Confused about what you owe after a doctor’s visit? Understanding your medical expenses and your health insurance isn’t always easy at first, but once you break everything down, it’s a fairly simple process. One part of the process that you should know about is insurance reimbursement and what it means for your wallet.
You’ve probably seen a movie or two where the big reveal at the end is that the bad guy was committing some sort of fraud for a big payout. Maybe they were orchestrating a giant scheme to swindle people or faking some sort of injury for a big healthcare payout. Either way, the root of their devious plot was probably some kind of insurance fraud. But insurance fraud isn’t just something from the fictional media—there are real forms of insurance fraud that are punishable by law and that do occur in real life.
So what is insurance fraud really? Insurance fraud is a deliberate action to deceive done by either the buyer or seller of an insurance policy. Insurance fraud is illegal and punishable by law. Insurance fraud perpetrated by the seller could include selling fake policies, churning policies for higher commissions, or failing to submit premiums. Buyers or third-party claimants can commit fraud by exaggerating or padding claims, falsifying history or claims, or faking payout events like a kidnapping. While those may sound like a movie plot, these types of fraud can happen and can have very serious consequences. The most common type of fraud is a policyholder exaggerating a claim while faking a dramatic kidnapping is rare.
What’s one word that sets off warning bells for most of us? Fraud, especially in the insurance world. For both policyholders and brokers, insurance fraud is a stressful and high-alert concern—unfortunately, fraudulent insurance activity steals at least $80 billion every year.
An especially challenging part of insurance fraud is understanding the different sources of fraud and the ways it’s committed. Insurance fraud includes organized crime activity that steals money via business dealings, insurance provider professionals who inflate, overcharge, or don’t actually provide insurance protection, and average citizens who see an opportunity to illegally make money with a faulty insurance claim.
Both policyholders and insurance brokers can both be victims of fraud, which is why there are more and more efforts being put into preventing fraud. The first step for anyone who wants to be prepared for fraud is to learn about the potential risks and fraud vulnerabilities. So, without further ado, here are the most common insurance frauds and how insurance companies mitigate risk.
We’ve all heard it in the business industry: “no risk, no reward!” But we hear it for good reason—business efforts are never totally risk-free. Still, companies are constantly working on minimizing risk and maximizing their profit, which can really only be done through intentional, data-driven decisions. Finding new ways to predict and manage risk is a big part of an overall business strategy.
The real question is how do business leaders and decision-makers measure, evaluate, and minimize risk? Industries like finance, transportation, manufacturing, and construction are finding more success by using a better and more reliable tool called a risk model.
Creating a great workplace isn’t just about getting work done anymore. As an employer, you also need to make sure that you’re taking care of your employees and providing them with the support they need. Taking care of your employees isn’t just a nice thing to do anymore. Employee wellbeing is something that HR departments all over the country are ranking as one of the top priorities for companies, and the employee wellbeing industry is expected to boom. Employee wellbeing is both a way to create a great place to work and a way to keep up with the ever-shifting work landscape.
Many companies have a fleet of vehicles to help them run their businesses. From trucks to taxis to construction vehicles, fleet vehicles are pretty crucial to so many industries and businesses. But if you’re using fleet vehicles, you should also make sure your entire fleet is insured. After all, insurance is there to help protect your business and help you stay afloat should something happen. But to insure your fleet, do you have to get insurance for every vehicle? Nope. That’s where fleet insurance comes in.
It can be easy to think of insurance fraud as a ‘victimless crime.’ After all, sometimes insurance can feel like the worst form of gambling, where you actively put down good money to bet against yourself. And insurance companies themselves don’t always act like the valiant protectors they claim to be — just ask anyone who’s ever had a valid claim denied or lost their coverage when they needed it most. Is the occasional insurance fraud here or there really such a big deal?
Even if your business is lucky enough to avoid on-the-job injuries, an unsafe work environment will still take its toll on your workforce. We as human beings are deeply influenced by our surroundings, and when we find ourselves in an unsafe environment we become anxious and start to look for a way out — whether we recognize it consciously or not. As such, unaddressed workplace safety issues can easily lead to employee absenteeism, poor quality of work, and increased turnover (along with the more obvious risks of injury or death).
With so much on the line, organizations across all industries are recognizing the importance of a culture of safety in the workplace. Here, we discuss 8 steps for building a safety culture. But first, let’s define what a safety culture is, and what it can mean to your business.
The trucking industry is a fast-paced and often hazardous business, which means it’s necessary to have certain security measures in place. If you transport anything in the U.S., be it people or cargo, you are required to have some kind of liability insurance, which is enforced by the Department of Transport (DOT). Not only is insurance a wise use of money, but without it, you won’t be able to receive a USDOT number, which is what allows you to legally transport goods in the U.S.
USDOT insurance is ultimately designed to keep you and your business safe while on the roads, as well as the people or cargo you transport. Insurance covers any damaged goods in transit should an accident occur. It also covers the cost of injury to employees, passengers, or another third party. Requiring liability insurance not only protects the public and your company but also reduces the number of accidents related to commercial vehicles.
There are a lot of things that might set a great employer apart from a mediocre one, but one that’s extremely hard to overlook is health insurance. After all, the cost of healthcare in the US is on the rise, even outpacing the record inflation of the past few years. Employees want to know that their employers have them and their dependents covered before they’ll be willing to sign any contracts.
But providing healthcare isn’t cheap. And, as we addressed in a previous blog post, simply spending more money on health and other employee benefits won’t necessarily bring in the kind of ROI you might expect.
HNI works with high-performing companies to help them address the hidden risks in their business and avoid The Insurance Dependency Trap. This is done by proactively DE-RISKING their business so they can be less dependent on insurance.
HNI also offers the basic services of insurance and employee benefits. HNI has offices in Milwaukee, Chicago, and Minneapolis.