One by-product of a strong economy is more employment, but the increased activity usually results in more workplace injuries.
That's because there are more inexperienced people on worksites and when a company is busy and there is more activity, the chances of an incident occurring also increase. This is especially the case in manual labor environments from production facilities, warehousing and logistics to construction and other trades.
The September USG + U.S. Chamber of Commerce Commercial Construction Index found that 80% of contractors said that the skilled labor shortage is affecting jobsite safety and it's the number one factor increasing safety risk on the jobsite.
Insurers are experimenting with new technology that tracks how many miles you drive, your driving patterns and other nuances in how you drive, in order to price policies and offer discounts.
As part of the process, insurers will typically require that policyholders download an app that will use the phone's GPS system and location-tracking to generate a picture of how the policyholder drives.
Many of these apps will rate your driving and good drivers can earn discounts and rewards for safe driving, based on the data collected by the app.
While employers try to ensure their employees are provided a safe workplace by reducing the chances of accidents and injuries, it's important not to overlook employee stress.
Too much stress or too many responsibilities can greatly increase employees’ chances of not only burnout, but also making costly mistakes. A worse-case scenario is that if they are engaged in more labor-intensive occupations, too much stress can lead to accidents.
Coinsurance clauses, commonly found in a builder’s risk completed value policy, involve the policyholder becoming a co-insurer of the risk of loss with the insurer. In other words, certain conditions may result in the insurance company not paying the total amount of loss, thereby leaving the policyholder to bear the remainder. The insured and the insurer jointly assume the risk.
The benefit of buying an insurance policy with such a clause is that the policyholder will usually have relatively low premiums compared to other similar policies that don't contain a coinsurance clause. That said, anyone considering a coinsurance clause should understand what it entails and requires, so they are not taken by surprise with penalties if a loss should occur.
Workplace violence is defined by the National Institute for Occupational Safety and Health (NIOSH) as “violent acts (including physical assaults and threats of assaults) directed toward persons at work or on duty.” A serious safety and health issue, no federal law specifically addresses violence in the workplace; however, there are laws that impose a duty on employers to maintain a safe workplace.
For example, the Occupational Safety and Health Act (OSH Act) imposes a general duty on all employers to provide employees with a workplace that is free from hazards. Federal civil rights laws also require employers to keep the workplace free threats of violence, and state workers’ compensation laws make employers responsible for injuries sustained by employees at the workplace.
Health care workers experience substantially higher rates of injury due to workplace violence compared to workers overall. According to a study conducted by the Government Accountability Office, the rate of violence against health care workers is up to 12 times higher.
In an effort to help stem the rising rate of workplace violence, Rep. Joe Courtney (D-CT) introduced bill H.R. 7141. The proposed legislation would direct OSHA to issue a standard requiring health care employer to develop and implement workplace violence prevention programs.
With homeowner's insurance rates on the rise, you may be looking for ways to reduce your annual premium without skimping on coverage. After all, a large portion of your net worth resides in the same place as you do.
But there are a number of strategies you can use to chip away at your overall annual premium.
When you have business insurance policies you will often hear the terms “insurance binder” and “certificate of insurance,” but do you know the difference?
A binder is a contract of insurance. It's called a binder because it "binds" your coverage and creates an insurance contract and is used temporarily until the policy is issued.
A certificate of insurance is a form of proof of insurance warranting that you have coverage for a specific period.
More and more employers are being overwhelmed by all of the compliance requirements associated with managing employee benefits.
The Guardian Life Insurance Company of America's "Benefits Balancing Act" study found that 60% of employers are feeling overwhelmed with the increased complexity of managing their benefits programs. One of the main reasons for the additional burden is the Affordable Care Act, with its myriad of compliance and reporting requirements.
The large employer mandate and the documentation and new filing requirements with the IRS are high on the list of compliance issues, as are evolving Family Medical Leave Act (FMLA) and ERISA requirements.
Nonprofits usually have a certain demographic that they serve. Often the allure of a nonprofit organization is that it attracts like-minded individuals that have a passion for the cause that the nonprofit works on. And the most passionate of these individuals often become board members.
At that point, they also enter a world of new liability should they be sued for malfeasance or making a decision that ends up affecting a third party or constituent of the organization. Any number of circumstances can lead to legal action that threatens both their financial security as well as that of the not-for-profit organization they work for.
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