As a business owner, if you wish to give your employees benefits, which may include health insurance, life insurance, retirement benefits, disability or other benefits that are held on behalf of your employees for future distribution, you have a fiduciary responsibility regarding protecting them. There is the potential of severe litigation risk if something goes wrong and the funding to pay for the promised benefits is not available to meet the obligations when the time comes to pay them. 

To manage this risk, employers use employee benefits insurance that is also called employees benefits liability insurance. Consult with your agent at Saucon Insurance Agency, serving Bethlehem, PA, and the surrounding area, to talk about the protection offered by this type of insurance. 

What is employee benefits liability insurance?

This is a type of errors and omission (E&O) insurance that protects a business owner against certain mistakes made by the administrator of the employee benefits program. It is prudent and required by law in some cases, to use a third-party administrator to protect the funds held in an employee benefits program. It is equally wise to insure against any mistakes that might be made by the fund’s administrator, which might create a liability for the business owner.

For example, if, employee benefits liability coverage is in place to protect a health insurance plan, and a qualified beneficiary of the plan is left out of the coverage accidentally or by a mistake made by the plan administrator, then, the protection might help pay the health plan benefits, which would otherwise have been covered by the health care policy.

Summary

It is considered by most business owners to be too risky for a business not to carry employee benefits liability coverage. With this type of insurance coverage, business owners enjoy the confidence of not having to worry about certain mistakes that might be made by others. Contact your agent at Saucon Insurance Agency in Bethlehem, PA to conduct an insurance review and get a quote for employee benefits liability coverage.

The inventory in your retail space is the lifeblood of your Bethlehem, PA business. Saucon Insurance Agency offers these tips to help you reduce theft and preserve profits.

• Keep your eye out for common stash spots. Thieves often hide merchandise in strollers, purses, umbrellas, or underneath loose clothing. Visually inspect large bags and items as customers walk in. If it looks twice as big on the way out, you still have time to retrieve your goods.
• Look out for price switching. Some savvy thieves will pay for the item. However, they will switch the price tag with one from another, cheaper item before approaching the register. Make sure to look at the tag before ringing each item through. Include information on each price tag that identifies the item it matches.
• Control fitting rooms. In clothing stores, criminals sneak into fitting rooms to stash stolen goods into bags or clothing. Don’t allow your customers to go into fitting rooms without first inspecting the items they intend to try on. Limit customers to a certain number of garments at a time.
• Include security in your customer service. Make it a point to greet each person as they walk in the door. If possible, have someone near the door who makes eye contact with each individual. Floorwalkers should frequently ask browsing customers if they need help.

Ensure your checkout space is close to the exit. This simple strategy makes it harder for thieves to walk by without being spotted. If the register is ever unattended, place it behind a barrier to decrease the chances of someone tapping your till.

The right combination of commercial insurance policies are another important part o your business protection plan. Saucon Insurance Agency offers customized commercial policies in the Bethlehem, PA area. Contact our offices for more information on protecting your retail inventory.