Insurance Buyers News – November/December 2020

Impact of COVID-19 on Property and Liability Insurance

hundred dollar bill with maskWhile estimates vary, the insurance industry is currently expected to pay as much as $110 billion in claims related to the pandemic in 2020, according to Lloyd’s. Read on for details.
 
 

Who Doesn’t Need Professional Liability Insurance These Days?

doctor and businessmanDoctors, lawyers and accountants aren’t the only people who need professional liability insurance. Read on for details.
 
 
 

Why Almost Every Business Needs Additional Insured Coverage

umbrellasYou have business liability insurance, but it may not provide coverage if you are considered “vicariously liable.” Read on for details.
 
 
 

How the Pandemic Could Change the Future of Work

Mobile apps will be more common. The pandemic has forced many companies to focus more on remote operations, making the use of mobile apps more important.
Read on for details.

Workers Comp & Safety News – October/November 2020

Many States Offer Temporary Work Comp Classification Reductions During Pandemic

stethoscope, syringe and formsDuring the pandemic, insurance laws in many states are allowing employers to reclassify employees who normally work in higher rated workers comp classes as clerical or other lower classifications.
Read on for details.
 

How the Pandemic Is Changing Workers Comp Forever

patient having remote dr apptIn response to the crisis, new regulations have been enacted and advances in technology fast-tracked.
Read on for details.
 
 
 

How Insurers Calculate Comp Rates

person with calculator and laptopWorkers’ compensation may seem complicated, but only two factors affect your workers’ compensation costs: your employees’ job classifications and your experience modification factor.
Read on for details.

 

How Losses Get Evened Out to Make Ex. Mods More Accurate

Not all losses are the same. Small, frequent losses need to be handled or “weighted” differently than one-off severe losses that happen only occasionally.
Read on for details.

Insurance Buyers News – September/October 2020

Operating Your Business During the Pandemic

open sign Many businesses have adjusted to the pandemic by implementing work from home arrangements for their employees. This is often an incomplete or inadequate solution though.
Read on for details.
 

Get Ready for Parametric Insurance

graphParametric insurance is a type of insurance that does not indemnify the actual loss, but pays when something related has occurred with sufficient intensity to justify payment of a loss.
Read on for details.
 

Don’t Forget Your Umbrella

man with umbrellaIf your business is the typical small or mid-sized business, you probably have somewhere between $500,000 and $2 million in liability coverage under your business owner policy (BOP) or commercial general liability policy. How does umbrella coverage work with these policies to provide extra liability protection?
Read on for details.

What is ADA?

The Americans with Disabilities Act (ADA) and amendments, which applies to employers with 15 or more employees, says employers cannot discriminate against individuals with disabilities in hiring, promoting, retaining and other aspects of employment.
Read on for details.

Workers Comp & Safety News – August/September 2020

COVID-19 Impact on Workers Compensation Industry

graph with viruses in backgroundAccording to a survey put out by health industry guru and strategist Joe Paduda, the workers compensation system could see a 20 percent decrease in new injury claims this year due to the coronavirus pandemic.
Read on for details.
 

COVID-19 Liability Waivers

person signing documentAt a recent campaign rally attendees were asked to sign liability waivers to protect against lawsuits related to contracting Covid-19. Many businesses are doing the same with customers and employees.
Read on for details.
 

How Does Self-Insured Workers Compensation Work?

person with checkSelf-insuring is an increasingly popular alternative to purchasing coverage from traditional providers. There are advantages and disadvantages.
Read on for details.
 
 

Excess Workers Compensation Comes in Two Basic Formats

Specific Excess Insurance limits the amount a self-insured must pay for any single occurrence. Read on for details.

Insurance Buyers News – July/August 2020

Most Business Policies Cover Riots, Vandalism and Civil Commotion

protestorsDifferent policies cover different kinds of damage to property. When protestors gathered on the streets of our cities to speak out against the brutal killing of George Floyd, in many instances peaceful demonstrations turned into scenes of violence, vandalism and looting.
Read on for details.

Automated Driving Would Reduce Crashes by Only a Third

person in self driving carDriver mistakes play a role in virtually all crashes. That’s why automation has been held up as a potential game changer for safety.
Read on for details.
 
 

Cyber D&O Policies and The Coronavirus

empty conference roomEven before COVID-19, insurance for directors and officers (D&O) was experiencing a hard market.
Read on for details.
 
 
 

Key D&O Terms You Should Know

Entity Coverage/Allocation Provisions: Claims can get complicated when the corporate entity is named as a defendant along with directors and officers.
Read on for details.

Workers Comp & Safety News -June 2020/July 2020

COVID-19 Workers Comp Update

workers with face masksBusinesses and governments are trying to determine when COVID-19 infections qualify for workers’ comp benefits.
Read on for details.
 
 
 

Workers Comp Basics: The Four Types of Disability Benefits

person in physical therapyIn determining the extent of a worker’s injury, doctors evaluate the degree of disability or impairment. The injury may be permanent or temporary.
Read on for details.
 
 
 

Employers Liability and COVID-19

judge in gloves with gavelAt least one lawsuit has already been brought against an employer alleging it owed a duty of care to employees to prevent them from contracting COVID-19.
Read on for details.
 
 
 

What’s More Important? Reducing Frequency or Severity?

Workers compensation losses are measured by their frequency and severity. Which is the most important to focus on if you want to reduce workers compensation costs?
Read on for details.

Insurance Buyers News – May/June 2020

Business Income Insurance and the Coronavirus

closed signDuring a recent Coronavirus update meeting, President Donald Trump said that he thinks that many insurance companies should be paying business income losses due to the coronavirus pandemic.Read on for details.

Is Your Auto Insurance Delivering During the Pandemic?

pizza delivery personHas your business been declared an essential service during the pandemic? If so, you are probably making home deliveries either for the first time or to a greater extent than before.
Read on for details.

Cyber Security and Working Remotely in the Pandemic

lockNow with so many more people working from home because of the coronavirus pandemic, it’s a good time to review your off-site cybersecurity practices. Read on for details.

Cyber Security for Mobile Devices

If you use a mobile device for company business, you should:
Read on for details.

Workers Comp & Safety News -April 2020/May 2020

CDC COVID-19 Guidance for Employers

world mapYour cleanliness and sick leave policies may need to be reexamined.
Read on for details.
 
 
 

What is the Doctrine of Personal Comfort?

person crossing streetIs being hit by a car while crossing the street to buy cigarettes covered by workers compensation? Yes, if the injured worker/pedestrian was on a break.
Read on for details.
 
 

The Key to Effective Claims Management

person with cast filling out formsIf you practice only the first of the eight steps recommended in this article — but practice it with complete commitment — you will have an effective claims management program. The key is “trust and mutual respect.” Get that one right and the rest are easy:
Read on for details.

CDC Travel Advisory for Employees Who Travel

Before traveling, advise employees to:
Read on for details.

Insurance Buyers News – March/April 2020

Why You Should Consider an OCIP for Your Next Building Project

builders   What is an OCIP and how can it help you with your construction project? Read on for details.
 
 
 
 
 

Traveling the Same Roads Together: AVs and Humans

highway An Update on Safety and Autonomous Vehicles (AVs) Read on for details.
 
 
 
 

Why You Need Employment Practices Liability Insurance

men in a meetingWhether you’re dealing with existing employees or prospective employees during the interview process, every time your business interacts with people it faces the risk of an employment claim.
Read on for details.
 
 

How Is EPLI Underwritten?

Underwriters use a variety of metrics to determine what to charge for EPLI and the scope of coverage to offer.

Read on for details.

Workers Comp & Safety News -February 2020/March 2020

When Are Workers Comp Claims Denied?

envelope stamped DENIEDWhile workers’ compensation is essentially a no fault bargain between employers and employees there are a number of reasons claims can be denied. Read on for details.
 
 

Workers Compensation Insurance Execs Look into the Future

person holding crystal ballHere are the five critical trends affecting workers’ compensation identified by the National Council on Compensation Insurance. Read on for details.
 
 
 

Can Second Injury Funds Help Reduce Your Comp Costs?

worker holding his backMore than half of injured workers having a pre-existing condition. Who pays if the recent injury aggravates the previous injury?
Read on for details.
 
 

Top 5 Workers Comp Fraud Schemes

According to the National Insurance Crime Bureau, fraud costs insurers and employers over $7 billion a year. Read on for details.

Insurance Buyers News – January/February 2020

How to Create a Risk Management Plan

risk management gearsWhen we think of risk, the first thing that usually comes to mind is insurance. But insurance is just one component of a sound risk management plan. Read on for details.
 

New Insurance Products: Warranty & Indemnity Insurance

M&A chess boardThe use of insurance in mergers and acquisitions is on the rise, according to a recent report by Aon. Since 2014, there has been a 35 percent increase in M&A deals where warranty and indemnity (W&I) insurance has been part of the transaction. Read on for details.
 

Equipment Breakdown Insurance Is Much More than Insurance

big piece of equipmentEquipment Breakdown insurance – formerly called Boiler & Machinery insurance – covers much more than boilers and machinery. Read on for details.
 
 
 

What’s Covered in a Typical Equipment Breakdown Insurance Policy?

The typical equipment breakdown insurance policy includes the following coverages:
Read on for details.

Workers Comp & Safety News -December 2019/January 2020

8 Ways Robots and AI Are Impacting WC

robots in warehouseIn the past fifty years artificial intelligence (AI) innovation has accelerated tremendously, impacting nearly every sphere of our lives and our businesses, including workers compensation.
Read on for details.
 

6 Workers Compensation Regulation Trends to Watch in 2020

person putting money in dr jacketThe expansion of presumption laws is just one of the predictions made by speakers at a recent workers’ comp conference.
Read on for details.
 
 

Safe Workplaces Start with Implementing a “Safety Culture”

work safety chalkboardWorker commitment to safety is proportional to the degree of management understanding, involvement and communication.
Read on for details.
 
 

How Does WC Coordinate with Social Security and FMLA?

Social Security. When a worker becomes eligible for both workers’ compensation and Social Security disability insurance benefits, one or both of the programs will limit benefits to avoid making excessive payments relative to the worker’s past earnings. Read on for details.