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.