Medicare 101

New sessions for Fall 2024 have been added in Fargo, Grand Forks, Bismarck, Jamestown, and Valley City, North Dakota.

Client Services

Access our online portal and mobile app, visit the Vaaler Senior Care Resource Center, and more.

Alternative Risk Financing

Vaaler Insurance, a Marsh & McLennan Agency LLC Company has been actively involved in the research and development of alternative risk financing programs. Many large organizations, or groups and associations, wish to retain more influence over their risk and insurance dollars. Traditional first dollar insurance programs may not fit their needs. Once a determination is made to review alternative options, a careful analysis of their specific situation must be completed and a plan can be implemented that may involve self insurance, partial self insurance or a captive owned by the organization or organizations that participate. There are many different types of risk financing that can be tailored to meet the specific goals of these groups or organization. Vaaler has been active in developing the following:

• Dividend Programs — Vaaler has negotiated special dividend programs for individual accounts as well as association business. These programs provide the opportunity for insured clients to benefit from their favorable loss results. This type of program provides a potential benefit for favorable results without the potential negative consequences possible in other types of risk sharing programs.

• Risk Purchasing Groups — Our healthcare division currently manages two risk purchasing groups for healthcare facilities. These groups have continuously paid profit sharing dividends to member facilities as a percentage of the general and professional liability coverage they purchase.

• Reciprocal Insurance Company Formation — Vaaler Insurance originated and was Attorney-in-Fact for a reciprocal insurance company, Health Facilities Insurance Exchange. It was originally formed to provide medical professional liability coverage during the medical malpractice crisis of the 1980’s. The reciprocal later provided a quota share reinsurance layer for medical professional liability coverage.

• Self-Funded Workers Compensation Program Development and Management — Vaaler provides marketing and management services to Healthcare Select, a Minnesota-based self-funded workers compensation program. Originally started in 2003, the group has 15 member facilities.

Business Interruption

Why Do I Need Business Interruption? Originally established for the manufacturing industry, Business Interruption Insurance has evolved into an essential risk transfer tool for all industries. Coverage provides resources that aid in recovery and can help get a company back on its feet quickly. A small business owner‘s restaurant in Mississippi was devastated by Hurricane Katrina, leaving her with a blown-out ceiling, massive equipment damage and an unsalvageable building security system. “The Business Interruption Insurance paid for the 23 days we were down,” Joy Hoda told the Insurance Information Institute. “Just by getting that money, it wasn’t so hard for us to make our payroll.” The insurance allowed her to continue to pay her staff, meet her credit obligations and quickly reopen her business to help serve the people of her neighborhood. Business Interruption Insurance doesn’t just assist small businesses in meeting payroll and bills during a crisis. For larger businesses, Business Interruption Insurance can provide employees and shareholders peace of mind. Shareholders especially like to know a business’ profits are protected in case of fire, tornado, hurricane or other disaster. According to data from the Institute for Business Home and Safety, 25 percent of businesses never reopen following a disaster or interruption. Don’t wait until your business experiences a significant loss to consider this vital business insurance protection.

• Access an interactive business interruption worksheet here to estimate your business interruption exposure and contact Vaaler Insurance, a Marsh & McLennan Agency LLC Company to review how this type of coverage can fit into your overall business insurance portfolio.