The holidays can be a fun, yet stressful time. People tend to eat and drink more than they should, and might engage in forced frivolity that pushes the boundaries of common sense. Just about everyone can remember a friend, neighbor, or co-worker doing something they regretted at a party this time of year.
Part 1 - Home healthcare is attracting the attention of entrepreneurs looking for a growth industry and insurance agents looking for a new market niche. This critical segment of the healthcare industry, however, presents a dangerous minefield for the uninitiated. This article is part of a two-part series on home healthcare – this article discusses, the challenges facing those already in the industry or those interested in starting a home health care business. Part 2 will address the huge challenges facing insurance agents who already serve or want to serve this market.
In the not so distant past, fine dining was the predominant hospitality concept. The experience was decidedly more formal and dressing up was expected. Who can forget the self-conscious patron obliged to wear one of the ill-fitting house sportcoats?
Obviously, things are much different now. Society has gotten more casual. Just think of the informality that’s become acceptable at church, the office, and with public officials. The fine dining segment has become less prevalent and casual dining has grown to be the preferred hospitality option. As the restaurant, bar and tavern (RBT) market has evolved, today’s operators have adapted to their customer’s changing expectations.
The one question all of our clients ask us at one time or another is this: “How can I be sure I pay the lowest possible premium and still receive the maximum amount of coverage?” It’s a fair question and in the case of workers’ compensation insurance, it’s harder but not impossible to answer.
Every job is assigned a class code to differentiate between the various job duties or "scope of work performed" by employees. Accident frequency, severity and other data support a particular rate (charge per $100 of remuneration) for that class. On the surface, workers’ compensation rates can seem simple and straightforward, however, looks can be deceiving. In fact, workers’ compensation rates are based on a variety of factors within a particular class code. Determining the right rate also involves more than just totaling the number of employees and the payroll associated with the work.
When it comes to workers’ compensation insurance, do all the businesses placed in the assigned risk pool really deserve to be there? The short answer is “No”.
As most business owners know, obtaining a competitive workers’ compensation insurance policy can be challenging, particularly for new businesses, businesses that have poor claim experience or those that use an insurance broker with limited insurance company appointments. Most states have established workers’ compensation “pools” so that businesses with poor claim experience can obtain coverage while they work on improving workplace safety and reducing the number of accidents. Many companies, however, find their way to the pool for other reasons that have little to do with safety.