Organization of several employers with a purpose of monitoring and communicating information on health care issues that affect employees. These employers form a cooperative to manage the benefits and expenditures and purchase group health care insurance coverage at a discounted price for their employees.
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A Group that has made statistical analyses and other efforts to control health care costs through combining businesses in a city or region to enhance medical care purchasing power and identify low cost providers.
Tag: RAW
Business consultant
See: physician advisor (PA) .
Business Continuity Management (BCM)
BCM is concerned with anticipating threats to business survival and the achievement of objectives. It means conducting a business impact analysis to identify the key processes and functions within and beyond organisational boundaries that are essential for continuity. A business continuity plan (BCP) sets out the recovery strategies, priorities and actions that will be needed if a crisis occurs. A crisis could arise from a pure risk such as fire, or loss of a major customer or supplier. BCM reduces the likelihood of a disaster and minimis
Business continuity plan (BCP)
A written document summarizing steps to take in the event of a disaster—manmade or natural—assessing the business’s ability to recover from the loss event and subsequent business interruption. It is a hedging tool against the impact of a disruption on an organization. It typically includes estimated recoveries for loss of business income due to damage to
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A written document summarizing steps to take in the event of a disaster—manmade or natural—assessing the business’s ability to recover from the loss event and subsequent business interruption. It is a hedging tool against the impact of a disruption on an organization. It typically includes estimated recoveries for loss of business income due to damage to the business’s own locations, key suppliers/customers, adjacent buildings, key objects (such as bridges, highways), and utility interruptions. The BCP outlines the decision-making framework and advanced arrangements and procedures that enable an organization to maintain an acceptable level of operations in the event of a disruption.
Business crime insurance (Criminal)
Insurance that covers the business’ assets against forgery, robbery, and embezzlement.
Business ethics
Moral standards as they apply to certain business policies, institutions, and behavior.
Business Impact Analysis (BIA) Methods
Enterprises typically consider business impact (i) Recovery time objectives (RTOs) specifying amount of downtime a business can tolerate and (ii) Recovery point objective (RPOs) specifying the amount of unrecoverable transactions or data the company can tolerate. Both are converging on zero.
Business income coverage
US: Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. Coverage applies to loss suffered during the time required to repair or replace the damaged property. It may also be extended to apply to loss suffered after completion of repairs for a specified number of days. There are two Insurance Services Office, Inc. (ISO), business income coverage forms
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Insurance protecting the income derived from an insured’s business activities when curtailed by a covered peril. Coverage is often combined with extra expense insurance, which provides coverage for reasonable extra expense the insured undertakes to expedite return to business operations.
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Insurance protection the income derived from an insured’s business activities when curtailed peril. Coverage includes reasonable extra the insured undertakes to expedite return to business operations.
Business income coverage form (Property Insurance)
A form that provides coverage against losses that occur due to property damage, for example, loss of business.
Business Income Insurance
Commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage due to a covered peril, such as fire. Business interruption insurance may also cover financial losses that occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities coverage may start after a waiting period and last for two or more weeks.Two other forms of coverage are commonly added to business interruption policies:
Similar to the additional living expense coverage in the homeowners policy, extra expense covers the additional expenses associated with continuing operations at a different location when the primary location has been damaged by a covered peril. For example, most state laws require banks to remain open on most business days. If a bank were to burn, it would need to open again as soon as possible at a temporary location.
Extra Expense
Contingent Business Interruption
This coverage includes damage due to an insured peril to a firm’s customers, suppliers, or anchor stores. For example, if an automobile parts manufacturer has a long-term agreement to supply parts to a local Toyota plant and that plant ceases production because of a fire, the contingent business interruption coverage for the supplier would cover lost profits. Anchor store coverage protects small retailers who locate in a shopping center with a supermarket or other anchor store. If the anchor store is damaged by an insured peril, the smaller retailer is compensated for the reduced traffic.