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Chances are that you outsource most risk management functions to an insurance company representative or agent. However, to protect your business against the risks you face at a price you can afford, you need to control the presentation of your loss and coverage information to insurers. In other words, it makes sense to provide what an underwriter needs to write your business: a “risk profile” that shows a historic record of your exposures, loss data, and insurance contracts.
Your profile should include these items:
- A history of the firm that’s positive and realistic. The more effectively you’ve adapted to the recession, the better your chances of getting a competitive rate.
- Résumés of key management— to show that you and your team know your business.
- Marketing materials and Web page(s).
- A D&B Report. Without one, you might get a lower grading. If you’ve had financial problems, some insurance companies might be willing to write your business, as long as you provide this information upfront.
- Audited financial statements, if applicable.
- Estimated values, including sales, workers compensation payroll, automobile fleet, property and equipment.
- Sales and payrolls for the past five years.
- Insurance loss runs and claim runs during the past five years for all policies, valued within 90 days of renewal.
- An outline of your workplace safety plan(s).
- Fleet maintenance schedules, if applicable.
- Your workers compensation experience modification factor.
Be sure to review all data on your company in the files of your insurance company and add it to your database.
Maintaining a comprehensive, accurate, and updated risk profile, and staying on top of how you present this information,will play a key role in securing a comprehensive and cost-effective insurance program.
Our risk management specialists stand ready to offer their advice at any time.
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Stress, called the “health epidemic of the 21st century” by the World Health Organization, costs American businesses up to $300 billion a year,
According to “Stressed at Work,” a recent research report by Benzinger, Dupont &Associates, stress impacts work performance in nearly half (49%) of employees surveyed. Difficulties in concentration, absenteeism, and poor work quality are leading the way.
Differences by gender or age can be significant.. Personal problems cause females to be absent from work more often, but males tend to miss more days of work. The frequency of disciplinary action for stress-related acts by males was almost twice as high as for women; with the 56-65 year-old age group having the highest disciplinary rates
The good news: More than nine in ten employees (94%) report improved work performance following participation in an Employee Assistance Program (EAP). The study recommends that companies work with their EAP in identifying and addressing the needs of workers, who are more vulnerable to stress, so they can prevent potential problems becoming serious. These programs and promotion campaigns should consider differences in gender and age. For example:
- Managers need to pay attention to female absenteeism because it might reflect stress at home and/or at work.
- To decrease male disciplinary actions, EAP support and wellness programs should focus on the specific needs of men in the workforce, and use promotional outreach methods that reflect male preferences for brevity (e-mail and text messages).
The more familiar you become with signs and symptoms of stress on the job, the more effective you’ll be in encouraging stressed employees to engage with EAP and workplace health programs: which means the healthier your workers are, the better your bottom line!
To learn more, feel free to give us a call at any time.
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Injured workers who gain weight due to inactivity or as a side effect of medication will probably receive higher workers comp benefits, thanks to the American Medical Association’s recent reclassification of obesity as a disease. That’s the conclusion of a recent six-year study of claims by the California Workers’ Compensation Institute.
According to the report, although this reclassification doesn’t have legal standing, the AMA’s positions often have a strong influence on lawmakers, regulators, and health care providers. Immediately after the decision, senators and congressmen introduced bipartisan bills requiring Medicare to cover more obesity treatment costs, including prescription drugs and intensive behavioral weight-loss counseling, which will give health care providers a financial incentive to use these remedies.
Judging from the results of the California study, this means that businesses can expect to pay more for workers comp. The report found that the costs of comp claims that listed obesity as a “comorbidity,” or additional cause, were far greater than for claims without them. Medical benefits for comorbidity cases cost 81% more than for other cases, while indemnity payments averaged nearly 65% higher. More two in three claimants with obesity comorbidity received permanent disability, nearly five times the rate for the non-obese. Finally, the use of narcotic painkillers was significantly higher among overweight claimants.
Obesity might even become a primary comp diagnosis for jobs such as long-haul trucking or office work that require employees to remain seated for extended periods.
The bottom line: look for the management and financial changes stemming from the reclassification of obesity as a medical condition to create new challenges and incentives for health care professionals, businesses, and workers compensation insurance companies.
We’ll stay on top of these changes to help make sure that your company has the coverage you need at a competitive rate.
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Your business needs an employee referral system that rewards and encourages employee referrals properly. The feature story for Inc. Magazine Database, is to discusses how social media is replacing job boards as the primary outlet for sourcing candidates. According to the Aberdeen Group, 50% of companies with high retention rates decreased their investment in job boards last year. The most popular site use by recruiters is LinkedIn. The most popular tool used by job seekers to find work is Facebook. Interestingly, JobVite stated that employee retention rates skyrocket when they’re referred by other employees. After three years, 47% of referrals were still around, compared to only 14% of job board applicants, (not sure what happened here).
Interestingly, JobVite stated that employee retention rates skyrocket when they’re referred by other employees. After three years, 47% of referrals were still around, compared to only 14% of job board applicants were. As mentioned on this previously, have an employee referral system that properly rewards and encourages employee referrals.
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I remember my wife and I going to a parenting class and learning the mantra, “firm, but fair.” It’s okay to have clear rules in your household and enforce them; however, you want to do so in a fair manner. When we’re clear about the rules, we can be firm. . I’m sure you’ve shared my personal experience where parents or bosses have punished you for rules you never knew existed –until after you were punished for them!Often, the knowledge is so “commonsensical” to the parent or boss that they just assume the child or the employee know it also. Never mind that it took 20 years for that boss or parent to finally “get it” themselves. When we’re clear on the rules, there’s predictability. There’s integrity. There’s consistency. The rules don’t change overnight based on emotions. When we’re out of balance on the side of clarity we’ll see people begin to fear us, rebel against us, and leave us – not a good outcome at home or work!
When it comes to being fair, the first thing to remember is that life wasn’t designed to be fair, either at work or at home. Life was designed to be a learning lesson. However, fairness has become the filter of today’s workplace. Everyone wants to feel they’re being treated fairly. ‘A fair day’s pay for a fair day’s work.’ Of course, what might seem fair to me could seem onerous to you. We treat people fairly when we follow the Golden Rule. By asking how we can serve and help others, practicing kindness and compassion despite any differences we may encounter along the way. We understand to separate the conduct from the person.
Managers will continue to struggle with employees about work hours, compensation, communication, expectations, safety, insubordination, conflict, and more. Great managers, like great parents, strike the appropriate balance between firm and fair.
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As you go about your daily business, insurance fraud is probably one of the furthest things from your mind. However these all-too-common scams, everything from homeowners who report a non-existent burglary to collect on their policies to drivers who stage auto accidents and file injury claims – are criminal acts that you have a legal obligation to report.
If you’re aware of, or suspect, a fraudulent act that involves insurance follow these steps:
- Inform the insurance fraud bureau in your state either through its telephone “hot line” or online.
- Contact the fraud department of the insurance company involved. Most companies have hotlines for this purpose. If a fraud hotline isn’t available, or if you’re uncomfortable using it, write the fraud department instead.
- If the alleged fraud involves a medical issue – such as a claim for a non-existent condition – contact your state medical board or chiropractic board immediately in order to protect the complainant, as well as other possible victims.
- If appropriate, notify other authorities, such as the police (if someone’s life might be in danger) or your local Social Security office (in case of suspected Social Security fraud).
- Remember that, as a witness, you must report all the details involved: full names, dates, organization, company name, the amount of money involved, etc. Provide any documentation or other information you think might help with the investigation.
- Be patient. Investigating complaints takes time; it might be months before the investigators have gathered enough evidence to bring the perpetrators into court.
A word to the wise. insurance scams costs billions of dollars a year, driving up premiums for everyone – including you.
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