Blog Tag: Claims & Safety
Each year, employers spend billions – yes, billions of dollars resolving issues related to overexertion injuries. In fact, these claims have been repeatedly identified as the leading cause of disabling workplace injuries in the United States. What’s more important, however, is that many of these injuries can be prevented through the application of a few ergonomic analysis tools.
What Really Adds Up to TCOR
You’re my hero! Have you ever said that when someone did a simple favor like loaning you an umbrella during a storm or holding the door when your hands were full? I’m sure you appreciated the gesture, but were their actions truly heroic (which can be defined as brave, courageous, valiant, superhuman, etc.)? It’s become common practice in the English language to overuse words and phrases to the point that we dilute their value and begin to misuse them.
Virtually all liability insurance policies require insureds to give notice of an occurrence promptly (or as soon as practical). When an actual claim is made or a lawsuit is filed, the notice requirements become even more important. Furthermore, the reporting requirements can be different depending on whether the liability policy is written on an occurrence basis or a claims-made basis. The following article will elaborate on the two policy types and outline the important differences in those requirements.
Would you accept a financial contract from your bank that required you to pay a term interest rate of 150%? Of course not – that would be an unfair deal! So it is a bit puzzling why so many business owners accept highly unfavorable terms when it comes to their workers’ compensation policies. When claims go unmanaged and experience modification factors are left unchallenged, policy premiums can skyrocket. The good news is that workers’ compensation is one of the most controllable lines of risk.
Workplace violence has become all too common, and the need for action has never been greater. As risk managers, we take this threat seriously and have dedicated a three- part series to educate our readers on this important topic. In parts one and two, we discussed applicable regulatory standards and guidelines, as well as threat assessment and management techniques. The third and final part of this series is dedicated to response strategies – what to do when a violent event occurs and how to handle its aftermath. While we hope that our readers are never faced with the unfortunate reality of workplace violence, we know it is imperative to prepare for worst-case scenarios. Investing time and resources into this training before a violent event occurs could mean the difference between life and death.
Threat assessment is a structured group process used to evaluate the risk posed by another person, typically as a response to an actual or perceived threat or concerning behavior. Workplace violence is an unpleasant topic that many people try to avoid. However, news of mass shootings and other violent events have saturated the media in recent years and forced the American public to pay attention. The growing media spotlight on this issue has also spurred more oversight by regulatory agencies and initiated the development of policies and protocols to help prevent threatening behavior and violence within the workplace. This article takes a closer look at threat assessment and management with a specific focus on the suggested best practices outlined in ASIS/SHRM WVPI.1-2011. This is part two of our three-part review of workplace violence.
The unfortunate presence of violence in the workplace is not likely to subside in the near future. Approximately two million American workers are affected by some form of workplace violence each year.1 In extreme cases, it may manifest itself in an ideology-driven active shooter scenario, such as those recently experienced in Colorado Springs and San Bernardino. Other more likely cases may include impulsive or directed actions toward an identifiable target because of a real or perceived threat or grievance, or actions related to dating and domestic violence or stalking. Some cases could potentially be entirely random acts, or the result of a robbery or another criminal attempt. This is part one of our three-part review of workplace violence.
Accidents happen. We grew up hearing this phrase. While we try our best to prevent and avoid workplace injuries, the reality is that accidents can and will happen. That is why employers have workers’ compensation policies.
When it comes to these types of claims, however, some employers don’t seem to fully understand all of the related costs. It is generally understood that when claims arise they have several direct costs. These normally include medical costs and indemnity payments. It could also increase the insured’s premium at renewal time because more claims typically lead to higher premiums. But many people fail to consider the deeper financial impact that goes beyond claims costs and renewal premiums in the form of indirect loss costs. When we look at Total Cost of Risk (TCOR), indirect loss costs play a significant role.