Insurance Buyers News – May/June 2024

What’s the Insurance Impact of the Key Bridge Collapse?

keyboardThe Key Bridge Collapse is a Major Blow to Insurance Companies,” reads the headline by NPR about Baltimore’s Key Bridge disaster on March 30. Read on for details.

 

Is it Time to Set Up Your Own Captive Insurance Company?

data processors Last year property insurance rate increases, and rising health insurance costs led more companies to form captive insurance companies.
Read on for details.
 
 

Billboard Attorneys Are Driving Up Insurance Rates

someone stealingExcessive litigation is compounding the problem of rising auto insurance costs, according to a new report by the Insurance Information Institute.Read on for details.
 
 

Distracted Driving Accidents Driven Mostly by Cellphones

Cellphone use by individuals operating a motor vehicle continues to be the largest contributor to distracted driving in the U.S., according to the latest Issues Brief from the Insurance Information Institute (Triple-I).
Read on for details.

Workers Comp & Safety News – April/May 2024

Stricter New Rules Limit Independent Contractor Hiring

document reviewA new independent contractor rule from the U.S. Department of Labor (DOL) could spark an increase in misclassification lawsuits and make businesses less likely to hire gig workers, experts say.Read on for details.

 

New Solutions for Employee Mental Health

operating room
More than one in five U.S. adults suffer from mental illness each year, according to the National Alliance on Mental Illness.Read on for details.

 

How Does the Independent Medical Exam Process Work?

inspectors with clipboard
The work of independent medical examiners can directly affect what you pay for a claim. Their findings may help determine whether an injury or illness is indeed work-related, or the extent of a permanent disability. Here are some pointers for working with independent medical examiners.Read on for details.

What Is an Independent Medical Examiner?

An independent medical examiner (IME) examines and documents a claimant’s medical condition. Although IMEs evaluate personal injury and disability cases, we’ll limit discussion in this article to workers’ compensation IMEs. Read on for details.

Workers Comp & Safety News – February/March 2024

Workers Put Priority on Psychological Health

telemedicine sessionAccording to the American Psychological Association (APA), its “2023 Work in America Survey” confirms that workers place an extremely high value on their psychological well-being at work. Read on for details.
 
 

AI Delivers 10 to 15 Percent Work Comp Cost Savings

operating roomAI’s impact on workers compensation is becoming increasingly important. A report by Deloite suggests that the predictive analytics in workers’ comp alone can deliver a 10 to 15 percent reduction in claim costs. Several software companies and a state rating bureaus have been taking advantage of AI to develop products in the areas of safety, claims processing, fraud detection and claims administration. Read on for details.

Workplace Shootings Not Always Compensable

inspectors with clipboardWhile gunshot wounds or deaths are not common workplace injuries, they have become more frequent in the past few years. According to an article in TIME, among companies with employer-sponsored health insurance, the rate of total firearm injuries in employees and dependents increased more than fourfold from 2007 to 2020—from 2.6 to 11.7 per 100,000 insurance enrollees. Read on for details.

The Benefits of Structured Settlements

Once a worker suffers an occupational injury while working for you, he or she becomes your responsibility for life. If the injury recurs or flares up, the employer remains responsible for providing the necessary medical treatment. This holds true even years after a relatively minor accident. Read on for details.

Insurance Buyers News – January/February 2024

Allianz Risk Barometer Says Cyber and BI Biggest Worries

Contemplative executive
Extreme weather events, fires and explosions, geopolitical risks, ransomware attacks and the Covid-19 pandemic have all tested global supply chains in recent years. Read on for details.
 

New Survey Says Firms Not as Well Prepared to Handle Risk as They Think

data processorsAccording to a just released survey by an international brokerage and financial services firm, many organizations are unjustifiably confident of their risk management strategy.Read on for details.
 
 

Insuring Against Dishonesty in the Workplace

someone stealingAccording to a study by Embroker, 75% of employees admit to stealing at least once from their employer. The study also reports that internal theft can cost U.S. businesses up to $50 billion a year. Read on for details.
 
 

What is Enterprise Risk Management?

Enterprise risk management (ERM) is a methodology that looks at risk management strategically from the perspective of the entire firm or organization. As a top-down strategy it aims to identify, assess, and prepare for potential losses, dangers, hazards, and other potentials for harm that may interfere with an organization’s operations and objectives and/or lead to losses. Read on for details.

Workers Comp & Safety News – December 2023/January 2024

Finding Alternatives to Opioids: Virtual Physical Therapy

telemedicine sessionThe opioid epidemic continues to ravage communities across America, taking over 41 lives per day. In the workplace that means billions in lost productivity and increased healthcare expenses. Read on for details.
 
 

How Second Opinions Can Avoid Unneeded Surgeries and Reduce Costs

>operating roomWhen employees require surgery, the costs can be immense, whether for workers compensation or employee benefits—not only the direct medical bills but also lost productivity from time off work. Read on for details.
 

Hartford Insurance Says Digital Technology is Changing Workers Comp

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As businesses continue to adopt a “digital first” approach, the Hartford Insurance Company says the impact on workers’ compensation will be profound. From safer work environments to the increased use of telehealth, workers’ comp rates and policies will likely continue to shift in the coming years. Read on for details.

What OSHA Regulations Apply to Your Business?

When it comes to workplace safety, ignorance is no defense. OSHA safety and health regulations often apply to all businesses, regardless of size. If you’re not sure which regulations apply to your business, OSHA provides some resources. It has created a Web-based step-by-step guide to help small employers identify some of the regulations that might apply to them. Read on for details.

Insurance Buyers News – November/December 2023

Social and Economic Inflation Drive Up Auto Liability Claims

Car crashesCombined U.S. personal and commercial auto insurer liability claim payouts were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study. Read on for details.

 

More Rate Reductions Expected for Professional Liability Coverages

woman smilingIt looks like the soft markets that started last year for Management Liability (ML) and Professional Liability (PL) insurance will continue to soften over the second half of 2023. Read on for details.
 
 

Why Buy Professional Liability Insurance?

professionals in meetingIt might surprise you to know that it’s not just doctors, lawyers and architects. All kinds of people need professional liability coverage, including financial analysts, corporate trainers, numerous types of consultants and law enforcement professionals. Read on for details.

Professional Liability Policies Are Unique

Unlike property insurance or even general liability insurance, the policy wording used for one client is not necessarily suitable for all clients. Whether you buy a PL or E&O policy, it usually will be tailored to the specific needs of your business classification.
Read on for details.

Workers Comp & Safety News – October/November 2023

Is Your In-House Medical Program Causing OSHA Citations?

doc and patientThe Occupational Safety and Health Administration (OSHA) is devoting more attention to scrutinizing employers’ in-house medical programs for general duty clause violations related to alleged medical mismanagement of injured workers. Read on for details.

NCCI Annual Updates on State Workers Comp Regulations and Legislation

government buildingMore state legislatures propose PTSD bills; in most states marijuana reimbursement is NOT required and more states are considering legalizing hallucinogens.Read on for details.

 

Workers Comp Basics: The Four Types of Disability Benefits

worker comfortedIn determining the extent of a worker’s injury, doctors evaluate the degree of disability or impairment. The injury may be permanent or temporary.Read on for details.

Workers Comp & Safety News – August/September 2023

The Silent Crisis: Rising Mental Health Problems at Work

car crashAn undercurrent of mental health issues is disrupting workplaces across the United States, leading to concerns about productivity, engagement, and retention. Read on for details.
 
 

Is Workers Compensation the Exclusive Remedy in Workplace Sexual Harassment Cases?

workplace safetyEmployees who believe they have been victims of sexual harassment on the job or that they work in a hostile or harmful environment have a right to take action by filing a workers’ compensation claim. As such, employers have the responsibility of maintaining a safe, civil work environment with a zero-tolerance policy when it comes to sexual harassment. Read on for details.

How Does Self-Insured Workers Compensation Work?

worker comfortedAccording to Statista, the percentage of employees covered by self-funded workers compensation plans increased from 44 percent in 1999 to a record high of 67 percent in 2020. Two years later, during the height of the pandemic, that figure had decreased slightly to 65 percent in 2022, but the trend for employers to self-insure is still on the rise.Read on for details.

Two Types of Excess Workers Compensation Insurance

Specific Excess Insurance limits the amount a self-insured must pay for any single occurrence. After the self-insured pays a Self-Insured Retention (SIR), the insurance company will pay the rest of the claims up to a certain limit. See figure 1., illustrating a $750,000 claim where after the self-insured pays the $500,000 SIR, Specific Excess Insurance pays the rest of the claim ($250,000).Read on for details.

Insurance Buyers News – July/August 2023

EEOC Document Warns against Discriminatory Effects of Artificial Intelligence

woman in stern pose
The Equal Employment Opportunity Commission (EEOC) has issued a warning to employers who use automated systems, including artificial intelligence (AI), to monitor employees and make decisions about a range of employment matters. Read on for details.

Why You Need Employment Practices Liability Insurance (EPLI)

employees sitting With increased government regulation related to employment issues, such as those we are reporting about in this issue, it’s easy to see why carrying EPLI would be a good idea for most employers. Read on for details.
 

Don’t Forget Your Umbrella

Young lady with umbrellaIf your business is the typical small or mid-sized business, you probably have somewhere between $500,000 and $2 million in liability coverage under your business owner policy (BOP) or commercial general liability policy. How does umbrella coverage work with these policies to provide extra liability protection? Read on for details.

How Is EPLI Underwritten?

Underwriters use a variety of metrics to determine what to charge for Employment Practices Liability Insurance (EPLI) and the scope of coverage to offer. Read on for details.