Author: McGriff Williams

What exactly is MFA and why is it important?

Posted on by McGriff Williams in Insurance, McGriff-Williams News |

Although you’ve heard all the talk about cyber security and data breaches in the past, have you ever really thought about it happening to you? It’s no surprise but cyber crime has grown to the highest cost in the 17 year history of reporting, according to IBM. Currently, data breach costs are upwards of $4 million.

These attacks are happening more frequently and costing individuals and business owners more money. It could be that we have more work-from-home opportunities than ever before, better cyber technology making cyber criminals more efficient, or more vulnerability in the health and finance sector. It’s been predicted that right now, a cyber attack could occur ever 11 seconds, which is nearly four times the frequency recorded just five years ago.

There are several ways you can protect yourself but one of the most simple and important methods is unfortunately overlooked. As if we insurance folks didn’t have enough acronyms to talk about, here’s another one: MFA. Multi-Factor Authorization. MFA is a security method that requires the use of two or more authentication factors to verify a user’s identity. This is most commonly used for users accessing an organization’s network or using a personal or work email remotely. MFA just provides assurance that the user tapping in to private information is who they say they are and that they deserve access. This keeps data safe even if one set of a username and password is compromised. The use of MFA can stop cyber attacks in their tracks, blocking 99.9% of account-compromising attacks.

So we clarified that MFA is just a method of double checking one’s identity. In real-life terms, that just means that before one can access your accounts or email, they have to take an extra step so that at least two of the following three categories is confirmed:

  • Knowledge – something only that user knows like a password, answer to a personalized security question, or PIN
  • Possession – typically the device the user is on like a smartphone, laptop, or software token
  • Biometric – something unique to the user such as a fingerprint or face scan

Why is MFA also important for a business?

  • Strengthen your existing security system – Firewalls & antivirus protection is only as strong as the authentication steps that protect them
  • Protect high-value targets such as Administrative or Executive accounts – these typically have sensitive information, broader access and confidential personal/business information
  • Limit digital credential theft – even if a hacker obtained username and password information, they are unlikely to have the device or access to the backup MFA such as a personal email with verification code sent
  • Stop cyber exploitation – cyber crimes are more than just stealing private information. Hackers can also destroy such data, deploy ransomware, change programs or transmit spam/malicious code

MFA is just one added layer of protection that you can implement in your email or other account specific systems that you use to stay cyber safe.

Flood Insurance Risk Rating 2.0: New & Improved

Posted on by McGriff Williams in Home Insurance, McGriff-Williams News |

The National Flood Insurance Program had some major changes that became effective October 1st. They are calling this initiative “Risk Rating 2.0”, in which FEMA considers a substantial leap forward when it comes to flood insurance. While some of the changes are minor details, there are a few pretty big adjustments to this coverage that you’ll want to know about in order to best serve your clients.

Since the 1970s, this type of insurance coverage has been rated based solely off of a zone determined by the property location and elevation. FEMA now has years of analyzed data combined with a conscious effort to make flood insurance more fairly rated.
With the evolution of the new Risk Rating 2.0 program, FEMA will now use the following factors to more accurately rate a property for flood insurance:
  • Flood frequency
  • Multiple flood types such as river overflow, storm surge, coastal erosion and heavy rainfall
  • Distance to a water source
  • Property characteristics such as construction type, cost to rebuild, and elevation
  • Prior insurance/claims
Some things that remain the same are:
  • Existing statutory limits on rate increases require that most rates can not increase more than 18% per year
  • FEMA will continue to offer premium discounts for pre-FIRM subsidized and newly mapped properties
  • Policyholders will still be able to transfer their discount to a new owner by assigning their flood insurance policy when their property changes ownership
  • Discounts to policyholders in communities who participate in the Community Rating System will continue
FEMA estimated that 20% of Florida homeowners will see an immediate premium decrease, 68% will see an increase up to $120, and 12% will see an increase over $120.
Overall, this is good news and a positive, fair change moving forward. Flood insurance can be complex but it doesn’t have to be. Any time we can be of assistance with flood insurance questions, please reach out. We’re happy to help navigate these waters…. literally.

 

New HSA information released for 2022

Posted on by McGriff Williams in Health Insurance, McGriff-Williams News |

New guidelines for Health Savings Accounts in 2022 have been released and there are several ways this type of account may work to your advantage. Just like all health plans, an HSA isn’t the right fit for everyone. But for some, it can result in big savings financially and be just the plan you need.

Let’s start with what exactly an HSA is. A Health Savings Account consists of two things: a high deductible health plan purchased from a private carrier, such as Florida Blue, in which you pay a monthly premium for as well as a qualifying savings account at a bank where pre-tax contributions can be made. That account would then be where funds come from to pay for things like copays at the doctor, certain medicines, etc.
Some examples of qualified expenses that can be purchased with an HSA account are:
  •  Prescription or over the counter medications
  •  Eye glasses, contacts, solution, etc
  • Acupuncture and chiropractic care
  • Vaccinations or immunizations
  •  Dentures or dental treatment
  • Hearing aids
  • Insulin and diabetic supplies
  •  Allergy testing
  • Wheelchairs, walkers, crutches, etc
  • Sunscreen and first aid
There are limitations and guidelines to abide by with an HSA account. These can vary each year so it’s important to pay attention to them at every renewal if that’s the plan you choose. For 2021, an individual can contribute up to $3,600 of pre-tax money per year and for a family, the maximum contribution is $7,200. The out of pocket maximum is $7,000 for an individual and $14,000 per family.
Meaning, one can put $3,600 into that bank account and then use however much of it they need for health expenses. Then after $7,000 out of pocket is spent, their plan’s coverage kicks in and they pay nothing more for that calendar year.
For 2022, those limits have increased to a $3,650 contribution limit for an individual and of maximum of $7,300 for a family. The out of pocket maximum was also increased to $7,050 per individual and $14,100 for a family.
The tax-deductible contributions, tax-free interest and tax-free withdrawals for qualified medical expenses are all huge perks to an HSA plan for health care. But another big advantage is that it is 100% yours. If you get it through an employer and leave that job, you keep it. If you don’t use it, it remains there as a savings account and the contribution allowance starts back over the next year.
Again, Health Savings Accounts are not the right fit for everyone but are definitely worth exploring. And if you’re ever uncertain about a qualified expense, you can contact your carrier for clarification. It is also recommended that you always keep all receipts in the event of an audit.

 

What exactly is Comprehensive coverage?

Posted on by McGriff Williams in Auto Insurance, McGriff-Williams News |

When it comes to auto insurance, the coverages on your policy can get a little complex. Some are for your injuries, some for injury to other people, some for your car itself, and some for other people’s cars or property.

Regarding your car, Comprehensive and Collision coverage can get confusing since both apply to damages sustained to your vehicle. In this video, Michelle and Jessica break down what exactly Comprehensive coverage is for and when you would use it in the event of damage.

Stay tuned to our You Tube channel for more videos to come! Thanks for tuning in!

 

 

Struggling with disengaged employees on your team?

Posted on by McGriff Williams in Business Insurance, Human Resources, McGriff-Williams News |

It’s always fun and exciting to go through the onboarding process of a new employee. Both you, as the employer, and the newest member of team are excited, things are fresh and new, and the future of working together is bright. Of course the hope is that those feelings will continue, it will remain a good fit for all and everyone will benefit from the partnership.

However, sometimes the honeymoon phase wears off and employees can become disengaged. Sure, part of that is natural and happens in all aspects of life. But as Jon Gordon refers to negative or disengaged employees as energy vampires, they can be detrimental to your team, clients, and goals as a company. This negativity can be toxic and needs to be addressed sooner than later.

So what can you do as a leader to prevent and recover from disengagement on your team? Here are a few tips we’ve compiled that may be helpful if you’re noticing the morale and engagement heading south.

First, defining and understanding disengagement is important. It can be cause by things such as lack of:

  • Communication
  • Recognition
  • Trust
  • Flexibility
  • Teamwork
  • Autonomy
  • Support

Next, recognizing and identifying when an employee is disengaged can be done by:

  • Poor performance
  • Missed deadlines
  • Lack of interest in development
  • Isolation from coworkers
  • Increased use of PTO

Then, it’s time to approach the employee:

  • Address the issue head on, skip the small talk but be certain to listen well, ask questions and document conversations
  • Discovering that individual’s motivation and what makes them tick Analyzing where engagement was lost and why
  • Identifying adequate skills and a plan to work to their strengths, even if it’s a change in their role
  • Come to a mutual agreement and commitment to action

The final step in this process is to work together towards a solution that will correct the problem by:

  • Create a specific and realistic development plan that includes your investment in them
  • Set goals and hold each other accountable
  • Encourage participation with the team, while keeping the personal plan confidential
  • Give consistent feedback
  • Recognize improved behavior and performance
  • Cheer them on to their potential and don’t give up!