In the high-risk manufacturing sector, where large-dollar claims are common, small to middle-market companies struggle to find experienced partners capable of providing targeted risk control and effective techniques to lower loss results and reduce the effect on the total cost of risk. Here are four tactics industrial companies can implement to reduce the cost of claims. Continue reading
The Affordable Care Act was aimed mainly at giving people better options for buying health insurance on their own. There were widespread predictions that employers would leap at the chance to drop coverage and send workers to fend for themselves. Continue reading
The data for the study “Insurance Costs for Mid-Rise Wood Frame and Concrete Residential Buildings” was drawn from published literature and consultations with brokers, underwriters and property managers. Interviews with three underwriters and data from the Canadian Wood Council (CWC) show that builders’ risk insurance rates per $100 monthly for comparable wood and concrete buildings are on average $0.008 for concrete and $0.053 for wood. When excluding the rate provided by CWC for wood frame insurance, which was significantly lower than the rates provided by the underwriters, the average rate for wood buildings rises to $0.06, a factor of 7.5 times greater than that for concrete buildings. Continue reading
The U.S. Occupational Safety and Health Administration is stepping up its enforcement against severe workplace safety violators, raising concerns about publicly shaming employers and the large number of small employers on the list. Continue reading
The property/casualty industry is undergoing significant challenges with increased claim severity in liability and physical damage claims. These increases are outpacing inflation and rate adequacy. According to the Insurance Information Institute, in 2009 the average private passenger auto bodily injury claim was $13,891. In 2014, that average grew to $16,640 – an increase of almost 20 percent. The private passenger auto collision loss ratio has risen from 67.7 percent in 2010 to 78.3 percent in 2015 – a 16 percent increase. The loss ratio can be adversely impacted by claim handling, underwriting and rate inadequacy with claim leakage as a primary cause of loss ratio deterioration. Continue reading
Businesses known for their uniforms are worried about lawyers in business suits in the wake of a change in the nation’s labor laws affecting their liability for employment practices.
The change could unravel the franchise business and wreak havoc for thousands of companies and contractors, according to franchise industry groups and insurance professionals. Continue reading
OSHA requires workplace injuries to be tracked using special forms. One of the forms is called the OSHA 300A Summary. This form represents the total number of injuries and illnesses reported for the year. Continue reading
For businesses to thrive in today’s economy, finding and retaining the best employees is important. This is especially true for small businesses and nonprofits competing with larger businesses, and larger budgets, for top talent. Continue reading
