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Insuring Your Workplace Risk

Insuring Your Workplace Risk
Insuring Your Workplace Risk
Insuring Your Workplace Risk
The Hampton Roads Chamber Virtual Human Resources for Business Leaders Series continues with Stuart Sim Principal at Morgan Morrow and Kristina Vaquera, Principal at Jackson Lewis.

    “Insurance is a risk transfer solution.” Stuart Sim, Principal at Morgan Morrow was the presenting speaker for the Hampton Roads Chamber HRSHRM virtual event on July 14th. The Hampton Roads Chamber partners with the Hampton Roads Society of Human Resources Management four times a year to provide education and information for human resource professionals. 

     Sim talked about what it takes to be a broker and the role a broker plays in the insurance world. In my career, for the amount of money insurance programs cost, I find that the consumer to be not as informed as a consumer would want to be in purchasing something has the significance and cost associated with it..” Sim covered the different roles of a Broker: 

  1. Understanding Client needs
  2. Create Risk Assessment
  3. Loss Experience Analysis
  4. Prepare Detail Specifications
  5. Negotiate Terms and Conditions (more than price)
  6. Present Risk Transfer Strategy 
  7. Claim Advocate
  8. Monitor and Track Profitability
  9. Implement Loss Control Strategies
  10. Establish Value Add Initiatives. 

    Sim emphasized how to these modern pandemic/post-pandemic times of how insurance brokers tend to operate more to benefit the consumer, “what we’re finding in the modern-day environment is that there are carriers that specialize in particular lines of coverage, so combining them, generally leads to a better end product for the customer.”

   “Word to the wise, Social engineering is being tricked out of money.” Sims explained how companies are being tricked out of money in which “bad actors” which sims refer to those who attempt these crimes in which they breach or penetrate companies network systems and what Sim referred to “sit back and watch”, and pretend to be employees or high officials of the companies. 

     Kristina Vaquera, Principal at Jackson Lewis joined the panel. Vaquera emphasized the importance of Employment Practices Liability Coverage (EPLI); “EPLI is defiantly something that many employers need to keep in mind as litigation can be expensive. 

     Vaquera shed light on information about the Wage an Hour claims, “One more note on that is that those wage an hour claim aren’t just single plaintiff, their collective or class actions and so that you may be just thinking well I’m just getting defense cost covered; that’s a big deal when it’s a class action because the cost for litigation is exponentially higher when we’re talking about Wage an Hour claims.”

     Sim shows the audience the important information about ERISA-2 Categories of Benefits Plan, which has these coverages:

  1. Welfare Benefit Plans that house medical plans, disability benefit plans, and vacation benefit plans. 
  2. Pension Benefit Plans which house any plan designed to provide retirement income which includes Pension Plans and 401K’  

    “Breaches are happening every day; the technology curve is difficult to keep up with”. Sim reminds the audience of the recent Cyber Breaches that occurred this year with Solar Winds, the Kaseya Breach earlier this month, and the viral breach of the Colonial Pipeline that cause a semi-panic over gasoline availability and prices. Sim shares with us the sound bites and articles, combining news coverages and opinions based on the recent cyber-attacks.

Click any of the links below to listen to the audio coverage of the cyber-attacks.

-         https://www.npr.org/2021/04/16/985439655/a-worst-nightmare-cyberattack-the-untold-story-of-the-solarwinds-hack 

-         https://www.bloomberg.com/news/articles/2021-06-04/hackers-breached-colonial-pipeline-using-compromised-password 

-         https://www.cnet.com/tech/services-and-software/colonial-pipeline-ceo-tells-senate-decision-to-pay-hackers-was-made-quickly/ 

-         https://techcrunch.com/2021/07/05/kaseya-hack-flood-ransomware/ 

     

      Join us on September 22 for our new LIVE in-person Human Resources for Business Leaders event, which will cover “Virtual Investigations”; presented by Kristina Vaquera and Milena Radovic with Jack Lewis PC. 

To view this virtual presentation again click here:

To view the slides of this presentation, you may find them here.

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