An Intuitive Model for Captive Insurance

J. Smith Lanier & Co., founded in 1868, is the oldest privately held insurance brokerage in the Southeast United States and one of the 25 largest of public and privately held insurance brokerages in the country. With 19 offices in five Southeastern states and nearly 600 associates, we serve a wide variety of industries and clients including domestic, international, private, public, for-profit, non-profit, and governmental entities.

J. Smith Lanier & Co. started working with Intuitive in 2010 to offer leading edge and innovative captive products to our clients. Since that time, we have established several captives with Intuitive and have several others in the pipeline. These captives have helped us reinforce our relationships with existing clients and helped us establish new client relationships. Having examined many of the risk pooling models out there, J. Smith Lanier & Co. found Intuitive’s model to be just that – “Intuitive”. It has the measures and controls in place we felt were necessary to protect our valued clients and their investment and offers real value to the captive owner.

The team at Intuitive and their deliverables are very professional, thorough and well designed. Intuitive is a great partner for J. Smith Lanier & Co. and we look forward to helping more of our clients achieve their financial goals with their assistance.

Difference in condition image

Can you cover the difference?

 

Recently, Advisen published Cyber Liability Insurance Market Trends. The report covers survey responses from 500 insurance professionals including brokers, carriers, and risk managers.

Not surprisingly, Advisen found that there is an increasing demand for cyber insurance, and a need for better education throughout the industry on cyber liability issues.

When asked about obstacles to selling cyber coverage, 75% of respondents cited a lack of understanding about the risk of exposure. Brokers are frustrated by IT staff who feel their systems are invincible, and senior management who are in denial about their vulnerability to cyber attacks. Respondents felt that the insurance industry needs to provide better educational information to clients to foster a deeper understanding of the topic.

The threat is real

Each year, Symantec publishes an analysis of cyber threats globally, delivering an outline of what the major threats are, where they’re coming from, and who is being targeted. An infographic that supports the 2015 Internet Security Threat Report delivers some unsettling findings – advanced attackers targeted five out of six large companies in 2014, representing a 40% increase over the previous year and small- to midsized businesses were the target of 60% of all attacks.

Almost no business is safe from a cyber attack. The best hope that businesses have is to invest in constant upgrades, instill best practices throughout the organization, and develop response scenarios to follow whenever a vulnerability or an attack is detected.

A report published by the Harvard Business Review, Aggressive and Persistent: Using Frameworks to Defend against Cyber Attacks provides further evidence that executives have a high degree of awareness about cyber attacks. They’re also looking for more proactive ways to deal with threats. The report is an excellent starting point for establishing a better approach to cyber security at your company and provides some helpful guidance to consider as you build your cyber liability insurance policy.

Are you insured for a cyber attack?

Building the right approach to your cyber liability coverage is critical. One of the issues we see in the marketplace is companies that have inadequate cyber liability coverage. Policies are out of date, or contain very specific clauses about practices the insured needs to maintain in order to meet coverage guidelines.

Consider the healthcare industry, for example. Hospitals must adhere to HIPAA regulations and other high-level guidelines, particularly when it comes to IT best practices. However, if a low-level employee in the IT department fails to follow a specific practice as outlined in the insurance agreement – which he or she has most likely never seen – and that leads to a security breach, the hospital may be left without coverage.

The cost of cyber attacks

In 2014, IBM published the Cost of Data Breach Study: Global Analysis, and found that the average cost of a data breach to a company was $3.5 million. For a small or midsized firm, this can be a staggering figure, particularly if nuances in your coverage could prevent you from being able to collect on a claim.

As you work on boosting security and creating an insurance safety net, consider some of these important coverages:

  • Do you have a high deductible on your cyber liability policy, and could you benefit from a deductible buy-down?
  • Does your policy contain a per-claim deductible, and if so, should you consider an aggregate stop loss provision?
  • What do your policy’s terms and conditions look like, and are there any holes or restrictions in coverage that should be addressed?
  • Does your policy cover added expenses you may need such as crisis communication costs, legal fees, and hiring outside firms to assist with the fallout of a cyber attack?

Put your plan in place

As cyber attacks become more frequent, the likelihood that you will be the victim of an attack increases. Do your best to prepare your company and to foster best practices throughout your organization – even if the cost is a bit painful. Work with professionals and outside consultants to make sure your approach to security is fresh and up-to-date, and  conduct an annual review with your insurance advisors to make sure your insurance policy is still relevant and that your practices live up to the expectations set out in the policy. If you feel you need additional coverage that your carrier can’t provide, you should consider forming an enterprise risk captive to create a safety net to cover your company in the worst case scenario. Contact us for help with weighing your options.

 

safety at harvest

Harvest Safety

The harvest is in full swing and businesses connected to agriculture feel the pressure to get the bounty from field to table as quickly as possible. For family and corporate farms alike, the busy season brings longer hours, more work, and much more opportunity for injury.

The Centers for Disease Control and Prevention publish quite a bit on the topic of agricultural safety. Farming is among the most hazardous industries and it is also an occupation that puts children and young adults at risk more than any other occupation. “On average, 113 youth less than 20 years of age die annually from farm-related injuries,” notes the site. Machinery is responsible for a bulk of the fatalities, but farming also exposes workers to pesticides, which can lead to breathing issues and neurological problems, as well. The site also notes that 167 agricultural workers a day suffer an injury that causes them to miss work.

Keeping safe

The CDC reports that one of the most effective safety precautions a farmer can take is installing rollover protection devices like tractors and combines, which can be expensive, depending on the type of equipment that’s being protected. A newer program available to farmers is the “Cost-effective Rollover Protective Structures” or CROPS, which was developed by the National Institute for Occupational Safety and Health Division of Safety Research and Protective Technology Branch as a lower-cost way to help prevent a tractor from rolling over.

Safety issues extend far beyond machinery, however, and the Occupational Safety and Health Administration has published a Farm Safety fact sheet that provides an overview of all the safety concerns on a farm, urging famers to always use the right protective equipment, even if it’s a simple pair of gloves. The publication also urges farm owners and managers to have disaster plans in place for emergencies that can happen on the farm.

Commercial and family farmers also need to maintain health and safety standards when using pesticides. Regulations covering the use of pesticides require that farm owners and employers provide the appropriate protection to workers who handle pesticides, and train them on the safe use of chemicals and pesticides. Current standards are published on the Environmental Protection Agency’s website.

Insuring against injury

The best insurance against injury on the farm is safety, and it’s critical that everyone working on the farm knows and understands proper precautions and procedures, particularly during harvest when extra workers are being hired. The next most important insurance is having the correct procedures in place and known to everyone – from first aid stations to emergency evacuation plans.

Insurance comes after the fact when it comes to injuries on the farm, but it’s important to make sure you’re covered for injuries for yourself, your family, your employees and seasonal employees and your property. It’s also a very good idea to check in with your insurance provider and/or local university extension to see make sure your practices and procedures are current – particularly when it comes to chemical and pesticide use.

Farm owners who feel they need more coverage might want to consider the benefits they can get from an enterprise risk captive. Contact us if we can provide you with additional information on how a captive can insure you if you find it difficult to buy an appropriate plan on the commercial market, or if deductibles are getting too high and you’d like to reduce costs.

Hospital Closures

How Hospital Closures and Mergers Impact Healthcare Providers

The AARP, Inc., (AARP) recently reported on a “sweeping national trend” of hospital mergers. Looking out for its constituents, the AARP pointed out that when a small hospital is taken over by a larger group, costs can increase by 5 to 40 percent. This is bad news for patients and the communities the hospitals serve.

Changes in affiliation can drastically impact medical professionals, as well. Some healthcare providers can no longer practice at a hospital once it changes affiliation or, if they can, their compensation may be drastically altered.

What can doctors do?

Healthcare providers with business interruption insurance will have something to fall back on. If a facility is quickly sold, healthcare providers who suddenly find themselves unable to practice at the facility until they re-apply and receive credentials from the facility can seek compensation through their insurance to bridge the gap. If a facility is closed entirely, some policies will assist with helping healthcare providers as they seek relocation or find another solution for their practice.

Should healthcare providers be worried?

Hospital mergers, and some closures, will continue as the Affordable Care Act takes root in the U.S. – the entire healthcare system is experiencing changes, and it may take some time before the industry settles.

The issue of closures and mergers has caught the eye of the Federal Trade Commission and the U.S. Justice Department, and both organizations, report the AARP, are policing hospital mergers that might leave insufficient options for patients.

The American Hospital Association’s report, “Hospitals and Care Systems of the Future” takes a thorough look at what hospitals will look like in the future. If you own or work in a private practice, download the report and refer to it as you begin to plan for the future.

Planning for an uncertain future

Practitioners everywhere could be impacted by mergers and closures. Being prepared is key. Maintain affiliations with as many facilities as you can, and keep an ear to the ground in your community to know when changes are coming down the line – if you know a merger is in the works, begin the application process early for credentials just in case.

To be completely safe, talk with your insurance provider to make sure that you’re covered in the case of business interruption. If you’re not covered, work with your provider to add this coverage to your policy.

It may be difficult for doctors to obtain business interruption insurance, depending on what part of the country a doctor is in, what kind of practice the doctor has, and a host of other factors. If it’s difficult to obtain business interruption insurance on the open market, then consider launching an enterprise risk captive to gain the coverage you’ll need. We will be glad to talk with you about how to set up and launch a policy – contact us if we can help.

key person disability insurance.

Key person disability insurance helps you prepare for the unexpected at your medical practice

According to a recent survey by the American Medical Association, AMA’s 2012 Physician Practice Benchmark Survey, as reported by the AAFP, 60 percent of physicians work in practices wholly owned by physicians, 39.8 percent own their own practice, and 18.8 percent are in a practice on their own. Overall, 57.7 percent of all physicians are self-employed.

Small practices are thriving in America, says the report. Small group practices work well for doctors who want to create a practice that’s big enough to pool resources and get the benefits of partnership without growing to an unmanageable size.

The realities of partnership

These medical practices can do very well, but the success of the partnership is often very much dependent on the health and well-being of all of the key partners. Lose one partner for even a few weeks to illness or a broken bone, and suddenly the entire practice is disrupted. After all, in most cases it’s safe to assume that a key partner in a group of 10 is shouldering about 10 percent of the workload.

Some key partners may have multiple roles in a practice where multiple disciplines are required, so if a one partner who also oversees billing or technology at your firm is suddenly laid up with a broken leg near a ski slope far away, your office might have to kick into high gear to figure out how to handle the partner’s job for a few weeks, or make some tough decisions about cancelling appointments.

Lost revenue and bad reviews

Cancelled appointments can lead to lost business. Patients in need of immediate care will go to another practice and may never return to yours. Even worse, word might get around that your office turned patients away. As social media reviews become more and more important to not only your reputation in the community, but also to your ability to be found more easily in web searches, it’s easy to see how even the temporary loss of a single employee can snowball into a bigger problem.

Planning is key to strong partnerships

When you’re launching a business and things are going well, it’s not easy to imagine a rainy day scenario. But medical practitioners who want to have a strong and thriving practice in the long-term should make contingency plans for what to do when a member of the practice becomes ill suddenly. Some practical advice includes networking with doctors who could jump in as temps when things go wrong, and making sure no key functions in the practice are overseen by only one team member – make sure at least two team members know enough about the important things like billing, technology, appointment-setting, and taxes to take over in a pinch.

Depending on the size of your practice, and how it’s structured, it may be wise to consider key person disability insurance. This insurance will kick in and cover the costs of hiring temps to cover for a partner who can’t be there, or will cover the loss a practice suffers if the person is “irreplaceable” for a period of time. Doctors who perform highly specialized surgeries may not be easy to replace in a hurry, so key person disability insurance can cover the loss of their absence.

These policies are sometimes hard to come by for practices – they may not be offered by insurance providers in your area, or they may have deductibles that are so high that they aren’t really a feasible option. If this is the case, consider an enterprise risk captive as an alternative. We can help you figure out how a captive might help your practice – contact us for more information.

image of outdoor holiday market

Temporary Workers – Full-time Liability

Retailers, transportation specialists, restaurants, catering companies – so many businesses are gearing up for the season right now and hiring temporary workers to help meet holiday demand. As hectic as it can be around the holidays, it is important to keep labor practices in mind when hiring, training, and managing part time employees. Here are some guidelines:

Independent contractors or employees?

It’s sometimes difficult to know how to classify a part-time worker. A simple guideline to follow is: An independent contractor is a self-employed worker who is providing a service to you, and is largely unsupervised while they work. You pay their invoices, but you are not responsible for their payroll taxes. You do report their income to the IRS if it’s more than $600.

An employee – even a part-time seasonal employee – should be added to the payroll. Payroll employees are supervised by you, follow a schedule that you dictate, and are assigned to work in certain areas in your workplace (a desk, or a section of your store, for example.) Consult the Small Business Administration’s helpful guidelines on W-2 vs 1099 employees for additional information.

As employees on your payroll, part-time seasonal workers receive the same benefits as regular employees do, including unemployment benefits, social security and Medicare, worker’s compensation.

As the employer, you’re liable

Seasonal employees are with you for a short time, but they are still governed by the same rules that apply to full-time employees. They’re allowed the same amount of breaks, and are subject to guidelines for overtime that apply to full-time employees. Additionally, they are covered under the same guidelines for discrimination and other employment practices liability as any other employee. All of these guidelines are outlined by the United State Department of Labor under the Fair Labor Standards Act.

Short-term employees are under the gun to learn quickly and start working right away, but don’t skimp on training, especially if they’ll be operating any kind of equipment or doing strenuous work that could lead to injury. Train them carefully and make sure they’re up to the task.

You’ll also want to check with your insurance provider to make sure you have the right kind of coverage for added employees. Your insurance provider can add additional coverage if needed.

Tis the seasonal

As you consider the seasonality of your business, work with your insurance provider to make sure you’re covered throughout the year. Ask about any types of coverage you should add, or how you might be able to avoid paying too much for coverage that’s only needed once or twice a year.

Some companies are completely dependent on seasonal employees and just a few weeks during the holiday shopping season can make or break an entire year. It’s really important to be sure you’re covered for those few critical weeks.

So, make your plans, talk with your broker, and get your holiday workforce trained and ready. And if you’re still worried about the risks you face with seasonal employees, then think about how an enterprise risk captive could help you – call us if we can help.

dental malpractice insurance

Dental Professionals and Malpractice

On average, dental professionals experience smaller malpractice claims than medical doctors and surgeons do. The average claim against a dentist is typically between $12,000 and $15,000. Dentists and orthodontists who perform surgery, offer implant services, or use general anesthesia have a higher degree of risk.

But there are cases where dental professionals are responsible for big judgments. Some examples from the past year include a dentist who didn’t fully investigate a lesion which was later diagnosed as an odontogenic myxoma, or small tumor. The result was a $500,000 verdict for the plaintiff. Failure on the part of a dentist to diagnose a jaw infection from a patient’s phone call also resulted in a suit – the patient’s initial report of pain following installation of a splint for TMJ wasn’t acted on appropriately, and required extensive treatment, jaw reconstruction, and a $2.7 million net verdict.

Hygienists are liable too

Dental hygienists often work as independent contractors, or can be sued separately from the dentist. From small mistakes that lead to the need for additional corrective work, to cases brought against hygienists for missing signs of oral cancer, hygienists are under the same scrutiny as the dentists they work with, and face similar liability issues.

Dental practices should be insured for a number of eventualities. Management of patient records, maintaining complicated and pricey equipment, and overseeing contracts with suppliers of everything from mouthwash to high-tech instruments and dental implants all falls under the purview of the average small to midsized dental practice – that’s a lot to oversee.

As practices grow over time, insurance needs change. Recent updates to HIPPA regulations, conversion to Electronic Health Records (EHRs), and new products and services that dentists can offer have many dentists re-evaluating their current insurance coverages.  A short list of the type of insurance a dental practice should have:

Medical malpractice insurance for the corporation and for individuals who work with patients. Also, be sure insurance isn’t location specific if you sometimes practice outside of your office – at a nursing home, or covering for another dentist in his office, for example.

Business and office insurance for your facility, or even for accidents that may occur while one of your employees is en route to the bank to make a deposit for you. Consider any temporary help you may need during a year and make sure there is coverage for them. Consider all of the regular insurance you’ll need to cover medical records if they are ever lost, stolen, mislaid, or destroyed by flood or fire, and think about business interruption coverage due to any kind of small disaster – from a tree that falls and cuts off your electricity for the day to more serious causes of work stoppage.

Employer liability insurance – to help defray the costs of labor lawsuits, sexual harassment, and defamation of character suits.

How to protect your practice

Potentially costly malpractice suits pose the greatest threat to dentists, and avoiding them should be top priority at any practice. The American Dental Association’s Principles of Ethics and Code of Professional Conduct offers the industry standard for dentists, outlining the ethics and behavior that should guide any dentists through best practices in communication and interaction with patients, as well as guidelines for how to run their practice. Additionally, the organization offers advice on selecting and maintaining the right kind of insurance, (and offers insurance to its members.)

Establish best practices for employees, and implement procedures that everyone in the office will follow – from the receptionist, to the assistant, the hygienists and dental practitioners. Providing consistent, quality care is the first step in avoiding issues.

Also, consider carefully what to do when problems do arise. Develop a patient-oriented approach to follow-up, and establish clear lines of communication about who in your office should handle medical questions patients might have. Work with peers and professional organizations to find out what the current best practices are, and consider sharing knowledge about employee handbooks and training that can help you establish the right kind of procedures – it’s not easy to run a dental practice, so get as much support as you can.

 

What kind of coverage do you carry?

Depending on the size of your practice, you may or may not be able to buy all the coverage you need on the open market. Dental liability insurance is unavailable in some states, or is unavailable to certain types of practices, so it may be the case that you can’t purchase the coverage you need on the open market.

To make sure you’ve considered all the options, look into an enterprise risk captive for your practice. This solution could provide you with more coverage or help to lower some of the deductibles you have with your current insurance. Talk with your provider or call us for additional information.

homes damaged after Hurrican Sandy - liability questions still loom

Altered Damage Reports after Sandy lead to Questions on Liability

During federal court hearings related to Hurricane Sandy last month, an engineer at an insurance forensics firm disclosed that he had altered reports on structural damage to private homes under the auspices of “peer review” without discussing his changes with the original author of the reports, and without visiting the properties he was writing about. His updates altered the original contents of the reports to infer that damage to the structures was due to “house settling” and not the result of Hurricane Sandy, making it plausible for the insurance company to deny claims for structural damage. The issue will most likely come under further investigation as Sen. Menendez of New Jersey is asking the Federal Emergency Management Administration (FEMA) to take immediate action. (FEMA oversees the National Flood Insurance Program.)

During times of stress and crisis, maintaining the integrity of corporate processes can get dicey. Recent events like Sandy, and also the foreclosure crisis, showed us how institutions of all kinds can act badly when under a huge amount of stress. Enormous pressure from the senior leadership, increased workloads, and fear of a dark future can cause middle management to act irrationally – remember how banks were robo-signing foreclosures during the financial crisis?

When the dust settles

A rush to judgment in the middle of a crisis can have bad ramifications later on. Hundreds of homeowners are now involved in the Sandy forensics investigation, the insurance companies involved will have to consider their liability, and the forensics firm will suffer dearly if the practices are found to be intentional.

Suits like this remind us how important it is to keep cool in a crisis. From senior leadership and on down the line, it’s critical to develop crisis plans, review them carefully, and stick to them when the crisis hits. It’s also an important time to communicate effectively, and develop safety nets for employees who feel the burden of stress as they carry out their jobs. The best time to consult a crisis management firm is long before the crisis ever hits. Work with professionals who can help you prepare for dealing with a disaster so that when it comes your senior managers know what to do and middle managers do, too.

Suits like this also remind us how important it is to carry effective liability insurance. Even the most well-trained employees might succumb to pressure from a superior, or employees may simply not be ready to handle the sudden increase in volume and pressure that a crisis conjures, and as a result, they’ll make some bad mistakes that will cost you dearly later.

Lessons from Sandy

There are many lessons we’re learning from Hurricane Sandy. Builders are getting more realistic about the type of housing that should – and shouldn’t – be built near the shoreline, communities are reconsidering shoreline property and updating disaster plans, and agencies from FEMA, to the Red Cross, to major insurers in the region are re-evaluating how they do business. While this story may not be the end of bad news about bad practices during Sandy, let’s hope it’s the beginning of a smarter era for best practices as relates to hurricanes, flooding, and other weather-related disasters.

In the meantime, work with your teams to make sure they know how to act in a crisis, and check with your insurance provider to make sure you are covered if an employee acts badly at your company. If you feel you’re exposed to more risk that you can absorb, you may want to look at forming an enterprise risk captive insurance company. Contact us if we can help.

medical liability

Nuances of Liability Coverage Can leave Practice Owners and Doctors in the Lurch

Doctors face a great deal of pressure when it comes to potential lawsuits. Suits can be damaging to their reputation, and they can take a long time to resolve. There is quite a bit of heartache involved, and a great deal of personal expense – sometimes, more than you’d think. While many doctors pay dearly to cover their practice and themselves with liability insurance, often, that insurance isn’t enough. Plaintiffs can seek damages that eat into doctor’s personal assets – or even those of their spouse.

Medical liability insurance

Doctors who have practiced more than 20 years might remember a time when medical liability insurance was a practical solution that offered all-around adequate coverage for their practice and for any suits they might encounter.

These days, liability costs are high and a web of state-by-state laws and regulations indicate varied coverage and outcomes for any given case.

Writing for the American Academy of Orthopaedic Surgeons, Drs. Howard B. Yeon and James H. Herndon present a case for understanding what kind of insurance medical practitioners need to have and provide some suggestions on how doctors can protect their assets.

The doctors argue that most “off-the-shelf” liability coverage plans are probably not enough to cover each eventuality a doctor faces, and they contend that simply spending more on a policy isn’t doesn’t guarantee full and adequate coverage.

Plaintiffs and their attorneys, the authors contend, look for doctors with deep pockets. Lawyers take cases where defendants carry good insurance policies, but they also look at a physician’s personal assets, particularly assets that are unprotected or under-protected. “A search of state and county records can uncover real estate, corporations, and other assets held in the name of the physician or his or her spouse,” they warn.

Protecting assets beyond traditional insurance

The doctors – who together hold degrees from Harvard Medical School, Harvard Law School, and the Harvard Combined Orthopaedic Residency Program – give some good advice about the need for doctors to protect their personal assets and limit liability. They also urge doctors and practice owners to take the time to understand their current insurance strategy and work with their insurer on an ongoing basis to make sure their coverage is adequate.

It is very important for doctors to explore all coverage and risk management options. When protections offered on the standard insurance market seem too costly, or are unavailable to certain types of doctors or practices, there is also the option to create enterprise risk captives to protect a practice. Doctors should take the advice they so often give out: Consider all options, make the best decision possible, then prepare for the worst while you hope for the best. If we can help you better understand how an enterprise risk captive could work for your practice, please contact us.

Port of Los Angeles

As the Holidays Approach, Ships are kept at Bay

As the Oregonian reported recently, labor issues on the West Coast are “threatening the on-time delivery of some holiday goods.”

The Pacific Maritime Association (PMA) is charging that union workers are staging an intentional slowdown as the holidays approach in order to gain leverage. Members of the International Longshore and Warehouse Union (ILWU) contend that poor working conditions and a lack of trucks to pull containers off the ports are contributing to the slowdown, but it’s clear that the dockworkers are frustrated with contract negotiations over their contract which expired in July.

There are 29 ports between Seattle and San Diego, and as containers build up on the docks, boats are beginning to backlog. Currently there are 10 ships anchored off the coast of Los Angeles waiting for dock space.

How will the slowdown impact commerce?

Last year, almost $900 billion in goods were brought into the U.S. via the West Coast ports. While a work slowdown at almost any time of the year has an impact on the economy at large, slow-downs or stoppages this close to Black Friday, the kickoff of the retail holiday season, could make or break some retailers.

The Los Angeles Times reports that fear over a strike or lockout looms as the fight between the union and the PMA escalates and becomes more public. In fact, the National Retail Federation (NRF) has written a letter to President Obama urging the installation of a federal mediator to avoid work disruptions.

The NRF in association with the National Association of Manufacturers (NAM) issued a report in June that warned of a $2 billion a day cost to the U.S. economy if the ports were shut down. A shutdown could reduce U.S. GDP by $1.9 billion a day during a five-day stoppage, reports Global Trade magazine. A 20-day stoppage could result in a loss of $2.5 billion a day.

Will this impact your business?

If you have goods sitting on a ship that’s anchored off the cost of California, you can very well expect a delay in delivery – and vice versa if your goods are on their way out of West Coast ports. What can you do? Communicate with customers in your supply chain who might be waiting for delivery, and then communicate with your representatives in Washington, D.C., to urge action on behalf of the federal government.

If work stoppages do occur, check with your insurance provider to see if you are covered for supply chain disruption or if you have any kind of coverage that might lessen the burden of your losses from a strike.

Work stoppages and slowdowns happen. The last prolonged shutdown in the U.S. was in 2002, but depending on what kind of business you own, work stoppages elsewhere might be just as harmful to you.

Talk with your insurance provider about what kind of coverage is available. If you feel the coverage offered in the market is inadequate for your needs, consider forming an enterprise risk captive that can help you bridge this very real risk in the future. Call us if we can help you.