Workers’ Compensation is coverage purchased by the employer that provides insurance if employees are injured while on the job. Most states require that employers purchase the insurance on behalf of their employees.
Workers’ compensation costs can make up a large portion of business operating costs. It is beneficial for employers to find methods of reducing both the direct and indirect costs associated with workers’ compensation.
Workers’ Compensation Cost Reduction Methods
Using an independent agent who can help you market your workers’ compensation program is a good way to keep premiums competitive.
Selecting the right carrier. Not all insurance companies are created equal. Does the carrier have experienced loss control and claims professionals? Low rates can mean the insurer does not have quality support; and if the claim goes bad due to lack of supervision, you will end up paying more in the long run.
Does your company have an up to date safety and return to work program? This is critical in the management of the injury and post-accident process. Getting injured workers back to work as soon as medically possible is very important and can reduce indemnity costs.
Provide ongoing staff training. Keeping all employees informed and part of the process will make them feel invested in the long term benefits of your safety program.
The small amount of money you spend on these items will have a positive impact on your overall costs.
Be Prepared For The Next Storm
There is no question another wind, flood, hail, or rain storm is in our future. It is always best to do a little preparation now so that you and your family are ready. First, we recommend that you have an agent complete a personal insurance review. There are some key areas of your personal insurance that help you in the event of a storm. These are just a sample of the kinds of questions we might ask you.
- Do you have flood insurance?
- If you live in high wind areas, you may need special wind coverage.
- Are your deductibles in line with your lifestyle?
Does your homeowner’s insurance include extra expense coverage? This would provide funds to rent a second home or a hotel room in the event your home needs repairs.
- Create An Emergency Kit
- Three-day supply of food and water
- Sanitation and personal hygiene items
- Photocopies of identification and credit cards
- Solar power source for smartphone
- Dust masks for every family member
- Items for infants such as formula, diapers, bottles, and pacifiers
- First aid kit
Since your home is your most valuable asset, you need homeowner’s insurance. Homeowners insurance gives you financial protection and peace of mind if something unexpected happens to your homes like theft, fire, natural disaster, or other loss.
You’ve worked hard to earn your lifestyle. Consider adding additional liability protection to your Auto, Home, Renters or Condo policy. Personal Umbrella Liability coverage added to your other policies can protect you, your spouse and any relatives living in your home.
Umbrella Insurance Protection
Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an umbrella insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella insurance can provide limits above your business insurance, personal auto and home policies.
Umbrella insurance provides broad insurance beyond traditional insurance. It provides additional liability coverage above the limits of your primary insurance policies. It can also provide coverage for claims that may be excluded by the primary policies
It is true that personal umbrella insurance may not be for business or individual, but if you are a business, wanting to protect your company’s resources, building financial resources for your future, are a professional, own your home, boat or recreation vehicle, you should consider an umbrella insurance policy. Having the added protection of an umbrella insurance policy is coverage no one should go without. Call us today, for a free review.
High Net Worth Individuals
Do you own a boat, second home or have other expensive toys? Often high net worth individuals need higher liability limits to protect personal assets. A simple rule is, the more you own the greater risk you may have of losing it. The nice thing about an umbrella policy is that it is competitively priced. Usually, it costs about $300 per year for each $1,000,000 increment of insurance that you buy, and it can bring you piece of mind.
Your Personal Assets Are At Risk
Uber, Airbnb and VRBO may increase your personal liability risk
We live in a digital world that now allows us to share everything from our car, bike, boat, apartment and even our home with total strangers. Smartphones, and the applications that can be added offer many useful tools, but some of these things create new and increased liability for you. Before you decide to jump into the sharing economy consider the following:
Do these sharing sites have the ability to protect your confidential information? Many times you are giving your credit card information to companies that may not have the ability to protect it.
If you use Airbnb to sublease your apartment, you might check your lease. Many lease agreements have “no sublease” clauses that do not allow for this kind of activity. Also, some big cities are now actually considering outlawing the Airbnb services as it reduces hotel/motel taxes.
Uber offers a taxi service where individuals can offer rides to those who subscribe. Are you confident that these individuals have had proper background checks? Are they experienced drivers? Do they have the correct insurance? Remember, even in states that have mandatory auto insurance laws, over 25% of drivers don’t have insurance.
Personal auto insurance issues should be considered if using your car for hire. There is a big difference in the auto insurance world between a carpool for work and being paid to deliver people.
If you rent your primary home to others, it may limit your personal insurance coverage. Call out office for a review.
The use of the new sharing economy will most likely continue and may be a good way to make money. However, if you have an uninsured claim, the cost may be much greater. Be aware that using these services may increase your risk of loss.