All Posts By

Kapnick Insurance Group

Apr 26

Retain and Recruit Employees Without Breaking the Bank

By Employee Benefits, From the Experts
A year into the “great resignation,” employers are still struggling to retain and recruit talent. With 46% of workers actively seeking new jobs in late 2021 and 4.5 million quitting in November alone, it’s clear that workers are prioritizing their needs over paychecks. To combat this, employers must adopt effective employee retention strategies that go beyond compensation, such as voluntary benefits, employee assistance programs (EAPs), and employee education. VOLUNTARY BENEFITS: A COST-EFFICIENT SOLUTION Voluntary benefits are becoming a cornerstone of many companies’ benefits strategies due to their cost efficiency and portability. These benefits allow employees to choose from a variety of options,…
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Apr 25

Recommended Practices for Safety and Health Programs in Construction Handbook

By Business Insurance
Effective construction safety and health practices are essential for safe and productive job sites. These practices offer a proactive way to address safety and health issues. Instead of reacting after an injury or illness, employers can prevent problems before they happen. THE BENEFITS OF PROACTIVE SAFETY AND HEALTH PRACTICES Responsible employers know the main goal of safety programs is to prevent injuries, illnesses, and deaths. However, there are other benefits too. For example, these practices can: Improve production and quality Boost employee morale Help with recruiting and retention Enhance your reputation with customers, suppliers, and the community By addressing hazards early, employers…
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Mar 28

How Insurance Purchasing Decisions Vary by Construction Specialty

By Business Insurance
The recently published Construction Insurance Benchmark Report by Assurex Global provides valuable insights into the insurance purchasing decisions of 1,983 construction companies across five specialties. This data helps validate industry experiences and offers contractors a clearer understanding of how insurance policies and limits vary by specialty. INSURANCE TRENDS BY CONSTRUCTION SPECIALTY The report categorizes construction companies into five specialties based on NAICS codes: General construction (NAICS 2361XX and 2362XX) HVAC, electrical, and plumbing (NAICS 2382XX) Highway/underground (NAICS 2371XX and 2373XX) Trade contractors (NAICS 2381XX and 2383XX) Other specialties (NAICS 2389XX) Key Findings: Highway/underground contractors purchase higher limits of contractor’s equipment and excess liability coverage due to their exposure…
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Mar 24

One Firm Solutions – A Kapnick Case Study

By Case Studies, Employee Benefits
At Kapnick, we pride ourselves on delivering exceptional service across all areas of insurance. This case study highlights how our Kapnick Business Insurance solutions helped a client save money, improve coverage, and receive the proactive care they deserved. THE PROBLEM One of our Employee Benefits clients was dissatisfied with their Business Insurance broker. They felt they were paying too much for too little coverage and weren’t receiving the same level of care they experienced with their Kapnick benefits team. THE SOLUTION Kapnick stepped in to help. We introduced the client to one of our Business Insurance experts, who listened to their concerns…
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Mar 21

Using Employee Engagement and Education to Combat the Great Resignation

By Employee Benefits, From the Experts
The Great Resignation has reshaped the workforce, with employees leaving their jobs in record numbers. A Prudential survey conducted in late 2021 revealed that 46% of workers were actively seeking or considering new opportunities. Labor statistics confirmed this trend, with 4.5 million workers quitting their jobs in November 2021—a record-breaking figure. This trend underscores a critical challenge for employers: Workers are no longer willing to stay in roles that don’t meet their needs. To combat this, employers must focus on employee engagement and retention strategies to demonstrate their value and keep top talent. TOOLS TO BOOST EMPLOYEE ENGAGEMENT AND RETENTION At Kapnick,…
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Mar 17

Negotiating Premiums Rate Reductions Due to One Time Claims – A Kapnick Case Study

By Case Studies, Employee Benefits
Managing the rising costs of employee benefits, especially health insurance, is a challenge for many organizations. This case study highlights how Kapnick used data-driven strategies to help three clients significantly lower their costs. By analyzing claims data and negotiating with carrier partners, we delivered substantial savings for each client. THE PROBLEM: HIGH EMPLOYEE BENEFITS COSTS Three clients approached Kapnick with concerns about the escalating costs of their employee benefits, particularly health insurance. Each organization faced large, one-time claims that were driving up their premiums. These challenges made it difficult for them to manage their budgets effectively. THE SOLUTION: DATA-DRIVEN SAVINGS…
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Mar 14

Should You Consider Contractor’s Professional Liability Insurance?

By Business Insurance
General liability insurance covers bodily injury or property damage caused by a contractor’s negligence. However, it does not protect against financial damages resulting from negligent professional advice. As claims for monetary damages from professional advice become more common, contractors need contractor’s professional liability insurance to safeguard their business from these risks. WHAT IS CONTRACTOR’S PROFESSIONAL LIABILITY INSURANCE? Professional liability insurance protects contractors who provide advice or services from claims that their errors or omissions caused financial losses to clients. Unlike general liability insurance, it does not cover bodily injury or property damage, making it a complementary policy rather than a replacement. According…
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Mar 10

The High Cost of Employee Turnover – A Kapnick Case Study

By Case Studies, Employee Benefits
Employee turnover is a costly challenge for organizations, with both direct and indirect expenses adding up quickly. A municipality client approached Kapnick to uncover the root cause of their high turnover and reduce its financial impact. By identifying pain points and implementing tailored solutions, we helped them address this critical issue. THE PROBLEM: HIGH EMPLOYEE TURNOVER COSTS Employee turnover can have serious financial and operational implications. Direct costs include recruiter fees, interview expenses, signing bonuses, and onboarding. Indirect costs, such as reduced productivity, lost work time for trainers, and morale damage, further compound the issue. The Numbers: According to Gallup,…
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Feb 28

Construction Benchmark Report Now Available

By Business Insurance
Making informed decisions is critical for your business, especially when it comes to insurance. That’s why we’re excited to share the 2021 Construction Benchmark Report, part of our series of industry-specific reports. This comprehensive study provides construction company executives with valuable insights, statistics, and peer comparisons to guide their insurance purchasing decisions. WHY THE 2021 CONSTRUCTION BENCHMARK REPORT MATTERS The construction industry plays a vital role in the U.S. economy, generating $1.3 trillion annually and supporting over 7 million jobs, according to the Associated General Contractors (AGC). With economists forecasting continued growth in the sector, having the right insurance coverage is…
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