Exclusions

Twice in two weeks I have reviewed professional liability insurance policies with an exclusion for:"any claim arising out of or connected with... an entity... in which any insured is a director, officer, partner or principal stockholder."So, a consultant who volunteers as a board member for a nonprofit who at the same time acts as an advisor to … [Read more...]

Insurance Policy Renewal Dates

The most popular renewal date for business insurance programs is January 1. July 1 is also common. The "quarter changes" of April and October are busy times for insurance companies, too.Don't have your business insurance renew anywhere near these dates. Underwriters and agents are scurrying around trying to handle three or four times their normal … [Read more...]

Biggest Insurance Mistakes

Three years ago I came out with a white paper, The 20 Biggest Business Insurance Mistakes. The Wall Street Journal voted it the best insurance white paper by a guy with a mustache and a wife named Kathy. Time for an update... Let's see what the Wall Street Journal says this time. (wink) Get it here. … [Read more...]

MEMIC, Me, and Employment Practices Liability Insurance

A VP at Maine Employers Mutual called me the other day. He wanted to use my April blog post on their new employment practices liability insurance coverage. His idea was to send it to agents. I said sure, why not. I've been critical of Maine's largest workers' compensation insurer over the years for a variety of items, mostly their pricing … [Read more...]

Employee Theft Blog

An employee theft insurance claim is a huge hit to most business people. Not only is there the financial consequences, there is the emotional toll of the violation of trust. Check out the links below for stories of the crimes and hints to prevent a loss. … [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...]

Be Aware of Out-of-State Work Comp Exposures

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: Your employees are eligible for workers' compensation benefits in the state where they are injured. If your employees travel to other states, be aware that you may need to purchase coverage for those states. Many insurers provide coverage for other states right on your basic … [Read more...]

Family Waves (sic)

Consider Excluding Family Members From WCSeveral states allow family members of owners to be excluded from workers' compensation coverage. Family includes parents, siblings, children and spouse. Excluded family members must voluntarily waive coverage in advance of any claim. Such a waiver must not be a condition of employment.Check with your agent … [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...]

Terrorism Insurance

When you buy business insurance you are offered terrorism coverage for a separate premium. Here is some info on the federal terrorism insurance program.On December 26, 2007, the President signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2007, extending the Terrorism Risk Insurance Act (TRIA) through 2014. The United … [Read more...]