Cyber incidents cannot only create immediate harm to your business, but also damage your credibility and financial stability for some time after the incident. It is extremely important that your business has a cyber incident response plan prepared so you can mitigate loss. Click on the image to download or print the safety sheet.
Floods, fires, tornadoes. Business owners purchase insurance to protect their property and people against these types of disasters. But what happens when, should the worst occur, you can’t adequately prove what that property was worth, or the financial impact your people are suffering?
It may sound like the most obvious point in the world, but it’s important to have accurate values – and the documentation to prove them to an insurance adjuster. Some good news is that this is not so much an issue impacting your premiums, but it can become a major issue when filing a claim to recover your losses.
The Insurance Information Institute recommends the following:
— Collect any relevant business records that you will need to prove the value of damaged equipment, inventory or structures that you are including in your business insurance claim. Gather all financial documents including tax returns, monthly sales tax returns, business contracts, budgets, financial statements and other documents pertinent to calculating the projected income of your business.
— If the business is forced to close down, you will need to provide information on the cost of conducting business from a temporary location, detailed records of business activity, and a list of expenses that have continued while your business has been suspended such as advertising, utilities, etc. Loss of or damage to cars, vans, trucks or specialty vehicles, which can hamper your ability to operate your business, should also be reported.
One of the smartest and easiest ways for a business owner to limit risk is to make sure you know – and can prove – what the various elements that make up your business are worth.
Contact the professionals at Evergreen to learn more about insured-to-value coverage for your enterprise.
Copyright 2023 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
Since the pandemic, many businesses have allowed their workers to work remotely or hybrid. However, there is a disconnect between employers and employees on their productivity at home. Click on the image to download or print the tip sheet for steps employers can take to combat what is now known as “productivity paranoia”
Evergreen loves giving back to the community! Every year, our Evergreen Culture Committee picks two non-profits to receive funds from our employee donations. Our employees select the organizations by poll from a list of non-profits local to our Evergreen offices. The money raised from our recent Employee Jeans Day donations were set aside for the Salvation Army.
This past week, Evergreen’s Melissa Kittelmann, who has served as a Salvation Army Advisory Board Member for 20 years, and Debbie Edwards presented our donation check to Captain Candace Flanders of the Salvation Army Indiana Corps. Our donation will help fund building maintenance and upkeep, including new carpet at the entrance of the church building.
Thank you to all our employees for their generosity and to the Salvation Army for their dedication to helping our community!
When you’re insuring your business, you want to tailor the protection to the specific risks. It’s important that your property is valued correctly so you get enough coverage. According to industry data, about 75% of commercial properties are underinsured by a significant amount. Click on the image to download or print the information sheet.
As a business owner, you’re constantly working to ensure every part of your business is running smoothly. It’s a good idea to get a business owners policy (BOP) to cover the parts of your business you don’t have control over. Click on the image to download or print the information sheet.
The quality of the indoor air in your business can affect the health and comfort of your employees. The Environmental Protection Agency has discovered that improved air quality in businesses can increase the productivity of their employees. Click on the image to download or print the safety sheet.
Winter weather can create hazardous conditions that may quickly turn into accidents. Icy sidewalks can cause slips or falls resulting in serious injuries. Click on the image to download and print the safety sheet. Stay safe and watch your step!
Among the many lasting effects of the COVID-19 pandemic is the impact on mental health. Months of isolation, coupled with anxiety about job security and physical health, followed by the economic stress from inflation and supply chain issues, have helped to fuel lingering mental health challenges for millions – including your employees.
In fact, while more than one in five Americans have diagnosable mental disorders at some point in their lives, only about half of them receive professional mental health treatment. One main reason – seeking access to such treatment – can be attributed to whether the person’s employer offers mental health benefits.
Under the Affordable Care Act, non-grandfathered health plans in the iCndividual and small group markets are required to cover mental and behavioral health treatments as one of the 10 essential health benefits. That means most fully insured group health plans sponsored by small employers (typically those with up to 50 employees) must include coverage for mental health benefits. Also, health plans must comply with the Mental Health Parity and Addiction Act of 2008, which prohibits group health plans (and health insurance issuers providing mental health and substance use disorder benefits) from imposing less favorable benefit limitations on those benefits than what they impose on surgical and medical care.
Beyond the legal and policy compliance considerations, however, providing adequate mental health benefits also makes economic sense. More employers have come to recognize that the cost of lost productivity due to employees suffering from mental health issues exceeds the cost of providing adequate mental health benefits coverage.
Options available to employers to help address these issues include:
The U.S. Department of Labor has more information on mental health at www.dol.gov. You can also contact the Benefits team at Evergreen Insurance for more information and guidance on this important topic.
Copyright 2023 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
February is National Cancer Prevention Month. Unfortunately, many people face cancer in their lifetime. Keeping your body healthy can help mitigate some of the risk factors. Click on the image to download or print the safety sheet.
