Categories ArchivesNews and Analysis

Quick Take: Making Your Broker Selection standard

Risk Cooperative helps organizations navigate the complex world of health insurance and employee benefits.  Learn More Whether you need a comprehensive benefits package or general liability coverage, your insurance broker should be a valued partner that inspires trust. A client/broker relationship should identify the organization’s financial and business needs, leading to a strategic approach toward reaching the client’s benchmarks and achieving long-term goals. But finding clear advice about how to choose your broker can be difficult. In this article, we answer some basic questions to help you in your decision. Q: Why should you use a benefits broker? A: Benefits brokers provide many advantages in addition to helping a business procure health insurance, including: Improved Talent Recruitment and Retention | The market ...

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Quick Take: What is Tech E&O insurance? standard

Risk Cooperative helps organizations build cyber resiliency and implement pro-active cyber risk management strategies.  Learn More Imagine you are the CEO of a software company and you experience a ransomware attack that not only affects you but also hundreds of your clients? This situation occurred during the summer of 2019 when The Digital Dental Record and PerCSoft collaborated on a software solution for dentist offices called DDS Safe. According to the technology website ZDNet, ransomware called REvil was spread to hundreds of computers in dentist offices around the country through DDS Safe. While the makers of the software paid the ransom so that these offices could gain access to their systems with important medical records, there were reports of some offices ...

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Quick Take: Roadmap to CMMC Compliance standard

Risk Cooperative helps organizations build cyber resiliency and implement pro-active cyber risk management strategies.  Learn More Despite COVID, deployment of requirements for CMMC compliance are moving forward, and so must contractors' preparations to meet them. While many businesses have halted operations during the ongoing COVID-19 pandemic, the Pentagon has been steadily moving ahead with its implementation of the Cyber Maturity Model Certification (CMMC) program for Department of Defense (DoD) contractors. Although the timeline has shifted slightly, contractors should be preparing for certification now if they wish to continue bidding on potential contracts. While the CMMC requirements and auditing process continue to evolve, the following five step roadmap can help companies plan ahead and ascertain which certification level they must prepare to meet. ...

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What’s the Cure When International Disputes Threaten University Finances? standard

Risk Cooperative helps organizations build resiliency and implement pro-active risk management strategies.  Learn More According to Educationdata.org, in 2019 the total number of international students studying in U.S. colleges and universities was approximately 1,095,299.  The site reported that in 2018, the U.S. economy experienced a $45 billion boost from the presence of the international student community.  However, this economic boost faces headwinds in the foreseeable future due to the current pandemic and the travel restrictions created by closed borders.  The pandemic, coupled with growing international political discord, has created more complexity for international students seeking to attend college in The U.S. for the upcoming Fall Semester and is putting university coffers at risk.  A Shrinking Pipeline  The White House announced on April 22 that the executive branch issued a “proclamation suspending entry ...

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RC Quick Takes – Crisis Preparedness Checklist standard

Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk.  Subscribe to Insights This is the third and final installment of our business resiliency best practices, outlining preparedness elements to have in place before a crisis. Part one offers guidance on responding to an active crisis. Part two addresses components of a post-crisis recovery. As you implemented your crisis response and recovery strategies, you no doubt realized that the most effective way to respond to a business interruption incident, be it cyber attack, global pandemic, natural disaster, etc., is through careful preparation. Whether your crisis plan was not sufficiently detailed, had out-of-date information, or for some other reason was less than ideal, the ...

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RC Quick Takes – Crisis Recovery Checklist standard

Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk.  Subscribe to Insights This is the second of three installments of our business resiliency best practices, addressing components of a post-crisis recovery. Part three will outline preparedness elements to have in place before a crisis. Part one offers guidance on responding to an active crisis. Now that you have navigated your business through the crisis response checklist and the most acute challenges have begun to abate, it is time to implement a thoughtful “back to business” strategic plan. Any crisis that threatens business continuity – cyber attack, global pandemic, natural disaster, etc. – will have a profound impact on business operations going forward. ...

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RC Quick Takes – Crisis Response Checklist standard

This is the first of three installments of our business resiliency best practices, covering responses to an active crisis. Part two will address components of a post-crisis recovery. Part three will outline preparedness elements to have in place before a crisis. The COVID-19 pandemic has exposed the vulnerabilities of organizations to withstand a major business interruption. While a global pandemic is certainly a unique circumstance – never before have so many businesses and individuals globally faced the same existential crisis – the likelihood of another interruption is a matter of when, and not if it will occur. When a crisis transpires, an organization’s response must address the crisis while preventing negative reputational impacts, protecting current and future business deals, and ...

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Why Payer-Provider Networks Will Help Health Care Flourish Post COVID-19 standard

Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk.  Subscribe to Insights Health insurance carriers have made efforts to support subscribers and dependents through the pandemic crisis by waiving cost sharing such as co-pays, coinsurance and deductibles for providers’ office visits, lab fees and treatments related to COVID-19. According to The Wall Street Journal, some major insurers are going the extra mile by financially assisting health care providers as they struggle from the sharp decrease in non-emergency services caused by the pandemic. AHA Moment: Insurers Answer the Call for Help Health care providers, including hospitals, clinics, and doctors, have experienced financial distress during the pandemic due to the delay of elective surgeries and decline in demand ...

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Employee Benefits: The New Form of Recruitment and Retention standard

Choose an insurance broker who's a trusted partner, invested in your success.   Broker Resources The global pandemic has changed workplaces throughout the U.S., placing a spotlight on employers to reevaluate their benefits policies and offerings. The increasingly competitive market for talent requires businesses to use more than salary to attract and retain skilled professionals. Employers are finding employee benefits packages to be a powerful tool for employee recruitment and retention. Auxiliary benefits—those that go beyond medical, vision and dental coverages—can have an outsize impact relative to their cost. Providers often additional incentives to bundle several of these benefits together. Income or job loss due to a short or long-term disability can be financially devastating, but insurance can provide employees with security and financial ...

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Why We Need a Federal Standard for Health Care Access and Provider Viability standard

Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk.  Subscribe to Insights While the COVID-19 pandemic has caused health care facilities to rethink their operational strategy, the government has been supportive in the form of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. According to the U.S. Department of Health and Human Services website, CARES provides $100 billion in relief funds to hospitals and other health care providers on the front lines of the coronavirus response. This funding will be used to support health care-related expenses or lost revenue attributable to COVID-19 and to ensure uninsured Americans can get testing and treatment for COVID-19. While the $100 billion will have a major impact on ...

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