The transportation industry is seeing an increased number of companies leasing their vehicles to owner-operators for expense savings. However, owner-operators create an inherent risk for these companies because their injuries and accidents are not covered by Workers’ Compensation like they would be as a full-time employee. The only way for independent contractors and motor [...]
The White House is increasing pressure on insurance carriers to reevaluate what is considered a “covered loss” during the COVID-19 pandemic. How a Workers’ Compensation carrier will take coverage definitions and respond to a COVID-19 claim is changing so quickly that what might not have been covered yesterday, may be covered today…or tomorrow. [...]
Certificates of Insurance programs are the cornerstone of Workers’ Compensation protection in the construction business. A Certificate of Insurance (COI) is a form that provides proof of an active Workers’ Compensation policy. The document specifies a variety of details such as the policy holder, insurance provider, and the dates of active coverage. Here are [...]
Almost all private employees in the United States can collect workers’ compensation if they are injured on the job. Railroad employees are the exception to the rule, as they must file for damages through The Federal Employers Liability Act (FELA). FELA was created in 1908 when railroad use was expanding rapidly in the United States. [...]
We’ve all heard stories about someone faking a workplace injury in the hopes of profiting from a Workers’ Comp pay-out. But what happens when doctors, medical service providers, attorneys, and other professionals conspire to scam the Workers’ Comp system for millions of dollars? Sentencing hearings were recently held in California for participants in a [...]
There has been a steady decline in Workers’ Compensation rates since the beginning of 2015, which is attributable to the overall market softening. However, we are starting to see profit margin compression. Medical loss cost severity is rising, benefits from prior accident year reserve redundancies are declining, and the growing involvement of attorneys is [...]
There are a great number of commercial industries that operate their business on or near water. Unfortunately, there are also too many commercial clients that have a standard Workers’ Compensation policy and THINK they have USL&H coverage (or worse, don’t even know that they need it). Even some of the best insurance underwriters miss [...]
The National Academy of Social Insurance (NASI) 2018 Workers’ Compensation Benefits, Costs and Coverage report, underscores a trend: The US economic recovery has spurred growth in employment and also a corresponding increase in employees covered by workers’ compensation as benefit costs continue to decline. In general workers’ compensation benefits as a share of payroll [...]
The workplace as we know it has dramatically changed over the last few years. Daily commuting to a traditional office space has been replaced with virtual offices, collaborative workspaces and remote employees. According to recent studies, regular work-at-home, among the non-self-employed population, has grown by 140% since 2005, nearly 10x faster than the rest of the [...]
The third quarter of 2018 saw an increase in premium renewal rates across nearly all lines of commercial business, except for workers’ compensation. We are still operating in a softer market and commercial carriers are willing to package the workers’ comp with other lines of business. Just because they will doesn’t mean that they [...]
