Aug
16
2011
If you own a business you must assess your risks to decide if self-insurance is the wisest way to save money and protect your business. As you may know, worker’s compensation insurance is required in all states. What you may not know is there are loopholes that will allow you to save on your insurance portfolio if you are willing to take on a higher level of risk. Excess workers compensation insurance is not for everyone. It is important to understand how this form of work comp protection will save you money and what you are responsible for when a claim is filed. Refer to the information below and decide if excess work comp is the right solution for your business.
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Aug
03
2011
As you review your business overhead costs, you will notice several areas where you can save for higher profitability. When you are cutting costs, it is important to assess the risks that may arise because of the changes you are making in your business plan. One area some risk management team members review is workers’ compensation insurance. While most states require businesses to carry some form of workers’ compensation insurance, businesses can get around these requirements by choosing to self-insure. When you self-insure your business against workers’ compensation claims, you will need to invest in an excess workers compensation policy. Understand how to self-insure your business and how excess insurance will protect you in the event of a catastrophic loss.
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Jul
25
2011
Are you the risk manager of your company? Are you responsible for analyzing risk and protecting your company against financial harm? Mid-sized businesses are responsible for carrying worker’s compensation. Some jurisdictions allow mid-sized businesses to consider self-insurance if the company has enough resources. Your company trusts your judgments on how much risk is too much risk. While you may believe your company can handle taking on a small amount of risk, you know you cannot afford a catastrophic loss. If you are stuck between a rock and hard place, consider excess Workers Compensation insurance. Know how it works, who needs it, and how it can benefit your business.
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Jul
18
2011
Many people are starting their own companies. A person who starts his or her own company has the freedom to be his or her own boss. Starting a company also enables one to do the type of work that he or she wants to do in the way that he or she wants to do it. However, there is a lot of work that goes into setting up a company. A new business owner will want to take out insurance for the company so that it will be protected in case of loss, damage or lawsuits. If the new business owner hires employees, then he or she will have to take out additional coverage for them. Some forms of coverage that should be considered are excess workers compensation, employee health insurance and worker compensation insurance.
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