One of the most important investments you make in your business is commercial insurance. This vital coverage protects your company from financial losses. It can truly mean the difference between staying in business and closing the doors when claims, lawsuits or property damage exceed your budget. Understanding the various types of business insurance coverage will help you work with us … Read More
What the Ex-Mod Means for NY Workers Comp
Buying a NY workers comp policy for your small business is a bit different from buying other types of insurance. With most types of commercial insurance, it’s fine to just get quotes from a few companies and then go with the lowest one. The workers compensation policy is a little more complicated because it depends on a number insurance companies … Read More
How Loss Ratios Affect NY Workers Comp Rates
As NY workers comp rates continue to rise, employers must take steps to understand how insurers calculate premiums so that they can learn methods to keep their rates as low as possible. Every year, workers compensation insurance policies renew, and prior to the new renewal year, insurance carriers issue rates for every industry classification. Insurance underwriters review overall loss ratios … Read More
Ex-Mods and How They Affect NY Workers Comp Rates
One factor that strongly impacts your business and your NY workers comp rates is the experience modification rate or ex-mod. Insurance companies use the ex-mod factor to evaluate past injury losses and the chance of future ones. When it comes to workers compensation rates, your company’s experience mod directly affects your costs. The lower the ex mod rate, the lower … Read More
Why Your Business Needs Workers Comp Insurance
Workers compensation insurance is a system of laws outlining specific benefits injured employees are entitled to along with all the procedures for obtaining those benefits. Workers comp insurance is required for all businesses with employees. This coverage benefits both employees and employers. No one wants to lose their small business due to employee-related work injuries or the possibility of a … Read More
5 Crucial Questions to Ask Your Insurance Agent
When buying a new business insurance policy, asking the right questions is critical before agreeing to the purchase. Next to your home, your business is probably your largest investment, your biggest asset, and it needs adequate protection from unforeseen circumstances. Plan on never investing in an insurance policy without a full understanding of exactly what you and your business will … Read More
Why Your Company Needs a Written Safety Program
To prevent workplace injuries and control workers compensation insurance costs, business owners need a written safety program for educating workers about effective injury and illness prevention. These program outline and set procedures in place so that all employees are clear about what to do when an injury occurs. In New York and pretty much every other state, employers have a legal obligation … Read More
Top 3 Ways to Reduce Workers Comp Costs for New York & New Jersey Contractors
Workers compensation in New York and New Jersey for construction companies is skyrocketing in great measure. For some businesses, the costs have become almost unmanageable. Thankfully, there are a couple of strategies that businesses can employ in order to alleviate this matter. Three Tips to Reduce Workers Compensation in New York & NJ for construction companies 1) Consider Self-Insurance When it … Read More
5 Top Tips to Reduce Workers Compensation Claims
Health and safety hazards are common in numerous workplaces across the country. Sitting down in a chair and completing tasks from 9 a.m. to 5 p.m. might seem like a harmless occupation for some people, but that isn’t always the case. In 2008, according to the Bureau of Labor Statistics, over 80,000 individuals, who worked in an administrative or private-industry office … Read More
Workplace Injury Prevention: Dealing with Slip & Fall Injuries in the Workplace
As an employer, you must ensure that your employees have a safe working environment. If this is not provided, there are likely to be a lot of accidents and probably lawsuits that can turn out to be very expensive for the company. Slip and fall injuries are some of the common accidents at the workplace, and this guide will look … Read More
3 Things to Know about Workers Comp Claims
If your employee falls off a chair or cuts his hand at work, you’ll definitely need more than a trip to the doctor. You’ll also need to consider your workers comp policy. Workers compensation insurance covers medical expenses to treat a job-related injury or illness, and it also pays employees for any days missed from work due to the incident. … Read More
The Importance of Reporting Workers Comp Claims Quickly
When a workplace injury or illness occurs, many employers and employees simply don’t know how to handle the incident from a workers comp claims standpoint. This is understandable since some industries aren’t as prone to work-related accidents as others. Whenever an employee is injured, it is essential that the proper process be followed in order to protect both the injured … Read More