ERC Announces Complimentary Insurance Audit
The ERC Insurance Audit is a complimentary service provided to ERC Members with at least twenty five (25) employees. This service reviews your organization’s plans for compliance and identifies opportunities for possible cost savings. The Audit is conducted by licensed (through the Ohio Department of Insurance) professionals. The findings and recommendations are provided to your organization in writing and cover Employee Benefits, Retirement Plans, Property/Casualty and Corporate Life Insurance. This is a no-risk, no-obligation program that can support your risk management strategies and ensure compliance. For more information on the ERC Insurance Audit, please contact Tricia Smith at 440-947-1294 or tsmith@ercnet.org
Some of the areas covered by the free audit include:
Employee Benefits
- Is the value of your plan in line with your plan cost?
- What impact would reduced health risks have on your organizations bottom-line?
- Is your plan compliant with the mounting HIPAA and DOL rules?
- Are you able to communicate and educate your employees effectively regarding benefits?
Retirement Plan Services
- Have you had your fiduciary process reviewed to make sure it measures up to current DOL expectations?
- Have you benchmarked your plan design, expenses, investment and participation to determine how effective or successful your Retirement Plan is in the last two years?
- Have you identified specific statistics of plan success regarding the quality of investing, level of participation, and rates of deferral for your organization?
- Have you measured the return on your investment regarding plan expenses in providing quality retirement benefits as a strategic corporate HR recruitment and retention tool?
Property/Casualty
- Are you benchmarking your limits of liability to make sure you have the right coverage at the right premium?
- Have you identified any potential uncovered exposures within your program?
- Do you have a documented pre and post loss strategy for Worker’s Compensation claims?
- Is potential environmental liability a concern and do you understand the opportunity costs to take those concerns out of the picture?
Corporate Life Insurance (optional)
- Review to determine if policies are providing maximum financial return and continuing to meet planning needs.
- A review of your organizations business succession plan.
