WELCOME FRIENDS AND VALUED CLIENTS OF JGS INSURANCE , A BALDWIN RISK PARTNER
Welcome to the fall 2023 issue of JGS Risk & Business Magazine , your source for insightful and informative businessrelated articles and advice . From the impact of reinsurance on your premiums and the introduction of active shooter coverage to combating cyberattacks , taking control of your health insurance budget , and creating a strong company culture around safety , we have a lot in store for you this issue .
Rates for reinsurance , also known as “ insurance for insurers ,” are on the rise and have an “ invisible ” impact on premiums for home insurance , car insurance , health insurance , and other types of insurance . This is primarily because the frequency of catastrophic events is increasing , and insurance companies can no longer afford to carry all of the risk for policies . You can learn about the role of reinsurance and the impact it ’ s having on your premiums in Nick D ’ Onofrio ’ s “ The Reinsurance Puzzle – Here ’ s Why ” on page 5 .
Violent crime isn ’ t the only crime on the rise . With the advancement of artificial intelligence , among other things , cybercrime is at an all-time high . If you have weak passwords , disabled security tools , unprotected personal computers , or public Wi-Fi , you are seriously at risk , and attacks can cost upwards of $ 650,000 . Unless you are willing to assume that amount of risk , you should be implementing cyber insurance into your business budget . Decide for yourself after reading Russell Uhrig ’ s “ The Threat of Cyberattacks : Cyber Insurance and How It Helps ” on page 15 .
Taking control of your health insurance starts with an ICHRA , or Individual Coverage Health Reimbursement Arrangement . ICHRAs are available to employers of all sizes and can be designed to accommodate full- and part-time employees as well as contractors . When using an ICHRA , you as the employer simply need to determine how much you want to contribute towards these community-rated healthcare benefits and your employees then select their own insurance company and plan . Glean the details around how and why to sign up in Barry Fields ’ s “ Take Control of Your Health Insurance Budget ” on page 12 .
Finally , your company ’ s safety culture is a direct reflection of the people who work in it , including you . Not only that , developing a strong safety culture has the single greatest impact on accident reduction in any workplace practice . Management is responsible for instilling passion and responsibility around safety so that minimal accidents occur . You can go about this in a number of ways , which Eric Wokas discusses in detail in “ Creating a Strong Safety Culture ” on page 14 .
With that , I ’ ll let you dive into the magazine . I hope the content is useful to you , and we look forward to hearing your feedback . +
VINNIE HAGER , MANAGING PARTNER JGS INSURANCE , A BALDWIN RISK PARTNER JGSINSURANCE . COM
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