Tim Cody

Golf course owners and executives listen up...lithium batteries in your golf carts will impact your attractiveness in the insurance marketplace. Correction - how you carefully or recklessly handle these exposures will impact your attractiveness. Technology in this thriving golf industry is wonderful but here's how underwriters are ruminating -- 1) are your lithium battery-powered golf carts stored in or under the clubhouse? Or are they in a separate cart storage building? 2) are your employees adept at storing/utilizing them properly with the proper ventilation? 3) let's have a conversation about this...some carriers are declining to offer proposals based upon this. So...is your agency equipped with other carriers to deliver? Wells Insurance can provide a robust marketplace for you. Thermal Runways and Lithium batteries .... https://lnkd.in/e7-WZ4Ks #CMAA #NGCOA #golfbusiness National Golf Course Owners Association (NGCOA) Carolinas Chapter CMAA Club Managers Assn of America (CMAA)

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Pet Insurance market expected to hit $19.15 billion USD by 2032... Several factors contribute to growth, in this case: Increasing adoption rates for companionship during lockdowns, and post-WFH life. Also, with more and more people having children later in life, if at all; they're spending more on their beloved pets. Rising cost of veterinary care is driving pet owners to seek insurance to mitigate expenses. Excluding unexpected vet bills, the average cost of owning a dog is $1,400 yearly, while the average cost of a cat is $1,150 yearly. I had a conversation this week with a business that lost their group offered pet benefits. All because they elected not to bundle another product, and save by switching that specific product. I'm more than happy to help them get back on track with pet benefits, and have access to the best in the industry. Because owning a pet clearly isn't just relative to accidents/illnesses. We have the complete comprehensive bundle for every day expenses, as well as top tier accident/illness insurance, as well as wellness packages. I truly love what I do, and I get to see the excitement and joy from all I work with when they see what they can offer to their employees. How does a benefit package go from good to great? By having the best plans in each category. Pet benefits are no different, don't just check a box. Everyone have a great weekend, sending you off with the Chief Corgi Officer himself, and a guest appearance from his cousin Murphy.

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As our experts talk with businesses about the road ahead, they've identified four big trends that will shape the next few years: trade, technology, weather and workforce. In our new Client Trends Report, Aon leaders reflect on how they are working with clients to tackle these challenges head-on, and what they see as the biggest opportunities in the next three years. Get ahead of risk and discover the insights here: https://aon.io/3QjzXE1 #MegaTrends #ClientTrendsReport #BetterDecisions

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The #1 way to kill the chances of a better insurance quote... 💀 Not sharing your expiring premium with the other insurers. Would you put an offer in on a house without knowing the asking price? 🏡 Likely not. Underwriters want to spend time on deals they know they have a chance at. Telling them your expiring premium is the surefire way for them to know if it's possible they can compete. And if they can, it encourages them to bring their best price forward. 💵 Some people think this isn't fair to the existing insurer - but it's the EXPIRING premium. Your new premium will change with your new renewal terms. Keep this in mind when shopping for insurance, I think the results will surprise you.

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Want early access to quarterly premium and loss experience? Our new Early Look series can help you: ✔️Identify early trends ✔️Compare patterns by state ✔️Benchmark early patterns with your findings The first general liability report is available now to Actuarial and Strategic Data Insights subscribers through ISOnet. We plan to add additional lines starting in 2025. #GeneralLiability #Underwriting #Insurance #Verisk https://ow.ly/MJAh30sCJ6O

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📊 Lockton's 2024 National Benefits Survey unveiled a noteworthy shift in employer priorities, showing a narrowing gap between talent acquisition and costs. Dive deeper into the findings with our executive summary. Knowledge is power! 💡 #HRtrends #HRInsights #BusinessLeadership #EmployeeBenefits #PharmacyBenefits #Specialtydrugs

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How is your company protecting its directors and officers against derivative lawsuits? Derivative claims often bring complex questions about director and officer indemnification. Yet, many companies fail to address these issues comprehensively. Here are key areas where companies are falling short: 1. Outdated Indemnification Policies: Many organizations have not updated their indemnification policies to reflect current legal standards. In states like Delaware, indemnification for settlements in derivative suits is prohibited, leaving directors and officers vulnerable. 2. Lack of Standalone Side A D&O Insurance: Standalone Side A D&O insurance is indispensable for protecting individual directors and officers from personal liability. Without it, your leaders could be exposed to significant financial risks, especially when company indemnification is not an option. 3. Inadequate Coverage Understanding: Companies often assume their current D&O policies are sufficient without thoroughly understanding the nuances. It's crucial to ensure that your D&O insurance specifically covers the complexities of derivative claims and provides the necessary protections. 4. Proactive Policy Review: Regularly reviewing and updating indemnification policies and D&O coverage is essential. This proactive approach ensures that your company remains compliant with state laws and adequately protects its leadership. Are you confident that your indemnification policies and D&O coverage are up to date and fully protective? Remember, when it comes to your Executive and Financial Risk Insurance, you don't necessarily get what you deserve; you get what's negotiated for you.

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Catch up on Q1 financial trends with Marsh McLennan Agency s on-demand #webinar. Take a deep dive into economic and market updates. https://bit.ly/3Q89HMG #FinancialMarket #Investment #MarshMMA

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Interesting read here on new attempts to cap health care cost increases to 3% annually. And by interesting, I mean pretty void of common sense and basic math. A couple of questions come up when reading this. 1. Does anyone want any more government involvement in healthcare, especially in California? We are all familiar with the Affordable Care Act currently and not sure anyone would argue that is affordable anymore. 2. When you require hospitals and health clinics to increase their minimum wage to $21/hour, but cap the amount they can be reimbursed for services, what did you think would happen? Having 10-12 clients in this space and seeing the impact this is having on them obviously makes me a little biased, but like most things coming out of the legislature in Sacramento, the opposite effect of their intended goal is what usually occurs. This may potentially cause more facilities to close and thus reducing access to care for more residents and employees.

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Dive into Marsh McLennan Agency's latest blog on pharmacy compounding and GLP-1 medications! Discover why compounding is crucial and how GLP-1s are shaping the future of health care. #HealthCare #Pharmacy

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Attention Health Plans: Are you ready for the retention challenges of 2023? With market upheavals and increasing competition, it's crucial to focus on keeping your members loyal. Discover how our data-driven insights can help you proactively identify and engage at-risk members. Comment below if you're interested in learning more! #Healthcare #Insurance #Medicare #Medicaid #ACA #MedicareAdvantage #Retention

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To call the health insurance system confusing would be an understatement. No surprise then that managing its complexities and affording needed care can be challenging for many American businesses and their employees. In a recent poll, some health-related activities that many take for granted are challenges for many others. For instance: • About half of U.S. adults say it is difficult to afford health care costs, and one in four say they or a family member in their household had problems paying for health care in the past 12 months. • The cost of health care can lead some to put off needed care. • The cost of prescription drugs prevents some people from filling prescriptions. • Those who are covered by health insurance are not immune to the burden of health care costs. • About four in ten adults (41%) report having debt due to medical or dental bills including debts owed to credit cards, collections agencies, family and friends, banks, and other lenders to pay for their health care costs • About three in four adults say they are either “very” or “somewhat worried” about being able to afford unexpected medical bills or the cost of health care services for themselves and their families. For HR departments and those responsible for employer-sponsored insurance, your people still may have issues with affordability, prescription drug costs, or putting off needed care. At Equinox we are pushing back against this trend, applying smart programs to reduce the cost of medical care and prescription drugs. You can have a positive influence on the quality and application of the plan you administer. Let’s discuss how we can help you buck the trend. #healthcare #affordability #HR https://loom.ly/3htqbao

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Avoid this common insurance blunder 👇 You know that companies website that shows projects they've completed a decade ago? The one that says they can build and do anything - skyscrapers, snow removal, etc. 🏢❄️ It's literally costing that company interest from underwriters and ultimately money.💸 One of the first things an underwriter does when they receive a submission for your business - check for your website. There's two ways to fix this: 1) Delete your website altogether. No website is better than an inaccurate one. 2) Update your site to reflect only what you actually do. Even if there's specialty work you've done in the past, but rarely do - only list your bread and butter. Less is more. Underwriters will decline to quote due to your website. This might seem crazy, but it's the reality. Having a nice looking, up to date website that highlights your company can open doors with underwriters and avoid tons of unnecessary questions. 🔑✨ You may only have one chance to make a first impression - make sure it's an accurate one. #businessinsurance #construction #contractors #constructioninsurance

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With GLP-1 drugs being the wave of the future, it's important to know advantages and disadvantages when considering adding these options to your group health plan. Stay up to date on the cost trends!

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Can a Self-Funded Plan Be Part of Your Strategy to Lower Healthcare Costs? If you’re the COO or head of HR, you know it’s an on-going battle to keep company healthcare costs in check. If you’re not familiar with Self-funded insurance, you should be. More companies, and not just large corporations, are now partnering with their insurance companies to better manage the healthcare needs of their own employees. There are several advantages to this strategy. To name a few: ·        More flexibility in covering your specific employees needs ·        Pay only for the coverage you are using ·        Subject to less regulation ·        At the end of the year, there may be monies left over the company can recoup Equinox has helped many companies make the transition from Fully Insured to Self-Funded - and on to greater cost control and employee satisfaction. Let’s talk about how a Self-Funding strategy may be the answer for your company. #selffunded #benefits #healthinsurance https://lnkd.in/eJ2UB65p

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When it comes down to it, insurance is your safety net. But understanding the nitty-gritty details, like deductibles, can sometimes feel like deciphering a secret code. Let's crack the shell on this and break it down.   🏠 Home Insurance Deductibles 🏠 Imagine a leaky roof causing $1,000 in damage to your home. If your deductible is $500, you'll pay that amount out of pocket, and your insurance kicks in to cover the remaining $500. Simple, right? Now, here's the catch: Higher deductibles typically mean lower premiums (the amount you pay for insurance). So, if you're willing to shoulder more of the upfront costs in the event of a claim, you could save money on your monthly premiums. It's a trade-off between what you can afford to pay out of pocket versus what you can afford to pay monthly.   🚗 Auto Insurance Deductibles 🚗 Let's say you're in a fender bender that causes $1,500 in damage to your car. If your auto insurance deductible is $500,you pay that, and your insurer covers the remaining $1,000. Again, higher deductibles mean lower premiums, so choose wisely based on your budget and driving habits.   💡 Tips for Choosing Deductibles 💡 ·      Evaluate Your Finances: Can you afford a higher deductible if you need to make a claim? Balance your deductible with your savings. ·      Consider Your Risk Tolerance: Are you a cautious driver or homeowner? A higher deductible might be worth it if you rarely make claims. ·      Do the Math: Calculate the potential savings of higher deductibles versus the increased out-of-pocket costs. ·      Review Regularly: Life changes, and so do your insurance needs. Periodically reassess your deductibles to ensure they still align with your financial situation.   Understanding deductibles is key to unlocking the right insurance coverage. By weighing your options and making informed decisions, I can protect what matters most without breaking the bank.

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