At SourceOne we believe that an agent's role is more that just getting you a policy. We take the time to work with you on the harder issues that may be costing your company money. Insurance is a risk transfer by contract. In some cases, there may be alternatives that are more appropriate for that transfer other than insurance. We work with your counsel to analyze restructuring your company to protect assets, using off-shore captives which allow certain tax benefits and cash management issues, as well as traditional models that may be appropriate for your needs.
Currently the legal arena is directing coverage issues. Those court decisions are determining coverage issues and tax issues as well as policy interpretations as new areas evolve. Privacy laws are dictating the use of employee information and on the side, HIPAA, COBRA and numerous other new regulations are changing the environment employers must not only operate in but also be cognizant of from a compliance standpoint.
For example, the area of fiduciary liability has currently undergone changes with the news of Enron, WorldCom, etc. A recent Supreme Court decision is redefining those obligations. Based on those changes, we are recommending the following: (1) that pension plans be structured to eliminate personal liability to the extent possible as determined by your counsel and (2) that a Fiduciary Liability Policy be considered to cover the personal liability that attaches under an ERISA controlled plan.
In addition, we look at other issues that may not be fully explored by you because of time constraints. For example, the misclassification of either your Worker's Compensation or General Liability can amount to thousands of dollars out of your bottom line. If you have been misclassified, our experts at SouceOne will go back and try to recover those funds on your behalf. This is a unique service SourceOne offers which has literally put hundreds of thousands of dollars back in our client's pockets.
Self-funded insurance is another area where we have a background to assist you in your analysis. With an attorney with training in the reinsurance arena and an on-site former TPA claims administrator, SourceOne brings the ability to audit your current TPA as well as review your current reinsurance structure. Plan design services are also available.
At the end of the day, the best option is what works for your company. Let the experts at SourceOne help you think outside the box to determine what may be a cost-effective alternative and long-term strategy for your company.
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