and brokers who understand the organization’s industry can use their experience and knowledge to help select the right policies and provide assistance in navigating complex coverage terms and provisions.
• Understand policy exclusions and endorsements. Business owners should thoroughly read their insurance policies and understand what they exclude. For example, commercial property insurance typically does not include coverage for flood damage or losses caused by equipment breakdowns. However, separate policies and endorsements can be added or purchased to cover those events.
• Ensure adequate limits and proper deductibles are in place. If a significant loss exceeds a business’s insurance policy limits, the business may have to cover the remaining costs out of pocket. Additionally, if deductibles are set too high, it may struggle to afford them. Setting limits and deductibles at appropriate levels is crucial to avoid underinsurance or facing large, unexpected expenses.

Types of Coverage Often Overlooked

Business owners should keep the following coverage in mind when building their portfolios and closing insurance gaps, as they are often overlooked:

• Business interruption insurance provides financial assistance to help cover lost income and ongoing expenses if a business is forced to temporarily close due to a covered event. 
• Cyber liability insurance may cover expenses such as notification and recovery costs after a data breach or cybersecurity incident (e.g., ransomware attack, denial-of-service attack, or phishing attack).
• Errors and omissions insurance provides coverage for service-based businesses if a client claims the service was inadequate or negligent. It is also known as professional liability insurance.
• Employment practices liability insurance may offer financial protection for claims of wrongful actions (e.g., wrongful termination, discrimination, harassment) taken during the employment process.
• Commercial umbrella insurance provides an additional layer of coverage if a claim exceeds the liability limits of a business’s other policies (e.g., general liability and auto liability insurance).

Business owners can take several actions to make certain they have adequate coverage. They can ask detailed questions and seek clarification from their insurers and brokers about what is covered under specific policies. Additionally, they can consider industry-specific insurance policies that address the unique risks of their business. They can even bundle policies to reduce costs and avoid gaps between separate policies.

Takeaway

Businesses should avoid insurance coverage gaps that can leave them vulnerable to financial and reputational damage. Understanding why coverage gaps form, knowing how to identify and close them, and being aware of the types of coverage that are often overlooked can help them achieve this goal. By reviewing their insurance requirements, becoming familiar with available policies, and working with trusted insurance professionals, businesses can secure comprehensive insurance policies that cover their exposures and best suit their needs.

For more information, contact us today.

The U.S. Department of Labor’s (DOL) Occupational Safety and Health Administration (OSHA) recently announced an unofficial version of the proposed standard to protect workers from heat injury and illness. If finalized, the new standard would apply to all employers conducting indoor and outdoor work in all general industry, construction, maritime, and agricultural sectors where OSHA has jurisdiction, subject to limited exceptions. According to OSHA, the proposed rule would apply to approximately 36 million workers.

On July 19, 2024, the National Labor Relations Board (NLRB) voluntarily dismissed its appeal of the U.S. District Court for the Eastern District of Texas decision vacating the NLRB’s 2023 joint-employer rule. Thus, the decision of the Eastern District of Texas will be final.

The rule, which had been set to take effect on March 11, 2024, would have expanded the types of control over job terms and conditions that trigger joint employment. The NLRB stated it would like to consider the issues identified in the Eastern District of Texas’ decision and options for addressing outstanding joint-employer matters. As a result of the Eastern District of Texas’ ruling and the NLRB’s decision to withdraw its appeal, the former 2020 joint-employer rule remains in effect and calls into question the future status of the 2023 rule.

Fostering a strong safety culture provides many benefits to an organization. In addition to reducing the risk of workplace accidents, such a culture can also help improve employee morale, enhance a small business’s reputation, and minimize related costs and liabilities. This article explains what it means to have a strong safety culture, outlines associated benefits, and provides strategies small businesses can implement to establish this type of culture.

Total health care spending is projected to increase in 2024, impacting individuals, employers, and carriers alike. As a result, many small businesses that offer health insurance will likely face higher costs and enrollment challenges. As health care becomes less affordable, enrollment rates are expected to decline. An increase in costs may impact how small businesses offer health care in 2025.

In response, small businesses may look to manage rising costs by exploring customizable benefits packages and alternative funding and payment models; supporting financial well-being; and offering wellness programs to promote healthier lifestyles.

Small businesses should continue to monitor benefits trends, employee utilization, and spending. Contact us for more resources.

The U.S. Department of Labor’s (DOL) Occupational Safety and Health Administration (OSHA) recently announced an unofficial version of the proposed standard to protect workers from heat injury and illness. If finalized, the new standard would apply to all employers conducting indoor and outdoor work in all general industry, construction, maritime, and agricultural sectors where OSHA has jurisdiction, subject to limited exceptions. According to OSHA, the proposed rule would apply to approximately 36 million workers.

To prevent fires and ensure the safety of employees and customers, small business owners should consider the following best practices:

• Conduct a fire risk assessment. To prevent fires on a business’s property, it’s important to identify potential hazards like faulty wiring, flammable materials, and malfunctioning equipment. Then, a tailored fire prevention plan should be created to address the hazards and keep employees and property safe.

• Install adequate fire detection. Investing in a reliable fire detection system helps guarantee the business’s safety and protection. This system should consist of strategically placed smoke detectors, heat detectors, and fire alarms on the business premises. Additionally, these systems must be maintained regularly to ensure proper functioning during an emergency.

• Educate and train employees. Regular fire safety training sessions are crucial to maintain a safe work environment. Employees should understand how to operate fire extinguishers, evacuate safely and understand fire safety protocols. Assigned fire safety wardens can help guide evacuations and oversee drills.

• Maintain electrical systems. Faulty wiring and electrical systems are a common cause of fires in small businesses. It is important to regularly inspect and maintain electrical systems to identify and rectify potential hazards. All appliances, cords and outlets must be in good working condition. Extension cords should only be used temporarily; if needed in the long term, outlets should be installed.

• Control flammable materials. Flammable materials and chemicals should be stored in fire-resistant containers in designated areas with proper ventilation and away from potential ignition sources.

• Use fire-resistant building materials. When designing or renovating business premises, consider using fire-resistant materials to slow the spread of flames and buy more time to evacuate.
• Install fire suppression systems. Sprinklers or extinguishing systems installed in high-risk areas can help prevent small fires from escalating. Alternatively, if a suppression system is not available, fire extinguishers should be placed throughout the building.
• Create an evacuation plan. A clear evacuation plan with marked exit routes, meeting places, and an authority hierarchy is essential. Regular fire drills can help ensure everyone knows what to do during a fire.
• Store and dispose of waste materials safely. Waste containers should be kept at a safe distance from buildings, and clear protocols for waste management should be implemented.
• Establish clear smoking policies. If smoking is allowed on the premises, it’s important to create designated smoking areas away from flammable materials and buildings. The enforcement of strict smoking policies can help reduce the risk of fires caused by discarded cigarette butts.
• Monitor and control heat sources. Employees and employers should be vigilant with heating sources, especially during colder months, and implement strict guidelines for use. Space heaters, furnaces, and stoves should be well-maintained and positioned away from flammable materials.

Preventing fires in a small business requires a proactive and comprehensive approach that comprises conducting risk assessments, installing adequate detection systems, and educating employees about safety protocols and policies. By taking these measures, small business owners can significantly reduce the risk of fires and ensure the safety of their business, employees, and customers.