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Kapnick Insurance is your trusted independent insurance brokerage throughout the United States and internationally.
Your family, your business and your possessions are all important, but you may not know how to best protect them. We have the experience to navigate your unique risks.
Kapnick Insurance is pleased to announce that after a six-month, nation-wide search, internal candidate Angela Dean will be succeeding long-time president of employee benefits, Steve Peck, upon his retirement in December 2022. “We hired an outside search firm to help us find the best talent and the best opportunity for this (more…)
Market Insights from Kapnick Insurance The business insurance marketplace in 2022 continues to face challenges, though there is good news on the horizon—the rate of increases has slowed across almost all lines and we hope to see rates softening as we move into 2023. The cause of the hard market that businesses continue to face is multi-faceted, including: (more…)
Many people have heard of or seen Kapnick Insurance in one way or another, but probably don’t know about our vast history. Take a look inside the history of Kapnick Insurance and how it all got started when Doug, Jim, and Mike sat down with WJR’s Business Biography’s host Jeff Sloan. Kapnick was founded in 1946 by Elmer Kapnick. He started the company out of necessity, (more…)
From our 2021 Year in Review: As we welcome the new year, Kapnick Insurance reflects back to 2021 and our 75th year in business with fondness and pride. Founded in 1946 by Elmer Kapnick, our firm was originally focused on personal and small commercial insurance, but has since grown into one of the largest, most respected independent brokers in the nation. (more…)
Market Insights from Kapnick Insurance The past few years have been challenging for both businesses and the insurance industry. The increased frequency and severity of claims, social inflation, the COVID-19 pandemic, medical inflation, trends in cybercrime, the cost of reinsurance, natural disasters and investment returns have all fundamentally reshaped the insurance market as we know it. (more…)
In light of increasing pharmacy costs, Kapnick is offering a new discount pharmacy program to our Benefits services—RxKap. RxKap is a free prescription drug savings program that offers everyone, those with health insurance and without, significantly lower cash prices for much needed prescriptions. (more…)
The business insurance marketplace in 2021 continues to be hard. Rates are increasing and capacity is decreasing. The cause of the hard market is multi-faceted, but follows a 10-year period of a soft market in which rates decreased and capacity in the marketplace was not an issue. Most believe COVID-19 is still impacting rates, including pricing, (more…)
A Letter from Jim Kapnick, CEO I began my introduction to last year’s market forecast with the note that 2019 was a year of both challenges and opportunities. Most would say 2020 was a year of straight challenges. In the US, social upheaval and an election cycle meant uncertainty and stress, while the lingering coronavirus pandemic brought considerable devastation (more…)
Founded in 1946, Kapnick is celebrating our 75th year in business in 2021. We are currently one of the largest privately held insurance brokers in the nation. The anniversary is being celebrated with multiple private and public events throughout (more…)
From our 2020 Year in Review: It comes as no surprise that 2020 was a difficult year here at Kapnick, just as it was throughout the world. Yet from disruption comes innovation, and we're proud of the way the Kapnick team banded (more…)
If you’re a driver in Michigan, you’ve no doubt heard that the Michigan Catastrophic Claims Association (MCCA) has acted upon Governor Whitmer's call to return surplus funds to Michigan auto policyholders and will begin the process of refunding $400 per vehicle to Michigan drivers who were insured as of 11:59 pm on October 31, 2021. Updated 3.22.2022 Governor Gretchen Whitmer has directed (more…)
Keeping up with the most current information surrounding the No-Fault Reform can be challenging. Today we will cover exactly how benefits are prioritized in this update. What is Changing? PIP – Personal Injury Protection (PIP) will be transitioning to tiered levels of coverage. Drivers will have the ability to choose from various tiers that best fit their individual needs. These offerings include: (more…)
With the new no-fault auto reform, drivers will need to understand the difference between how their health insurance vs. auto insurance covers medical expenses in case of an injury during an accident. In this article we'll explain those differences and also take an in-depth (more…)
No-Fault Reform and Your Employees With the upcoming changes to Michigan’s no-fault auto insurance, drivers will have the option to select lower coverage limits, which will result in a greater reliance on their employer-sponsored health coverage. (more…)
We understand the no-fault reform can be confusing, and its unclear what coverage you need, or how much it’ll cost. In this article we'll help explain why we recommend electing higher limits and purchasing (more…)
We understand the no-fault reform can be confusing, and its unclear what coverage you need, or how much it’ll cost. We can help. What is Changing? PIP - Personal Injury Protection (PIP) will be transitioning to tiered levels of coverage. Drivers will have the ability (more…)
We understand the no-fault insurance reform can be confusing, which is why we're dedicated to advising our clients on their options. We've created two white papers on the topic of no-fault reform and benefits plans, one for organizations with fully insured plans and one for organizations with self-funded plans.
Construction projects can involve many contractors and often operate on thin profit margins. Wrap-up programs are a great tool for risk managers to contribute to a project’s success. Not only do they reduce expenses, but they also provide improved safety standards, and better coverage – making them the essential consideration for savvy owners and contractors. (more…)
The following is a case study based on real Kapnick clients. A developer specializing in commercial and residential properties had a long-time relationship with two separate insurance brokerages—one who provided their Employee Benefits and Private Risk Management and one who provided their (more…)
Wherever you’re located, you want on-the-ground, local experts to ensure you have the best access, resources, and insider knowledge. At Kapnick, we provide this. While Kapnick is the largest privately-owned insurance brokerage in Michigan, our reach extends far beyond our beautiful Great Lakes’ State’s borders. And if we don’t have direct, personal experience (more…)
These recommended practices in this handbook provide responsible employers, workers, and worker representatives with a sound, flexible framework for addressing safety and health issues on diverse construction job sites. The emphasis of these practices is to provide a proactive approach to managing occupational safety and health. (more…)
As constantly changing circumstances affect how employers handle their operations and benefits offerings, the ability to get a solid picture of what other companies are doing becomes even more important. In 2021, Assurex Global conducted a series of polls with thousands of employers to gain an understanding from them on a variety of employee (more…)
Professionals delivering risk management and insurance services to the construction industry understand, based on their experience, that the types of insurance policies and limits purchased vary by the specialty of a given contractor. Developing actual data to prove those anecdotes and experiences has historically (more…)
General liability insurance is designed to cover bodily injury or property damage arising from a contractor’s negligence, not financial damages caused by negligent professional advice. Claims from owners for monetary damages arising from professional advice from contractors have become common, and contractors (more…)
You have a lot of decisions to make on a regular basis that have big impacts on your business. So we’ve got big news that can help you! As part of our series of industry-specific benchmark reports on the purchasing decisions of insurance buyers, we just published a 2021 Construction Benchmark Report that dives deep into the decisions made by construction company (more…)
The underwriting process for cannabis risks is unique to the cannabis industry. Unlike many other industries, underwriting moves quickly. At Kapnick, we pride ourselves on being flexible yet aggressive. In many cases, carriers will quote based on applications as opposed to accord forms, so having a marketing and service team with strong connections to (more…)
A cannabis surety bond can range from $5,000 to $5,000,000 and provides a financial guarantee to a state or municipality that a company will perform according to the laws and regulations governing your license. A surety bond does this in two ways: 1. By requiring companies to be bonded, additional scrutiny of company and leadership’s finances and credit ensures (more…)
The following is a case study about the environmental impact of cannabis cultivation and the importance of environmental liability coverage for cannabis operations. As more states legalize recreational and medicinal marijuana, the environmental impact of large-scale cannabis cultivation is being examined more in depth. (more…)
In a constantly evolving and sometimes tumultuous market, directors and officers liability (or D&O) insurance is a must in order to protect the financial assets of owners, board members, and executives of cannabis companies, whether public or private. D&O insurance covers (more…)
While cannabis crop insurance isn’t required in all states, with the primary product of the cannabis industry being a plant, it’s important and essential to have insurance that covers every stage of the cannabis growth cycle. Yet marijuana cultivation insurance coverage isn’t something you can find everywhere—especially if you grow outdoors or use (more…)
Unsure Of Where To Start With The New Marijuana Liability Requirement? Kapnick Can Help. There is a new law in Michigan requiring marijuana liability insurance. Public Act 55 of 2021 recently amended the Michigan Regulation and Taxation of Marihuana Act. PA 55 of 2021 takes effect on October 11, 2021 (more…)
The following is a case study about how common workplace hazards in the cannabis industry impact your workers’ compensation programs. THE PROBLEM A startup cannabis distribution client had multiple locations across the same state, with each location holding (more…)
Cannabis, CBD, and hemp-related organizations all have unique exposures and risk for carriers to consider. The right program will depend heavily on whether you’re cultivating, manufacturing, testing, distributing, or selling. While this is by no means a complete list, here are the top 9 cannabis business types we advise: (more…)
The US legal cannabis market is a serious industry and has grown at an exponential pace. In 2020 it was conservatively valued at slightly more than $15 billion, with sales having jumped 45% from the year before. Experts are projecting sales to surpass $30 billion (more…)
What you need to know: A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods (more…)
Quick Facts: Supreme Court Stays OSHA ETS Vaccination and Testing Mandate for Large Employers, Reinstates Vaccine Mandate for Health Care Workers (more…)
On January 10, 2022, the Departments of Labor, Health and Human Services (HHS), and the Treasury issued FAQ guidance regarding the requirements for group health plans and health insurance issuers to cover over-the-counter (OTC) COVID-19 diagnostic tests. Plans and insurance issuers are permitted to implement (more…)
To protect employees, customers and communities from the spread of the COVID-19 virus, the Michigan Occupational Safety and Health Administration (MIOSHA) launched a State Emphasis Program (SEP). This new initiative is aimed at helping businesses educate employees and customers on best practices (more…)
Quick Facts: On May 12, 2020, the Internal Revenue Service (“IRS”) released Notices 2020-29 and 2020-33, collectively providing guidance related to cafeteria plan elections, health flexible spending accounts (“Health FSAs”), and dependent care assistance programs (“DCAPs”). (more…)
Quick Facts: The Department of Labor (DOL) and the Department of Treasury (IRS) jointly issued a final rule extending several specific notice time frames applicable under HIPAA, COBRA, and ERISA. The rule also extends the time frames for COBRA elections, (more…)
Employers face unprecedented new challenges and considerations in returning to work while COVID-19 remains a health threat. Below is a compilation of guidance from multiple resources directing employers how to safely open the work place back up while keeping (more…)
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) provides assistance for individuals and businesses negatively impacted by the COVID-19 pandemic. Part of the CARES Act covers changes to FSA and HSA usage: (more…)
There is a common misconception that there is no downside for reporting a circumstance which might become a future claim for D&O, E&O, Employment Practices, Fiduciary and Cyber liability policies. However, coverage issues could arise from doing so. (more…)
Due to shelter-in-place orders related to COVID-19, auto insurers expect a decrease in drivers on the road, fewer miles driven, fewer accidents, and fewer claims. As a result, many are offering premium relief to their personal auto insurance customers. (more…)
COVID-19 is impacting individuals and organizations of all sizes. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small and mid-size businesses keep their worker employed despite the pandemic. Also known as the (more…)
What you need to know: A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods (more…)
Kids are off school. You are working remotely, possibly for the first time ever. Everyone is staying home to stay safe, and trying to find a new normal. Juggling your responsibilities won’t be easy, but by following some tips and tricks, you can establish some household best practices to make the transition easier for everyone.
With Michigan instituting a Stay Home, Stay Safe policy, a lot of workers are finding themselves suddenly working from home. For some, Wednesday may have been day one, for others you may have had more time to work out the kinks. (more…)
Given the current global COVID-19 pandemic, now more than ever catastrophic “balance-sheet protection” specialty coverages are in the limelight. We are pleased to share our assessment of the risk and insurance opportunities and hurdles (more…)
As the impact of COVID-19 continues to evolve, it can be difficult to keep up with relevant information. At Kapnick we work hard to keep our clients informed and ensure our communications are timely and relevant, while also (more…)
What you need to know: Various health insurance carriers--currently including Blue Cross Blue Shield of Michigan and Blue Care Network, Priority Health, and HAP--are allowing employers to extend coverage (more…)
Quick Facts: The Families First Coronavirus Response Act (the "Act") was passed by Congress and has been signed by the President. It includes significant provisions that apply to private employers with fewer than 500 employees... (more…)
Traditional property and casualty insurance policies have limited coverage for outbreaks and epidemics like the coronavirus, but additional coverages might respond to infectious diseases in specific circumstances...
Michigan's largest health insurers have agreed to join the state Medicaid and federal Medicare programs and will fully cover the cost of medically-necessary COVID-19 tests in commercial fully-insured health plans...
Much is unknown about how the virus that causes Coronavirus Disease 2019 (COVID-19) spreads, but following best practice guidelines for dealing with infectious diseases is the first step toward protecting your workforce. Below are guidelines on how to plan and respond to COVID-19 from the CDC, along with an HR-specific FAQ on how to handle infectious disease outbreaks, and how to create a plan to protect employees who may be exposed to disease at work. While protecting your office, be sure to remain vigilant on compliance and liability concerns. Employers must prevent stigma and unlawful discrimination by taking into account…
Whether you are unable to work because of your own serious health condition, or because you need to care for your parent, spouse, or child with a serious health condition, the Family Medical Leave Act (FMLA) provides unpaid, job-protected leave for qualified employees. Leave may be taken all at once, or may be taken intermittently as the medical condition requires. Kapnick provides this FMLA guide as a simple (more…)
The health care system in the United States can be confusing. In order to get the most out of your health care benefits, you need to understand the terms used by insurance companies, the government, health plans and health care providers. As part of Kapnick Benefit Services employee benefits education series, we put together this handy list of health insurance terminology. (more…)
Employers must comply with numerous reporting and disclosure requirements throughout the year in connection with their group health plans. If you are concerned about missing key 2023 health compliance deadlines, we created this compliance overview that explains key 2023 compliance deadlines for employer sponsored group health plans. It also outlines group health plan notices employers must provide each year. (more…)
In today's world, the need for businesses to embrace inclusivity is more important than ever. Research indicates that by changing language and implementing self-awareness strategies, employers can make meaningful progress towards a more diverse and equitable workplace. Creating a welcoming environment goes beyond hiring practices and involves using inclusive language in the workplace that's sensitive (more…)
The following is a case study based on real Kapnick clients. A developer specializing in commercial and residential properties had a long-time relationship with two separate insurance brokerages—one who provided their Employee Benefits and Private Risk Management and one who provided their (more…)
The following is a case study based on real Kapnick clients about an employee trying to choose between a HDHP or a PPO medical insurance plan. THE PROBLEM An employee whose main healthcare expense is prescription costs were given the choice by their employer between a High Deductible Health Plan (HDHP) and a Preferred Provider Organization (PPO). Despite the fact that their (more…)
As with any business, there are a few specialty risks that Law Firms should be aware of. Each of these risks has an insurance plan that can help to combat any problems that may arise, and help protect your law firm. As an expert in Employee Benefits, Kapnick provides holistic solutions for our clients. Our one firm approach includes having (more…)
Your employees’ healthcare costs are rising every year--both in premiums as well as doctor visits and prescription drugs. They won't need to look for ways to pay if money is already set aside to cover unplanned medical expenses. Additionally, they can refrain from taking on more debt than what is manageable (more…)
Developing the right employee benefits program to meet your employees’ needs plus your company’s long-term growth and financial goals can be complicated, but Kapnick can help. We have strategies and tools to assist, including alternative (more…)
Diversity is a key element that will help to attract and retain employees. People value inclusive organizations that make sure to support equal opportunity in addition to having a work force that is diverse in race, gender, sexual orientation, and even age. An inclusive workplace with a variety of ages comes with a variety of benefits, including: (more…)
One of the most important things for employees in the workplace is their health and wellness. A healthy employee is a productive employee as they are able to focus their time and energy on work, not what might have them feeling under the weather. At Kapnick, we have various tools and resources available to help improve and maintain the health and wellness of clients (more…)
Over two years since the Covid-19 pandemic started to change the world, it is still affecting everyday lives – especially in the workplace. Many employees do not want to return to the “normal” that was before the COVID pandemic, preferring a hybrid or fully remote schedule. In a recent Mercer study, the flexibility to work from home went from 17th in 2020 to 2nd in 2022 on the list of what (more…)
The cannabis industry is still rapidly developing. With the potential for serious financial rewards on the horizon for innovative investors, there are also serious risks. Read on to learn how you can protect your individual assets. In addition to working with organizations to support their business insurance and employee benefit programs, Kapnick also has in-house experts (more…)
Supporting your attorneys and partners through their stress, high demands, and long hours is a considerable task. An effective way to help ease the life of your partners and employees in a law firm is to provide them with an excellent employee benefits package. At Kapnick, we recognize the importance of having a (more…)
At Kapnick, we understand there are a variety of ways to structure your organization and employee benefits plan, particularly if you have multiple locations and profit centers. Cannabis organizations in particular can have complicated arrangements. Whatever your unique situation, we can help ensure you have the right benefits structure. Read more about how we saved (more…)
The following is a case study based on real Kapnick clients about a manufacturing company's struggle with segmented benefit plans between multiple locations. THE PROBLEM A new client in the automotive parts manufacturing industry with approximately 1,000 employees had segmented benefit plans between three (more…)
As leaders in the emerging cannabis industry, you are very familiar with evolving laws, rules, and regulations governing your choices. There are countless rules and regulations governing employee benefits plans, many of which are complex. At Kapnick, we take a holistic approach to our benefits consulting, providing you with the most effective (more…)
Wherever you’re located, you want on-the-ground, local experts to ensure you have the best access, resources, and insider knowledge. At Kapnick, we provide this. While Kapnick is the largest privately-owned insurance brokerage in Michigan, our reach extends far beyond our beautiful Great Lakes’ State’s borders. And if we don’t have direct, personal experience (more…)
The following is a case study based on real Kapnick clients about the poor employee engagement and low benefits enrollment a client was experiencing. THE PROBLEM A large property management group based in Michigan had full-time and part-time employees scattered throughout the US, primarily in Southern (more…)
Workers’ compensation represents less than 2% of U.S. medical spending, and thus was fundamentally ignored in the 2010 legislation that overhauled the nation’s health care system. Yet, the reform impacts and benefits workers’ compensation programs in two direct ways. (more…)
Enrolling, administering, filing, auditing, correcting, answering questions. Managing your employees’ benefits can be challenging, especially during busy seasons like open enrollment, or if you don’t have a fully staffed HR team. Kapnick can help expand your HR team without hiring additional employees. Kapnick's online benefits platform allows our clients to significantly reduce administration costs, eliminate time-consuming paperwork, and enable a (more…)
As health care costs continue to rise, so has the value of employee benefits packages such as voluntary benefits. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. Because of their cost efficiency and portability, voluntary benefits are becoming a central (more…)
A full year since the start of the “great resignation” employers are still struggling to retain and recruit, and employees continue to walk away from their employers in record numbers. A Prudential survey conducted toward the end of 2021 found that 46% of workers were actively seeking or considering finding a new job, and labor statistics backed those findings. (more…)
At Kapnick, we understand not all industries, businesses, or individuals have the same challenges or concerns. To that end, we have developed Kapnick’s areas of specialization, where our experts dig into the specifics details of your industry’s unique risks. One of those specialized fields of knowledge is the quickly evolving cannabis industry. As experts in employee (more…)
As constantly changing circumstances affect how employers handle their operations and benefits offerings, the ability to get a solid picture of what other companies are doing becomes even more important. In 2021, Assurex Global conducted a series of polls with thousands of employers to gain an understanding from them on a variety of employee (more…)
The following is a case study based on a real Kapnick client. THE PROBLEM One of our Employee Benefits clients was having issues with their Business Insurance broker. Not only were they not receiving the kind of care and service they were used to with their Kapnick benefits team, but they felt as if they were paying too much premium for too little coverage. (more…)
Employees are walking away from their employers in record numbers, with what has been coined, the Great Resignation. A Prudential survey conducted toward the end of 2021 found that 46% of workers were actively seeking or considering finding a new job, and labor statistics backed those findings. According to the U.S. Labor (more…)
The following is a case study based on real Kapnick clients about their struggle with the costs of their employee benefits. THE PROBLEM Three different clients were struggling with the costs of their employee benefits, specifically their health insurance, and turned to Kapnick (more…)
The following is a case study based on real Kapnick clients about the high cost of employee turnover a client was experiencing and it's cause. THE PROBLEM A municipality client was having a lot of employee turnover, and didn’t understand what was causing it, but it was costing them a lot of time and money. Employee turnover is a major financial concern and (more…)
A single disruptive event in any part of the world could initiate a supply chain nightmare for your company. And disruptions are more common than one might imagine. A recent survey of over 500 companies from 68 countries across 14 different industry sectors conducted (more…)
In light of increasing pharmacy costs, Kapnick is offering a new discount pharmacy program to our Benefits services—RxKap. RxKap is a free prescription drug savings program that offers everyone, those with health insurance and without, significantly lower cash prices for much needed prescriptions. (more…)
Did you know? 1 in 4 healthcare dollars are spent on people with diabetes 9.4% of the US population is diabetic Learn more about the impact diabetes can have on medical expenses for one Kapnick client, and how Kapnick helped save them over $1 million in potential claims costs, in this Kapnick Case Study: THE PROBLEM When an insurer dropped coverage (more…)
During Home Office Safety and Security Week which occurs in the second full week in January each year, individuals are urged to assess the safety of their home work environments. Take time to learn about home office safety and security strategies, then assess your workspace to pinpoint any security vulnerabilities that could jeopardize you or your data. Many of the best practices for home office safety and security are common (more…)
Employers must comply with numerous reporting and disclosure requirements throughout the year in connection with their group health plans. If you are concerned about missing key 2023 health compliance deadlines, we created this compliance overview that explains key 2023 compliance deadlines for employer sponsored group health plans. It also outlines group health plan notices employers must provide each year. (more…)
Quick Facts: The Affordable Care Act (ACA) requires health insurance issuers and employers that sponsor self-funded group health plans to pay Patient-Centered Outcomes Research Institute (PCORI) fees. Employers that sponsor fully insured health plans are not required to pay the fee directly, but employers sponsoring self-funded plans must pay the fee annually on IRS Form 720. (more…)
Quick Facts: Supreme Court Stays OSHA ETS Vaccination and Testing Mandate for Large Employers, Reinstates Vaccine Mandate for Health Care Workers (more…)
On January 10, 2022, the Departments of Labor, Health and Human Services (HHS), and the Treasury issued FAQ guidance regarding the requirements for group health plans and health insurance issuers to cover over-the-counter (OTC) COVID-19 diagnostic tests. Plans and insurance issuers are permitted to implement (more…)
Quick Facts: Congress passed the $1.9 trillion COVID relief bill, the American Rescue Plan Act of 2021 (ARPA), which President Biden is expected to sign tomorrow. The bill includes significant employee benefits related provisions including a federal subsidy that will cover 100% of the cost of COBRA continuation coverage effective April 1, 2021 through September 30, 2021 (more…)
Quick Facts:Last week, the Department of Labor (DOL) issued new guidance regarding notice and disclosure timeframe relief for employee benefit plans and plan participants due to COVID-19. EBSA Disaster Relief Notice 2021-01 (The Joint Notice) clarifies that the deadline for extended timeframes, such as a COBRA election, will be based upon the date each (more…)
Quick Facts: The Consolidated Appropriations Act (CAA), 2021 was passed by Congress on December 21, 2020 and signed into law on December 27. 2020. This COVID-19 relief bill includes provision for employers to make temporary changes for health and dependent care (more…)
Quick Facts: In Notice 2020-76, the IRS extended the 2021 deadline for employers and insurers to furnish individual statements on 2020 health coverage and full-time employee status (Forms 1095-B and 1095-C) from February 1 (generally due January 31, but this year it is a Sunday) to March 2, 2021. The notice also extends the good-faith penalty relief to 2020 for incorrect or incomplete reports due in 2021. For more information, including a link to Notice 2020-76, click below: (more…)
Quick Facts: In Notice 2020-76, the IRS extended the 2021 deadline for employers and insurers to furnish individual statements on 2020 health coverage and full-time employee status (Forms 1095-B and 1095-C) from February 1 (generally due January 31, but this year it is a Sunday) to March 2, 2021. The notice also extends the good-faith penalty (more…)
Quick Facts: The Affordable Care Act (ACA) requires health insurance issuers and employers that sponsor self‐insured health plans to pay Patient‐Centered Outcomes Research Institute fees (PCORI fees). Though the PCORI fee was scheduled to expire for plan years ending on or after October 1, 2019, it was extended to plan years ending on or before September (more…)
Quick Facts: On May 12, 2020, the Internal Revenue Service (“IRS”) released Notices 2020-29 and 2020-33, collectively providing guidance related to cafeteria plan elections, health flexible spending accounts (“Health FSAs”), and dependent care assistance programs (“DCAPs”). (more…)
Quick Facts: The Department of Labor (DOL) and the Department of Treasury (IRS) jointly issued a final rule extending several specific notice time frames applicable under HIPAA, COBRA, and ERISA. The rule also extends the time frames for COBRA elections, (more…)
What you need to know: Various health insurance carriers--currently including Blue Cross Blue Shield of Michigan and Blue Care Network, Priority Health, and HAP--are allowing employers to extend coverage (more…)
Quick Facts: The Families First Coronavirus Response Act (the "Act") was passed by Congress and has been signed by the President. It includes significant provisions that apply to private employers with fewer than 500 employees... (more…)
Starting with the 2019 tax year, the individual mandate penalty no longer applies. As a result, individuals won’t be penalized for lacking medical coverage...
During Home Office Safety and Security Week which occurs in the second full week in January each year, individuals are urged to assess the safety of their home work environments. Take time to learn about home office safety and security strategies, then assess your workspace to pinpoint any security vulnerabilities that could jeopardize you or your data. Many of the best practices for home office safety and security are common (more…)
Construction projects can involve many contractors and often operate on thin profit margins. Wrap-up programs are a great tool for risk managers to contribute to a project’s success. Not only do they reduce expenses, but they also provide improved safety standards, and better coverage – making them the essential consideration for savvy owners and contractors. (more…)
Workers’ compensation represents less than 2% of U.S. medical spending, and thus was fundamentally ignored in the 2010 legislation that overhauled the nation’s health care system. Yet, the reform impacts and benefits workers’ compensation programs in two direct ways. (more…)
The following is a case study based on real Kapnick clients about the impact return to work programs have on getting employees back to work safely while minimizing disability and medical costs. THE PROBLEM Workplace injuries have the potential to impact any business or organization, at any time, no matter the industry. (more…)
The following is a case study based on real Kapnick clients about how poor office ergonomics were impacting a client's workers’ compensation claims and premium costs. THE PROBLEM A Kapnick client with a large office staff kept having significant workers’ compensation claims due to repetitive strain (more…)
The following is a case study based on real Kapnick clients about the impact a high experience modification rate was having on workers’ compensation premium costs. THE PROBLEM A precision machine component manufacturer had issues with their workers’ (more…)
Now is the time to review your disaster recovery plans and procedures for hurricanes and other natural disasters. At Kapnick, we have tools to help, including emergency plan worksheets, checklists, and more. Storm's brewing. Be prepared. When disaster hits, many businesses find themselves under-prepared. (more…)
With Michigan instituting a Stay Home, Stay Safe policy, a lot of workers are finding themselves suddenly working from home. For some, Wednesday may have been day one, for others you may have had more time to work out the kinks. (more…)
As with any business, there are a few specialty risks that Law Firms should be aware of. Each of these risks has an insurance plan that can help to combat any problems that may arise, and help protect your law firm. As an expert in Employee Benefits, Kapnick provides holistic solutions for our clients. Our one firm approach includes having (more…)
In a constantly evolving and sometimes tumultuous market, directors and officers liability (or D&O) insurance is a must in order to protect the financial assets of owners, board members, and executives of cannabis companies, whether public or private. D&O insurance covers (more…)
The following is a case study about how Kapnick’s Specialty Risk experts provided in-depth consultation of policies to ensure a real Kapnick client fully understood how their management liability coverage would respond in various claim scenarios to mitigate risk and add value to their business. (more…)
The following is a case study based on real Kapnick clients about the impact of of insufficient D&O coverage for an individual board member and Kapnick’s collaborative, One Firm solution. THE PROBLEM One of Kapnick’s private clients was invited to join the board of a for-profit company but was concerned (more…)
Background: In connection with the COVID-19 epidemic, the U.S. Congress passed the CARES Act in order to provide financial support and relief to businesses and individual citizens. As part of the CARES Act, the Paycheck Protection Program (‘PPP’) was put in place to provide potentially forgivable loans to small businesses (under 500 employees) who were struggling financially due to the economic uncertainty of the pandemic. The PPP loans were administered by local, regional and national banks and the program is overseen by the Small Business Administration (‘SBA’). The Risk: Applicants for PPP loans needed to demonstrate that the loan request…
There is a common misconception that there is no downside for reporting a circumstance which might become a future claim for D&O, E&O, Employment Practices, Fiduciary and Cyber liability policies. However, coverage issues could arise from doing so. (more…)
Given the current global COVID-19 pandemic, now more than ever catastrophic “balance-sheet protection” specialty coverages are in the limelight. We are pleased to share our assessment of the risk and insurance opportunities and hurdles (more…)
Market Insights from Kapnick Insurance The business insurance marketplace in 2022 continues to face challenges, though there is good news on the horizon—the rate of increases has slowed across almost all lines and we hope to see rates softening as we move into 2023. The cause of the hard market that businesses continue to face is multi-faceted, including: (more…)
Market Insights from Kapnick Insurance The past few years have been challenging for both businesses and the insurance industry. The increased frequency and severity of claims, social inflation, the COVID-19 pandemic, medical inflation, trends in cybercrime, the cost of reinsurance, natural disasters and investment returns have all fundamentally reshaped the insurance market as we know it. (more…)
The business insurance marketplace in 2021 continues to be hard. Rates are increasing and capacity is decreasing. The cause of the hard market is multi-faceted, but follows a 10-year period of a soft market in which rates decreased and capacity in the marketplace was not an issue. Most believe COVID-19 is still impacting rates, including pricing, (more…)
A Letter from Jim Kapnick, CEO I began my introduction to last year’s market forecast with the note that 2019 was a year of both challenges and opportunities. Most would say 2020 was a year of straight challenges. In the US, social upheaval and an election cycle meant uncertainty and stress, while the lingering coronavirus pandemic brought considerable devastation (more…)
The following is a case study based on real Kapnick clients. A developer specializing in commercial and residential properties had a long-time relationship with two separate insurance brokerages—one who provided their Employee Benefits and Private Risk Management and one who provided their (more…)
The following is a case study based on real Kapnick clients about an employee trying to choose between a HDHP or a PPO medical insurance plan. THE PROBLEM An employee whose main healthcare expense is prescription costs were given the choice by their employer between a High Deductible Health Plan (HDHP) and a Preferred Provider Organization (PPO). Despite the fact that their (more…)
The following is a case study based on real Kapnick clients about a manufacturing company's struggle with segmented benefit plans between multiple locations. THE PROBLEM A new client in the automotive parts manufacturing industry with approximately 1,000 employees had segmented benefit plans between three (more…)
The following is a case study based on real Kapnick clients about the poor employee engagement and low benefits enrollment a client was experiencing. THE PROBLEM A large property management group based in Michigan had full-time and part-time employees scattered throughout the US, primarily in Southern (more…)
The following is a case study based on a real Kapnick client. THE PROBLEM One of our Employee Benefits clients was having issues with their Business Insurance broker. Not only were they not receiving the kind of care and service they were used to with their Kapnick benefits team, but they felt as if they were paying too much premium for too little coverage. (more…)
The following is a case study based on real Kapnick clients about their struggle with the costs of their employee benefits. THE PROBLEM Three different clients were struggling with the costs of their employee benefits, specifically their health insurance, and turned to Kapnick (more…)
The following is a case study based on real Kapnick clients about the high cost of employee turnover a client was experiencing and it's cause. THE PROBLEM A municipality client was having a lot of employee turnover, and didn’t understand what was causing it, but it was costing them a lot of time and money. Employee turnover is a major financial concern and (more…)
The following is a case study about the environmental impact of cannabis cultivation and the importance of environmental liability coverage for cannabis operations. As more states legalize recreational and medicinal marijuana, the environmental impact of large-scale cannabis cultivation is being examined more in depth. (more…)
The following is a case study about how common workplace hazards in the cannabis industry impact your workers’ compensation programs. THE PROBLEM A startup cannabis distribution client had multiple locations across the same state, with each location holding (more…)
The following is a case study about how Kapnick’s Specialty Risk experts provided in-depth consultation of policies to ensure a real Kapnick client fully understood how their management liability coverage would respond in various claim scenarios to mitigate risk and add value to their business. (more…)
The following is a case study based on real Kapnick clients about the impact return to work programs have on getting employees back to work safely while minimizing disability and medical costs. THE PROBLEM Workplace injuries have the potential to impact any business or organization, at any time, no matter the industry. (more…)
The following is a case study based on real Kapnick clients about how poor office ergonomics were impacting a client's workers’ compensation claims and premium costs. THE PROBLEM A Kapnick client with a large office staff kept having significant workers’ compensation claims due to repetitive strain (more…)
The following is a case study based on real Kapnick clients about the impact of of insufficient D&O coverage for an individual board member and Kapnick’s collaborative, One Firm solution. THE PROBLEM One of Kapnick’s private clients was invited to join the board of a for-profit company but was concerned (more…)
The following is a case study based on real Kapnick clients about the impact a high experience modification rate was having on workers’ compensation premium costs. THE PROBLEM A precision machine component manufacturer had issues with their workers’ (more…)
Did you know? 1 in 4 healthcare dollars are spent on people with diabetes 9.4% of the US population is diabetic Learn more about the impact diabetes can have on medical expenses for one Kapnick client, and how Kapnick helped save them over $1 million in potential claims costs, in this Kapnick Case Study: THE PROBLEM When an insurer dropped coverage (more…)
Accidents can happen at home and at work, even while doing mundane tasks, but taking steps to ensure you’re following the proper guidelines and safety measures is the first step toward preventing loss. Here we have one of our claim stories in which a fire from an overloaded outlet caused major building damage. (more…)
As with any business, there are a few specialty risks that Law Firms should be aware of. Each of these risks has an insurance plan that can help to combat any problems that may arise, and help protect your law firm. As an expert in Employee Benefits, Kapnick provides holistic solutions for our clients. Our one firm approach includes having (more…)
Diversity is a key element that will help to attract and retain employees. People value inclusive organizations that make sure to support equal opportunity in addition to having a work force that is diverse in race, gender, sexual orientation, and even age. An inclusive workplace with a variety of ages comes with a variety of benefits, including: (more…)
Over two years since the Covid-19 pandemic started to change the world, it is still affecting everyday lives – especially in the workplace. Many employees do not want to return to the “normal” that was before the COVID pandemic, preferring a hybrid or fully remote schedule. In a recent Mercer study, the flexibility to work from home went from 17th in 2020 to 2nd in 2022 on the list of what (more…)
Workers’ compensation represents less than 2% of U.S. medical spending, and thus was fundamentally ignored in the 2010 legislation that overhauled the nation’s health care system. Yet, the reform impacts and benefits workers’ compensation programs in two direct ways. (more…)
As health care costs continue to rise, so has the value of employee benefits packages such as voluntary benefits. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. Because of their cost efficiency and portability, voluntary benefits are becoming a central (more…)
A full year since the start of the “great resignation” employers are still struggling to retain and recruit, and employees continue to walk away from their employers in record numbers. A Prudential survey conducted toward the end of 2021 found that 46% of workers were actively seeking or considering finding a new job, and labor statistics backed those findings. (more…)
At Kapnick, we understand not all industries, businesses, or individuals have the same challenges or concerns. To that end, we have developed Kapnick’s areas of specialization, where our experts dig into the specifics details of your industry’s unique risks. One of those specialized fields of knowledge is the quickly evolving cannabis industry. As experts in employee (more…)
Employees are walking away from their employers in record numbers, with what has been coined, the Great Resignation. A Prudential survey conducted toward the end of 2021 found that 46% of workers were actively seeking or considering finding a new job, and labor statistics backed those findings. According to the U.S. Labor (more…)
A single disruptive event in any part of the world could initiate a supply chain nightmare for your company. And disruptions are more common than one might imagine. A recent survey of over 500 companies from 68 countries across 14 different industry sectors conducted (more…)
The underwriting process for cannabis risks is unique to the cannabis industry. Unlike many other industries, underwriting moves quickly. At Kapnick, we pride ourselves on being flexible yet aggressive. In many cases, carriers will quote based on applications as opposed to accord forms, so having a marketing and service team with strong connections to (more…)
A cannabis surety bond can range from $5,000 to $5,000,000 and provides a financial guarantee to a state or municipality that a company will perform according to the laws and regulations governing your license. A surety bond does this in two ways: 1. By requiring companies to be bonded, additional scrutiny of company and leadership’s finances and credit ensures (more…)
The following is a case study about the environmental impact of cannabis cultivation and the importance of environmental liability coverage for cannabis operations. As more states legalize recreational and medicinal marijuana, the environmental impact of large-scale cannabis cultivation is being examined more in depth. (more…)
In a constantly evolving and sometimes tumultuous market, directors and officers liability (or D&O) insurance is a must in order to protect the financial assets of owners, board members, and executives of cannabis companies, whether public or private. D&O insurance covers (more…)
While cannabis crop insurance isn’t required in all states, with the primary product of the cannabis industry being a plant, it’s important and essential to have insurance that covers every stage of the cannabis growth cycle. Yet marijuana cultivation insurance coverage isn’t something you can find everywhere—especially if you grow outdoors or use (more…)
Unsure Of Where To Start With The New Marijuana Liability Requirement? Kapnick Can Help. There is a new law in Michigan requiring marijuana liability insurance. Public Act 55 of 2021 recently amended the Michigan Regulation and Taxation of Marihuana Act. PA 55 of 2021 takes effect on October 11, 2021 (more…)
The following is a case study about how common workplace hazards in the cannabis industry impact your workers’ compensation programs. THE PROBLEM A startup cannabis distribution client had multiple locations across the same state, with each location holding (more…)
Cannabis, CBD, and hemp-related organizations all have unique exposures and risk for carriers to consider. The right program will depend heavily on whether you’re cultivating, manufacturing, testing, distributing, or selling. While this is by no means a complete list, here are the top 9 cannabis business types we advise: (more…)
The US legal cannabis market is a serious industry and has grown at an exponential pace. In 2020 it was conservatively valued at slightly more than $15 billion, with sales having jumped 45% from the year before. Experts are projecting sales to surpass $30 billion (more…)
Kapnick experts Bill Secinaro and Mike Fenstemacher in collaboration with Margaret Amsden at Clayton & McKervey and Tyler Horning of TDC Life weigh in on how to use life insurance to enhance your estate plan. Read more: How Life Insurance Enhances Your Estate Plan | Estate Planning Advice. Original article posted by: claytonmckervey.com.
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