11 July 2017 By

How many times have you heard someone say “Workers’ compensation rates are the rates” and you can’t change the pricing? Well, fortunately that is not accurate and there are a variety of ways for you to lower your workers’ compensation premiums.

Let’s first talk about how the insurance companies develop their pricing models that determine how much money you have to pull out of your checking account. The first step is to take your estimated annual payroll and break it down by class code. After this is accomplished, you take the set rates published by the state and multiply

it by your payroll (divided by 100) for that class. The set rates are based per $100 of payroll. The next step in calculating your manual premium is taking this number

[(Payroll/100) x Rate] and multiplying it by your experience modification, also known as your experience mod.

A company’s experience mod calculation is a very complex formula that incorporates a number of different factors. The primary factors are taking the losses from the three prior years (excluding the most recent year) and the corresponding premiums developed. Like most insurance polices, this is your basic loss ratio. The calculation will then take into account the payroll dollars for your company and benchmark them against the industry standards for that class code, the actual losses versus expected losses, frequency versus severity, and a few additional factors. Each one bears a certain weight on the overall calculation of the final experience mod.

30 June 2017 By

Spending time on the water is meant to be enjoyable, relaxing and refreshing. With that in mind, we encourage you to be mindful of certain circumstances that might put you and your family at risk. Freshwater boaters in particular should pay close attention to electricity that services boats, docks and marinas. If the electric service has not been installed or maintained properly, a swimmer may be at risk of electric shock drowning.

What you need to know

  • Electric shock drowning can occur when a typically low-level alternating current passes through the body while immersed in fresh water. The force can cause skeletal muscular paralysis, which may lead to drowning. This shock can happen in any natural water, but becomes fatal in fresh water due to lower water conductivity.
  • Large amounts of freshwater runoff into seawater also can produce the same conditions.
  • Electric shock can occur when a boat is powered by an external power source, such as a generator sharing power with another vessel.
  • If your generator is wired and maintained to American Boating and Yacht Council (ABYC) standards, your risk is greatly reduced—as long as the power is contained onboard, and not shared or improperly used.
27 June 2017 By

In today’s business world, your website is your calling card. Your customers depend on it to inform themselves about your business and make the critical decision of whether or not to pursue your services. But it is important to keep in mind that your customers are not the only ones evaluating your website on a regular basis. Your underwriter is too, and what your website is saying to customers is very different from what it is saying to your insurance company.

So what does this mean in terms of maintaining a website that will not only encourage customers to buy your goods or services but also appeal to underwriters who provide the critical support you need to insure your business?

In short, a challenge. You want to ensure your website is appealing to viewers while also highlighting your business as a low-hazard, safety-conscious operation because the first place an underwriter goes when evaluating a business is its company website.

20 June 2017 By

Now I’m not here to beat anyone over the head with the Bible, but there is a verse that is stuck in the foundation of who I am. I’ve found it to be the answer to almost all things “rapport:”

I have become all things to all men [people], that I might by all means save some. —I Corinthians 9:22 (NKJV)

What this verse is basically saying is that in order to properly cultivate relationships, you need to meet people where they are as opposed as to where you want them to be. Let’s let that sink in. This applies to all relationships including with a spouse, child, employee, employer, prospect and client.

Every one of us has an agenda or to-do list at any given time. That agenda or to-do list may include certain things that need to be accomplished at certain times in order for us to reach whatever goal we have set for ourselves. That being said, too many times we focus intently on the individual items and try to force them to fit into the timeline in front of us. We end up forging through our lists, trying to push the people around us to provide what it is that we need from them in order to complete the task at hand. We find frustration when they don’t react with the level of importance we believe they should be reacting with. We get impatient when they don’t respond to us in a timely manner, and, most importantly, if they don’t agree with the point of view or belief that we are presenting them with (read: trying to shove down their throats).

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