SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Category: Risk Management

Rates have been on a steady climb for commercial property insurance coverage. And thus far in 2019, loss trends continue to create pricing concerns. The market began to harden in 2017 following the second costliest year on record for insured and uninsured claims. Matters were made worse in 2018, which is now the fourth costliest natural disaster year on record for insured losses. With a combined loss total of $230 billion, 2017 and 2018 represent the most insured losses for two consecutive years.1

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Managing your workers comp class codes can be a challenge. These complex numbers represent an extensive compilation of job descriptions and they vary by state. Many employers end up using incorrect classifications, while others avoid updating them from year to year. However, workers comp class codes play a vital role in regulating insurance premiums and can have a substantial impact on your workers’ compensation policy. They need to be a priority.

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Building maintenance companies face many exposures during day-to-day operations. From compliance issues to contractual risk, there are numerous factors at play. One of the biggest areas of concern, however, is employee-related loss. Building maintenance companies need effective workers’ comp risk management. Fortunately, they can use key performance indicators (KPIs) to help address this exposure.

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A clear line has been drawn between automatic and manual transmissions in the trucking industry. Most drivers have strong opinions about which semi transmission is better, with arguments ranging from safety to convenience.

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Owning and renting out real estate can be a lucrative business, but certain property management issues can spell trouble. Whether you own a single unit or several housing communities, you face a long list of exposures.

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While looking through a stack of insurance contracts, you’ll likely notice that many include additional insured endorsements – unless you’re looking at workers’ compensation policies. These policies are intended to cover the insured’s employees. Adding an additional insured would require the policyholder to cover an owner or general contractor’s employees for work-related injuries. Therefore, this endorsement is not permitted for workers’ compensation coverage. This restriction has sparked a growing interest in something called the “alternate employer endorsement.”

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For those who own an aircraft, you may have noticed increases in your 2018 aviation insurance renewal. After a decade of declining rates, premiums are now trending upward.

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Winter brings us many joys – holidays, fun in the snow, endless shoveling (well, maybe not the last one). But winter also brings some dangers. Obvious ones are ice-related car accidents and slips / falls. However, there is a hidden threat that is far more dangerous during cold-weather months, yet it’s often given little thought. Carbon monoxide safety should be a top priority when the temperatures start to drop.

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Life can change in an instant. Residents, business owners, ranchers and farmers across Nebraska, Iowa and surrounding states are currently coping with this reality. Historic flooding has devastated our region, sweeping away homes, buildings, roads and pastures. The destruction is unlike anything we’ve seen and it has directly affected our family, friends, clients and colleagues. As I write this, my own home is sitting in water up to its roofline – and there’s nothing I can do but watch and wait.

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The Family Medical Leave Act (FMLA) regulations can be difficult to follow. Mix in some workers’ compensation laws and things can get really complicated. FMLA protects the employment status and health benefits of an individual for up to 12 weeks under certain qualifying criteria. Workers’ compensation provides benefits and wage replacement to employees who suffer job-related injuries and illnesses. It is possible for FMLA and workers’ compensation to run concurrently when an employee misses work due to an on-the-job injury that qualifies as a serious health condition. This can be any illness, injury, impairment or physical / mental condition that involves inpatient care or continuing treatment by a healthcare provider.

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