Workers compensation insurance is administered on a state by state basis and has generally been enacted across the USA since 1949. This podcast explains how the premium is calculated using gross payroll, employee classifications and claims history. We discuss in detail how loss prevention techniques like drug testing, safety training, plant conditions, return to work plans and generally operating a safe business environment can help control the costs of workers compensation insurance.
In this podcast we finally get to interview an underwriter to determine what they look at to assess the risk of a business for purposes of writing and pricing insurance policies. He teaches us that loss control systems, safety procedures and training does make a difference in the risk and the cost of insurance policies. He confirms that when working closely with an insurance agency to operate a business in the safest manner can have a direct impact on the cost of insuring against liability exposures.
In this podcast we learn about the rules for Medicare insurance, who is eligible, what the various parts of the plan are for and how to deal with employees who are Medicare eligible and also covered under a business group plan. The size of the business in terms of employees comes into play when considering the priority of payment for claims between Medicare and group plans. The size of the business also comes in play in determining the method of pricing for the group health insurance as well.
In this podcast we discuss the types of liability exposures that can stop a new business before it gets off the ground. Recognizing that most startup companies do not have extra capital and usually minimal revenues it is important to carefully decide how much insurance is needed and affordable. There are some potential situations that could present major liability exposure for a new business that should be considered from the beginning and we discuss many of them here.
After a business is up and growing it is important to review the insurance necessary to protect against liability exposures that could present themselves. This is different for a mature company as it grows due to the fact that the balance sheet is now different and there are more assets to protect from potential claims. It is also important to recognize that as a business grows it gets more complicated to manage and control all events in a manner that will prevent claims. An annual review of insurance needs and coverage can help a business to understand and control liability exposures.
This podcast shows us why using an independent insurance agent can be a good way to determine the best policies, insurance companies and lowest premiums available in the market place today. As an independent insurance agent, you have the ability to shop business insurance to many insurance companies instead of just one which captive agents cannot do. This is an ever changing landscape with insurance companies deciding each year which types of insurance policies they desire to write which can have a major impact on the costs of policies.