• 17
  • Sep2018

NY Workers Compensation – Employee or Independent Contractor?

We have written about the topic of properly classifying employees in the past, but there is continued crack down by regulatory authorities and insurers about classifying workers properly with regard to NY workers compensation. Under the New York Workers Compensation Board Rules most workers are classified as employees for rating and coverage purposes unless they are

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  • 17
  • Sep2018

New York Stop Sexual Harassment Act

Several changes are on the immediate horizon for New York Employers when it comes to sexual harassment training and documentation.  This document New York Fair Employment Laws  will give you a broad overview of the employment issues in New York State and New York City coming up in October. The most notable requirement is that this impacts

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  • 17
  • Sep2018

What is a Loss Sensitive Rating Plan?

A loss sensitive rating plan is an alternate method of financing an employer’s workers compensation risk from guaranteed cost programs.  Under a guaranteed cost policy, an employer pays a “fixed” premium each year based on the company’s rating classifications and payrolls, the one element which can vary during the course of the year is payroll, which

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  • 10
  • Sep2018

The Seven Deadly Sins of Workers Compensation

Workers compensation is often the biggest insurance pain point for manufacturers in New York.  Rates are high, a company with “average” claims usually will have an elevated experience rating modifier or mod, and there seems to be a perverse element in the workers compensation system that keeps employees out on comp longer than seems necessary. Frustrating

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  • 06
  • Sep2018

The Strategic Risk Process

How I discovered and codified The Strategic Risk Process. In 2017 I was in the second year of my membership in The Strategic Coach program (an entrepreneurial coaching program) and I was challenged to discover and qualify what my “Unique Ability” was. As Strategic Coach describes it, Unique Ability is a superior skill or talent that

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  • 30
  • Aug2018

What is a High Deductible Workers Comp Program

As its name denotes, a high deductible workers comp policy or program is a method of insuring workers compensation risk with the employer assuming some of that risk in a deductible of $100,000, $250,000 or even higher per claim, and an insurer taking the remaining risk on. These types of policies are reserved for larger employers

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  • 23
  • Aug2018

Risk Transfer and Indemnity Agreements

In the past we have written about the need for every business, regardless of size, to have a risk transfer plan in place and to be strategic about indemnity agreements.  To understand this a bit further, let’s first define in basic terms what each of these elements of the conversation are. Let’s start with risk transfer. 

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  • 20
  • Aug2018

Why Aren’t YOU Buying Cyber Insurance?

As an insurance broker, I have often experienced small and medium sized business owners very reluctant to purchase cyber insurance; even though the cyber related risk seems very apparent.  So, I found a recent study published by Chubb Insurance on why decision makers may think cyber protection is unnecessary, interesting. The majority of respondents in this

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  • 06
  • Aug2018

What Is a Warranty Statement

What is the Warranty Statement on a D&O or Employment Practice Liability Policy? I’ve been asked on several occasions when a client is applying for Employment Practice Liability Insurance (EPLI) or Directors & Officers Insurance (D&O) if a potential claim or “situation” in the past would be covered by their new policy?  This article will explore

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  • 30
  • May2018

What is Fiduciary Liability?

Fiduciary Liability is often combined with Directors & Officers (D&O) Liability and Employment Practices Liability (EPLI) to form the basic management liability package or portfolio.  But it often confused for fidelity bond coverage or employee benefit coverage (which is found in many general liability policies). Fiduciary liability coverage is playing a growing and important role to

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