Workers Compensation Carriers Are Misclassifying Employees Of On-Line Retailers and Wholesalers One area we see a lot of errors is the proper classification of employees of On Line Retailers and On Line Wholesalers during a workers compensation audit from insurance carriers like the New York State Insurance Fund. Within these businesses most have no retail […]
Why NY Construction Insurance May Be Toxic To Your Profits I was having a beer with a friend of mine at a golf outing recently. He’s an accountant in the construction practice group at a major accounting firm. I told him the story about a construction company I met with recently that was underpricing their […]
Regulation 119 issued from the Department of Financial Services stipulates that companies who develop, implement, and maintain safe patient handling programs may receive up to a 2.5% NY workers compensation safe patient handling credit . During the 2014 NY State Budget there were rules that requires health care facilities to establish safe patient handling programs […]
Effective January 1, 2017 the Occupational Safety and Health Administration (OSHA) has established new injury reporting requirements that will phase-in over the next 2 years. Specific classes of employers based upon the work they perform will be required to electronically submit injury and illness data they are already recording in paper form . Please note […]
Simply put, the insurance claims goals between most commercial insurance buyers and the carrier / brokers heretofore named the insurance marketplace are misaligned. The goal of a savvy insurance buyer is to transfer as much risk to the carriers for the least amount of insurance premium. Most forget the first part, but that’s a whole […]
Workers Compensation Audits and Independent Contractors One of life’s many non productive responsibilities is managing your annual workers compensation audits and Independent Contractors. Whats worse is pulling together all that information only to be back charged. You may have paid for vendors and sub contractors but didn’t collect a workers compensation certificate. This article deals […]
A Brief Note About Loss Costs: Several years back New York State went to a loss cost rating mechanism. Essentially this means that The N.Y. State Workers Compensation Rating Board sets what they deem as the appropriate “Base Loss Cost Rate” for each class code that makes up the NY State Workers Compensation Insurance Rating […]
It’s a fact that companies who stop simply purchasing insurance and begin to manage risk achieve higher profits and greater market share as they improve their competitive position in their native markets. The question is what would you rather achieve; saving 10% on your insurance premiums or adding 2 percentage points to your profit margin? […]
Mobile App Insurance If you are still using paper forms to report claims, you are on the losing end of the cost battle. Every company struggles with lowering their costs. The winners understand that lower costs equal greater market share or higher profits – often both. We have maintained for years that the “Cost of […]