Commercial Insurance Tag
14 May The Importance of Reporting All Workers’ Compensation Claims
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Employee injuries and illnesses are not always simple for employers to navigate—making the workers’ compensation claim process increasingly difficult.
However, there are a number of measures that employers can take to reduce the cost and complexity of a claim. Specifically, when employers report claims in a timely fashion—whether to their respective state or workers’ compensation insurance provider—they can potentially minimize their overall claim expenses.
14 May Are Volunteers Covered by Workers’ Compensation Insurance?
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Volunteers bring a lot of value to the organizations they work with. They can help an organization achieve its mission, assisting in areas an organization may not be otherwise able to cover without them.
However, organizations may not think to check if their workers’ compensation insurance covers volunteers, or, worse still, they may wrongfully assume it does.
04 May Workers Compensation Insights: Assigned Risk Plans
[wpseo_breadcrumb] Workers’ compensation insurance not only helps employers cover costs related to employees becoming ill or getting injured on the job, it’s also required in nearly every state.
Yet, some employers have a harder time securing coverage than others.
After all, a range of factors (e.g., a poor loss history or involvement in a high-risk industry) can make insurers hesitant to offer workers’ compensation insurance to certain employers. In these instances, employers can utilize assigned risk plans. Such plans provide a safety net for employers who are unable to acquire workers’ compensation coverage from insurers in a standard market.
04 May Determining Whether Employees’ Injuries and Illnesses Are Work-related
[wpseo_breadcrumb] Navigating employee injuries and illnesses (and subsequent workers’ compensation claims) can be very complex and overwhelming to many employers.
As such, it is important that employers understand how to determine whether their employees’ injuries and illnesses are work-related or not.
04 May The Importance of Communicating With Employees During Workers’ Compensation Claims
[wpseo_breadcrumb] Employees who face work-related injuries and illnesses commonly have subsequent stress and anxiety.
Oftentimes, this stress is made worse should employers stop communicating with the employee while they’re unable to work.
It is important for employers to make their employees feel appreciated and to invest in their well-being. This rapport helps employees feel welcomed, valued and trusted. As a result, if employees are injured at work, they are much more likely to report accidents and injuries.
30 Apr Rating Agencies See Improvement in D&O Market, but Emerging Risks Threaten Profit
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U.S. directors and officers (D&O) insurers continue to see underwriting losses despite taking in more premium to correct years of competitive pricing and adverse claims trends, such as growing verdicts, settlements and defense costs, according to reports from two rating agencies.
According to Fitch Ratings and AM Best, D&O insurers increased direct premiums written in 2020 by 40%, following an increase of 20% in 2019. However, this did not stop the line of business from recording an underwriting loss for the fourth straight year in 2020. Per Fitch Ratings, the combined ratio over the same period was 107%.
29 Apr A Supervisor’s Role in Workers’ Compensation
[wpseo_breadcrumb] Supervisors play an essential role in ensuring a company’s efficiency and success.
They are responsible for handling the everyday situations that help a business remain functional. Further, supervisors are also an integral part of workplace safety programs. Such programs utilize risk management techniques to keep employees safe on the job, thus reducing workers’ compensation costs.
29 Apr Workers’ Compensation Benefits Overview
[wpseo_breadcrumb] When employers purchase workers’ compensation insurance, such a policy is used to cover expenses that result from employees becoming injured on the job. These policies also cover employees who experience occupational diseases that were caused by work.
This coverage includes the following benefits:
18 Mar Coverage Insights: Parametric Insurance Explained
[wpseo_breadcrumb] Contrary to the reimbursement method of standard commercial policies, parametric insurance is a form of coverage that offers protection based on a predetermined, measurable characteristic tied to a covered event.
Under such coverage, the amount in which a policyholder is compensated isn’t decided by the exact cost of damages sustained, but rather by the calculated intensity of the covered event itself. For instance, if a hurricane caused damage to a commercial property, a parametric policy might reimburse a set dollar amount linked to the storm’s wind speeds.
Parametric insurance can be a particularly beneficial form of coverage to have in the scope of large-scale natural disasters, especially when not all associated losses entail physical damages. Yet, there are some additional aspects of this coverage offering to consider. Review the following guidance to gain a better understanding of parametric insurance.
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