Starting on January 15, 2022, most people with a health plan can purchase an at-home COVID-19 diagnostic test authorized by the U.S. Food and Drug Administration (FDA) at no charge. Depending on your health plan, the test may be free over-the-counter when you purchase it at participating “in-network” pharmacies. Or, you might have to submit […]
No matter what kind of business you run, you need protection against all kinds of threats, including lawsuits. General liability is a crucial part of any business insurance package and an affordable way to protect your Michigan business. What is General Liability Insurance? General Liability insurance protects a business against lawsuits and claims arising from […]
Michigan small business owners face various risks. Insuring your business protects you from unexpected expenses, but selecting the right coverage can be challenging. So, what kind of business insurance do you need, and what does it cover? Here are a few helpful tips for choosing the right policy for your small business. The Importance of […]
When your homeowner’s insurance policy renews, there are a few factors to keep in mind about the replacement cost of your home. You may see an increase in your replacement cost from your carrier this year. So, we are providing a deeper dive into the reasons for the possible gains. How does replacement cost work? […]
Cybercrime is one of the most rapidly emerging exposures to any business today. While larger organizations have sophisticated protection to fight a cyberattack, small and medium-sized companies have become the primary targets for hackers. Such claims can cost hundreds of thousands of dollars and require pricey forensic investigations that take several weeks to complete. However, […]
Cyber criminals are creating new advanced social engineering tactics and targeting small and medium-sized businesses. The FBI estimates that cyber criminals stole more than $28 billion through email fraud from 2016-2020, with an average loss per incident of more than $150,000. Business owners and IT professionals must adapt to these rising social engineering trends to reduce exposure. One of the […]
Multi-Factor Authentication sometimes referred to as two-factor authentication, is a cybersecurity measure that requires users to confirm multiple factors verifying their identity before accessing a network or system. Generally, users must provide a password, verify access by inputting a code sent to another device or confirm access with biometric data such as a fingerprint. Unfortunately, those […]
The annual Medicare Part D disclosure notices have a deadline of October 15, 2021. Annual Medicare Part D Notices Medicare Part D imposes disclosure requirements on employers with group health plans that provide prescription drug coverage to Medicare-eligible individuals. Plan sponsors must provide the annual Medicare Part D creditable coverage disclosure notices to individuals before […]
What is Medical Loss Ratio? Medical Loss Ratio (MLR) is the percent of premiums an insurance company spends on member care, claims, and administrative expenses that improve health care quality. What is the Medical Loss Rebate? The Patient Protection and Affordable Care Act (PPACA) of 2010 requires insurance companies to pay annual Medical Loss […]
Business owners may believe they only need basic commercial insurance coverage, but it’s wise to investigate obtaining coverage for a commercial crime insurance policy. Even with the most trusted of employees managing and operating your business, can you afford to take the chance? Commercial Crime Insurance Real-Life Example In May 2020, our team at Mason-McBride […]
