The Injured Patients and Families Compensation Fund (IPFCF) has implemented a new policy and administration system. The new system allows participants to review correspondence from IPFCF and pay their bill online.
Currently all carriers have access to file certificates of insurance on behalf of their insureds. Participants will be onboarded in phases and should check the IPFCF website and watch for an email regarding the timeline for getting access to the new system.
The new provider portal can be accessed at ipfcfsecure.oci.wi.gov. The IPFCF encourages physicians to log in and provide their personal email address. Click here for IPFCF provider portal instructions. For assistance logging into the new system or other questions, please contact the IPFCF at 608.360.8001 or via email at OCIIPFCF@wisconsin.gov.
By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits
Planning for the unexpected is the only way to protect yourself, your family, your business and your finances. Unfortunately, the death of a loved one or becoming disabled are often unexpected. If you no longer had an income, how would you and your family fare?
In 2023, the social security disability income payment is $914 monthly for individuals and $1,371 monthly for couples. Be aware that these benefits have a five month waiting period and processing times can be slow! Could your family manage for six months without income, or after the six months, would $1,371 even be enough? How long can you and your family live at these low income rates?
Many physicians are good at making sure to buy an individual disability policy before finishing residency. This is a fantastic time to get a $5,000 disability benefit because you’re the youngest and most likely the healthiest you may ever be. But, when your income surges to more than $10,000 a month you would still be missing more than 50% of your standard income if you became disabled. Group policies can coordinate and offer additional reassurance that your income is protected. Plus, there are ways to make these disability income dollars tax free!
We have a variety of products exclusive to WisMed Assure that other agents don’t know about. Plus, we have experience protecting physicians. You would be surprised how often I find policies sold to physician groups that don’t protect you as a specialist or insure you for your exact physician role.
As a resident or fellow, your biggest asset is quickly becoming your ability to earn an income. Until you become independently wealthy and can sustain a loss of earning power without consequence, it is imperative that you have disability protection. But why do this as a resident or fellow, before the dramatic income increase of becoming an attending physician?
By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits
Planning for the unexpected is the only way to protect yourself, your family, your business and your finances. Unfortunately, the death of a loved one or becoming disabled are often unexpected. If you no longer had an income, how would you and your family fare?
By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial
A financial plan is like a roadmap that helps you navigate through the twists and turns of life, whether you’re saving up for a new car or preparing for retirement. Think of it as your secret weapon to achieving your financial goals and living your best life.
Many Medicare eligible participants are familiar with Medicare, but the process is confusing to them so we’re here to assist you with those issues. Here are the answers to some common questions.
The Injured Patients and Families Compensation Fund (IPFCF) has implemented a new policy and administration system. The new system allows participants to review correspondence from IPFCF and pay their bill online.
By Society Insurance Human Resources, reposted with permission from Society Insurance
While running a small business, there’s a decent chance that throughout its course you’ll have to file some sort of insurance claim (often unexpectedly). Whether due to fire, theft, on-site injury or other incident, some experts estimate that 75% of small businesses faced an insurance-worthy incident just last year. Combine that with the fact that around 40% of small businesses are uninsured, and the bigger picture of how disaster affects the bottom line becomes much clearer. But it doesn’t have to completely end your operations. Arming yourself with knowledge and a comprehensive business insurance policy are your first lines of defense against disaster.
Here we’ll go over common types of small business insurance claims, how they affect businesses, and what you can do to prevent them. After all, being proactive is smarter than being reactive.
Fire Insurance Claims
Fires are a common and costly insurance claim, especially in the restaurant industry. According to the National Fire Protection Association, around 8,240 fires occur at restaurants per year which, on average, result in two deaths, 115 injuries, and over $245 million in property damages. Most restaurant fires occur due to faulty equipment in the kitchen, which is why Society Insurance continues to highlight the importance of proper maintenance through cleaning and awareness of hazardous materials.
Here are some tips to mitigate your risk of fires:
For restaurants: ensure routine maintenance and cleaning of grease traps and ducts is completed
Conduct inspections that uncover faulty outlets, frayed wires, and other common electrical hazards
Install a sprinkler system that will protect you in the event of a fire
Injuries
Injuries in the workplace, whether affecting customers or employees, is another common small business insurance claim. Slips and falls in particular are extremely common, making up about one third of all workplace injuries and accounting for the majority of worker’s compensation claims. In the experience of Society Insurance, slips and falls are both the most common insurance claims as well as the most costly.
The Occupational Health & Safety Administration (OSHA) estimates that slips, trips and falls cause around 700 fatalities per year in the U.S. Meanwhile, the National Safety Council finds that one workplace injury happens every 7 seconds.
It’s no secret that accidents happen, but the vast majority of them are preventable by taking the proper precautionary measures. Here are some measures you can take today:
Stay on top of housekeeping
Ensure that equipment is maintained properly and in a timely manner
Theft and burglary are common small business insurance claims. Business owners big and small are acutely aware that some people will try to take advantage of them, whether by employee theft, cybercrimes or your standard shoplifter.
But no matter the source, losses due to theft can have a serious impact on the bottom line of small businesses. While you’re never 100% secure, keeping quality physical and cyber security best practices in place, hiring trustworthy employees, and implementing secure opening and closing routines will minimize your risk of theft and burglary.
Water Damage
No matter what geographic climate your business is in, it is always susceptible to water damage because it can occur in a variety of circumstances, even ones that are out of your control. Water damage will almost certainly put a halt to business operations, take time and money to fix, and if you ignore the problem or cut corners, you might wind up with structural damage or mold.
Here are some helpful tips to stay proactive and mitigate your risk of having water damage:
Conduct routine equipment inspections on appliances that have water lines
Ensure all employees know where the water main is so they can turn it off in the event of a burst pipe
Invest in water detection devices that sound an alarm when an abundance of moisture is present
Insulate pipes and disconnect outdoor hoses during winter months
Maintain the rooftop
Clean gutters at least twice per year
Our Speed & Skill Saves You Time & Money
In the event of a disaster that halts your business operations, it’s of utmost importance for you to have small business insurance to protect your assets. Our dedicated claims specialists can quickly assist you in the claims process. Whether it’s sending a claims professional to investigate an accident, locating the nearest repair shop or using one of our many cost containment programs, Society helps take care of the details so you can get back to business.
Please reach out to the WisMed Assure team at insurance@wismedassure.org, complete this online form or call 608.442.3810 to explore business owners’ and other insurance options.
We all know the risks of a long-term care event devastating our family’s finances as well as our mental and personal well-being. Roughly half of those who reach the age of 65 will require some form of long-term care assistance during their lifetime.
By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits
Health insurance premiums are constantly on the rise. According to the Centers for Medicare & Medicaid Services, “U.S. health care spending grew 2.7 percent in 2021, reaching $4.3 trillion or $12,914 per person.” Everyone from employees to employers are feeling the squeeze of high-cost premiums.
By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial
“Those who work their land will have abundant food, but those who chase fantasies have no sense.” This ancient advice from Proverbs illustrates the importance of financial fitness.
Before enrolling in Medicare, there are several decisions Medicare recipients need to make regarding their existing coverages or changes in their health insurance needs.
By Society Insurance Human Resources, reposted with permission from Society Insurance
While running a small business, there’s a decent chance that throughout its course you’ll have to file some sort of insurance claim (often unexpectedly). Whether due to fire, theft, on-site injury or other incident, some experts estimate that 75% of small businesses faced an insurance-worthy incident just last year.
By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits
The Affordable Care Act (ACA) brought a lot of extra work to employers and insurance companies. Whether you are pro-health care reform or against it, per the Health Affairs article, the ACA has not made insurance more affordable.
With the intention of easing administrative burden for WisMed Assure client physicians, several of our Medical Professional Liability carriers have significantly reduced or suspended asking for renewal applications over the past few years. While this does save time, renewal applications were an opportunity to touch base, review and discuss any changes to your practice that could impact your premium or coverage.
By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial
Want to put thousands of dollars back into your pocket? Who doesn’t. Choices you make during your employer’s open enrollment period and for year-end tax planning can really add up.
I recently worked with a young physician to set him up with personal disability protection to provide some financial security if life throws him and his family a curve ball. Prompting our planning was that one of his peers in the general surgery specialty sustained a serious hand injury, ending his ability to perform hands-on surgery.
By Society Insurance Human Resources, reposted with permission from Society Insurance
Inclusive hiring practices recognize diversity and embrace a wide range of perspectives that candidates from all walks of life bring to the organization. And according to research from Monster, “Four in five (86%) candidates globally say diversity, equity and inclusion in the workplace is important to them.”
By Society Insurance Human Resources, reposted with permission from Society Insurance
Inclusive hiring practices recognize diversity and embrace a wide range of perspectives that candidates from all walks of life bring to the organization. And according to research from Monster, “Four in five (86%) candidates globally say diversity, equity and inclusion in the workplace is important to them.”
Below we delve into why it’s important to address in the workplace and several tactics your business can work towards implementing to achieve more inclusive hiring practices.
Why is Inclusive Hiring Important?
Organizations that recognize diversity and the fresh perspectives of their employees typically outperform organizations that don’t.
Workplace discrimination is illegal and building a strong foundation of inclusive hiring practices and updating those with the times can mitigate potential risk to your business.
Not employing inclusive hiring practices can damage your reputation and open you up to a host of new problems.
Inclusive hiring practices help to level the playing field for all who apply—combating bias and discrimination. Read, ‘7 Tips: How to Build Company Culture.’
How to Build a More Inclusive Hiring Program
1. Write Inclusive Job Descriptions
In order to attract diverse talent, you need to make it obvious that you’re trying to do so. This starts with the job descriptions.
Ensure easy legibility — don’t use complex phrases, keep verbiage easy to understand
Use fonts that allow for people with disorders such as dyslexia to easily read and comprehend the description
2. Widen Your Search
If the same types of people apply for your jobs, you may need to widen your search and evaluate where you are posting jobs. Note: sometimes niche jobs require particular skills, so this may be harder to achieve.
Advertise in many different places
Try recruiting from new college campuses
Post your job descriptions on a variety of social platforms
Try new ways and news outlets to attract talent rather than relying on the same job board every time
3. Make Your Website Inclusive
Include actual pictures of your team instead of stock photos
List job descriptions in multiple languages if applicable to your locale
Use dyslexia-friendly fonts
Implement website accessibility software to make web browsing easy (or indeed possible at all) for disabled people
4. Conduct Inclusive Interviews
Include a diverse panel of interviewers if possible
A diverse panel can reduce bias and highlight your company’s diversity to the candidate, potentially easing their nerves
Avoid using internal slang, acronyms or jargon during an interview
5. Develop Inclusive Company Culture
Hiring inclusively is great, but retaining it is just as important
Explicitly express that diversity in workforce is a goal and that it’s always considered with new hires
Top-down culture: have an empathetic leadership team that understands there are different hurdles for different workers
Inclusion is ongoing, not a one-and-done training session
Managers should ask each individual employee what they can do to help them thrive
Please reach out to the WisMed Assure team at insurance@wismedassure.org, complete this online form or call 608.442.3810 to explore employee benefits and other insurance options.
With the intention of easing administrative burden for WisMed Assure client physicians, several of our Medical Professional Liability (MPL) carriers have significantly reduced or suspended asking for renewal applications over the past few years. While this does save time, renewal applications were an opportunity to touch base, review and discuss any changes to your practice that could impact your premium or coverage.
Please contact WisMed Assure if any of the following changes have occurred or are anticipated in your practice:
Have any health care professionals changed practice procedures, such as added or reduced surgical procedures?
Have you contracted with any independent health care professionals to provide services?
Are any physicians changing their practice hours? How many hours per week are they working now?
Have you added or changed your use of telemedicine?
If you are a Wisconsin Medical Society Member with Medical Professional Liability coverage through ProAssurance, you can earn premium credit on your renewal by completing their online risk management coursework. If you are not a member and would like to become one, please let us know.
Contact your agent or insurance@wismedassure.org 608.442.3810 with any questions or changes to your practice.
WisMed Assure is the Wisconsin Medical Society’s insurance agency – profits earned support the mission of the Medical Society.
September is Life Insurance Awareness Month and is the time when I urge all our members to take a moment to reflect on the life insurance protection they have in place. Not too long ago, life insurance (especially term life), was generally viewed as a commodity.
By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial
Join us for online educational sessions presented by WisMed Financial exclusively for Wisconsin Medical Society members. Session topics include retirement planning, social security and tax planning.
By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits
We’re rapidly approaching autumn and it’s time to start thinking about your open enrollment. Many companies fail to properly do an open enrollment, or maybe it’s your first time.
Starting October 1, 2022, Workers’ Compensation rates in Wisconsin will drop for the seventh year in a row. Unlike many other states, Work Comp rates in Wisconsin are set by the state and are the same for every insurance carrier. The decrease is 8.47% over all employee classifications.
By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial
With more than 2,700 rules and 567 separate filing strategies for Social Security, 96% of people fail to make the optimal claiming decision and miss out on $111,000 of benefits for the average household.
$111,000 – that’s a lot of money. Let’s look at some of the rules for Social Security so your decision is better informed.
By Society Insurance Team, reposted with permission from Society Insurance
The continued impact of extreme weather events isn’t lost on businesses: according to one report, businesses can expect to see roughly $13 billion in flood damage in 2022. Tornados, derechos, and severe thunderstorms all threaten billions in damage, but with spring just ahead, let’s focus on how you can protect your business from the threat of flooding.
Businesses everywhere are susceptible to flood damage—so how can they prepare?
By Society Insurance Team, reposted with permission from Society Insurance
The continued impact of extreme weather events isn’t lost on businesses: according to one report, businesses can expect to see roughly $13 billion in flood damage in 2022. Tornados, derechos, and severe thunderstorms all threaten billions in damage, but with spring just ahead, let’s focus on how you can protect your business from the threat of flooding.
Businesses everywhere are susceptible to flood damage—so how can they prepare? Below, we’ll cover five flood-readiness essentials that your business should consider.
Use Natural Landscaping Techniques Around Your Business
Large paved areas such as surface parking lots collect water, and only have limited areas for drainage. Plus, if your community is flooding, these drains in your parking lot may be overwhelmed to a point where they aren’t helpful. Surrounding your building with a variety of shrubs, natural grass or bushes can help absorb excess water during floods.
Rain gardens, for example, are a type of landscaping that collects runoff rainwater. They can divide parking lots, flank walkways or be embedded into grassy areas. Additionally, incorporating an appropriate mulch into landscaping around your business can help protect your business’ foundation and exterior by slowing and absorbing water.
A rain garden divides a street and a walkway. Photo via EPA
Make Sure Your Gutters Are Clear
You should clean your gutters twice a year, and spring is one of the best times to do so. Cleaning your gutters ensures they’re clear of debris that could prevent proper drainage. If your gutters aren’t clear, water can collect on your roof or in the gutters themselves, weighing them down and potentially causing costly damage to your building.
Don’t forget that directing your downspouts and drains away from your business’ foundation is just as important as clearing your gutters of debris. When high volumes of storm water is draining from your gutters, it should be diverted away from your building. If it pools at the base of your building, it can cause significant damage to your building’s foundation.
Flood-Proof Your Building’s Most Susceptible Areas
The lowest point of elevation in your building should ideally be above the highest point expected in a flood. By learning your building’s base flood elevation (BFE), you can identify the areas of your business that are most vulnerable to floods. From there, you can determine what flood-proofing techniques will be most beneficial depending on your property’s level of risk.
If there are important areas below your BFE, dry floodproofing techniques can involve impenetrable barriers, plates or coatings that prevent flood water from entering your property. On the other hand, wet floodproofing is a technique where highly-durable areas are designed to allow water through, in effect creating a path of least resistance in order to protect your property.
Dry floodproofing (top) and wet floodproofing (bottom) shown in a residential setting. Illustrations courtesy of FEMA.
Shore Up Your Foundation
Floods or torrential rainfalls can cause significant damage to your foundation. Water is incredibly powerful; when it seeps into your building, it can expand existing cracks and displace walls. Overall, when a building is subjected to flowing or standing water, the structural integrity can be damaged, leading to burdensome repair or rebuild costs.
Use caulk and other sealants to ensure the locations where pipes enter your building are sealed. Consider hiring a contractor to assess and restore existing damage in your basement or foundation before spring thaws or floods.
Use Water Detection Devices
Water detection devices can monitor moisture levels around your building. If there’s flooding, they can alert you to areas where water is seeping in so you can triage these places and protect anything that could be damaged before it’s too late.
Be Prepared to Weather the Storms
Spring is a time of new beginnings but it’s also a time of risk: melting snow unable to be absorbed by the still-frozen ground, heavy seasonal rains, and other environmental factors can lead to Spring floods. Being prepared for these risks can be the difference between a profitable spring and a summer spent recovering from it.
Contact Brian Fowler, WisMed Assure Account Director, at 608.442.3718 for a quote or with any questions.
