Employer Tips for Preventing Workers’ Comp Fraud

midwestern logoWorkers’ Compensation Insurance is a necessary coverage for the majority of employers. Unfortunately, businesses of all types are at risk for experiencing some kind of workers’ compensation schemes. In order to prevent these fraudulent activities from occurring in the first place, employers can practice the following techniques.

  1. Report injuries immediately to insurance provider- According to EHS Today, the primary goal is to make sure the injured worker receives the proper treatment and that the recovery protocols are followed to facilitate a speedy recovery so the injured worker is returned to health and the job as quickly as possible- when this process is followed, the possibility of fraud is less likely.
  2. Provide proper training and supervision- As the manager of the company is often the point of contact for the injured employee, ensure they know how to handle workers’ compensation claims. In addition, managers should accompany the injured worker to their medical appointments whenever possible in order to reduce the chances of fraudulent claims. Next, managers should be encouraged to communicate with the physician and the worker about the status of their recovery. This will prevent the worker from feeling neglected and reduce the chances of a potential lawsuit.
  3. Investigate the accident immediately- While the injury is still new, investigate how and why the accident occurred. This can help to determine where the issue lies and identify how it can be prevented from happening again in the future. Further, the more facts and evidence gathered can prevent a scam from occurring.
  4. Background checks- Past criminal history can indicate a theme for fraud. By performing background checks, employers can understand who exactly they are hiring to protect their business in the long run.

The staff members at Midwestern Insurance Alliance are experts in providing Workers’ Compensation coverage, and view their relationship with policyholders as a partnership. To learn more, please contact MIA today.

At K2 Insurance Services, LLC, we are dedicated to creating a leading underwriting and distribution franchise both in the standard and specialty program insurance markets. K2 was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and partners, please contact us today at (855) 976-8113 or visit K2INS.COM.

Using Content Marketing to Grow MGA Business

It should come as no surprise that all functions of business and marketing have moved online. From sales to promotions to research, conducting a business is completely different than it was even a decade ago. However, the good news is this: it is now easier than ever to both attract and retain clients. The internet allows for businesses of all types to interact and engage with prospective customers, and MGAs are no exception to this.

A big component of digital marketing is the content portion- which is used to build relationships, strategize new leads, and engage in practices to promote a business. By implementing a content marketing strategy, an MGA can demonstrate their expertise in their field, provide valuable and educational information, and give prospective clients a reason to consider their products.

An MGA can achieve this by publishing blogs, newsletters, white papers, bulletins, e-books, articles, and more via their website and social media channels. Ensure the material is relevant to the target audience, is consistent and fresh, and portrays the MGA as an expert. Ultimately, this will help to attract future clients and promote a positive brand and reputation for the MGA.

According to State of Inbound, 41 percent of marketers agree that content marketing has an absolute positive return on investment. Not only is outreach maximized by implementing content marketing, but target markets can be reached on a level that was not possible before. Marketing practices have come a long way in the last decade, and content marketing techniques are now vital components to helping an MGA grow their business.

K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and our partners, please contact us today at (855) 976-8113.

How DIC Insurance Provides Coverage Basic Policies Can’t

Vikco Insurance Services

When opening or managing a business, professionals often think of the most basic insurance coverages they need; property insurance, workers’ compensation, perhaps even professional liability. But what about the larger industrial or commercial risks that many businesses face throughout California and beyond? Earthquakes and Floods are what we are referring to; these risks require a special type of coverage called Difference in Conditions (DIC) Insurance.

Vikco Insurance Services, Inc. is an MGA that focuses primarily on commercial lines products, with a specialization in Commercial DIC Insurance. DIC coverage helps bridge the gaps in coverage in order to wholly protect businesses. These types of policies typically provide catastrophic coverage for perils that present severe property exposures; examples being flood and earthquake.

A common misconception is that a DIC policy is designed to simply increase property limits, but this is not the case. The DIC actually broadens coverage by providing additional limits of coverage for specific perils, when the business’s primary markets won’t provide adequate limits of coverage for their needs. DIC policies provide coverage for perils that are excluded from primary policies.

How can a business decide if it needs DIC coverage? They should complete a review of their current policy with the help of their insurance agent or broker, who will look at their current policy levers and determine if they are satisfactory for the company’s insurance coverage needs.

It’s important for company directors to remember that there is no standard DIC coverage form. Carriers each draft their own forms, so language in the policy should be carefully reviewed by company management and their insurance agent, before any agreements are made on insurance coverage terms.

To learn more about Vikco Insurance Services, Inc. and the products they offer, please contact Brian Thomas Cindric at 925.678.2103.

K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and partners, please contact us today at (855) 976-8113 or visit K2INS.COM

MIA Offers Specialized Insurance Programs

midwestern logo

Our last post focused on the importance of developing a niche market, or rather a group of potential customers who share common traits. MGAs must stand out from their competitors, and by only offering general business lines or personal lines, they are not always able to do so. Midwestern Insurance Alliance (MIA) is an example of an MGA that offers products to a niche market; by being involved in underwriting and claims management of Workers’ Compensation Business for over 30 years.

Serving as a mandatory state-based social insurance program, Workers’ Compensation provides employees with financial protection against a disability or death that occurs while at work, or resulting from their work duties. Coverage is elective in some states, however most states require that business owners accept Workers’ Compensation Law provisions and provide the specified benefits.

Workers’ Compensation coverage includes four different types of benefits; medical, disability, survivor’s, and rehabilitation. Without these coverages, employees would be more likely to take legal action against their employers if they’ve been injured or made ill while on the job. Before Workers’ Compensation was an available insurance coverage, this system that made it difficult for employees to obtain compensation for such injuries, however exposed their employers to financially devastating financial penalties under tort law.

What should employers know about Workers’ Compensation coverage? The following is a brief overview of the factors, offered by the American Institute of CPAs, your clients should be aware of:

  • They are 100% responsible for providing the coverage to their employees.
  • Their state mandates how much coverage they will need to buy, which employee classifications must be covered, and what percentage of an employee’s salary the employer will pay if the employee misses work due to a job-related injury.
  • All employees, volunteers, and vendors must be covered; each state excludes certain employee classifications.
  • Select off-site accidents are covered by Workers’ Compensation policies.
  • Injured employees have the right to file a claim for their benefits.

The staff members at Midwestern Insurance Alliance are experts in providing Workers’ Compensation coverage, and view their relationship with policyholders as a partnership. To learn more, please contact MIA today.

K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and partners, please contact us today at (855) 976-8113 or visit K2INS.COM

Building an Effective Managing General Agency

Building an Effective Managing General Agency

Building an Effective Managing General Agency

Last month, we took a look at some of the contributors to success for Managing General Agents, stating that when an insurance agent works with an MGA, they are granted tools and strategies in which utilizing will help them to provide the best customer service possible. Perhaps the biggest perk of working for a managing general agency is that the clients are their own, giving agents the ability to provide far better, individualized service to ensure their clients are happy. However, in order for an MGA to be successful and attract those insurance agents, they must start out strong by understanding how to build an effective Managing General Agency (MGA).

Any insurance professional who wants to build an MGA must have a realistic idea of how much their startup expenses will be, since they could be significant. Creating a detailed business plan with these costs in mind, exploring liabilities and risks, and obtaining the right insurance policies for themselves are all important steps in the planning process.

An effective MGA will also have already successful insurance agents, right from the start. The reason this is important is because these agents will help provide an MGA with predictable income early on, with very little assistance. This frees up an MGA managers time so that they can focus on recruiting and training for those who do need it.

Just as important as obtaining talent, is retaining it. An effective MGA manager will invest in their agents’ development. Understanding this and following the above guidelines are key to building an effective Managing General Agency.

K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and our partners, please contact us today at (855) 976-8113.

The Secret to Success for Managing General Agents

The Secret to Success for Managing General Agents

The Secret to Success for Managing General Agents

When an insurance agent works with the right MGA, they are granted the tools and strategies that will allow them to provide the best service they can to their clients, as well as the means necessary for them to reach their full potential. An MGA can certainly be the contributing factor to an insurance agent’s success, but what is the key to success for managing general agents?

In an independent study conducted among members of the Managing General Agents’ Association (MGAA), a group representing UK managing general agents, a large percentage of those questioned believe that the main strategic priority for MGA business growth over the next three years is moving into new lines of business or products. Many of the respondents plan on doing so by updating technology and increasing their business development/marketing activities.

What does this mean for MGAs in the U.S.? Perhaps there is a lesson to be learned here. By following suit and moving into new lines of business or products, MGAs would be helping insurance agents to diversify their own products and services. If a client returns to an insurance agent for a new product and they are actually able to offer it to them, this means more money in their pocket and perhaps even more business in the future. Similarly, if an agent is working with an MGA that also is able to offer a variety of products and services, they will be more likely to return as well.

Diversification means big results. It gives managing general agents the ability to offer flexibility to insurance agents, so that they can find their clients the best insurance that meets their needs effectively.

K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and our partners, please contact us today at (855) 976-8113.

How Content Marketing Can Help an MGA Grow Their Business

How Content Marketing Can Help an MGA Grow Their Business

How Content Marketing Can Help an MGA Grow Their Business

It’s no secret that networking, research, and promotions have all moved online. No matter the industry, conducting business is much different than it was even a decade ago. The main advantage of this is that it is easier than ever, and more convenient, to gain and retain clients in a more straight-forward, personal, and interactive manner.  MGAs are no exception to this.

A large part of digital online marketing is content marketing; used to build relationships, strategize new leads, and engage in practices to promote a business. This type of marketing allows an MGA to provide educational and valuable information on the basis that current and prospective clients will be attracted to their offerings.

An MGA can engage in content marketing in many ways; by publishing blogs, articles, newsletters, white papers, e-books, and bulletins, and distributing these through multiple social media channels. This content should always remain relevant to the target audience and portray the MGA as an expert in the field. These marketing practices will ultimately help an MGA build a level of trust that can engage and attract clients, helping to build the MGA’s brand and reputation.

Content marketing is not just a phase. As a matter of fact, 41% of marketers confirm content marketing’s positive ROI. The outreach that MGAs can achieve through this method of marketing is ever-growing. Content marketing and social media platforms allow an MGA to connect and network with their target market. Marketing practices have come a long way in the last decade, and content marketing techniques are now vital components to helping an MGA grow their business.

K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and our partners, please contact us today at (855) 976-8113.