• 23
  • Oct2018

Understanding Indirect Loss Costs Leads to an Eight-Fold Improvement in Cost Reduction

  Executive Summary:  In this article we focus on understanding indirect loss costs and how they impact a firm’s bottom line.  Indirect loss costs are well established in the Fortune 500 world, but they don’t get much attention in the middle market, which is a shame.  Indirect costs are just as significant (if not more so)

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  • 28
  • Sep2018

The Alternate Employer Endorsement

In today’s gig economy, there are numerous forms of employment which can bring challenges to your workers compensation insurance, and worker injury risk.  The Alternate Employer Endorsement is an important risk transfer tool which should be deployed when non-traditional employment arrangements are engaged in.  Here’s why. If you are an employer who employs workers from a

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  • 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

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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  • 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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  • 07
  • May2018

Compassion & Communication – Two Keys to Successful Outcomes in Workers Compensation Claims

There are multiple facets to managing worker injury claims, but one of the most important which is not found in any claim filing instructions are managing expectations through compassionate communications. It may seem odd to think about compassion in a business sense, but take a step back and think of the injured worker for a moment

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  • 06
  • May2018

What is Employer’s Liability

Most employers are familiar with their workers compensation insurance, it is a mandatory form of coverage in New York when you have employees.  But the policy is actually separated into two parts.  Part One covers the statutory obligations and employer has to protect workers when they are injured on the job, and Part Two known as

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  • 09
  • Apr2018

The Dangerous Gap when Excluding Executive Officers from a Workers Comp Policy

[embed]https://youtu.be/F5T3JMQCUZ4[/embed] Hi, I’m Gordon Coyle and today we’re going to talk about The Executive Officer Exclusion in the New York Workers Compensation Policy Okay, that’s a long title, but this is important.  In New York and in most other states employers have the option to exclude themselves from workers compensation.  Typically if your company is a

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  • 04
  • Apr2018

Driving Down the Cost of Workers Comp by Understanding the Valuation Date

[embed]https://youtu.be/R2tlydP9688[/embed] Why the valuation date in your workers comp policy is the most important date of the year. Now you may be saying “valuation date”?  I’ve never heard of that – what is it? Well the valuation date is day that all your workers comp payroll and claims information for the past three years is sent

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