Rachel Sapoznik, Founder, CEO, & President of Sapoznik Insurance is Recognized as one of EBA’s 2018 Most Influential Women in Benefit Advising

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Multiple Storms and a New Category Introduced: What Dealerships Need to Know About Hurricanes

Preparation is key to getting through any natural disaster. In Florida, the main risk to your dealerships are hurricanes and tropical storms. As hurricane season begins earlier each year, there is no time like the present to start.

Ask yourself these questions:
  1. Could business continue if the city or streets near my dealership are closed?
  2. How could I serve my customers’ needs if my facility needed to close for months?
  3. Could my business survive if it was closed for weeks or months?
  4. Will it affect deliveries or my business contacts?

As reported by the American Red Cross, almost half of all small businesses affected by a major disaster, such as a tornado, flood, earthquake or hurricane, do not reopen their doors because they were unprepared. Even if your dealership is not in danger of a storm, there are plenty of other natural disasters to worry about and having a plan is vital.

Preparation Is Key

Consider incorporating the following before disaster strikes:

  1. Check local flood maps and have your building inspected by a licensed professional to ensure the roof and other connections comply with the wind loading requirements for your area.
  2. Consider installing impact-resistant film on your windows.
  3. Gather a list of vendors and telephone numbers that are critical to your daily operations. If you heavily rely on one or two vendors, consider adding one outside of your area.
  4. Prepare a list of companies that can assist you in recovery efforts, such as removing debris, moving and computer services.
  5. Prepare a list of your employees and their contact information.
  6. Arrange for communication with clients, customers, and employees to keep them informed.
  7. Diversify your customer base, products, and sales locations, this will prevent significant loss if most of your customers are affected by the hurricane.
  8. Take before and after pictures of the business for insurance purposes.
  9. Shut down all incoming power, electric, gas, water lines, computers, copiers, etc. to not create excessive surge when power is restored.
Prepare for Business Continuity and Recovery

Dealers in South Florida should be concerned about flood damage. While business interruption and many property and casualty policies do not cover flood damage, The National Flood Insurance Program includes the option of buying the coverage.

Beyond reviewing the policies, have your business appraised every five years, conduct an inventory of your supplies and equipment, and leave this information in an off-site location.

In the wake of a disaster, the primary goal should be to restore customer confidence by getting the doors open as soon as possible.

Additional tips, provided by the Florida Automobile Dealers Association:
  1. Be aware of your responsibility to mitigate damages following a storm. Your insurers require you to secure your premises and prevent further damage from wind and rain following a storm.
  2. Develop a plan for your replacement inventory; several dealers noted that it was vital to remove damaged vehicles before new inventory can be brought in.
  3. Most dealerships have difficulties locating skilled labor to help with damaged roofs and other structural work. Contact contractors in advance as supplies may be unavailable after a major storm.

A disaster preparedness plan is something you hope you never use but, proper planning can give you the peace of mind that comes with knowing that your business is ready, willing, and able to shift into disaster response mode, if necessary.

This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice.

 

 

The Perfect Fit: Tailor your Healthcare Coverage to fit your Employees

Choosing the right healthcare coverage is difficult and often seems like a one-size-fits-all package: expensive coverage with options you may not need.

Whether you’re a CFO, HR Director, or company leader, you’ve got a difficult decision to make. How do you keep employees happy and control costs in a high insurance premium environment? Going with a traditional, fully insured health insurance plan may not help you reach your goals, but you’re not sure what alternatives exist.

If only you could design your own plan….

You’d choose a plan you could monitor for cost-effectiveness and retain your talented staff members. It would have the benefits designed specifically for your employee demographics without paying for benefits you don’t need. And it would fit your budget.

Creating your own healthcare insurance plan is no longer a dream, but a reality. So, how do you do it?

Find a reliable partner that can provide you with these 6 things:

1. Data Analytics

To control costs, you must understand what is driving those costs and monitor them regularly. With a data analytics dashboard, you don’t just hope and pray your costs to stay in line. You have immediate access to your plan’s performance and the individual factors that drive costs including pharmacy claims, utilization rates, and clinical outcomes. You can’t control what you don’t monitor – but we give you the tools to keep your costs and plan aligned.

2. Disease Management

Recent studies indicate that rising healthcare costs can range in the million-dollar (or more) for chronic illnesses. Keeping on top of those conditions and managing their outcomes can make or break your budget. Find a partner that can provide you with the management tools you need to monitor and address these difficult conditions and their impact on your company.

3. Wellness Management

Healthy employees are the key to controlling healthcare premiums. Investing in their health can play a huge part in holding down premiums. Explore innovative, easy to understand wellness programs that encourage your staff to stay healthy by engaging with their providers.

4. Employee Demographics

Your company’s line of business and employee demographics are the basis for designing insurance plans. Whether you’re a car dealership, tech startup, non-profit or call center, you have specific demographics that drive the cost of your plan. Understanding how to leverage those demographics to create a tailored plan is the key to creating cost-effective plans that keep employees happy.

5. Technical Integration

Gone are the days of unused paper benefit booklets, claim forms, and enrollment applications. HRIS systems increase efficiency for both the HR department and employees. Find a partner with an intuitive system designed to easily integrate with most HRIS systems to make it easier for your HR department and employees to have access to their enrollment, payroll, and benefits information.

6. Plans Your Employees Will Enjoy

In this era of unprecedented low unemployment, losing key staff members is a significant hardship on the entire company. Valuable benefits that are easy to access, meet their own and family needs, and have affordable premiums are key to keeping staff members productive and around for the long term. With options for Telemedicine, EAP, HRIS system access, keep your talented staff around for the long term.

Benefits should be designed to fit your unique needs, at a price you can afford, and that employees will like and use. Here is a case study from our friends at Evolution Healthcare that will walk you through the advantages of a customizable, self-funding insurance plan.

If you want to find out more about how to create a unique plan that fits your budget, satisfies your team members, and lets you keep more of your profits contact Sapoznik today!