Category: Articles

  • Compliance Q&A: What is the “Excepted Benefit” status and why does it matter?

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    Question My company offers a health flexible spending account (FSA) funded by employees. I saw on the IRS website that health FSAs are subject to Patient-Centered Outcomes Research Institute (PCORI) fees unless they are an excepted benefit. When is a benefit considered “excepted” and why else might this status matter? Summary Broadly speaking, excepted benefits…

  • Employee Benefits in Captives: The McGriff Difference

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    While many brokers and consultants tout their abilities and knowledge about funding and/or reinsuring employee benefits (EB) in single-parent captives (SPCs), the McGriff EB team is one of the most experienced and qualified brokers in this area based on our status as the first broker to place employee benefits in a wholly owned SPC. A…

  • The Risk of EVs in the Auto Service Industry

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    Electric Vehicles (EVs) pose hazards and safety challenges for the auto service industry. When considering the risks associated with servicing EVs, we should look at the standards and hazards for employee safety, fire protection, garage liability, and overall property loss.   EVs are likely here to stay. Under former President Biden, the federal government set…

  • AI in Fleet Risk — Beyond the Hype

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    Artificial intelligence is everywhere — in software, underwriting models, maintenance diagnostics, and even recruiting. But for transportation companies, the question isn’t whether or not to use AI, but rather how to use it in a way that reduces risk, enhances safety outcomes, and boosts operational efficiency.   Right now, too many fleets are chasing shiny…

  • Insights into Business and Personal Insurance for Wildfire Risks

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    In the aftermath of the January fires in Los Angeles, homeowners and business owners are working with their insurers to determine the extent of their losses and the payment amount they will receive to rebuild and recover. The wildfires will inevitably impact the insurance industry in the long term. Additionally, there will be cases where…

  • Case Study: Executive Retirement and Retention

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    A mid-sized company wanted to incentivize their executive management team to help expand and grow their business. This case study outlines an assessment which identified goals, challenges, and solutions that helped the company fine-tune and expand an existing executive retirement program to bring it up-to-date and meet their objectives. Client Profile The family-owned business with…

  • Client Advisory: Don’t Let a Data Breach Disrupt Your Hospitality Business

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    The average cost of a hospitality data breach in 2023 was $3.36 million, up from $2.94 million in 2022. That’s a 14% increase in the space of a year. At the same time, where the hospitality industry accounted for just 2% of data breaches in 2019, it now accounts for 4%.1 Frequency A recent report…

  • Asbestos Litigation and the Importance of Maintaining Policy Records

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    Asbestos litigation affects many employers each year and can cost a company thousands of dollars in legal fees. When asbestos claims, complaints, and suits are filed, it is common for the alleged exposure period to date back many years or decades and name multiple employers. Even when a company has never worked with or used…

  • Managing the Use of Personal Vehicles on Company Business

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    While the liability exposure for company fleets and drivers due to vehicle accidents is widely understood and mitigated, the exposure concerning employees who drive their personal vehicles for business purposes is often overlooked. When an employee has an at-fault accident while driving their own car on company business, their employer can be liable for their…

  • The Who, What, When, and Why of D&O Runoff Policies for Private Companies

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    When private companies undergo mergers, divestitures or acquisitions, the seller should consider a Directors and Officers (D&O) runoff policy. What is a D&O runoff policy? When and why is it necessary, and how does it work? What Is a D&O Runoff Policy? A D&O policy is written on a claims-made basis, which means it responds…