Insurance Lies from Mynewmarkets.com's Chris Boggs

You can go to the full article by Chris Boggs here:

Insurance Lies Clients Believe MyNewMarkets.com

More Insurance Lies Clients Believe MyNewMarkets.com

But to give you a brief overview, the main lies include:

"If I don't have anything, they (the plaintiff, lawyers and court) can't get anything; you can't get blood out of a turnip."

"There is no need to purchase liability limits higher than my net worth."

"That's why I buy insurance."

"Corporate status will protect me from liability; I'll just declare bankruptcy and shut down."

"Public adjusters are bad (or good)."

"Insurance is all the same."

"It's better to pay small liability claims out-of-pocket rather than report them to the insurance carrier."

"Statute does not require me to have workers' compensation, thus you (a higher tier contractor) can't require it either."

"I pay him with a 1099. He's an independent contractor, not an employee."

"If a workers' compensation injury is less than a certain amount, I do not have to report it to the insurance company."

"Flood insurance is only for those in 'flood zones.'"

For the full article and reasons why these are lies please click the links above or contact me, Andrew Cohn at www.alcrisk.com or email acohn@alcrisk.com or call, (786) 664-RISK (7475).

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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.