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Best In-Class Business Insurance for Technology Firms & IT Consultants
If you’re looking for something that costs less, and makes life easier, look no further: Group health insurance plans are a great option for employee coverage!
Group health insurance is a type of insurance that offers healthcare provisions to a select group of people. This type of coverage is beneficial for businesses that wish to cover employees, and the best thing about it is that, it’s uniform so all members receive equal benefits.
Many benefits come along with group health insurance plans. To start, the costs involved are usually minimal for participants of the group, other than costs of individual plans offering similar benefits. This makes it flexible because risks can be varied and widespread through the entire group of employees, as opposed to a single individual. Any premium costs that are supported by the insurer are fully deductible, and other benefits received by a select group are issued tax-free.
To help you understand why group health insurance is so beneficial for businesses of any size, we’ll highlight the main advantages for you as a business owner, your employees, and the business as a whole:
This seems like an obvious one but, as business owner, you benefit from the well being of your employees. Anyone with a health coverage plan is better placed to obtain affordable medical care, including preventive care, which helps prevent further medical complications. While employers may offer group health insurance plans to employees for reasons of making it affordable and accessible, employees on the other hand are likely to get encouraged to maintain healthy lifestyles that could have been far from reach.
Businesses that offer the provision for group health insurance plans experience several advantages.
Apart from improved accessibility to health care, health coverage ensures costs for other services are manageable. People in group health insurance plans are protected from the financial burdens such as unexpected illnesses that may arise, thus lead to debt accrual. With such unpreparedness, health care costs may exceed the amount an individual with a coverage plan is able to afford. So the group health insurance plans is made available to prevent such occurrences.
Any health insurance-related expenses incurred by an employer are 100% tax deductible! This is realizable if employees can be requested to make contributions for group health insurance plans on a pre-tax basis, which means deductions are made directly from paychecks before calculations for state and federal taxes are carried out. In-turn this lowers employees taxable income.
So, are you currently offering your employees with a group coverage plan? If you want to experience tremendous growth with your business, it’s time to motivate your employees by offering them a collective health insurance plan.
One of the best ways to limit your cyber liability is to protect your data from cyber breaches. Doing this requires a set of internal controls that are not unlike those you would use when receiving payments from customers in a retail format or shipments from a supplier of goods. These controls can be instituted without necessarily involving a large amount of additional software, as many of these cyber liability additions involve employee practices and insurance.
Receiving passwords needs to be handled correctly at the server level, or you will essentially be handing this precious customer data to hackers. For this reason, limiting your cyber liability starts with making the reception and handling of password data more complicated than the standard “https” encryption that many website owners consider the gold standard. Using more enhanced encryption methods will ensure that your password receipt is a process that customers can be confident in.
One way you can enable more secure password receipt is via an on-screen keyboard, which essentially allows your customers to type using their mouse. This is a very good way to circumvent keystroke loggers, which are a primary way that hackers access passwords. This is particularly potent on public wireless networks and public computers, where even a customer’s most sophisticated software is not usable. Making entering passwords a more secure process changes your entire cyber liability profile.
You need to keep passwords on a frequently changing basis, or sooner or later they will be hacked and become useless. Every employee and every customer needs to change their passwords no less than monthly under any circumstances. Otherwise your liability to cyber attack can grow dramatically.
So many problems occur when employees keep private information, such as social security or credit card numbers, on their laptops. This essentially means that all a thief needs to do is wait until the employee goes to purchase a cup of coffee and clandestinely walk off with the device in question. Obviously, this does not bode well for your company if you handle anything sensitive. As a general rule, there is no reason to keep this data on any kind of private device. This can be accessed through a secure server connection that does not utilize the hard drive, and which uses the frequently changed password the employee should be keeping secret.
Backing up your data on-site has certain advantages, such as cost savings. Unfortunately, the down sides to this practice are that the data can easily be disrupted locally. Worse still, it can be stolen with relative ease simply by breaking in. While keeping a local backup is fine, keeping an off-site backup can be an excellent way to maintain continuity if there are local problems such as natural disasters or civil unrest. When your customers need their data, any attempts on your part to explain why they cannot access this data will fall on deaf and frustrated ears.
Properly insuring your technology is a vital component of doing business in the modern world. While general liability insurance can sometimes act like an umbrella in instances where your technology fails or is compromised, technology insurance is more targeted to specific instances where technological failure happens. In the same way you would not want to use your home owners insurance to protect you from liability if you are in an auto accident, using general business insurance for technology-related problems is simply not appropriate.
Being careful goes a long way to maintaining cyber integrity. Being properly insured covers the rest.
There’s no denying that we’re living in a world that has revolutionized the way we communicate with one another. Years ago, word of mouth and postal mail was the only way to deliver messages; now, we can send messages in less than a second. What does your current marketing plan look like? How are you communicating with customers and clients? If you have yet to take advantage of social media, you should definitely start.
Regardless of your current social media status, there are major considerations that must be kept in mind. Here’s a close look at good business practices you can follow to help avoid advertising and social media liability issues.
Before you can protect yourself from social media liability issues, you must first know what they are. Generally, social media information security legal risks will fall into one of three categories:
When you advertise on social media, you’ll likely attract a group of fans and followers. When these people start following your company’s profile, you will gain access to certain information that is available through their profiles. It’s your job to protect any information that you gain, which means that you cannot give it out to third parties unless the consumers give you permission.
The whole point of advertising on social media is because you want to engage consumers and build your brand, but this is also the primary reason that other businesses advertise via social media too. Keeping this in mind, make sure that the content you use in your branding (images, music, written text etc.) is not copyrighted by someone else or some other business. IP infringement issues will become present if you don’t make sure all materials posted on your social media profiles are in compliance with copyright and trademark laws.
It’s also on your social media profiles that some people might make defamatory statements. If they do, it is your responsibility to make sure the remarks are removed. If you were to leave them for everyone to see, this can lead to lawsuits over defamation.
Most social media platforms have their own laws and guidelines in place relating to advertising. For example, if you are running a contest on your social media profile, you’ll need to make sure that you display the appropriate notices and disclaimers.
If you are ever subpoenaed to court to deliver information gathered through your social media marketing endeavors, it is imperative that you comply.
The best way to make sure that your social media marketing tactics are in good standing is by creating a social media policy. This policy should be reviewed on a regular basis, and as technology becomes more advanced, your policy will need to be updated to ensure social media liability issues are avoided.
While the Affordable Care Act has changed the landscape for many aspects of health insurance options for business, there is still a significant difference between group health insurance and the coverage you might select as an individual.
Before 2014 and the ACA, health insurance applicants were subject to a review of their medical history and the presence of pre-existing conditions. The goal of insurance companies is to measure their risks over a pool of insured clients and to set premiums to cover that risk. Traditionally, companies enjoyed more favorable rates over individual coverage due to their participation in a larger, healthier pool of insured. Individuals seeking insurance for themselves and their families were pooled with others needing private coverage, and those often resulted in larger premiums being charged by the insurance companies.
In today’s health insurance environment, there are still a number of differences between group and private health insurance. These include:
As an employee in a group plan, you have a fairly narrow number of options to match your plan with your specific needs. Your employer will negotiate an initial plan with certain deductibles, benefits and other elements. While you may have a few choices, they will be constrained to the overall plan affecting all your fellow co-workers. On the other hand, when you select an individual plan, you can work on your own or with an experienced agent to select from a wide variety of plans. You can balance your monthly premium against a larger or smaller deductible, and add the other elements you desire for you and your family’s needs.
While the laws and regulations in this area are constantly changing, your coverage in a group plan is deductible. However, this may be affected by your employer’s use of a Defined Contribution HRA and how they treat contributions to it. On the other hand, if you purchase insurance as an individual, you have a number of tax factors to consider, including whether or not you avail yourself of subsidies under the ACA.
Many people find managing their health plans somewhat intimidating. A group plan has the advantage of an employer not only paying all or part of the monthly premium, they will normally have an administrator to handle other details. This includes deducting any premium share you are responsible for, processing claims and other plan documents, and helping you answer questions and resolve problems. Of course, with an individual plan, you are responsible for all paperwork, paying all premiums, and dealing with any issues that arise between your health care provider and the insurance company.
When you participate in a group health plan you have limited ability to keep the plan after you leave a company, voluntarily or involuntarily. While you can select COBRA protection for a period, you may find this prohibitive in cost. With an individual health care plan you can choose to keep or modify your coverage based on your own desires, independent of your employment status.
Many companies find offering health insurance helps them attract and keep good employees. This is because much of the direct cost and administrative hassles of the insurance are borne by the company. However, with the shifting environment for health insurance, many individuals are finding individual health insurance is worth the added cost and administrative details.
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If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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