Straight From The Source Blog by Higginbotham Insurance

Is alternative risk transfer right for your business?

November 21 , 2018

GettyImages-Doctor Using Stethescope on Self

The cost of health insurance keeps rising. As employers look for ways to cut costs, many businesses are turning to alternative methods of risk transfer. Self-insurance, as well as partial self-insurance and captive insurance, can give companies increased control over their health care costs. It can also help businesses take control of other major insurance expenditures such as your workers’ compensation or business liability insurance.

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Tags: Employee Benefits

Identity theft insurance: The crucial fifth pillar of financial wellness benefits

November 07 , 2018

GettyImages-Identity Theft Worried EmployeeNot so long ago, the term “financial wellness” didn’t even exist. But years of volatile markets, a rollercoaster economy and an increasingly informed public have all helped to make financial wellness offerings a staple in employee benefits packages. Financial wellness programs and advice have traditionally been built on four pillars: budgeting, saving for emergencies, eliminating debt and planning for retirement.

But in our world of e-commerce, online banking, digital wallets and multiple social media platforms, our automated lifestyle has made us all increasingly vulnerable to fraud and cybercrimes.

Identify theft is one of the fastest growing of them all, and the statistics are shocking. According to a study by Javelin Strategy & Research, more than 16 million people became victims of identity fraud in 2017. According to renowned money expert Clark Howard, there’s a new victim of identity theft every two seconds!

That’s why identify theft protection has become the fifth pillar of financial wellness.

In this day and age, employees have a host of financial stresses like budgeting, paying the rent, investing, paying for college and figuring out how best to use benefits such as 401(k)s and health savings accounts (HSAs). And for most, the threat of identity theft is getting higher and higher on the list of financial stresses.

Employers see it too. They see how distracted and unproductive employees can be when their minds are on personal money problems instead of work. And they know identity theft is on everyone’s mind.

With today’s threats, identity theft protection should play a crucial role in any financial wellness package.

New data breaches pop up constantly, and identity thieves are getting more sophisticated. If you want to help your employees protect their finances, reputation and identity, your financial wellness benefits should include identity theft protection. In fact, here are five reasons it should be an integral part of your voluntary benefits offerings:

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Tags: Employee Benefits

How to communicate your total rewards program

October 11 , 2018

GettyImages-Employees Holding Talk Bubbles

Employee benefits are one of the key drivers that entice great people to join a company, be productive employees and develop long-term loyalty. But today’s employees want more than just health insurance.

They want personal and professional growth opportunities, career flexibility, collaborative work environments, volunteer days and an individualized balance of compensation and benefits. They want a diversified and personalized experience, and they want it neatly packaged and easy to understand.

This unification of work-life balance benefits is what the concept of total rewards is all about. However, offering a rich mix of work-life benefits isn't enough. The success of your total rewards program depends on how employees perceive your program’s value. How can you help promote positive perceptions? Through great communication strategies.

Here are seven communication tips to get you on the right track:

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Tags: Employee Benefits

Helping employees understand their health savings accounts

September 25 , 2018

GettyImages-Money Capsule

Don’t assume your employees understand their health savings accounts (HSAs). According to research conducted by Alegeus, 65 percent of HSA holders lacked the knowledge needed to pass a basic fluency test about their accounts. As a result, many people may be unable to maximize their benefits, leading to higher costs and more frustration than necessary.

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Tags: Employee Benefits

Why you should include accident insurance in your voluntary benefits line-up

August 29 , 2018

GettyImages-Emergency Waiting Room

Your employees are stressed out about a lot of things, and their workload is only part of it. According to the Center for Financial Services Innovation, approximately 85 percent of all U.S. workers are worried about finances, leading to reduced productivity, absenteeism and higher turnover rates. If some of this stress can be alleviated, both employees and employers profit. One simple way to do this is through group employee accident insurance.

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Tags: Employee Benefits

Common HIPAA mistakes to avoid

June 05 , 2018

HIPAA mistakes

Employers handle their employees’ medical information for many reasons, from administering health coverage to receiving workers’ compensation claims. Under certain circumstances, employers are dealing with protected health information and may be subject to the Health Insurance Portability and Accountability Act (HIPAA).

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Tags: Employee Benefits

Reduce workplace stress with an Employee Assistance Program

May 14 , 2018

Workplace stress

Even people who enjoy their job experience job stress at some time during their working hours. Everyday work stress can negatively affect employees’ attendance, concentration, health and ability to perform on the job. Because of this, more and more companies are turning to Employee Assistance Programs (EAPs) for help.

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Tags: Employee Benefits

Strategic benefit planning: Get more ROI from your HR investments

April 30 , 2018

Strategic Benefit Planning

Your organization probably devotes substantial resources into providing employee benefits. From the HR manpower to the monthly premium, it’s a major investment of time and money – possibly one of the largest items on your balance sheet. As with any major undertaking, the process can be improved with strategic planning.

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Tags: Employee Benefits

Assessing and planning your open enrollment strategy

February 23 , 2018

Open enrollment strategy planning

Open enrollment season is over – and that’s what makes this a particularly good time to think about your open enrollment strategy. Now, without stress or rush, you can reflect on the last enrollment period and plan for the next one.

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Tags: Employee Benefits

Employee benefit trends for 2018

January 12 , 2018

Employee benefit trends

Employers, are you keeping up with the latest benefit trends? With low unemployment rates, employers must work even harder to attract and retain talent. At the same time, employers also need to keep an eye on developments in relevant laws and regulations.

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Tags: Employee Benefits


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