Top 10 Ways to Control Your Mod

Your experience modification factor, or mod, is an important component used in calculating your New York workers comp insurance premium. If you can control your mod, you can lower your price — so we’ve gathered top tips to help you impact your bottom line.

 

 

1. Investigate accidents immediately and thoroughly; take corrective action to eliminate hazards and be aware of fraud.
2. Report all claims to your carrier immediately. Alert the carrier to any serious, potentially serious or suspect claims. Frequently monitor the status of the claim and communicate with the adjuster to resolve them as quickly as possible.
3. Take an aggressive approach to provide light duty to all injured employees upon their release from treatment. Supervise light duty employees to ensure their conformance with restrictions.
4. In serious cases that involve lost time, communicate with the claims adjuster to demonstrate your interest in returning the injured employee back to gainful employment.
5. Set safety performance goals for those with supervisory responsibility. Success in achieving safety goals should be used as one measure during performance appraisals.
6. Develop a written safety program, and train employees in their responsibilities for safety. Incorporate a disciplinary policy into the program that holds employees accountable for breaking rules or rewards them for correctly following safety procedures.
7. Frequently communicate with employees, both formally and informally, regarding the importance of safety.
8. Make safety a priority – senior management must be visible in the safety effort and must support improvement.
9. Evaluate accident history and near-misses at least monthly. Look for trends in experience and take corrective action on the worst problems first.
10.  Hire Enforce Coverage Group to ensure success for your New York workers comp insurance coverage.

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Umbrella Insurance for Your Business and Peace of Mind

In a culture where litigation is commonplace, business owners have many more worries than making profits and retaining top employees. If your product injures a consumer, your organization could face a devastating lawsuit, exponential damages and a tainted reputation in the marketplace. To assist with the financial burden of a claim, many business owners purchase commercial umbrella insurance on top of their standard commercial general liability (CGL) insurance policies.

NYC Business Insurance Insights: Umbrella Coverage

Most CGL policies have an aggregate limit that, once exhausted, will not cover any other excess claims. Experienced business professionals understand that the litigious nature of our society combined with surmounting liability judgments are reason enough to purchase additional coverage.

Lawsuits frequently impose multimillion-dollar penalties on businesses—far outside the coverage provided by most CGL policies. As a result, common losses such as vehicle accidents, employment claims, and hazardous substance spills can pose a serious financial threat.

Businesses are also liable for the health and safety of their employees and for their employees’ behavior. For instance, your business could be held liable after your holiday party results in property damage to a rented banquet hall. You may also face litigation if your business office has a carbon monoxide leak that causes a number of employees to get extremely ill. To protect against an unforeseen claim similar to these, commercial umbrella insurance protection is a must.

Purpose of Umbrella Insurance Coverage

Umbrella coverage is designed to protect an organization against monumental liability claims that can demolish a business through a large financial judgment. Typically, an umbrella policy serves the following purposes:

• Provides coverage for potential damages and court defense fees that exceed underlying insurance policies (typically CGL policies).
• Provides coverage in situations that are not covered by underlying insurance policies but are not excluded from the umbrella policy. This benefit is subject to self-insured retention (SIR), similar to a deductible, in which the policyholder is responsible for losses up to the SIR amount.
• Applies to claims where the aggregate limit of the underlying policy has been met. The umbrella policy will cover the portion of the claim that cannot be paid with the underlying policy because there are not enough funds available in the policy to cover the entire claim. For instance, if at the time of a claim your CGL policy has $500,000 remaining and the claim in question is $1.5 million, then the CGL policy will cover $500,000 and then the umbrella policy will cover the remaining $1 million.

Coverage Details for Umbrella Policies

A typical umbrella policy has the following features:

• Offers coverage for worldwide; personal injury; blanket contractual liability protection; care, custody, and control; non-owned aircraft liability; watercraft liability; advertisers liability; liquor law liability; and explosion, collapse, and underground (XCU) liability.
• Offers an extension of insurance protection for additional insureds.
• Policies follow form, meaning they abide by similar provisions and cover similar losses as the underlying policy. If claims are not covered by an underlying policy, the umbrella policy makes the business responsible for the loss if it exceeds SIR limits. The damage must also involve personal injury, property damage or advertising injury.
• The insurer has the right to investigate all claims not covered by any underlying insurance.
• Policies either cover all individuals or cover parties that gain insured status within the contract. Policies also protect an organization’s executive officers, regular employees, directors, and stockholders acting on behalf of the organization. Protection for additional insureds is typically excluded when claims involve motorized vehicles, watercraft, and aircraft.

Beyond these stipulations, a commercial umbrella policy ascertains that an organization must hold an underlying insurance policy during the term of the policy. To learn more about averting your business risks with commercial umbrella insurance, contact Enforce Coverage Group at (212) 947-4298 today.

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E-Liability Insurance: What Are Your Risks?

Internet-related liabilities are present whether your company simply uses email or is actively involved in e-commerce. Do you have the appropriate coverage?  

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Traditional comprehensive commercial general liability (CGL) policies cover many of a business’s typical risks: claims of bodily injury, personal injury, advertising injury and property damage as a result of your products, premises or operation are commonly included. However, the prevalent use of technology in almost all businesses now presents a new set of common business risks that your CGL might not protect against. Some carriers do cover some risks related to e-liability in their CGL policies, but many are avoiding liability by including specific exclusions and requiring endorsements for this coverage.

However, insurance carriers are now offering a selection of products specific to the risks technology presents. Recognizing the ins and outs of each product is key in proper policy selection. That’s where Enforce Coverage Group can assist you, providing the expertise to make sure you have the appropriate coverage and risk management solutions to meet your needs.

Cyber Liability Coverage: e-liability insurance

Cyber liability coverage may include an e-liability insurance comprehensive policy. This policy may cover losses caused by fraudulent modification, accidental alteration or destruction to electronically stored information. In addition, losses caused by malicious copying of trade secrets, extortion and introduction of a virus could be covered.

Media Liability

Media liability addresses the losses associated with libel, slander, and invasion of privacy and infringement of copyrights.

Email Usage Policies & the Internet

Email is an essential business communications tool, but its use can cause complications for your company. Employees often misuse company email accounts for personal matters, potentially landing them and their employer in hot water. As well, employers can be held responsible for whatever actions employees take while using the Internet at work. It’s important to establish an email usage policy and educate employees on the proper use of email and the Internet.

“Employees often misuse company email accounts for personal matters, potentially landing them and their employer in hot water.”

Computer Virus Protection & Stolen Business Data

Defend against loss or damage caused by viruses with specialty computer virus transmission coverage. Unauthorized access and use coverage insure against losses when third-party information is stolen, which is important for any business storing confidential or personal information.

Your company may also be entitled to rehabilitation expenses to re-establish your reputation and market share after a loss. Each carrier’s Internet-related insurance products need to be closely examined to determine what they will and will not cover, and who will pay the defense expenses.

Another detail we oversee is whether the policy itself is a claims-made or an occurrence policy. Claims made policies will only cover losses that are made and reported during that policy period. If this is the case, an extended reporting period (ERP) may need to be negotiated.

E-commerce presents today’s risk managers with new challenges—the information in this brochure only scratches the surface. To ensure the success of your e-commerce initiatives, Enforce Coverage Group recommends a comprehensive risk assessment be conducted to identify potential gaps and appropriate levels of e-liability insurance coverage.

Contact us to further discuss your e-liability and the solutions available to mitigate and transfer your risk.

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About Enforce

Enforce Coverage Group is one of the most experienced property and casualty insurance brokerage firms in the state.

We are proud to have an experienced team of employees serving some of the region’s finest businesses. This team represents the full array of property and casualty insurance carriers. Their knowledge and experience have earned the trust of many small and large firms throughout the area.

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Hotel Risk Insights: Recognize Attractive Nuisance Dangers

Why does your business need New York Premises Liability Insurance – Property Coverage? An attractive nuisance is defined as a building, object or other areas that attract visitors who may or may not be welcome. These areas may not be properly fenced in or contain warning signs of their impending dangers. Attractive nuisance injuries can be quite serious, and sometimes even fatal, yet they are often preventable. Employers have the power to stop entrance onto their property to discourage trespassers from coming in and getting hurt. For you, this may mean putting up fencing around your swimming pool, posting “No Trespassing” signs or placing a pool cover on your pool at the end of each workday.

A swimming pool can pose a danger to trespassers at any time of year, as demonstrated in Bennett v. Stanley, decided by the Ohio Supreme Court in 2001. The court created the “attractive nuisance doctrine,” stating that property owners are liable for the harm of trespassing children. In this case, the pool was abandoned and needed repair when a child crawled through a hole in the fencing and fell in. His mother attempted to save him, though they both ended up drowning.

Whether pools are closed, unsupervised or full of swimmers, you must take steps to prevent trespassers from entering your property and harming themselves. Property insurance with the right type of coverages will help to protect your company, employees, and guests. These include coverage for owner liability and premises liability.

What is Owner Liability Insurance Coverage?

As the owner of the property, you are responsible for assuring that visitors, guests, and trespassers are safe and avoid injury. You need to take all precautions with pools such as covering to avoid accidental drowning, placing sturdy fencing around the area and display warning signs of pool hours. In addition, all safety equipment should be stored and locked at the end of each day to avoid trespasser tampering. Any other equipment that presents attractive nuisance dangers, such as water features, rides or heavy equipment, should also be adequately fenced off or locked down.

What is New York Premises Liability Insurance?

Property owners are also liable for the maintenance and security that the property needs so that it remains safe for all visitors. This includes the following:

• Fixing cracks or gaps in walkways to avoid slip and fall dangers
• Locking all hazardous tools, equipment, and chemicals away from the public
• Ensuring that employees can conduct work duties without the risk of injury
• Hanging floodlights in areas with low visibility
• Hiring security guards for added protection
• Installing rescue equipment, like ropes and poles
• Installing alert devices, such as flashing lights, sirens, alarms and telephones to alert security that someone has trespassed onto the premises

With regard to attractive nuisance cases, negligence means that the property owner was aware that someone could get hurt on the property and did nothing to prevent it. Take all necessary precautions to protect individuals on your property, including purchasing New York premises liability insurance for your hotel or property.

For more assistance in protecting your property, contact Enforce Coverage Group today. We offer free quotes for the appropriate property insurance NYC business owners need for risk protection.

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Employment Practices Liability Insurance: Crucial for Small Businesses

According to a recent study, more than half of all claims filed for employment-related liabilities are against employers with fewer than 50 employees. Alarmingly, the study also reveals that not even 2 percent of small businesses have employment practices liability (EPL) coverage.

High Price Tag of NYC Employment Practices Liability Insurance

Employment-related claims can be extremely costly, especially in cases that drag on for years. With a slow economy and increasing adoption of worker-friendly laws, these cases are on the rise—in fact, discrimination claims have increased significantly in the last 20 years. According to data from the Equal Employment Opportunity Commission (EEOC), most claims are based on race, sex, age, and disability. Many small businesses cannot afford to pay these costs and keep their company afloat.

What Puts Small Businesses at Risk?

Understandably, it can be much more difficult for small businesses to defend themselves against employment-related claims because they tend to have fewer resources and a different work environment. Small businesses are particularly at risk for employment-related claims for the following reasons:

• Many have minimal staff and lack of in-house counsel and/or full human resources department to rely on
• Overall lack of extensive recordkeeping on employee performance
• More intimate working environments may cause personal riffs during layoffs

An Affordable Solution for New York City Employment Practices Liability Insurance Coverage

Fortunately, with employment-based lawsuits on the rise and the economy’s sluggish upward climb, EPL coverage is becoming more affordable. More insurers are beginning to offer EPL insurance policies with comprehensive coverage to smaller businesses to protect them in tough times. In fact, EPL insurance is becoming so important to the success of small businesses that it is being offered at more affordable prices and is tailored specifically for those smaller companies. With the average cost of an employment lawsuit exceeding $270,000, the potential return dwarfs the initial cost of EPL coverage. Talk to Enforce Coverage Group to learn if this risk transfer option is right for your business.

Source: Zywave

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The 3 R’s To Buying Workers’ Compensation Insurance: Review, Reboot, Renew

As a business owner you know that Workers’ Compensation insurance is required by law; but did you know that each time you renew, your business has an opportunity to streamline your costs and methodology? The three R’s to buying workers’ compensation insurance might just help you better
understand what our goal is in helping you.

Review Your New York Workers’ Compensation Insurance

Ask yourself these questions:

• Have the needs of your business changed?
• Did you add or lose employees this year?
• Have there been any classification changes?

The key to having proper coverage is making sure that your policy reflects what is going on with your business “right now!” So what happens after you review & after you make sure that your level of workers’ compensation insurance is at the right level?

Reboot Your Business Insurance

We’re glad you asked! Now, it’s time to look at the company you’re insured with. Think of your upcoming policy renewal as an opportunity to start fresh! Or as we like to call it, Reboot! So what does that mean exactly? We’re glad you asked!

• You want to find a company that can serve your needs with old school attention to detail while at the same time provide the most up to date
  methods of keeping in touch.
• You want to find a company that understands that each workers’ compensation carrier has different rates for different class codes or
  industry classifications. You want them to find that carrier that perfectly matches your industry and thus offers the lowest rates for your
  classification.
• You want to find a company that will keep you up to date on a law that might change that has an effect on your bottom line or a streamlined
  way to file, help you file a claim so you don’t have to.
• Renewing your Workers’ Compensation Insurance is your chance to make sure you’re not missing out on the best service and technology that can be offered.

Renew New York Workers Compensation Insurance Policy

Now you are ready to renew. We are here to answer all of your questions.

Call Enforce Coverage Group today to learn how our agents can quickly & easily take you through the rest of the process making sure you are getting
the best rate & service possible!

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Brewery Insurance: Coverage Insights for Insuring Craft Breweries

In the past 30 years, the number of brewers in the United States has grown from under 100 to more than 2,400. Of these breweries currently in operation, almost 98 percent are considered regional craft brewers, microbreweries or brewpubs. With this continued trend, insurers have begun to offer more effective brewery insurance policies to address the unique exposures faced by this ever-expanding section of the industry.

Given their size and average output, the needs of craft brewers vary greatly from the larger, more traditional breweries. While larger breweries can primarily be described as manufacturing outfits, it is not uncommon for craft breweries to be run in conjunction with restaurants or pubs, often operating in the same location.

Selecting the Right Brewery Insurance Coverage

In addition to the general and property liability coverages that every New York craft brewery business should carry, the following policies help protect against common exposures faced by craft brewers:

• Boiler and machinery coverage: Many smaller breweries are not able to handle the production interruption caused by the loss of a key piece of equipment. This coverage can help with repair or replacement costs for damaged equipment as well as cover losses resulting from production interruption and downtime.
• Supply chain insurance: Many craft breweries do not keep large stocks of ingredients on hand, making regular shipments from suppliers essential. Supply chain insurance will cover losses resulting from decreased production or increased production costs in the event that one or more of your suppliers is unable to provide the materials you need.
• Spoilage and product recall: If a batch of beer is contaminated during the brewing or packaging process or spoils before distribution, a provision for spoilage can cover the initial production cost as well as lost revenue. If a contaminated batch isn’t caught before shipping and the beer makes it to store shelves, coverage for product recall can help offset the costs of removing the tainted product and replacing it.
• Liquor liability: Regardless of whether you have a full-service bar or offer beer tastings after tours, liquor liability is essential to cover damages to persons and property caused by patrons who were over-served at your establishment.

By mixing and matching these policies based on the unique needs of your operation, you can obtain maximum coverage at an affordable price. Some insurers offer these coverages in packages specifically for craft brewers that can be further tailored to address the needs of your individual operation. If your operation involves a restaurant or other type of food service, you will need to consider additional coverage for related exposures.

Work With a Brewery Insurance Expert

The world of craft brewing is rapidly expanding, and as it does insurers are becoming increasingly effective at identifying and addressing its diverse risks. New combinations and specially structured coverages are constantly being made available to brewers. By working with the experts at Enforce Coverage Group, you can be sure that you are being provided with the latest options in brewing coverage. Let us help you build a comprehensive package that will cover all of your exposures, no matter how unique. Request an insurance quote or call us today (212) 947-4298.

Source: Zywave

 

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This Coverage Insight is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.

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