What Is Trending In Risk Management?

2017 is coming to a close and 2018 will be here in a few weeks. 2018 is set to be a good year for business. The economy is growing and employment is at one of the highest levels in the past 25 years. There will always be challenges regarding business insurance and risk management.

Business Insurance Trends

The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow.

Business Insurance

Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers.  Also the type of business you are in also impacts cost and coverage.  You should discuss your specific business risks and the types of insurance available for your business with us.

Intellectual Property

This is one of the fastest growing areas of litigation. The average defense cost in 2016 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company’s operation.

Healthcare Professional Liability

As we move well into healthcare reform, we are seeing increased litigation focused on medical providers of all kinds. In 2015, litigation against OB/GYN doctors accounted for over $3.9 billion in claims. Many states have enhanced medical malpractice laws designed to speed up and compensate injured patients.

Cyber attacks

Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no or limited coverage for cyber risks” although there still may be a duty to defend until such time as coverage is determined.

Social Media

Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to business of being sued by employees and other third parties. There is definite increased risk of defamation, libel and slander for firms who don’t outsource the service.

Directors & Officers Liability

Most business owners don’t believe they can or will be sued despite statistics that show otherwise. The latest number by Chubb Insurance Company shows that about 25% of firms have been sued for directors and officer’s negligence. Claims can be made by shareholders, regulators, family members, customers, vendors and competitors.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

The Benefits of Long-Term Care Insurance

You spend a lifetime working hard and saving for the future to ensure your family’s financial security. You purchase life insurance or disability income insurance, make investments and contribute to your retirement plan. And, while you can’t predict the future, you can continue to plan for it.

According to the statistics from the American Association of Long-Term Care Insurance, “the lifetime probability of becoming disabled in at least two activities of daily living, or of being cognitively impaired, is 68% for people age 65 and older.”

Long Term Care Insurance (LTC) is designed to reimburse you for expenses for everyday living assistance, should something happen to you. Traditional medical insurance and Medicare will not cover extra costs should you need help with activities we take for granted like bathing, eating or simply getting out of bed. LTC insurance options can provide for nursing home costs as well as home health care and assisted living.

How Premiums Are Determined

1. Age
2. Maximum policy limit
3. Maximum per day allowance
4. Total number of days the coverage will pay for

Benefits of Long Term Care Insurance

• Allows you to maintain your independence
• Reduced financial obligations
• Provides for improved quality of care
• Reduces stress of family members, knowing you are taken care of.

Roussel Insurance & Financial Services is a recognized leader in the insurance industry. We offer highly competitive insurance rates for both business owners and individual services. With 32 years of experience, we continue to offer our clients exceptional service.

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This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

From Two Incomes to One

How to Adjust to the Loss of an Income Provider

Most families depend on two incomes to make ends meet.  If your spouse died suddenly, could your family continue to meet all their financial obligations, from paying rent or the mortgage, to daily living expenses?  Could your family continue their standard of living on a single income?  Would your plans for the future stay intact?

The economic challenges of this day and age often requires two incomes to meet overall family expenses, so the loss of a spouse and income provider can lead to financial trouble.  With the death of an income producer also comes possible lost time at work from the remaining spouse to manage the home.

Life Insurance Provides Real Options

The good news is that life insurance rates are low and there are many different kinds of products from which to select.  A question we are often asked is, “How much life insurance do I need?”  The answer to that depends on your individual situation, but the general guideline of a place to start is a life insurance limit of at least ten times your annual gross income.  For example, if you earn $50,000 per year, your family would need to replace somewhere close to that amount.  A $500,000 life policy could return $45,000 to $50,000 annually, depending on interest rates.

Established by company president John Roussel in 1985. Roussel Insurance & Financial Services was founded to assist business owners and professionals in their insurance and employee benefit programs.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

Are You Prepared For A Major Illness?

Supplemental Plans Offer Needed Benefits

Most Californians don’t like to think about death, accidents or illness, but these are on the top of the list of most of our life concerns. Healthcare reform has caused a shift toward individual awareness and responsibility regarding our health insurance. Healthcare costs are going to increase in the next three years. This will cause many employers to rethink group plans, and therefore may lead individuals to look for healthcare alternatives.

Out-of-pocket costs are increasing at an alarming rate. The national average out-of-pocket cost for a major illness was over $4,000 in 2013. Many individuals also incur lost income during a major illness. There is no question that a major illness also can take an emotional toll on the individual and their family.

Employees can benefit from voluntary insurance benefits solutions offered through their employer.   According to Met life.com, “The benefits landscape is changing significantly due to economic challenges, rising health care costs and health care reform. As a result, employers are adding voluntary benefits to their benefits programs in a big way – with 47% planning to add more voluntary benefits in the next two years.”

Voluntary Benefits Can Include:

• Life
• Dental
• Disability
• Accident & Health

Here are a few thoughts on how to implement voluntary benefits insurance:

• Make sure you offer a variety of benefits.
• Have a written outline and information about enrollment.
• Educate employees about the difference between regular health benefits and voluntary benefits.
• Discuss the financial impact of critical care and long term illness.

Each company has its own circumstances which dictate what would be needed to safeguard the years of hard work in building a successful enterprise. We will guide you through different scenarios to see what effects it would have on your business and what solutions are available. It may be as simple as a Key-Man Policy or funding a Buy-Sell Agreement with Life and Disability Insurance.

Many of the products used are listed in Personal Services.

A New Way to Buy Insurance

Congratulations! You got past the title and are now embarking on a new way to look at the insurance buying process. Over the next few months we would like to offer you an alternative way to think about insurance that will change your purchasing experience.

We will start with a few basic truths that we believe in. We will share these truths in greater detail over the next few articles.

• Insurance is a service not a commodity.
• You can never get the right insurance for you needs online in 7 minutes.
• There is more to insurance than a policy.
• Insurance was designed to be a relationship between the customer, agents and insurer.
• Your insurance agent should be as valuable as your CPA, attorney and financial advisor.
• If all you get from your agent/company is a policy, then they are overpaid.
• Insurance ads are confusing because they make you believe that all insurance is the same, and we all know that not to the case.
• To get proper coverage, a knowledgeable agent and great service, buyers need not pay any more.

The very core of what we value is that providing reasonable solutions to people and businesses should come before everything else, even if what we recommend means not selling you insurance. That is what we will do.

We want to inform you about the value and importance of developing a relationship with your agent. The qualification of the agent can make a difference in your insurance coverage.   The national companies spend millions of dollars in advertising while offering only a minimal amount of coverage. The main purpose of insurance is to have your claims covered. In order for your claims to be covered you need an individualized policy that addresses your risk and needs. Only then, will you have the right coverage.

We hope you will join us on this journey, and in the end decide that there is a better way to buy insurance and have true peace of mind.

Expect Rate Hikes For Health Insurance

Many leading health insurers are already stating they expect health insurance rates to spike in 2017. One leading California insurer (Covered California) has said rates will increase over 13% in 2017.

Your actual rates will depend on a number of factors including, where you live, and your income.

The 2017 enrollment period is fast approaching, so we thought it would be a good idea to provide you with some general information.

1. Are all health plans going up? It is most certain that all individual and group plans will experience some level of increase.
2. When will the premium increase take effect?
   1. For Individual Family Plans on January 1, 2017
   2. For Group Plans upon your renewal date
3. Are there ways to limit the premium increases? Yes, by choosing a plan with the same carrier but with less benefits or picking a different plan with a different carrier.
4. Where can I shop for my health insurance? Our agency offers coverage through all the major providers, call our office and we can help you review your options on Nov 1^st.

Open enrollment for individual and family plans begins Nov. 1, 2016 and ends Jan. 31, 2017. These dates apply to plans purchased through Covered California or the open insurance market.

Roussel Insurance & Financial Services is a recognized leader in the insurance industry. We offer highly competitive insurance rates for both business owners and individual services. With 30 years of experience, we continue to offer our clients exceptional service.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

Employee Wellness Can Be Good For Your Employees And Business

For years, employers have struggled with the idea of wellness programs.  Some employers think that wellness programs are too expensive or just don’t work because employees will do what they want during off time.  However, according to the latest studies, an inactive employee will cost as much as $1,500 more per year than an active employee.  Twenty-seven percent of medical claims can be related to inactivity, according to the Center for Disease Control (CDC).  The CDC report encourages employers who are serious about lowering health care costs, to encourage a more active lifestyle for their employees. The CDC research says that every $1.00 invested in physical activity leads to $3.20 in medical cost savings.

• Wellness Benefits For Employers.
• Reduced absenteeism by 32% on average.
• Reduced health care costs by 30% on average.
• Increased productivity by 52%.
• Happier workforce.
• Connected and energized workforce.

How To Start An Employee Wellness Program

• Determine your needs.
• Create a simple plan.
• Include incentives.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

Hope your 2015 is off to a great start!

As you know the constantly changing world of insurance rears its ugly mug around this time every year and we here at Roussel Insurance want to make sure you are receiving the benefits that best fit your 2015.

Please feel free to contact us for a free assessment, quote or information on changes being made.  If anyone you know is looking for insurance and or would like to save some money on their current policies, it’s greatly appreciated!

Best,

Nash Roussel

Organization Executive Secretary

146 N San Fernando Boulevard Suite 203

Burbank, CA 91502

Phone: (818) 848-3331

Fax: (818) 848-2982

CA License #0D10492

www.rousselinsurance.com

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

Enrolling in ACA for 2015

We are in the middle of the 2015 ACA enrollment period. Remember to call us, as we can help you with all your individual options, including working with the exchanges.

Open Enrollment

1. The open enrollment lasts only three months; about half the time as last year. The enrollment period is November 15, to February 15, 2015.
2. Individuals may also qualify for Special Enrollment Periods outside of Open Enrollment if they experience certain events.
3. When you buy health insurance coverage in the Marketplace, you may be able to get a premium tax credit that lowers what you pay in monthly premiums. This will depend on your 2015 household size and income.
4. Individuals who are automatically re-enrolled in PPACA plans will still have the option of changing plans during open enrollment.
5. It will be beneficial for you to work with an agent who is familiar with the ACA, and it does not cost you anymore.

We are here to help you with your insurance needs. We have access to many insurance products and can provide you with competitive premiums.

Established by company president John Roussel in 1985, Roussel Insurance & Financial Services was founded to assist business owners and professionals in their insurance and employee benefit programs. Our mission is to give you the peace of mind that your company and personal assets are properly safeguarded.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

CAHU: Grandmothering Bill Signed: Takes Immediate Effect

Healthcare Reform Update

SB 1446 (DeSaulnier) has been signed by Governor Edmund G. “Jerry” Brown, Jr. to provide some small employers with non-grandfathered health insurance policies in effect as of December 31, 2013, the option to renew their existing coverage for one year, rather than be required to move to new coverage by the end of 2014. This bill only applies to small groups that have not already switched to an ACA-compliant plan.

Good News For Small Employers

The new law provides employers with 50 or fewer employees the ability to renew their small employer health care service plan or health insurance policy in effect as of December 31, 2013, and still in force at the time SB 1446 was signed into law (July 7, 2014).

SB 14465 Key Terms

SB 1446’s extension will be of direct help to some small California employers who opted to early renew their health coverage in 2013. If SB 1446 had not been signed, these employers would have faced the cancellation of their existing employee health insurance coverage at the end of 2014. SB 1446 is an urgency measure that provides the new law goes into immediate effect when signed by Governor.

 Covered California

The new law also requires insurers who offer these plans for renewal to provide notice to the group contract holder regarding the option to renew that states:

“New health care coverage options are available in California. You currently have health care coverage that is not required to comply with many new laws. A new health benefit plan may be more affordable and/or offer more comprehensive benefits. New plans may also have limits on deductibles and out-of-pocket costs, while your existing plan may have no such limits.

You have the option to remain with your current coverage for one more year or switch to new coverage that complies with the new laws. Covered California, the state’s new health insurance marketplace, offers small employers health insurance from a number of companies through its Small Business Health Options Program (SHOP). Federal tax credits are available through the SHOP to those small employers that qualify. Talk to Covered California (1-877-453-9198), your plan representative, or your insurance agent to discuss your options.”

CAHU supported SB 1446’s transition period throughout the legislative process in order to provide small employers with a needed choice between renewing existing group coverage or moving to new policies that meet ACA standards.  Click here to read the new law.

Information provided by CAHU

Established by company president John Roussel in 1985, Roussel Insurance & Financial Services was founded to assist business owners and professionals in their insurance and employee benefit programs. Our mission is to give you the peace of mind that your company and personal assets are properly safeguarded.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.