On May 29, 2018, insurance commissioner, Dave Jones approved a 10% reduction in pure premium rates for policies renewing on or after July 1, 2018. Not all insurers will update existing rates, however, market competition will continue to drive down workers’ compensation costs due to lower taxes, quicker closing of claims and lower loss ratios. Read on to see how rates for your classifications are changing, and much more!
The proper retention of records for all contractors is an important task when dealing with
construction claims. If this task is ignored, your ability to transfer the financial risk of construction
lawsuits to your insurer or your subcontractors’ insurers could suffer, and cost you time and
money to protect and defend your company.
The cornerstone of a successful contractual risk transfer program is a uniform, consistently followed approach to subcontractor insurance compliance.
The cornerstone of a successful contractual risk transfer program is a consistent approach to Subcontractor Insurance Compliance.
Protect your company by reporting promptly to avoid fines!
How a $19,000 investment returned $65,775 and lowered an EMR by 20 points!
Insurance commissioner, Dave Jones, approved an overall rate decrease of 12.31% in loss cost rates for policies renewing 1/1/18 or later. For the 69 construction classifications on page 2, rates are down an average of 6.6% from 1/1/17 loss cost rates.
The insurance commissioner approved an average rate decrease of 7.8% to be effective 7/1/17 for all new and renewing policies after this date. Several insurers have filed lower rates as of 7/1/17, and will continue to take clients’ loss history into consideration when determining final net rates.
First Party Property losses such as stolen construction tools and equipment, should be a straight forward claim. You send in documents to support the value of your claim, and then you expect to be paid by your property insurer. Typically, the claim is paid but sometimes things get derailed. Your property insurer may dispute the value of your claim or disagree with some other issue regarding the facts of the loss or insurance coverage. It becomes an endless circle of move and counter move, similar to playing a chess game, where you are hoping for an immediate victory but knowing you are up against a powerful player (your property insurer).
A safe job is a profitable job—especially when you add up the direct and indirect costs of an accident! For example, a $25,000 sprain/lost time injury might take between $500,000 and $2,500,000 of additional company sales to pay for the cost of the injury.