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Insurance for Construction Companies: Get to Know It Before You Need It

Posted by Dan Urias, Client Executive on May 21, 2018 at 10:00 AM
Insurance for Construction Companies: Get to Know It Before You Need It

“I love reading through my insurance policies!” — said almost no one ever. More often than not, companies correctly rely on their insurance broker to do so for them. However, if you ever experience a claim, you’ll want to be familiar with the workings of your policy.

It is vital to put in the time to assess exposures, limits, and deductibles to ensure your coverage will cover potential claims the construction industry is prone to. As a trusted partner, our job is to understand the exposures related to a specific trade and dig deeper to help address those of particular importance for our clients. No one knows your trade better than you, however, and working together we can ensure you are covered for just about anything.

Before you start the conversation with your broker, here are some tips on how to review your program and be better prepared to address any potential areas requiring further coverage:

1. Check the declarations page. The declarations page will show you a few important items such as the insured, effective dates, limits, deductibles, and premium information. If you notice anything incorrect, get in touch with your broker to correct it right away.

2. Review your exclusions. Exclusions are items that are NOT covered by your policy, unless they are specifically added back in by endorsement.

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Topics: Property + Casualty, Workers' Compensation, Construction

California Supreme Court Ruling Establishes New Test For Determining Employment Status of Independent Contractors

Posted by Marsh & McLennan Agency West Region on May 10, 2018 at 8:00 AM
California Supreme Court Ruling Establishes New Test For Determining Employment Status of Independent Contractors

Decision may lead to higher costs and greater liabilities for employers

California employers who engage independent contractors are now subject to a stringent new test that may ultimately force employers to reclassify many of these workers as employees, according to a ruling by the California Supreme Court on April 30, 2018.

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Topics: Employee Benefits, Breaking News, Property + Casualty, Human Resources, Workers' Compensation

America’s Opioid Epidemic and Workplace Injuries:  How Employers and Insurance Companies Can Work Together to Combat Addiction

Posted by Michelle Landver, CIC on October 16, 2017 at 10:00 AM
America’s Opioid Epidemic and Workplace Injuries:  How Employers and Insurance Companies Can Work Together to Combat Addiction

The opioid epidemic in America has become so severe that not a day goes by without hearing stories or reading about it in the news. For employers, opioid addiction has has a huge negative impact on the workplace and workforce.

Many workers who are injured on the job and are treated within the workers’ compensation system are prescribed opioids for pain management[1]. In an effort to reduce claims and costs, insurance carriers are introducing new solutions to combat opioid addiction.

In 2015, Travelers established the Early Severity Predictor model, which cut the use of opioids in over 500,000 injured employees by 30% and has helped employers reduce medical claims expenses by up to 50%[2]. The model works by identifying the likelihood that someone will develop chronic pain, a leading cause of opioid dependency. Travelers shares the results with the injured employee’s physician, helping them to identify effective treatment alternatives in order to avoid opioids.  The insurer’s claims handling professionals can also use this information to evaluate requests for prescription payments.

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Topics: Property + Casualty, Market Trends, Workers' Compensation

Workers’ Comp: Will You Be Paying More in 2017?

Posted by David Freeman, Director, Commercial Sales on August 22, 2016 at 10:00 AM
Workers’ Comp: Will You Be Paying More in 2017?

Beginning in September, companies across California will learn whether they will be paying more for workers’ compensation insurance next year.

For some doing business in the Golden State, it will be an unwelcome surprise. The increase could be significant.

The potential rate changes are due to a rule approved last year by California Insurance Commissioner David Jones. Beginning in 2017, the formula to determine an organization’s “experience modification,” the rate used to calculate workers’ comp pricing, will change.

The rationale for the change was to level the playing field for small businesses. Previously, the one-size-fits all formula had the potential to unfairly penalize smaller organizations.  A few claims had a dramatic affect on their workers’ comp premiums, a consequence usually not seen with larger businesses.

For many, the new formula will likely result in little change in their workers’ comp premium. However, it’s likely that some large and small employers with a higher frequency of claims will see a dramatic impact.

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Topics: Property + Casualty, Market Trends, Workers' Compensation

Breaking News: Cal/OSHA's TICF Assessment Slated to End June 30, 2014

Posted by Jennifer Reyes, Risk Consultant on April 21, 2014 at 2:01 PM

Employers are urged to continue investing in workplace safety

April 21, 2014 – The Department of Industrial Relations has announced they will suspend the high profile Targeted Inspection and Consultation Fund’s (TICF) yearly assessment program.

The Cal/OSHA TICF is part of the workers compensation insurance reform legislation passed by the California Legislature in July 1993. Under the program, insured employers with an experience modification rating (ExMOD) of 125% or higher were subject to an assessment penalty based on the annual payroll for the assessment year. The Department has not billed insured employers for TICF assessments after the 2012 assessment year.

The Division of Occupational Safety and Health (DOSH) states the Labor Code Section 62.9, the legal mandate for the assessment, will be repealed as of June 30, 2014.

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Topics: Breaking News, Workers' Compensation

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