December 14, 2011

Understanding Business Interruption Insurance

Understanding Business Interruption Insurance: This is probably the one risk area that is often overlooked and most likely to put a company out of business shold they suffer a loss that causes an interruption. Time and again we see examples of companies not understanding this coverage and not having the proper coverage at the time of a loss. When business is interrupted by a disaster, business interruption insurance will help get it up and running again as soon as possible, but if your building is heavily damaged and your equipment and materials are gone, how do you do that? Your main concern is to keep your employees, keep your existing customers, and to maintain your excellent relationship with your suppliers. Business Interruption Insurance is designed […]
November 16, 2011

Communication-Key To Injury Management

Communication- It Can Help You Lower Work Comp Costs As simple as it appears that simple word is a major barrier when it comes to workers’ compensation claims. However, if your employees and supervisors don’t know what is expected of them when an injury occurs you are likely paying more than you should for your workers’ compensation coverage. While employers spend money on loss control efforts, incentive programs and safety programs they often fail in one of the key areas to help control workers’ compensation costs. Yes, it is important to focus on injury prevention but that isn’t enough. There are two more areas that employers need to focus on, managing the injury and managing the return-to-work process. Injury reporting is a key factor in […]
November 9, 2011

Contractual Risk Transer Recommendations

CONTRACTUAL RISK TRANSFER RECOMMENDATIONS The following checklist suggests some approaches for minimizing friction between contracting parties (or the possibility of unknown breaches of contract requirements) while still securing realistic protection for risk transferors. • Update your insurance requirements to reflect modern insurance terminology. If your contract still requires “comprehensive” general liability insurance with a broad form property damage endorsement, it was written in the dark ages. • Construct your additional insured requirement to deal with the other insurance issue in a manner that works with the standard industry approach instead of requiring special language that achieves nothing more but is very difficult to obtain. • Don’t require a waiver of subrogation endorsement on the transferee’s general liability policy. Include a waiver of subrogation in the […]