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The Blog

Our latest insurance articles, insight and news.
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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Mar 08

Supply Chain Disruptions Lead to Layoffs or Reduced Hours. Layoffs and Reduced Hours Lead to COBRA Considerations.

By Employee Benefits, From the Experts
A single disruptive event anywhere in the world can trigger a supply chain nightmare for your company. According to a survey by the U.K. Business Continuity Institute, 73% of companies experienced a supply chain disruption in the last 12 months. These disruptions can lead to reduced market share, lost customers, and increased costs. In severe cases, companies may face downsizing or reduced employee hours, which can trigger COBRA events. That’s where COBRA administration services come in to ensure compliance and avoid costly penalties. THE IMPACT OF SUPPLY CHAIN DISRUPTIONS Supply chain disruptions can have far-reaching consequences, including: Reduced market share Loss of…
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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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Feb 01
Kapnick 2021 Year in Review cover

Kapnick Insurance 2021 Year in Review

By Kapnick News
From our 2021 Year in Review: As we step into the new year, Kapnick Insurance proudly reflects on 2021 and our 75th year in business. Founded in 1946 by Elmer Kapnick, we started with a focus on personal and small commercial insurance. Over the years, we’ve grown into one of the largest and most respected independent brokers in the nation. Explore our 2021 Year in Review to see how we celebrated, what we achieved during this milestone year, and our plans moving forward.  JTNDaWZyYW1lJTIwc3JjJTNEJTIyaHR0cHMlM0ElMkYlMkZjZG4uZmxpcHNuYWNrLmNvbSUyRndpZGdldCUyRnYyJTJGd2lkZ2V0Lmh0bWwlM0ZoYXNoJTNEdWl3MWVxc3BtYSUyMiUyMHdpZHRoJTNEJTIyMTAwJTI1JTIyJTIwaGVpZ2h0JTNEJTIyNDgwJTIyJTIwc2VhbWxlc3MlM0QlMjJzZWFtbGVzcyUyMiUyMHNjcm9sbGluZyUzRCUyMm5vJTIyJTIwZnJhbWVCb3JkZXIlM0QlMjIwJTIyJTIwYWxsb3dGdWxsU2NyZWVuJTNFJTNDJTJGaWZyYW1lJTNF
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Jan 19

2022 Market Forecast

By Kapnick News, Market Forecast
The past few years have challenged both businesses and the insurance industry. Increased claim frequency, social inflation, the COVID-19 pandemic, and new trends in cybercrime have fundamentally reshaped the insurance market as we know it. To help you navigate these shifts, we are sharing our latest Kapnick Insurance Market Insights. Understanding these changes is your first step toward protecting your organization. What Drives Kapnick Insurance Market Insights Today? Medical inflation, the rising cost of reinsurance, natural disasters, and fluctuating investment returns all contribute to the current climate. While challenging market conditions remain, we see several positive indicators for businesses. In…
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