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Covering Coronavirus: Risk Considerations Volume 1, Issue 13

… The best sources overall for timely information on the coronavirus pandemic remain the Centers for Disease Control (CDC), the World Health Organization (WHO) and Occupational Safety and Health Administration (OSHA). EPIC continues to compile resources to aid in understanding the impact of the pandemic on employers, their workforces and the management of risk. Insurance Products & Coverage Medical Malpractice Update Entering 2020, the global healthcare insurance industry was under significant pressure to return to profitability. This is in stark contrast to today’s marketplace where underwriters are making calculated decisions about the deployment of available capacity. The increased scrutiny includes a …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-13/

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/

Covering Coronavirus: Risk Considerations Volume 1, Issue 12

… prescription drug expenses? Take Survey General Information on Coronavirus The best sources overall for timely information on the coronavirus pandemic remain the Centers for Disease Control (CDC), the World Health Organization (WHO) and Occupational Safety and Health Administration (OSHA). EPIC continues to compile resources to aid in understanding the impact of the pandemic on employers, their workforces and the management of risk. Supply Chain and Business Risks Use Caution! MVR Accuracy During the Pandemic In March, State Driver Licensing Agencies (SDLAs) throughout the U.S. altered or ceased customer-facing services in response to the pandemic. Several states extended license

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-12/

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/

California COVID-19 Alert

Executive Order Makes it Easier For Essential Workers in California to Obtain Workers’ Compensation Benefits On Tuesday, May 6, 2020, Governor Newsom signed an executive order that will make it easier for essential workers who contract COVID-19 to obtain workers’ compensation benefits. This order creates a rebuttable presumption that California’s essential employees who contract COVID-19 in the course of their employment are eligible for workers’ compensation benefits. This order will broaden benefits to all sectors, as long as the employee tests positive for COVID-19 by a physician. In addition to healthcare and first responders, the executive …

https://www.epicbrokers.com/insights/california-covid-19-alert/