Robin M. Yenk, CEO

Exposure Due To Inadequate Coverage

The Issue

A local accounting firm approached us expressing concern that a disability or death to any one of the principals would create a hardship not only for the affected individual and their family but for the entire firm as well.

Our Solution

In order to determine the extent of any exposure, we reviewed the firm’s employee benefit programs and their individual life and disability policies as well.  Regarding their group coverage, we found that the stated definition of disability was too restrictive, their coverage was inadequate and they were paying more than what they should be.  The review of their individual policies showed that their personal incomes were significantly exposed, as the policies were old and had not been updated at all. 

We were able to find the principals better individual life and disability policies with better benefits and updated coverage amounts at only slightly higher premiums while negotiating better group benefits with a top ranked insurance company that included the following:

  • Commitment from corporate leadership…a successful program starts with a commitment from all levels of management, right up to company owners. The health and well-being of every employee needs to be incorporated into the company’s “vision” or mission statement.
  • Creation of a health culture within the organization… developing policies, practices and activities in the workplace that focus attention on the employee’s emotional, physical and social well-being.
  • Communication and education…raising awareness of the specifics of the program through frequent, varied-in-style, customized to the target audience notifications so employees are all aware of the program resources and potential impacts.
  • Employee ownership in the program…making employees feel that ownership truly cares about them and it’s not just a cost control effort. Gathering employee feedback about what they’d like in the program, what works and what doesn’t and how to improve the future direction of the program will all help the employees become and remain engaged for success.
  • Incentives…to increase employee motivation for participation and achieving self-determined health goals.

The Result

The strategy and proposals we developed were accepted and adopted by the firm and their principals.  Individually, the principals feel adequately insured now and in spite of increasing group coverage and increasing benefit levels, the savings we were able to achieve with our carrier relationships allowed us to add key employee coverage with only a minimal overall cost increase to the firm.  In the event of an unforeseen tragedy, the firm and its principals are more prepared to minimize any disruption that such a loss would incur.

Lately, with all the press concerning health care reform, many other aspects of your insurance portfolio may be overlooked.  Allow us to come in and do a thorough review and analysis of all your individual and group benefit programs.  With our expertise and carrier relationships we can tailor a strategy to fit your specific needs at competitive costs.