Personhood and Insurance

Many states currently have on the books or are considering laws that give legal "person" status to a fetus/unborn baby.  I make no judgment here on the ethics or morality of one position over another. I raise the issue of insurance... A pregnant employee is in a work-related car accident and the baby dies. Is the baby covered by workers … [Read more...]

ABA Insurance Services – Property, Liability, Auto, Workers’ Compensation, Umbrella Insurance For Banks

A bank's agent just sent me a quote for Property, Liability, Auto, Workers' Compensation, Umbrella, REO Property... I am very impressed.  The price is very good compared to other standard lines insurers and the coverages are great. Nice work ABA. I'll be sending more banks your way on these lines of insurance. Info Here … [Read more...]

Workers’ Compensation and Employers Liability

A client asked about the difference in workers' compensation and employers' liability.   Workers' Compensation is the state-mandated health insurance, disability insurance, and life insurance coverage employers buy to cover employees in employment-related injuries and sickness.   Employers' liability is for lawsuits arising out of the … [Read more...]

Bank Workers’ Compensation Code Change

Most states have moved to the new workers' compensation classification for banks. Unfortunately, not all insurance companies seem to be using the code.  Pull out your workers' compensation policy.  It should show all your payroll in a single code.  For most states, that will be "Code 8855 Banks, All employees." If your workers' compensation … [Read more...]

Workers’ Compensation – What Rates Are In States?

I have posted in the past about Oregon's most excellent analysis of their workers' compensation rates. From that analysis we get to see where all the states rank. The most interesting part for me is Appendix Four, where rates for different workers' compensation employment codes are displayed.  The rate differences are staggering. Carpentry: … [Read more...]

Oregon Workers’ Compensation Study – 2014 Edition

The results of the 2014 Oregon Workers’ Compensation Premium Rate Ranking study are in, and the summary is available. (Download Here) Each year the good people of Oregon fund a study that compares the workers' compensation rates of the states.  It's a good guide to judge the cost of workers' compensation around the US. … [Read more...]

Employee Volunteer Work Causes Coverage Question

A question from a bank client about employees volunteering. I hope you are well.  I have an interesting question for you. If an employee is off under our volunteer paid time off policy and happens to get injured, what is the Bank’s liability (if any) and what insurance would potentially pay out? This did not happen, we are just curious as to how … [Read more...]

Consider Deductibles on Your Workers’ Compensation

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: A deductible is the part of a claim you pay before the insurance company steps in. Put another way, a deductible is a way for you to retain a portion of the loss. The larger the deductible, the larger the premium savings. Workers' compensation deductibles are usually … [Read more...]

Has Overtime Been Excluded From Your Workers’ Compensation Payroll?

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: When a worker receives overtime, the extra amount paid is not part of workers' compensation payroll. For example, if a worker makes $8.00 per hour normally and $12 for overtime (time-and-a-half) the only payroll that is counted is the $8.00. Make sure the extra for overtime … [Read more...]

Give Yourself Some Work Comp Credit

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: Most workers' compensation insurers allow underwriters pricing discretion of up to 25% above and 25% below the published rates Credits are used as competitive tools by insurers. They are often loosely tied to loss control and claims management programs. Find out what your … [Read more...]