Filed under: Combs & Company, Cyber Liability, Feature Friday, Insurance 101 | Tags: Combs & Company, Cyber Liability, Feature Friday, Insurance 101, Mitchell Ledven
By: Mitchell R Ledven, Insurance Advisor, Combs & Company, LLC
The current landscape of the U.S. workforce is quite different than it was six months ago. In a world once consumed by daily human interaction, we now find ourselves spending most of our days sitting in front of a screen and talking behind a keyboard. Some may say that this is just a short-term solution to the problem at hand, while others say it will be the way of life moving forward. While we don’t know for certain which answer is correct, we can agree that one thing is for sure and that is every day you log into a computer, there is a risk that someone is out there trying to take advantage of you. That person could be your next door neighbor or a 12-year-old hacker sitting in their parent’s basement on the other side of the globe. The point of this blog isn’t to shake you out of your boots, but it is to inform you about a way to protect your business and its assets. Enter Cyber Liability Insurance, a coverage that helps protect data and operations of your business if you find yourself the victim of a cyber related attack. Here’s how it works:
Cyber Liability Insurance helps protect your business from losses resulting from online threats. These breaches can be suffered on a 1st and/or 3rd party basis. This is a responsive coverage to help soften the blow due to a cyber-attack.
What it Protects Against:
- Username and password theft
- Phishing emails
- Ransomware/cyber extorsion
- Defense costs, fines, and penalties
- Business interruption after a cyber related incident
- Breach response
- Funds transfer fraud
- Crisis management/PR
- Website is hacked
In a Nutshell: If you store data or have systems connected to the internet, you are exposed to cyber threats.
Is it required?: No. However, all states have laws regarding breach notification. Some states have laws dictating cyber protocols. For example, NY has DFS rule 500 and the SHIELD Act, while California has the California Consumer Protection Act (CCPA).
Filed under: Combs & Company, Covid-19, Disaster Relief, HR, Insurance 101 | Tags: Chelsea Whalley, Covid-19, Furloughed Employees, Human Resources, J Donovan Financial
Strategizing on how to bring some furloughed employees back? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.
1. Create a staffing plan that revolves around the needs of the COMPANY first. Ask yourself where you anticipate being busy and where you may be slower. Create a plan accordingly.
2. Choose which staff return based on unique skill sets needed, overall job performance, seniority/tenure, or their willingness to do jobs outside of their normal scope.
3. DO NOT discriminate based on age, perceived disabilities, or by retaliating for taking paid sick leave.
Make sure to DOCUMENT your process ahead of time and COMMUNICATE to your staff your plan to avoid unnecessary stress for everyone.
*REMEMBER TO ALWAYS CONSULT YOUR ATTORNEY OR HUMAN RESOURCES VENDOR FOR ADVICE* If you need these types of vendors, we can refer you to them.
Filed under: Combs & Company, Covid-19, Important Notice, Insurance 101, Insurance Education, Insurance Women | Tags: Chelsea Whalley, Insurance 101, J Donovan Financial, Section 125, Special Mid-Year Enrollment for Section 125
Looking for an easy digestible explanation what considerations to make for Mid-Year Enrollments under a Section 125 plan? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.
Special Mid-Year Enrollment Window
1. Get Approval from Health Insurer in writing. If Self-funded, approval comes from stop-loss carrier.
2. Decide if these special deductions will be pre-tax or post-tax. As of right now, the IRS has issued no guidance for pre-tax elections due to COVID-19.
Section 125 Mid Year Election Change Events:
1. Change in employment status if the change impacts eligibility for health plan
2. A significant change in health plan coverage
3. HIPAA Special Enrollment (marriage, birth, etc)
To avoid any unintended liability, employers should check with your CPA and/or attorney to decide what is best for your business.
Filed under: Combs & Company, Combs & Company Blog, Covid-19, Important Notice, Insurance 101, Vlog | Tags: Combs & Company, Coronavirus, Covid-19, Stay Safe, Vlog
Just some quick information on symptoms of Covid-19 and what to do if you think you may be infected.
Filed under: CARES Act, Combs & Company, Covid-19, Disaster Relief, Health Insurance, Insurance 101 | Tags: CARES Act, Chelsea Whalley, Combs & Company, Covid-19, Disaster Relief, J Donovan Financial
Curious how the CARES Act will impact Employer Health Plans? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) into law to provide $2.2 trillion in federal funding to address the COVID-19 crisis. The CARES Act makes a variety of changes affecting health plans. These changes include:
1. Expanding the types of coronavirus testing that all health plans and health insurance issuers must cover without cost-sharing (such as deductibles, copayments or coinsurance) or prior authorization
2. Accelerating the process that will require health plans and issuers to cover preventive services and vaccines related to COVID-19
3. Allowing telehealth and other remote care services to be covered under a high deductible health plan (HDHP) before the deductible is met, without affecting the HDHP’s compatibility with health savings accounts (HSAs) (applicable for HDHP plan years beginning on or before Dec. 31, 2021)
4. Treating over-the-counter (OTC) medications, along with menstrual care products, as qualified medical expenses that may be paid for using HSAs or other tax-advantaged arrangements, such as health flexible spending accounts (FSAs) or health reimbursement arrangements (HRAs)
Filed under: Combs & Company, Covid-19, Health Insurance, Insurance 101, Insurance Education, Vlog | Tags: Chelsea Whalley, Combs & Company, Covid-19, Insurance 101, J Donovan Financial
Here are 4 quick ways to keep your health insurance coverage by our Combs & Company friend, Chelsea Whalley of J Donovan Financial.
This is for employees who have lost coverage through an Employer Sponsored Plan.
1) COBRA- Contact your Benefits Administrator. Remember, there is no employer contribution so this is an expensive option.
2) Spouse Plan- This Qualifying Life Event (loss of coverage) creates a window of opportunity to join your spouse’s health plan. Contact your spouse’s Benefits Administrator for pricing.
3) Medicaid- A severe loss of income may qualify you for Medicaid at http://www.medicaid.gov
4) Healthcare.gov – The QLE allows you 60 days to enroll in an individual plan on the marketplace.
Filed under: CARES Act, Combs & Company, Combs & Company Blog, Covid-19, Disaster Relief, Families First Coronavirus Response Act, Feature Friday, FFCRA, Health Insurance, Insurance 101, Insurance Education, Insurance Women, Paid Family Leave, Susan L Combs, Vlog | Tags: Chelsea Whalley, Combs & Company, Coronavirus, Covid-19, J Donovan Financial, Paid Sick Leave Exemptions
Filed under: Combs & Company, Covid-19, Feature Friday, Insurance 101, Vlog | Tags: Coronavirus, Covid-19, Feature Friday, Stay Healthy, Vlog
Just some quick tips to stay healthy during the Covid-19 Pandemic!
Filed under: Combs & Company, Covid-19, Disaster Relief, Families First Coronavirus Response Act, FFCRA, Health Insurance, Important Notice, Insurance 101, Paid Family Leave, Susan L Combs, Vlog, Women in Insurance | Tags: CARES Act, Chelsea Whalley, Coronavirus, Covid-19, Disaster Relief, Federal Loan Forgiveness, Federal Loan Forgiveness CARES Act, FMLA, J Donovan Financial
Curious how the forgivable loans work under the CARES Act? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.
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