LIABILITY AUDIT
Risk management is an integral part of every aspect
of insurance. In Group insurance this means proactively addressing
as many as possible of the potential liabilities that can occur
when administering a benefits program. Almost every aspect of your
program can be an area of concern if not handled properly. Some
areas where potential liabilities may occur include:
Positive enrollments
Disability coverage
Notification periods
Termination/severance agreements
Benefit extensions
Interaction with government benefits
Employee waivers
Performing a liability audit is another example of the importance
of having a broker that is knowledgeable of the issues, and more
importantly, elevates your administrator’s understanding
of these potential pitfalls before they become problems. Reducing
your company’s liabilities will ultimately save your company
money.
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