Inc. Magazine Unveils Its Annual List of America’s Fastest-Growing Private Companies
B&H Insurance (BHI) Ranks No. 4583 on the 2020 Inc. 5000 With Three-Year Revenue Growth of 68.59 Percent
NEW YORK, August 12, 2020 – Inc. magazine today revealed that B&H Insurance (BHI) is No. 4583 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Intuit, Zappos, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.
John Boykin, President/CEO states, “We are honored to be included in this very prestigious list. We are very fortunate to have incredible employees, amazing clients, and great business partners, all of whom have helped BHI grow to what it is today.”
Not only have the companies on the 2020 Inc. 5000 been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists as well. The 2020 Inc. 5000 achieved an incredible three-year average growth of over 500 percent, and a median rate of 165 percent. The Inc. 5000’s aggregate revenue was $209 billion in 2019, accounting for over 1 million jobs over the past three years.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are also being featured in the September issue of Inc., available on newsstands August 18.
“The companies on this year’s Inc. 5000 come from nearly every realm of business,” says Inc. editor-in-chief Scott Omelianuk. “From health and software to media and hospitality, the 2020 list proves that no matter the sector, incredible growth is based on the foundations of tenacity and opportunism.”
The annual Inc. 5000 event honoring the companies on the list will be held virtually from October 23 to 27, 2020. As always, speakers will include some of the greatest innovators and business leaders of our generation.
BHI is the antithesis of a traditional insurance brokerage, offering not only Commercial and Personal Insurance, but also Benefits, Risk Control/Safety, HR Consulting and 401k Services. Instead of sitting back and waiting for policies to renew, we proactively mitigate risk, share knowledge, and employ creative strategies to stay at the forefront of ever-changing client needs. We work harder and smarter than our competitors, tackling challenges with tenacious persistence and endless drive. In our industry, people accept subpar service—we’re here so they don’t have to.
More about Inc. and the Inc. 5000
The 2020 Inc. 5000 is ranked according to percentage revenue growth when comparing 2016 and 2019. To qualify, companies must have been founded and generating revenue by March 31, 2016. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2019. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2016 is $100,000; the minimum for 2019 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.
About Inc. Media
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.
Remaining competitive in the hunt for the right job candidates who will propel your business to success is a struggle. Once you find the people you need, you have to convince them that your company is a better place to work than your competitors. A strategic, quality benefits package can help you attract and retain those top employees.
Employees value a well-rounded selection of benefits, and health insurance, a 401(k) plan, life insurance and dental coverage are a few of the plans that you can consider offering.
Benefits packages offer value to your employees and help you boost productivity and retention in a cost-effective manner. Here are a few of the advantages of offering employee benefits as part of your compensation package. Read More
As Delaware and surrounding areas reopen workplaces and release new COVID-19 mitigation guidelines for employers, we urge you to consider adopting the following precautionary procedures:
Designate a Pandemic Safety Officer for each active job site or location
The Officer should be on site at any time that work is performed or the location is open, screen employees before beginning work and enforce new COVID safety precautions.
The Officer should take a COVID-19 Awareness Training Course, obtain a COVID-19 workplace training certificate and post it at the job site or location/establishment alongside any other required posters or permits.
The Officer may also be your Site Safety Manager, General Manager, Operations Manager, HR, etc.
Create and communicate a COVID-19 Safety Plan tailored to your company (contact us for more details).
Limit the number of employees at a location or site (consider square footage, client volume, etc.).
Require employees to wear masks at all times while working.
Require social distancing of 6 feet or more between employees while they are working and taking breaks.
Provide every employee with regular access to hand-washing stations, hand sanitizer, and disinfectant wipes.
Schedule regular hand-washing breaks.
Minimize sharing of utensils, computers, tools, equipment, etc. amongst employees.
Have high-touch areas and tools cleaned and disinfected regularly.
For further guidance, join us for our BHI Executive Learning Series webinar on Tuesday, May 12, 2020 entitled “We are returning to work! Now what?” Click here to register. As always, please contact our Insurance, Safety and/or HR Consultants for further questions.
To promote volunteerism, the Volunteer Protection Act (VPA) was signed into law in 1997. This act pre-empts existing, looser state laws protecting nonprofit volunteers, encouraging the public to participate in social service.
Overview of the Volunteer Protection Act
The VPA protects volunteers against civil liability under the following conditions:
The volunteer was acting within the guidelines of his or her job description
The volunteer had the proper licenses, certifications or was authorized to act, and those acts were within his or her job description
The volunteer did not cause harm that was caused by willful or criminal misconduct, gross negligence, reckless misconduct, or a conscious, flagrant indifference to the rights or safety of the individual harmed
The volunteer did not inflict harm while using a motor vehicle, aircraft or other vehicle
The VPA provides consistent protection for all nonprofit personnel since state laws vary. More specifically, many states only provide protection to the organization’s director or board members, while others protect everyone associated with the organization.
The VPA does not, however, protect a volunteer from litigation brought by the organization onto the volunteer for violating one of previously mentioned criteria.
Most importantly, the VPA does not protect the nonprofit organization from litigation; it only protects the volunteer. In other words, the organization may be liable for the negligent actions of the volunteer, even when the volunteer is immune from litigation under the VPA. Therefore, the burden of responsibility is on the organization to assure that its volunteers are acting in a lawful manner while carrying out the duties assigned to them by the nonprofit. Read More
On March 27, 2020, the U.S. Congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to provide $2.2 trillion in federal funding to address the COVID-19 crisis. The President signed the CARES Act into law the same day.
Health Plan Coverage Provisions
The CARES Act includes provisions to:
Expand the types of coronavirus testing that all comprehensive private health insurance plans must cover without cost-sharing or barriers under the FFCRA;
Accelerate the process that would make permanent the requirement for health plans to cover preventive services and vaccines related to COVID-19;
Allow telehealth and other remote care services to be covered under a high deductible health plan (HDHP) before the deductible is met, without affecting the HDHP’s compatibility with Health Savings Accounts (HSAs) (applicable for HDHP plan years beginning on or before Dec. 31, 2021); and
Treat additional over-the-counter medications, along with menstrual care products, as qualified medical expenses that may be paid for using HSAs or other tax-advantaged arrangements.
As part of sweeping legislation signed into law by President Trump on March 18, 2020, two laws were enacted that provide workers with paid leave for reasons related to the coronavirus (COVID-19) pandemic. One of the new leave provisions, the “Emergency Family and Medical Leave Expansion Act,” allows 12 weeks of partially compensated FMLA leave to care for a child whose school or child care facility has been closed due to COVID-19. The leave applies only to workers who have been employed by their current employer for 30 days.
The other new law providing employee leave, the “Emergency Paid Sick Leave Act,” requires employers to provide 80 hours of paid sick time to employees in specified circumstances, including:
A quarantine or isolation order for the employee or someone the employee is caring for, or medical advice to self-quarantine;
When the employee has symptoms of COVID-19; or
When the employee’s child’s school or child care facility is closed.
Employers with 500 employees or more are exempt from the laws, and employers may exclude employees who are health care providers and emergency responders. The legislation also allows for future regulations
exempting businesses with fewer than 50 employees from providing leave for child care reasons if the leave would jeopardize the viability of the business.
The laws take effect within 15 days of passage; the leave benefits will expire on Dec. 31, 2020. Employers should familiarize themselves with the new leave requirements to ensure compliance. Read More