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Emerging Risks in Construction Why contractors should care about professional and cyber liability

As a contractor in today’s operating environment, you need to consider both Professional Liability and Cyber Liability coverage.  The reality is that many risks have emerged in recent years that threaten your bottom line. With the differences in project delivery and design processes, and the introduction of more advanced technology, you need to understand these risks and how they may impact your business. In my experience, these two coverage lines – and potential exposures if not covered – are the most misunderstood and overlooked by many contractors, but both are vital components of your risk management program. 

How confident are you that you understand how you are exposed to professional and/or cyber liability?

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OSHA Final Rule Released Introduces new electronic reporting requirements and anti-retaliation provisions

Under the final rule released earlier this month by the Occupational Safety and Health Administration (OSHA), certain employers will be required to electronically submit data from their work-related injury records to OSHA. The final rule also solidifies employee anti-retaliation protections for reporting work-related injuries and illnesses.

Submitting Electronic Data

The final rule requires employers to electronically submit the injury and illness information they are already required to keep under existing OSHA regulations. The ruling applies to employers with:

•  250 or more employees; or

•  20 and 249 employees and are in a high-risk industry

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Wearable Wellness Technology Going beyond counting steps to impact your employee wellness program

Wearable wellness technology can be as simple as a pedometer used to count steps, or as complex as technology currently being designed and tested by Google’s research unit, Google X, that aims to detect and destroy blood cancer cells. There are wristbands that look like jewelry, watches that track sleep patterns, clothing that monitors heart rate and even smart contact lenses that will someday automatically test blood sugar levels of a patient with diabetes. Whatever the device, one thing is for sure, wearable wellness technology isn’t a fad.  It is a growing billion-dollar industry with an exciting future.

The wearable wellness tech market was estimated to be worth $2 billion in 2011. It is predicted to reach $6 billion by the end of 2016. IMS Research recently reported the rise in wearables from 14 million devices shipped in 2011 to an estimate of 171 million devices to be shipped by the end of 2016.   And while only 16% of the U.S. adult population used some sort of wearable technology in 2015, that number is predicted to increase to more than 33% by 2019.

What does this mean for employers?

Wearable wellness technology has great promise and opportunity for employer wellness programs. Wearables can be personalized to set and track individual goals and they can continuously measure important metrics such as blood pressure or calories burned. The ease of use and accessibility of data made possible by these wearables allow employers to inject fun and competition into once-dull wellness programs. Additionally, wearables foster community and social support as individuals are able to establish networks for accountability and encouragement.   For the employer, the technology offers a measurement paradise complete with data aggregation to monitor progress, quantify program outcomes and offer all types of incentives.
 
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BYOD Risks in the Workplace Use of Personal Devices at Work Can Create Opportunity and Risk

Employees at companies of all sizes, either through their own volition or due to corporate requirements, are engaging in bring your own device (BYOD) programs in ever greater numbers. Many of these employees continue to work at home, beyond the traditional workday, on personal laptops, tablets and smartphones as the work and personal life divide continues to blur. Companies, once resistant to BYOD programs and their inherent risks, now embrace the increased collaboration, productivity and cost savings that BYOD allows.

According to a recent survey of global CIOs, half will require employees to supply their own devices by 2017.^¹ Companies that do not take a proactive approach to managing the use of personal devices face growing risks, as costs associated with data losses, privacy breaches and other cyber threats continue to rise.

Yet, only 39% of companies have a BYOD policy in place, according to another recent study.^² One in five employees surveyed reported that they were not aware whether or not their company had a formal policy in place, suggesting a need for increased training and communication.
  
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Pharmacy Benefit Managers Report Significant Decrease in Trends for 2015

It’s that time of year again, the time when Pharmacy Benefit Managers (PBMs) release their annual drug trend analyses for the prior year.  To the surprise of many, the two largest PBMs in the country, CVS Caremark (CVS) and Express Scripts (ESI), reported 2015 trends at less than half of 2014 trends. CVS reported their annual trend at 5.0% while ESI reported a trend of 5.2%.  Compare these trends to the approximate 12% trend reported in 2014 – a shocker right?  According to CVS, brand-name drug inflation drove to 80% of aggregate drug trend.

Let’s break these numbers down a bit more.  ESI reported that specialty drugs trended at 17.8% while non-specialty drugs trended at -0.1%.  High specialty drug trends are nothing new and are here to stay. You should expect specialty drug trends to remain around 17% and drive an overall drug trend of roughly 7.5% over the next several years.

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