Save money on your workers compensation by using a good insurance agent

There are a lot of ways to save money on your workers compensation insurance, but the first step is finding an agent that really knows workers compensation.

This is a great article by Teresa A. Long is Director of Injury Management Strategies for the Institute of WorkComp Professionals in Asheville, NC, the largest network of Workers’ Compensation professionals in the nation. Teresa was claims manager for 14 years at Walt Disney World and later served as Vice President of Risk Management for Sarasota, FL-based Unisource Administrators, Inc.

10 Ways to Find Lost Money in Workers' Compensation Loss Runs - MyNewMarkets.com

This article talks about 10 ways to be able to save money on your workers compensation insurance. The main thing is to have an insurance agent that understands workers compensation and can read loss runs and experience modifications and understand where they can save you money. For instance, the article talks about open claims. Did you know that open claims effect your experience modification to the amount in the reserve. If a claim was settled for less than the reserve, and is not closed, it's costing your business money.

in addition, many companies, too often, over look the importance of a proper "back to work" program. By examining your loss runs, an agent should be able to determine if you're modification factor is greatly impacted by not getting workers back to work quickly. If a worker is hurt, they probably cannot do the same job they were doing before, but having them just come to the office and do something, is much better than having them sit home. When they are at home, they see the ads for the attorneys on TV, they feel neglected, and they are only receiving 66% of their original salary. Getting the worker back to work saves you money by stopping law suits before they occur and not having the "indemnity" or salary portion of the workers compensation loss count against your modification factor.

These savings are not minor. If you pay $100,000 annually in workers compensation premium and your modification factor is a "1", then if you can reduce your modification factor to a "0.8", you will saving $20,000. However, if you're modification factor is a "1.2" you're spending an extra $20,000. These are big numbers, and they are easy to work with to save you more and more money each year, and make sure your workers are safe and happy.

Contact Andrew Cohn at ALC Risk Solutions for a comprehensive workers compensation evaluation. Go to www.alcrisk.com, emailacohn@alcrisk.com or call 786-664-7475.

The Risk of 'Intexticated' Workers - MyNewMarkets.com

The Risk of 'Intexticated' Workers - MyNewMarkets.com

Article from My New Markets that talks about the risk of employees texting and the cost to workers compensation policies due to texting.

Florida Insurer Magnolia Placed Under State Supervision

Magnolia insurance company has been placed under State supervision by the Florida Office of Insurance Regulation. Policies that are slated to renew now and in the first few weeks of January 2010 could not be properly noticed for non-renewal by Magnolia. Magnolia will renew these policies if the policyholders or agents request renewal. However, the company noted, policyholders and agents should be aware that renewal with Magnolia is at their own risk. Magnolia was an admitted insurance company in Florida. That means that their policies are back by the Florida guarantee fund for only up to $500,000 per policy.

Magnolia began doing business in April, 2008, with $20 million in capital and 100,000 policies shifted from Citizens.

For more information go to, http://www.insurancejournal.com/news/southeast/2009/12/28/106249.htm

What does General Liability Do?

A general liability insurance policy provides insurance protection to pay for bodily injury or property damages when the insured is legally responsible. In the event of a lawsuit, the cost of defending and resolving the suit such as attorney fees, court costs and other expenses associated would be covered. Coverage for medical expenses resulting from bodily injury caused by an accident on premises owned or rented by the insured party, or locations next to such property or when caused by the insured’s operations is also provided. Depending on the policy, it may also include Product Liability Insurance. This is designed for those companies that manufacture products and protects against customer lawsuits in the event the product causes injury to someone. It also pays for damages done in the course of oral or written advertisement that disparages libels or slanders a people or organization’s goods, products or services. It may be combined with Commercial Property Insurance that protects the insured business from costs incurred by damage (fire, flood) to its premises. Depending on the type of business, it may be the only liability insurance needed.

What does General Liability Insurance Cover?
Do you know what your business liability insurance covers? You rent or lease your property; that is responsible if someone is hurt at your leased facility, you or the property owner? Did you know that if you lease your building and have submitted a repair request to the property owner, to avoid potential injury and it has not been resolved then the property owner could be liable if it results in a personal injury lawsuit? However, if you knew about a repair needed and failed to have it repaired or did not notify the property owner to request a repair; you may be liable if it results in an injury. You could also be responsible if there has been a spill on your premises but you fail to clean it up. Usually the injured person is only at fault if they did not have a legitimate reason to be on the property, if warning signs of injury were posted yet ignored, or if the person was trespassing or participating in abnormal activity on the premises. Be prepared by having the correct level and type of business liability insurance to protect your business.

Every Company, Corporation, Association or Organization needs to have General Liability insurance.

Industry Examples of Commercial General Liability Insurance

Construction

Almost every job a contractor comes upon will request a certificate of liability insurance. This shows proof that the contractor has commercial general liability insurance to cover law suits brought against them for property damage or bodily injury due to their negligence. One section of the CGL policy is completed operations. This covers the company for suits brought against them after the job has been completed, this is particularly important in the construction industry. On a side note, when a company asks for a certificate of liability insurance there are a few things they may also request including naming someone an "additional insured" or asking for a "waiver of subrogation".

To read more about Certificates of Insurance Click Here For more information about Insurance for the Construction Industry, click here.

Manufacturing

Manufacturing companies know full well the importance of the Commercial General Liability policy because this is the policy that usually provides them their product liability protection. Product liability provides for defense costs and reward settlements when law suits are brought against the insured manufacturing company due to bodily injury or property damage. So if you product is responsible, or an attorney tries to claim that your product is responsible for causing a wrongful death, dismemberment, fire, or other types of damage, then your product liability policy could be the difference between bankruptcy and survival.

Restaurants, Bars, Night Clubs, and Hospitality

The food, entertainment and hospitality industry all heavily rely on commercial general liability insurance to protect their companies against civil litigation. Restuarants, Bars, Night Clubs, Entertainment Venues, Hotels and grocery stores all have a heavy amount of foot traffic and public interaction. The more people, the more possibilities for accidents to happen, and slip and falls law suits to occur. The commercial general liability insurance policy provides protection for these instances. it is very important for all companies, but especially those in the hospitality and food and beverage service industry to make sure that their liability insurance policy does not have an exclusion for "assault and battery" coverage.

Marine

Marine companies need general liability insurance, but they need to make sure that they have Marine General Liability Insurance. The main difference between Commercial General Liability Insurance and Marine General Liability Insurance is the CGL policy usually has exclusions for "Boats in the Insured Company's Care, Custody or Control". So if you are servicing air conditioning units or the engines, on board any boats, and you have exclusions for boats in your care, custody or control, what are you really paying for?

Every company needs Commercial General Liability Insurance, but not all CGLs are the same. Contact an agent at ALC Risk Solutions today to get a free consultation regarding your liability insurance needs.

New ALC Risk Solutions Logo

I decided to revamp my logo a little bit, please let me know what you all think...

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Why do private companies need Directors and Officers Liability Insurance?

Venture capitalists invest millions of dollars into start-ups and small businesses hoping that they will take off and be the next Google or Facebook. From my understanding they look over the business proposals and the presentations and financials and hopefully do a lot of due diligence in selecting their investment companies. But, why don't they take a better look at the insurance?

Directors and Officers Insurance
(D&O Insurance) is insurance important for both public and private companies. Public companies all need and have Directors and Officer Liability Insurance, but many private companies do not. But private companies are exposed to securities litigation when they have investors, including venture capital investors. Directors and Officers Liability Insurance is necessary to protect the personal assets of the officers when these claims happen. D&O Insurance covers the defense costs, settlements and judgments associated with these claims.

If you are a start up firm looking for insurance, and hopefully you are talking to Andrew Cohn at ALC Risk Solutions, your agent should be asking you if you have or are looking for investors. You are out there every day and night working on your business and trying to sell it. You sell it to potential investors, you sell it to potential clients, you sell it to the media, and you sell it to whoever is in the elevator with you at that moment. Doing all this selling you might slip up, or you may have an investor that perceives something different from what you are doing.

If you are a venture capitalist, requiring directors and officers’ liability insurance is a no-brainer. Some venture capitalists just give the money, and for you, if you have a problem with the management of the company, you have a wallet to sue in the insurance company. Think about it, if these start-ups had real money, they wouldn't be coming to you for a $100,000 investment. If they mismanage the company, and it goes under, you're out your capital. With the insurance you can try to file suit.

Other venture capitalists invest money, and also make sure that they are named a director or officer of the corporation. Now this is the really tricky spot. You invest $100,000 in Company XYZ and are put on the board of directors. Company XYZ gets other investors and eventually they mismanage the venture into the ground and everyone is upset. XYZ never had money and now has less. But you, the venture capitalist, one of the directors of the XYZ Company does have money, has money to lose. Require the coverage.

Here's the final reason to get Directors and Officers Insurance, it's relatively cheap. It really isn't very expensive for the coverage it is providing. As a small to midsized private company you really present a much lower risk in the insurance company's eyes compared to the publicly traded corporations they normally deal with. So if you're a venture capitalist giving hundreds of thousands and possibly millions of dollars to new ventures, require that they spend some of that money on their Directors and Officers Liability Insurance, and recommend that they speak to Andrew Cohn at ALC Risk Solutions.

Lastly, not all D&O policies are created the same. You need an expert like Andrew Cohn at ALC Risk Solutions to read over the definition of "insured", does it include all past and future directors, officers, international functional equivalents, members of a board of manager, employees, and advisory committees. Make sure it has Spousal and Domestic Partner Liability. Why? A lot of new ventures are started with one spouse working a "real job" and the other playing with their new venture company. Make sure the "real worker" is protected financially as well. Make sure coverage is worldwide, if you're a local entity that has no plans to branch out, they maybe this isn't a factor, but in the age of globalization most companies are now global, and it doesn't cost more for your insurance to be. You should also review the "insured vs. insured" exclusion language. Is your policy a "duty to defend" or "defense reimbursement"? Can you afford to front the bill and be reimbursed? There are a whole lot of clauses, terms and conditions to be mindful of.

What Insurance Does My Business Need?

Every business that operates in the United States needs some sort of insurance. Some types of commercial insurance are required by State law; an example would be the Florida statute requiring non-construction companies with 4 or more employees, and construction companies with 1 or more employees to have workers compensation insurance. Other types of insurance are required by contractual obligation, an example of this is when a bank requires commercial property insurance and commercial flood insurance when they are the mortgagee on a property. Another example of this is when a landlord requires general liability insurance as per conditions of their lease agreement. And another example

of this is when a company requires proof of professional liability insurance, general liability insurance, workers compensation insurance and/or crime insurance when a vendor or subcontractor does work for them. Usually in these instances the requiring company will asked to be named as additional insured on the policy, and may require a waiver of subrogation.

That being said, commercial insurance should be considered an integral part of a company’s business plan and strategy. There are many types of insurance available to protect businesses from the risks they face. However, budget constraints for small businesses require them to do a cost benefit analysis in choosing the insurance that best protects them. What type of insurance you need most depends on a variety of variables. These variables include industry, location, size, assets and specific business operations. The way to best determine your risks are to contact a professional commercial insurance agent that can discuss their risks

with you like the agents at ALC Risk Solutions, inc.

Most small to mid-sized businesses should have, at a minimum certain insurance policies including: commercial property insurance, commercial general liability insurance and workers compensation insurance. Many industries have insurance specific to them which they should consider in order to be properly insured. At ALC Risk Solutions, our slogan is that your Risks are as unique as You. Here is a brief example of some of the industries that have specific insurance needs and concerns. For more information contact ALC Risk Solution by going to www.alcrisk.com or email acohn@alcrisk.com or call (786) 664-7475.

What type of Insurance does a Technology Company need?

· General liability insurance

· Property insurance

o Inland marine insurance for servers and larger equipment

o Business interruption insurance

· Cyber Liability Insurance or Internet Liability Insurance

o Covers privacy liability

o Intellectual property infringement

o Viruses

o Network Security

o Bodily Injury

· Product Liability insurance

· Workers Compensation Insurance

· Cyber Crime for third parties

o Insurance for employees stealing from clients

· Professional liability insurance or errors and omissions insurance

For More Information about Technology Insurance go to the Technology Insurance website for ALC Risk Solutions, InternetRiskSpecialist.Com

What Type of Insurance does a Marine company need?

· Marine General Liability Insurance – Marine companies and non-marine companies that occasionally do work on boats, need special general liability insurance. This is because typical general liability insurance policies do not cover boats that are in the insured’s care, custody or control. Also, there are specific underwriting concerns that may exclude coverage in the event of a claim if there is work performed in the marine industry. There are also specific legal liability insurance policies that cover certain marine operations:

o Marina Operators Legal Liability Insurance

o Ship Repairers Legal Liability Insurance

o Ship Builders Legal Liability Insurance

o Stevedore’s Legal Liability Insurance

o Charterer’s Legal Liability Insurance

o Wharfinger’s Legal Liability Insurance

· Workers Compensation – employees in the marine industry have unique marine related risks and exposures. Therefore, along with State required workers compensation, they may also need federally required workers compensation like USL&H and Jones Act Insurance Coverage.

o United State Longshore and Harbor Workers Act (USL&H)

o Marine Employers Liability

What is the USL&H? When do I need USL&H? What is State Workers Compensation compared to USL&H and Compared to Jones Act or Marine Employers Liability?

· Commercial Boat Insurance

o Hull Insurance

o Protection and Indemnity

· Commercial Property Insurance

o Flood Insurance

o Hurricane Insurance

o Business Interruption

· Crime Insurance/Employee Dishonesty

· Employment Practices Liability

· Group Health Insurance

For More Information about Marine Insurance go to the Marine Insurance website for ALC Risk Solutions, MiamiMarineInsurance.Com

What Type of Insurance does a Restaurant Need?

· Property Insurance

o Inland Marine or Commercial Floater – large mobile equipment

o Business Interruption

Insurance or Business Income

o Hurricane Insurance

o Flood Insurance

o Food Spoilage Insurance

· General Liability Insurance

o Coverage for Additional Insured if work is done off-premises like catering

o Liquor Liability Insurance

o Hired and Non-Owned Automobile Insurance – covers the

business for accidents in the employees cars, especially needed if deliveries are done

· Workers Compensation

o Restaurants typically do not need to use Employee Leasing, Restaurants can save money by using an

independent insurance agent to get workers compensation insurance for restaurant employees

· Employment Practices Liabilit

y Insurance

· Crime or Employee Dishonesty Insurance

· Auto Insurance

· Boiler and Machinery or Equipment Breakdown Insurance

For More Information about

Restaurant Insurance go to ALC Risk Solutions. And coming soon,

www.foodbevins.com for the Food and

Beverage Industry.

What type of insurance does an Auto Mechanic need and What type of

Insurance does other Auto Industry and Transportation Industry Businesses need?

· Property Insurance

o Coverage for tools and equipment

· Garage Liability Insurance

o General liability for companies in many automotive and transportation industry.

· Garagekeepers Liability Insurance

o Provides insurance for vehicles left in the care, custody or control of the auto mechanic.

· Crime or Employee Dishonesty Insurance

· Workers Compensation Insurance

· Auto Insurance and Hired and Non-Owned Auto Insurance

· Trailer Interchange Insurance

· Motor Truck Cargo Insurance

· Warehouse Legal Liability Insurance

· Truckers Liability Insurance

For More Information about Automobile Industry Insurance go to the Auto Insurance website for ALC Risk Solutions, FLGarageInsurance.Com

What type of insurance does a construction company need?

· General Liability insurance

o Additional insured – it is very important that construction companies get blanket coverage for Additional insureds on their general liability insurance policies. This is a way Construction companies can save money on their liability insurance.

· Workers Compensation Insurance

o Where can Construction companies get workers compensation insurance? Many times construction companies can get workers compensation insurance without using an employee leasing company.

· Property Insurance

o Insurance for tools and installation equipment

· Auto Insurance

· Crime or Employee Dishonesty Insurance

· Builders Risk Insurance

· Bonds

o How does a construction company get bonded?

§ Construction bonds, including bid bonds, performance bonds, supply bonds, contract bonds and surety bonds are a thorough, but simple process. To get a bond you simply need to provide financial and credit information to the bonding company. They will review the documents, check references and issue an amount that they can bond you for. Once you get the first bond, the process going forward is very simple.

For More Information about Construction Insurance go to ALC Risk Solutions. And coming soon, www.flconstructioninsurance.com for the Construction Industry.

What type of insurance does a manufacturer need?

What insurance does an importer need?

Many time manufacturers and importers are classified the same for liability insurance. Manufacturers and importers are classified similarly because in the event of a claim, they are the first ones that are going to be sued for product liability issues. Therefore, in many cases they need the same type of insurance including:

· Property Insurance

o Business Interruption Insurance

· Cargo Insurance

o Motor truck cargo if the product is only transported in the US

o Ocean or Air Cargo if products are shipped out of the US

o It is a better idea to have your own cargo insurance instead of relying on the insurance of the freight forwarder. This gives you more control and can save you a lot of money.

· General Liability Insurance

o Product liability insurance is a huge concern if you manufacture or import a product

o Errors and Omissions

§ Some products should have a product liability insurance policy and an Errors and Omissions insurance policy. Product liability only covers property damage and bodily injury law suits. Errors and Omissions covers your business if there is a financial law suit due to your product

· Product recall Insurance

o Insurance to cover the cost for a product recall

· Workers Compensation Insurance

· Auto Insurance

· Crime or Employee Dishonesty

· Employment Practices Liability Insurance

What type of insurance does a Law Firm need?

· Property Insurance

· General Liability Insurance

· Workers Compensation Insurance

· Crime Insurance

· Employment Practices Liability Insurance

o Important to have insurance coverage for law suits brought for “failure to make partner”

· Professional Liability Insurance

o It is very important to read the scope of coverage and the retroactive dates as well as the payout for the extended reporting period.

· Privacy Liability – provides coverage if the personal information of clients is stolen or accidently distributed

· Directors and Officers Liability Insurance – covers the directors and officers for the mismanagement of the firm, this has come to light even more with the abundance of ponzi schemes like Rothstein, Rosenfeldt and Adler.

· Group Health Insurance and Group Benefits

o How can I get better employee benefits for my small business? Group benefits are tricky for small law firms. You want the best coverage, without having to pay too much for it.

What type of insurance does a Doctor’s Office or other Health Care Facility need?

· Property Insurance

· General Liability Insurance

· Medical Malpractice Liability Insurance

· Medical records privacy liability including insurance for HIPAA violations

· Workers Compensation Insurance

· Crime Insurance

· Employment Practices Liability Insurance

o It is very important to read the scope of coverage and the retroactive dates as well as the payout for the extended reporting period.

· Group Health Insurance and Group Benefits

o How can I get better employee benefits for my small business? Group benefits are tricky for small medical offices firms. You want the best coverage, without having to pay too much for it.

What type of insurance does a Franchise need?

Insurance coverage for franchises really depends on the type of business and the franchisor itself. If you need to provide your own coverage, purchasing it is no different than if you were not a franchise. However, it is very important to let your agent know that you are a franchise, because many insurance companies give discounts to franchise businesses on their insurance. To get a discount on your franchise’s insurance contact Andrew Cohn at ALC Risk Solutions.

· Property Insurance

· General Liability Insurance

· Workers Compensation Insurance

· Auto Insurance

· Crime Insurance

What type of insurance does a Retail Store need?

· Property Insurance

o Business Interruption Insurance

· General Liability Insurance

· Workers Compensation Insurance

· Auto Insurance

· Crime or Employee Dishonesty

· Employment Practices Liability Insurance

What type of insurance does a Retail Store need?

· Property Insurance

o Business Interruption Insurance

· General Liability Insurance

· Workers Compensation Insurance

· Auto Insurance

· Crime or Employee Dishonesty

· Employment Practices Liability Insurance

What type of insurance does a small office need?

· Property Insurance

o Business Interruption Insurance

· General Liability Insurance

· Workers Compensation Insurance

· Auto Insurance

· Crime or Employee Dishonesty

· Employment Practices Liability Insurance

For more information contact ALC Risk Solution by going to www.alcrisk.com or email acohn@alcrisk.com or call (786) 664-7475.