Workers’ Compensation Deductible Plan Options

image credit: giggsy25/

A workers’ compensation deductible plan has become a more popular option among contractors. Whether it is a small or large deductible plan, this plan may allow premium savings to your company that can help control your workers’ compensation costs. Continue reading to learn what workers’ compensation deductible plan might work best for you!

Read More

Topics: Workers' compensation

Why Do Contractors Have to Provide Additional Insured Endorsements?

image credit: PhuShutter/

A common requirement you’ll find in a construction contract is for any hired contractor to provide additional insured status to parties within the contract. The purpose of this requirement is to protect an Owner, General Contractor and/or another Trade Contractor from potential claims that may arise from work the hired contractor is performing. By having the Owner and General Contractor listed as additional insureds on the hired contractor’s policy, this transfers the potential risk for work done back to the hired contractor.

Read More

Topics: Contractors, commercial insurance

4 Keys to Surviving a Hard Excess Market

image credit: bernatets photo/

The insurance marketplace moves in cycles as the pendulum swings back and forth between low demand and high supply—known as a “soft” market—to high demand and lower supply—known as a “hard” market.

For many years, the excess insurance marketplace was considered “soft,” meaning it was in a growth mode; insureds had access to high limits, low rates, advantageous policy terms, and many participating carriers. The third quarter of 2019 marked a shift in the excess marketplace, as carriers began to retreat, and capacity reduced significantly; carriers reevaluated the profitability of their deployed limits due to deteriorating losses. 

Read More

Topics: Risk

Construction Concerns for 2020 and Beyond (Part 2)

image credit: goodluz/

The forecast that the construction sector will continue its growth pattern reflects the strength of the economy even late in this business cycle. A tremendously strong job market—coupled with low interest rates and a generally robust stock market—are working to ensure that 2020 remains strong overall.

Yet, there are growing concerns that may point to slower growth beyond 2020. A recent economic outlook survey by the National Association of Business Economics put the odds of a U.S. economic recession starting by mid-2020 at 30%, with an estimated increase to 60% by the end of next year.

Here are several potential threats that could affect the robust growth in the construction industry looking forward.

Read More

Topics: construction insurance

Construction Growth for 2020 (Part 1)

image credit: Naparat/

When we look back at the U.S. economy this year, we see it performed reasonably well during the first half of 2019. Job growth for the economy as a whole was at a level that added almost $2MM in additional payroll positions this year. The stock market showed healthy gains and inflation has been kept under control. On a broad scale, the economic growth for 2020 is projected to be 2% at an annualized rate.

Read More

Topics: construction insurance

Does a Workers’ Comp Policy Cover Employees Working In Another State?

image credit: Monkey Business Images/

Have you heard the saying, you go where the job is? Well, this rings true for most contractors, as they often find work outside the state where their business is physically located. On the surface, this doesn’t seem like a problem. However, it’s important to understand how working in a variety of states can pose some Worker’s Compensation (WC) insurance challenges for your company if an employee becomes injured. Before doing work in another state, you need to ask, does my WC insurance provide my employees coverage if they are injured in another state?

Read More

Topics: Workers' compensation

What is Parametric Coverage?

image credit:

Is it just me, or do you read the headlines these days and wonder if you are actually reading the plot lines from those “Disaster Movies” that I loved watching when I was a kid?

A major earthquake in Southern California, massive flooding in the farmland, a giant killer storm that takes out Tokyo, or a fast moving wildfire gobbling up acres of prime land by the second—it all seems so fantastical

Except that it is, in fact, real.

Read More

Topics: commercial insurance

Insurance Update: House Passes TRIPRA Extension

image credit: create jobs 51/ 

After the Terrorist Acts occurred on the World Trade Center back in 2001, the Government passed the Terrorism Risk Insurance Act (TRIA) of 2002. This meant that if the Government deemed an event as a certified act of terrorism, then the Government would reimburse the insurance companies for the losses they paid out for that specific event.

However, if there is an event and the Government does not deem it as a certified act of terrorism, then insurance companies do not get reimbursed for the losses. This could ultimately affect the insured, as they could be at a loss as well since there was no coverage.   

Read More

Topics: Insurance Coverage, TRIPRA

Why EPLI Coverage Is So Important Right Now

image credit: Pair Srinrat/

In today’s #MeToo corporate climate, no company, large or small, is immune to the lawsuits that are becoming more commonplace. Lawsuits can mean costly legal and attorney fees that will hit your company’s bottom line. In some instances, these costs can decimate a business, with no hope of recovering. The average cost for defending and settling employment law cases is $160,000. How can you protect your business against such possible future claims? Look into Employment Practices Liability Insurance (EPLI).

Read More

Topics: Employer's Liability Insurance

5 Facts About Claims Reserves

image credit: mangostock/

No matter how safe your company may be, accidents are unfortunately inevitable—and when accidents happen, claims will follow. Did you know when a claim is settled, insurance companies pay the policyholder from a claims reserve? Continue reading this post to learn five important facts about claims reserves.

Read More

Topics: claims

Subscribe to Weekly Blog Email Updates

Recent Posts