The 12 Most Overlooked Insurance Coverages for Contractors
Don’t overlook critical insurance coverages that can protect your bottom line. Here are the 12 coverages most often missed by contractors. Download the Article
Articles
2018 Workers’ Compensation & Safety Update
On May 29, 2018, insurance commissioner, Dave Jones approved a 10% reduction in pure premium rates for policies renewing on or after July 1, 2018. Not all insurers will update existing rates, however, market competition will continue to drive down workers’ compensation costs due to lower taxes, quicker closing of claims and lower loss ratios. …
Record Retention for Contractors
The proper retention of records for all contractors is an important task when dealing with construction claims. If this task is ignored, your ability to transfer the financial risk of construction lawsuits to your insurer or your subcontractors’ insurers could suffer, and cost you time and money to protect and defend your company. Download the …
7 Strategies to Improve Sub Insurance Compliance
The cornerstone of a successful contractual risk transfer program is a uniform, consistently followed approach to subcontractor insurance compliance. Download the Article
Subcontractor Workers’ Compensation Success Story – 2017
How a $19,000 investment returned $65,775 and lowered an EMR by 20 points! Download the Article
2018 Workers’ Compensation & Safety Update
Insurance commissioner, Dave Jones, approved an overall rate decrease of 12.31% in loss cost rates for policies renewing 1/1/18 or later. For the 69 construction classifications on page 2, rates are down an average of 6.6% from 1/1/17 loss cost rates. Download the Article
2017 Workers’ Compensation Mid-Year Update
The insurance commissioner approved an average rate decrease of 7.8% to be effective 7/1/17 for all new and renewing policies after this date. Several insurers have filed lower rates as of 7/1/17, and will continue to take clients’ loss history into consideration when determining final net rates. Download the Article
Proof of Loss as a Tool to Resolve Disputed Property Claims
First Party Property losses such as stolen construction tools and equipment, should be a straight forward claim. You send in documents to support the value of your claim, and then you expect to be paid by your property insurer. Typically, the claim is paid but sometimes things get derailed. Your property insurer may dispute the …
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Workers’ Compensation Understanding the True Cost of an Employee Injury
A safe job is a profitable job—especially when you add up the direct and indirect costs of an accident! For example, a $25,000 sprain/lost time injury might take between $500,000 and $2,500,000 of additional company sales to pay for the cost of the injury. Download the Article
Increasing Cost of Automobile Claims – Automobile Black Boxes and Economic Damages
California auto insurance rates are going up due to the escalating cost of claims. On average, insurers are paying out $1.14 for every $1.00 of premium they collect. Increased traffic on roadways, distracted drivers, escalating medical costs, rising repair costs, and finally, economic damages from severe auto injuries, are the reasons for these increased claim …
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