How to Manage Your Commercial Construction COIs

Time is money for commercial construction contractors. If your crews aren’t on the job site raising walls and finishing off projects, you’re not succeeding as a business. That goes for the back office as well: A commercial construction contractor relies on straightforward, accurate processes to protect the organization. Unfortunately, one of the most important processes can turn into a time sinkhole: managing certificates of insurance. For many construction companies, managing COIs is a complicated venture. “Construction is one of the more challenging industries to manage compliance on incoming certificates of insurance,” says Lee Roth, Vice President of Ebix RCS. Making COI management an important priority and not an afterthought can help. Here’s how to put together a system that works. Dedicate a Manager One of the biggest challenges that arises when managing certificates of insurance is deciding which functional area within the general contractor’s organization is best suited for ownership …

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4 Benefits Elections to Re-Evaluate When You Get Married

4 Benefits Elections to Re-Evaluate When You Get Married

Getting married brings a lot of changes to your life, and your employee benefits are no exception. Marriage is almost always considered a qualifying life event that makes it possible to make changes outside your employer’s open enrollment period. Once you get married, it’s time to take a look at your benefits elections and decide what needs to change to reflect your new status. Here’s what you should consider. 1. Health Insurance There are several things to look at when it comes to your health insurance. “If both of you have coverage through different employers, review both plans to see which one offers the best coverage for the best price,” says Matthew Trujillo, a certified financial planner. Find out whether each person has an individual deductible or whether the deductible is total dollars paid in. Compare the out-of-pocket maximum, premiums, coinsurance and employer subsidy for each plan, too. Finally, look …

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Employee Benefits – The Key to Employee Loyalty?

Employee Benefits - The Key To Employee Loyalty?

Many companies spend more than 25% of their compensation budget on benefits such as medical, dental, insurance and retirement plans, according to the U.S. Department of Labor. Yet they may be skipping the simple steps that ensure they get the full value from that investment. That’s because employers underestimate just how important benefits are to creating and maintaining employee loyalty. Only 25% of people who aren’t satisfied with their benefits have a strong sense of loyalty to their job, according to a recent MetLife study. However 70% of employees who like their benefits have a strong sense of loyalty. According to Prudential, 81% of workers rate a company’s benefits package as highly important to their decision to change employers or remain with their current company. It might be easy to dismiss these statistics – employees should be lucky to even have a job, right? That is the wrong attitude. In …

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