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The Business Mentoring Center

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Create a Safe Driver Culture in Your Business or Home

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

Being a business owner involves a lot of responsibility.  When you have commercial autos, you become responsible for the safety of your drivers and other road users. That can be a lot to take on, so the best way to deal with it is to share the responsibility.  To create a culture where everybody shares the need to do the right thing.  That’s especially important for driving.  If you can create a safe driving culture in your business, you make everyone responsible for road safety. So how do you create...

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Why Have Experience Rating on Worker’s Compensation?

By Gary Sorenson, Insurance Brokers of Minnesota | December 1, 2012

If workers compensation rates are designed to predict future losses, why use experience rating?  How does experience rating benefit employers?  Implicit in most risk-specific programs of experience rating is the prospect of both debits and credits. Since experience rating gives individual employers some influence over the final premium they pay, it provides an  incentive for employers to develop loss prevention as well as incentives to have the injured employees return to work as soon as reasonably possible. In this way, experience rating benefits employers by promoting occupational health and safety. ...

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Who Wants to be You?

By Gary Sorenson, Insurance Brokers of Minnesota | March 1, 2012

Nine million. That’s how many Americans have their identities stolen each year, estimates the Federal Trade Commission. Identity Theft a Common Risk From January 2005 until November 2011, a staggering 543 million personal records were breached, reported the Privacy Rights Clearinghouse. The FTC noted that, in half of the criminal incidents in 2005, thieves obtained goods or services worth $500 or less. In 10% of cases, thieves stole at least $6,000. ID theft has only been a crime since 1998, when Congress passed the Identity Theft and Assumption Deterrence Act, but...

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Reducing Your Insurance Costs…Distinguishing Bad Advice from Good Advice

By Gary Sorenson, Insurance Brokers of Minnesota | July 1, 2011

Many Americans are struggling financially in the current economy, particularly those struck by lay-offs, and are faced with tough decisions about how to reduce expenses. As a result, much has been written in recent months about how to reduce insurance premiums as one aspect of a belt-tightening strategy. Unfortunately, too much of this advice has been BAD and much of this bad advice comes from consumer web sites and publications that have little understanding of insurance and risk management. The purpose of this article is to identify some of the...

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The Employment-Related Practices Liability

By Gary Sorenson, Insurance Brokers of Minnesota | May 1, 2011

Who could be sued for violating an employee’s rights?  Just about anyone who employs another person!  Discrimination, paying incorrect overtime amounts and sexual harassment are just three of many workplace situations that could lead to a lawsuit.  Some actions result from the employer being unaware of applicable laws while others arise out of cultural differences and misunderstandings.  Still others are the result of harmful intentional acts.  An employer may be aware of the actions and condone them.  In many cases, they are not aware and frequently fail to stop them...

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Long Term Care Insurance

By Gary Sorenson, Insurance Brokers of Minnesota | March 1, 2011

Rising life expectancy means that the potential need for “long term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities. Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet...

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