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Wednesday, April 17, 2013

Beginner's Guide to Workers Compensation Insurance

Workers compensation insurance is an insurance policy carried by businesses that covers the medical costs and a portion of lost wages for an employee who is injured on the job. Workers compensation insurance covers workers injured on the job, whether they're hurt on the workplace premises or elsewhere, or in auto accidents while on business. Workers compensation insurance must be bought as a separate policy. In some states small businesses with fewer than three to five employees may not be required to carry workers comp. insurance. If your insurance premium is in excess of $5,000, you should have a plan that pays you back a dividend based on your claims history. If you cannot find an insurance company that will sell you workers comp. insurance, you may buy coverage from the state's "assigned risk pool," now operated by Travelers Commercial Casualty Company. However, even if family members are excluded, they are still counted towards the number of employees to determine if you are required by law to carry this type of insurance. Many people are involved in an employee's claim, including individual workers compensation insurance companies, physicians, case managers and management staff from the employer. Owners of for-profit corporations are exempt from workers comp. insurance however non-profit companies do not get the exclusion. To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy workers comp. insurance. Action Steps The best contacts and resources to help you get it done Workers compensation insurance. For an overview of workers compensation laws in your specific state, you should seek advice from an attorney specializing in this area. To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy this insurance. Conclusion Employers failing to comply with these laws may be subject to penalties by the state and, in addition, may lose protections afforded them by workers' compensation insurance and the laws of the state. If an employer continues to disregard the legal requirement to obtain workers' compensation insurance, the ICA may assess additional civil penalties against the employer, up to $10,000 and may obtain an injunction to close the employer's business until the employer complies with the law to obtain workers' compensation insurance.

Wednesday, April 3, 2013

Insurance Metrics for Small Business Insurance - Workers Compensation

As a small business owner and purchaser of small business insurance it is beneficial for you to get a handle on a key metric in workers compensation and that is the "experience mod". Depending upon your premium size, most businesses that are paying over $10,000 in workmen's compensation insurance have a state promulgated "experience mod". This calculation is based upon your claims experience (which includes paid and incurred, and other factors that the states so determine) on a three year average. They don't use the policy year that just ended. So, if you are starting your 2010 policy year, the carrier would be using years, 2008, 2007 and 2006 in the calculations but not 2009 has those claims probably have not been "seasoned" yet. The baseline "experience mod" is 1.00. This indicates the "average" factor for a similar type business as yours that has average type, size, and frequency of claims. If your "experience mod" comes in higher than 1.00+, then that indicates that you are performing worse than the industry average and you will be surcharged for your poor claims performance. If your "experience mod" is less than 1.00-, then that is an indicator that you are outperforming your competition by having claims/loss experience. Please note that whatever your insurance company calculates as your rate and premium will then be multiplied by this factor to determine your total cost of workers' compensation insurance. Knowing and understanding your experience modification is in your best interest in keeping your insurance costs down.

Wednesday, March 20, 2013

Insurance Agent Marketing - What Determines the Best States

You of course want to become a top insurance marketing pro. Your territory may consist of the entire nation or a region of states. Whether you realize it or not, each state has its own "personality", making certain states easier for a marketing firm to recruit agents. Without knowing the best states for insurance agent marketing, you will very well likely find your insurance recruiting campaign a failure. Knowledge is golden. Recruiting 101 states: "Insurance Recruiting & Insurance Agent Marketing fails when you try to turn losers into winners." You will be shown below how this beneficial information is formulated. Secrets revealed. Listed for you is the insurance marketing information obtained to determine the ranking for insurance agent marketing in each state. Insurance agents were analyzed over and beyond normal boundaries in preparing this marketing report. An immense insurance agent database was closely evaluated looking for trends, statistics, and figures. Next viewed were a state's health and life insurance agents as to how many brokers they have. This info is closely compared to the demand from insurance company recruiting directors, regional recruiters, brokerage firms, wholesalers, independent marketing organizations, and state managing general agents. Next required factoring in a large amount of the most current economic, Also important is to consider the feedback results received from recruiting firms that mail insurance agents in that state.. Look at the chart below, this shows just 30 of the areas used to analyze and rate the states as accurately as possible for insurance agent marketing rank. A few other factors supporting the ratings are the number of large metropolitan areas in a state, the impact of career life insurance training agencies, the frequency of fraternal life insurance organizations. Additional knowledge we consider is the impact of super captive multi-life agencies (AAA, S.F, Nationwide, Farm Bureau, Allstate, etc.) along with multi-line independent agencies in farming states. Some states are 5 years ahead of most for insurance marketing. Yet others are 5 years behind most for insurance agent marketing conditions. 30 Areas Evaluated before determining a state's Insurance Agent Marketing Capability. 1. The insurance marketing demand for that state 2. Total State Population from census data 3. Shifting Amount of Population Change 4. Residents per Square Mile 5. Life/health Agents per thousand residents 6. Total State licensed life and health agents 7. Total net agents statewide that broker business 8. Ranking of this state's brokers versus other states 9. Largest State counties of life/health sales agents 10. Percentage of agents in five largest counties 11. Closely Estimating number of PPGA's, General Agents, & MDRT producers 12. Producers in the state brokering Annuity products 13. Producers in the state brokering Financial products 14. Producers in the state brokering Life Insurance products 15. Producers in the state brokering Individual Health plans 16. Producers in the state brokering Group Benefit plans 17. Producers in the state brokering Senior Health plans 18. Producers in the state brokering Senior Life & Health 19. Total Producers brokering any form of health insurance product 20. The United States Senior population percentage average 21. The State's senior population percentage average 22. Percentage of State residents with a high school diploma or equivalent 23. Percentage of State residents with a College Degree 24. Median Family Income in the state. 25. Median Family Income ranking compared to all states 26. Per capita money income per person in the state 27. Percentage of over $100,000 income, using latest census data 28. Percentage of jobs involving finance, insurance, and real estate 29. Percentage of firms that are minority owned statewide 30. Feedback results from insurance agent marketing firms Well published author, Don Yerke likes to concentrate on what you don't know or what no one else dares to print. Tell it like it is.

Saturday, March 16, 2013

Exchange Board Balance

In late fall of 2012 two Exchange Board seats became vacant due to resignations and a third was dropped completely with the resignation of the Special Advisor to the Governor on Health Reform. That seat no longer exists. After more than three months, one seat has been filled by Mr. Paul Philpott currently a Realtor in Connecticut and retired for the Connecticut Insurance Industry. Although I commend Mr. Philpott for his willingness to take this challenging voluntary position, Mr. Philpot is yet another person from the insurance industry on what was supposed to be a Board populated by "consumers". As of Thursday's Exchange Board meeting the "Small Business" seat has yet to be filled. This appointment has been the responsibility of State Representative Larry Cafero. It is unfortunate Representative Cafero has chosen not to make this appointment during such a critical time for our Exchange. But our legislature has given the Exchange some attention. The Insurance and Restate Committee recently voted unanimously to add a broker seat to our Exchange, a clear violation of the letter and spirit of the Affordable Care Act. Unfortunately small businesses, the largest employer in the state and nation, do not presently have a seat at Connecticut’s Health Care Exchange table.
Kevin Galvin Small Business For A Healthy Connecticut

Saturday, March 2, 2013

Health Insurance - Health at Different Stages of Your Life

Life is full of unexpected events which can sometimes affect your health adversely and can be characterized in 2 ways- some of them affects you at any point of time while some others are related to particular stages of life cycle. Your health is the most important ornament that you have which should be preserved dearly at any cost. Keeping a track on Good health starts with you and it must top your priority list at every stage of life be it, at infancy, young age, teen age, middle age and finally old age. Health problems occur in every stage of a person's life and proper handling and adequate health information will ensure that you will be on the right track. By Establishing good health habits as early in life as possible will make sure that you enjoy a longer, healthier and happier life. Even the top medical officers suggests the same "by getting the right health checks at the right time, you can work with your health care team to make sure you find and, if possible, prevent the effects of any health problems that you might encounter throughout the different stages of your life." Chief Medical Officer, a multi healthcare brand. As we grow older, we become more vulnerable to health diseases and regular health check-ups and tests are recommended by the medical practitioner. India has more than 30 million people who are diabetic and around 2468 per 100000 persons who are dealing with the problem of asthma. With the alarming rate at which the problems are expending every day and the costs incurred for these health problems is very expensive. However, with the advent of a new plan in the market which will take care for all your health needs and check-ups recommended for different stages of life, people can breathe a sigh of relief. Being associated with them will end all your worries as they inculcate Health checks right from for pre-conception & pregnancy up till your later age.