Insurance Insights: The Cleary Insurance Blog
The Cleary Insurance blog covers insurance, risk management, and financial planning for New England businesses and individuals. Our team of licensed advisors and specialists publishes regular articles on commercial and personal coverage, employee benefits, life and financial planning, and insurance compliance. Browse recent articles below, or use the category filters to find topics relevant to your business or personal situation.
Study Shows Majority of Boston Area Small Businesses Are Overexposed to Risk
56-percent of companies failed a business risk assessment, operating without basic safeguards against damage caused by cyber-attacks, HR issues and other common operational realities
This past summer, we conducted a study to see just how aware Boston area small business owners are of their overall insurance coverage. This was the first study of its kind; we call it the Cleary Small Business Risk Index.
The results were scary.
The Index shows that more than half (55%) of Boston area businesses failed a risk assessment that probed 19 areas of risk management including cyber security, professional liability, employment practices and more.
So what does this boil down to?
“This proved what we have always assumed – most business owners don’t understand how to properly assess or account for risk,” said Bill Cleary, president, Cleary Insurance. “The answer isn’t always ‘more insurance.’ There are many ways to offload, avoid or manage risk. But in order to succeed, you need to understand the basic situation, and too many business owners just don’t.”
The Boston-area wide survey (including businesses on the North Shore, South Shore and Metrowest) was conducted online questioning 100 business owners, operators and employees spanning a variety of industries including healthcare, retail, financial services, and more. All respondents had a significant influence on the operational decisions of each company.
Could you pass? Take the Cleary Small Business Risk Assessment today to test your understanding of coverage. Also, check back for the next few posts which outline and answer some of the greatest areas for risk.
New Healthcare Assessment for Massachusetts Employers
We want to make you aware of an important law that will impact Massachusetts-based employers beginning January 1, 2018. Under a law signed recently by Governor Baker, employers with six or more employees will begin paying a new health care assessment to support the Commonwealth’s Medicaid program, MassHealth.
Highlights of the new law
- It increases the existing Employer Medical Assistance Contribution (EMAC) from $51 per employee to $76.50 per employee.
- It establishes a new assessment on employers for any employee who enrolls in MassHealth or subsidized insurance coverage offered through the Massachusetts Health Connector. The assessment is $750 per employee, per year.
- Employers will most likely pay the assessment on a quarterly basis–just like they do for unemployment insurance.
- Employers who hire any worker for at least one day during any 13 weeks in a calendar year, and who pay at least $1,500 in wages per quarter, will be required to contribute.
The Massachusetts Department of Unemployment Assistance and the Health Connector are still finalizing regulations to implement the assessment. The regulations are expected to be completed before the end of the year. The assessment is expected to generate $200 million annually; it is scheduled to end on December 31, 2019.
Law also reduces unemployment contribution rates
To help offset the impact of the new assessment on employers, the law also reduces Massachusetts unemployment contribution rates for two years. For more information on the employer contribution schedule, visit the link below: