In alternative dispute resolution (ADR), a neutral third party helps parties to a dispute reach a resolution outside of the court system. The most common types of ADR are mediation, arbitration and mini-trials. Mediation lets two or more parties solve disputes through the use of a mediator, a trained neutral third party. The mediator opens...
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A Bitter Pill: The High Cost of Specialty Drugs
The good news: Pharmaceutical companies are developing a range of drugs to treat diseases that are chronic and/or rare. The bad news: Their high (some might say outrageous) cost. Overall, prescription drug prices rose 12 percent in 2014. Sales of specialty drugs contributed greatly to the jump. Specialty drugs: Are usually self-administered, high cost, injectable...
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Employee or Independent Contractor…and Why You Need to Know
Earlier this year, a court ruled that Federal Express drivers should have been classified as employees, when the company had classified them as independent contractors. And the U.S. Department of Labor announced that a five-year investigation in Utah and Arizona yielded $700,000 in back wages, damages, penalties and other guarantees for more than 1,000 construction...
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The Affordable Care Act and Workers’ Comp
In a recent scholarly article, David A. North outlines how the Affordable Care Act has changed workers’ compensation, and what we might expect in the future. In a recent scholarly article, David A. North outlines how the Affordable Care Act has changed workers’ compensation, and what we might expect in the future. The Affordable Care...
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Horseplay: Who Pays When Someone Gets Hurt?
When horseplay occurs in a work environment, does workers’ compensation apply? Generally, an injury must 1) occur in the course of employment and 2) arise out of the worker’s employment to be compensable. Merriam-Webster defines horseplay as “rough or loud play: energetic and noisy playful activity.”’ Most job descriptions don’t include play…so should employees receive...
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Anatomy of a D&O Policy
Directors and officers liability insurance (D&O) policies are nonstandard, so they can vary greatly from insurer to insurer. In this article, we’ll discuss some of the many provisions that could appear in your D&O policy and what they mean to your coverage. The Typical D&O Policy Contains Two and Sometimes Three Parts: Part A covers...
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What Does a Claims Professional Do?
After a loss, your insurer will probably call in one of several claims experts before it pays your claim. Here’s a brief overview of some of the claims professionals you might encounter after filing a claim. Claims adjusters, appraisers, examiners, and investigators evaluate insurance claims. They decide whether an insurance company must pay a claim,...
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The Insurance Formerly Known as Boiler and Machinery
If you’ve been in business a while, you might have heard the phrase “boiler and machinery insurance.” However, today’s policies do much more than cover boilers and machinery, hence the name change. Read on to learn more about this valuable coverage. Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery...
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Critical Illness Insurance Helps Ease Cancer’s Financial Pain
The good news is the likelihood of surviving a cancer diagnosis has increased. The bad news is the cost of treating cancer has also increased…and so have deductibles and copayments. Currently, an estimated 11 million Americans are living with cancer. Although your chances of surviving cancer are better now than ever, how will your budget...
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Voluntary Benefits Can Help Employee Retention
An improving economy will bring sighs of relief to many employers. Unfortunately, it could also bring increased employee turnover. A strong benefits program can help you retain your valuable employees. What factors do employees cite when they talk about leaving their jobs? Leigh Branham, an employee retention consultant, wrote in Workforce Management that only 12...
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