Insurance Insights

Decades ago, it was not uncommon for a business to pay directly – rather than report – their company’s small claims. The thought was to avoid having those claims count against the experience modification factor (the “mod”). For Workers’ Comp insurance, medical-only claims are an important element in the experience modification rating process, and in many states these claims are reduced by 70% for the mod calculation. This reduction is known as the experience rating adjustment (ERA).

Completing an auto insurance application is a fairly simple process. However, it’s still important to take your time and avoid making mistakes. Even the simplest error can lead to increased premiums, policy cancellations or insufficient coverage.

Grounding a tool or electrical system involves creating a low-resistance electrical path that connects to the earth. A ground-fault occurs in a tool or electrical system when there is a break in this low-resistance grounding path. The electrical current may then take an alternative path to the ground through the user, resulting in serious injuries or death.

As the frequency and severity of extreme weather events increases, businesses need an up-to-date and proactive action plan to minimize the impacts of these events on their people and property.

While inflation has always been a concern within the commercial insurance market, over the past year inflationary pressures have influenced various sector trends – including labor shifts, employee wages, medical expenses and rate adequacy challenges.

An attractive nuisance is a potentially dangerous, man-made condition that exists on a construction site, vacant site or active site after-hours that draws trespassers—including children. If a child trespasses on site due to these conditions, the general contractor on the site can be held liable for any injuries sustained.

The importance of homeowners insurance cannot be overstated. After all, owning a home is a major investment. Should an unexpected disaster or accident involving you, your home or your personal property occur, a homeowners insurance policy can help ensure that your investment is properly protected.

When it comes to keeping workers safe on the job, nothing is more important than head protection. In the manufacturing arena, head injuries may be caused by falling, flying or fixed objects. When these types of injuries occur, they can lead to significant head trauma or even irreversible, long-term damage.