Documenting Small Safety Incidents Key to Preventing Major Ones

| posted in Blog, Newsletter

Studies show that for every major workplace injury or fatality, there are nearly 10 minor injuries – and more than 30 accidents that lead to property damage. Capturing data even on minor incidents that may seem trivial in isolation can be critical in informing efforts to prevent much greater dangers in the future. A big part of that effort involves ensuring businesses maintain a complete set of data. Managers at all levels should focus on solid and thorough documentation. Here is where management’s main effort should be concentrated: Don’t ignore minor incidents. Document all of them. Even if you have…
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Construction Dual Wage Threshold Changes

| posted in Blog

For some construction classes, the Rating Bureau sets wage thresholds for which different rates apply due to significant differences claims and claims costs rates for workers who earn less and more than the threshold. Typically higher wage workers in these classes have fewer claims and less costly claims compared to their counterparts who are paid less than the threshold. The Rating Bureau updates the threshold when it notes changes in these costs. • Code 5190/5140 (Electrical wiring –within buildings): Threshold increases to $32 per hour from $30 per hour. • Code 5201(1)/5205(1) (Concrete or Cement Work – pouring or finishing…
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How to File a Fire Insurance Claim: 15 Vital Tips

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Every late summer and early fall wildfires rage in many parts of the West and Southwest, as the fires running almost the length of California this year show. Thousands of homes have burned to the ground and thousands of people have been displaced. During this time of crisis, when you’ve lost what is for most people their largest investment, you’ll need to make sure that you get your claim paid fast so you can rebuild your life. Do’s and Don’ts When Filing a Claim If your home or property has been affected by wildfires, you’re likely planning to file an…
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Insurtech: How Mobile Apps Can Save You on Premiums

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Traditionally, insurance has relied on information asymmetry: The insurance carrier has had the advantage of access to reams of actuarial data which it uses to price policies, while the customer has had the advantage of more intimate knowledge of his or her own particular situation. But new developments in mobile technology, blockchain development and risk management are changing the equation. Innovative insurance technology – or insurtech – companies are developing apps for mobile phones, tablets and desktops that are putting more information into the hands of the customer, and providing them tools to help them lower the premiums they pay…
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Toilet Failure Is a Leading Cause of Residential and Commercial Water Damage

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Leaky plumbing fixtures and burst pipes are common reasons behind insurance claims for home and commercial water damage every year, but toilet problems stand out as one of the leading causes of serious water damage. That said, many toilet-related plumbing issues are preventable with regular maintenance and a watchful eye, which can take care of small problems before they turn into major ones. If a toilet is causing problems, call a professional immediately. The worst damages arise because a person does not call an expert, and water damage that may not be visible on the surface continues to spread and…
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Commercial Auto Rates Continue Climbing

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By now, you’ve likely noticed that your commercial automotive insurance rates have been increasing since last year, and for now there seems to be no slowing the momentum. The increase is probably noticeable since the period between 2011 and 2016 saw rates drop thanks to a number of factors, including fewer accidents, fewer cars on the road and more competition among insurance companies vying for your business. In this article we look at what’s behind the increase in rates. More drivers More people are driving than since the recession that started in 2008. When millions of Americans lost their jobs…
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Pay Attention to Policy Milestones to Reduce Workers’ Comp Costs

| posted in Blog

Once they’ve paid their annual premium, many employers pay scant attention to their workers’ comp policy until the renewal date starts closing in. Unfortunately, that’s not the best time to attempt to control costs. Because workers’ comp is one of the most loss-sensitive insurance policies, and as claims can sometimes be paid out for decades, it’s incumbent on you to proactively manage claims. One way to do that is through a quarterly claims review process, the timing of which is in line with the calculation of your company’s Experience Modification Factor (X-Mod), which is the one factor you can control…
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Truckers May Be in for Higher Policy Limits

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Truckers would be required to purchase insurance with higher limits under a new proposal issued by the Federal Motor Carrier Safety Administration. The FMCSA has submitted a report to Congress, stating that the current minimum coverage of $750,000 for general freight carriers is not enough to cover the costs of damage from some crashes. The reason that it’s no longer enough, the agency says, is due to increasing medical treatment costs for accident victims. The federal agency has yet to recommend the new minimum coverage it would like to see imposed on truckers throughout the country, but it was on…
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Ten Tips for a Safe Summer Road Trip

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Summer’s almost upon us and when many Americans take a vacation, they will hit the road. Road trips are part of the American lifestyle, but when it’s time to travel by car, you should be prepared, especially now that it’s easier to drive further as your kids are distracted in the back watching movies or playing on their iPads. And since you’ll all be spending long stretches in the car, you’ll want to make sure that you’ve taken all of the necessary safety precautions. The National Highway Traffic and Safety Administration (NHTSA) offers the following tips to make your next…
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Insurance Commissioner Okays Benchmark Rate Decrease for California Employers

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California’s insurance commissioner has approved a recommendation to reduce average baseline rates on workers’ compensation policies by 7.8% at the mid-year mark. The mid-year reduction to the baseline rate is largely the result of reforms that were introduced in 2013 that have sped up the settlement process for claims (including many long-term claims), in addition to reducing medical costs. Also, because of these reforms the cost of adjusting workers’ comp claims in California has dropped over the past few years. Insurance carriers use the benchmark rate – also known as the pure premium rate – as a starting point for…
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