Insurance costs continue to trend (or increase) at 10% to 20% per year. The combined cost of business package policies and medical insurance for employees may now constitute up to 30% of total overhead costs for a company.
Senior executives and owners question how they can possibly control these costs and still maintain the integrity of their coverage. Several options are currently available such as partially self-insuring certain coverage and increasing deductibles. HBS helps you explore all options. We can establish long-term goals to control costs while maintaining the integrity of your plan.
Business Insurance – Because Mistakes Happen
To err is human. Business insurance protects you and your business with coverage for claims related to allegations of negligent activities or failure to use reasonable care. A business package policy offers Property, General Liability, Automobile, Workers Compensation, and Umbrella coverages. This coverage must be renewed and reviewed annually. As insurance costs continue to increase HBS continues to offer viable options.
Professional Liability
Professional Liability insurance provides protection against claims that the policyholder becomes legally obligated to pay as a result of an error or omission in his/her professional work. Also known as Errors and Omissions insurance, this type of professional liability insurance is critical to your business. E&O insurance responds to claims of professional liability in the delivery of your technical services. Allow us to customize an Errors and Omissions insurance policy for you that is affordable and effective.
Employee Benefits – An Overview
While employers are struggling to deal with rising costs, they express strong support for the system of employer-based coverage. Three of five employers (59%) say it is very important to provide health insurance to their employees or contribute to the cost. Of employers who offer coverage, two-thirds (67%) say it improves employee health, and three-fifths (61%) say it improves employee morale. A large majority of employers who offer coverage feel it is important for employee recruitment.*
*Job-Based Health Insurance in the Balance: Employer Views of Coverage in the Workplace, by Sara R. Collins and colleagues at The Commonwealth Fund, is based on a nationwide sample of 453 establishments with more than one employee.
