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The Business Mentoring Center

Corporate Cranium Mentor Articles

Isn’t It Time to Take Control of Your Worker’s Comp?

By Gary Sorenson, Insurance Brokers of Minnesota | February 1, 2015

Workers’ Comp is the way employers finance employee injuries. For every dollar the insurance company spends, you are likely to pay back $2.00 to $3.00.  It’s our job to stop the borrowing at such high interest rates. Because Workers’ Comp is so complicated and confusing, employers are left to assume that their premium audit reports are accurate and their Experience Modification Factors are correct.  However, because of mistakes rampant in the Workers’ Compensation system, at least 25 -50% of businesses are overcharged for their Workers’ Comp insurance. To help employers...

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What is a Defined Contribution/Premium Reimbursement Plan? Should I Consider for My Business?

By Gary Sorenson, Insurance Brokers of Minnesota | November 1, 2014

Combines a Premium Reimbursement Account, and a FSA/HSA plan all into one simple-to-use product. Employer has ability to offer a “defined contribution” or tax free contributions to an employee for (1) insurance premiums, or (2) out of pocket medical expenses, or (3) both, and provide a (4) pre-tax platform for employees to pay for their out-of-pocket medical, daycare and transportation expenses along with their individual Health Insurance Premiums. Three Components:  Premium Reimbursement “employer”:  Employer offers tax-free money to the employee in the form of a defined contribution. That money can...

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“Why” Long Term Care Insurance?

By Gary Sorenson, Insurance Brokers of Minnesota | June 1, 2014

Rising life expectancy means that the potential need for “long term care” grows with every passing year of your life. Current statistics indicate that six out of every ten people in the United States will need some form of long term care during their lifetime. Most long term care expenses are not covered by Social Security, Medicare, or private health insurance. Medicaid will pay for some nursing home care, but you must meet state poverty guidelines to qualify; therefore, you may have to “spend down” or gift away your assets...

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New Mental Health, Substance Abuse Parity Rules Finalized

By Gary Sorenson, Insurance Brokers of Minnesota | January 1, 2014

The Obama administration finalized new regulations to expand coverage requirements for employers providing mental health and substance abuse treatment under their group health care plans. The long-awaited final rules are based on the 2008 Mental Health Parity and Addiction Equity Act. They will prohibit large employers — defined as firms with more than 50 full-time workers — from applying copayments, deductibles and utilization limits for mental health care and substance abuse treatments less favorable to plan members than those they apply to medical and surgical services. While the final regulations...

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Are All Homeowners’ Contents Coverage the Same? No Way!

By Gary Sorenson, Insurance Brokers of Minnesota | June 1, 2013

Here are 21 Reasons to Purchase Deluxe Contents Coverage The following are covered by deluxe and not standard (put in simple terms): 1) MYSTERIOUS DISAPPEARANCE – Jewelry, furs, silver, gold and guns that are lost or misplaced (up to special limits). 2) EARTHQUAKE – Deluxe contents affords earthquake coverage automatically for contents. 3) BROADER WATER DAMAGE – Damage to contents is covered if rain or hail enters through open window or door. 4) BROADER WIND DAMAGE – Losses due to wind entering an open window or door are covered. 5)...

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How to Prevent Air Bag Injuries

By Gary Sorenson, Insurance Brokers of Minnesota | April 1, 2013

Air bags save thousands of lives each year, according to The National Highway Traffic Safety Administration (NHTSA). In frontal crashes, air bags reduce deaths among drivers by about 30 percent and among passengers by 27 percent. Air bags, however, can be dangerous. If small children sit unbelted in the front seat, they can be catapulted into the path of a deploying air bag, which inflates with great force. This risk also applies to small adults—who must sit close to the steering wheel in order to reach the pedals—pregnant women and...

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