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Cost Modeling Projections

Introduction The cost impact to the U.S. healthcare system by the COVID-19 pandemic has been estimated by reputable studies in a range of 6%-15% of U.S. healthcare spend in 2020. These studies are of special interest to self-insured employers, health plans, and reinsurers for pricing and planning purposes. An important feature of these models is that they do not attempt to quantify the behavioral changes of beneficiaries who are unable or unwilling to seek care during times of social distancing and hospital resource scarcity. EPIC calculates that in 2020, COVID costs for the U.S …

https://www.epicbrokers.com/insights/cost-modeling-projections/

How Will Commercial Property Insurance Policies Respond to Riot, Vandalism, and Civil Commotion?

Riot, civil commotion, and vandalism are commonly covered perils under commercial property policies. Damage to an insured’s building and personal property caused by these perils should be covered. Separate coverage for plate glass is generally also available and policies should be reviewed to confirm. Lost income due to civil unrest caused by “Civil Authority” or actual damage to covered property may be available to offset the financial loss caused by the civil unrest. In response to the recent unrest, the following policy terms should be reviewed: Civil disturbance: Also called “civil unrest,” this is a broad term encompassing any …

https://www.epicbrokers.com/insights/how-will-commercial-property-insurance-policies-respond/

OSHA Revises Guidance for Recording COVID-19 Cases

National Construction Practice Safety Alert Announced in a May 19 press release, the new enforcement policy overrides an April 10 guidance memo that required only employers in the healthcare industry, emergency response organizations and correctional institutions to make work-related determinations of COVID-19 cases. All other employers were exempt except in cases in which “objective evidence” existed that a COVID-19 infection was work-related or the evidence was “reasonably available” to the employer. The memorandum for regional administrators and state plan designees provides updated interim guidance with respect to the recording of occupational illnesses, specifically cases of COVID …

https://www.epicbrokers.com/insights/osha-revises-guidance-for-recording-covid-19-cases/

Unrealized Potential: Missed Sales Opportunities & Profit Protection

Maximizing Operating Budgets: Post-Pandemic & Beyond The current global pandemic crisis and its associated economic impact is prompting many companies to reduce costs and explore new ways of doing business. A Gartner, Inc. survey of 317 chief financial officers (CFOs) and other finance leaders revealed that due to COVID-19, 62% of respondents are planning some cuts to selling, general and administrative (SG&A) budgets in their organizations this year. As retailers have temporarily closed locations, reduced growth plans, furloughed employees and considered skipping on rent, operating budgets have also been thrown onto the chopping block. As all aspects of …

https://www.epicbrokers.com/insights/unrealized-potential-missed-sales-opportunities-profit-protection/

Managing Business in a Complex World

… provides easy-to-follow steps for organizations to develop while implementing a robust BCP. These plans should limit exposure, risk and downtime for the organization. The quicker a business can get up and running after a disaster, including supply chains, distribution and manufacturing facilities, stores and corporate offices, the less time and revenue it will risk losing. Let’s take a look at a simple four-step process to building a BCP: Step 1: Risk Assessment Start by conducting a risk assessment and determine the risks and exposures you’re trying to mitigate. A SWOT (strengths, weaknesses, opportunities and threats)

https://www.epicbrokers.com/insights/managing-business-complex-world/

Specialty Retailer Reduces Shrinkage by Millions

… with theft, which often inhibited sales growth. The Strategy We use a holistic approach to organizational loss and data-driven analytics to accomplish our clients’ goals. EPIC ImpactTM Operational Compliance can identify and execute proven strategies to drive shrink results down, providing more profit to the bottom line. EPIC Impact Risk Partners (formerly EPIC Integrated Solutions) proactively and specifically address the root causes of loss through: Risk analysis Operational and safety audits Investigations Training and development Risk assurance Business continuity On-site visits and regional partnerships The Investigation The EPIC team gained a better understanding of the underlying root causes …

https://www.epicbrokers.com/insights/specialty-retailer-reduces-shrinkage-by-millions/

Investigation Identifies Sources of Significant Theft at Restaurant

… The Investigation Our investigation was a multiple-day operation designed to identify the source of the significant financial losses. Covert surveillance was conducted from inside the location by a team of investigators. During the surveillance, several company policy infractions were observed, which included bartenders free-pouring drinks without ringing them through the register, lack of management presence in the bar and dining area, multiple employees consuming alcohol during their scheduled work shifts, and servers stealing customers’ cash payments. After conducting covert surveillance, EPIC coordinated with the client to meet with the location’s local management to obtain additional in-depth

https://www.epicbrokers.com/insights/investigation-identifies-sources-of-significant-theft-at-restaurant/

Property Insurance Market Update – Q2 2020

… COVID-19, the impact of the pandemic is already manifest in the renewals underway now. The specific coverage changes in property policies directly related to Coronavirus have essentially been a tightening of contamination exclusions, adding specific exclusions for communicable disease, or a significant lowering of limits for those policies that do provide some coverage. A more significant direct impact has been on the underwriting process. With underwriters and their modelers working from home, the process and flow of renewals have slowed dramatically. On-site risk control visits to provide underwriters with information they need to assess risks have been suspended.

https://www.epicbrokers.com/insights/property-insurance-market-update-q2-2020/