We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Certain indicators early in the life of a workers’ injury are red flags — a strong possibility your employee’s healing will be delayed or that the claim may be fraudulent. If you notice any of the following signs, discuss the claim with your adjuster as soon as possible. Once the management of a workers’ compensation injury goes astray, it is usually difficult to bring it back to center.
As workers’ compensation rates rise across the nation and the National Council of Compensation Insurers (NCCI) institutes new rating strategies that could negatively impact your premiums, the importance of reducing the frequency and severity of workers’ compensation claims becomes even more crucial.
Parents need to think about having a conversation with their teens (and tweens) about safe behaviors when they are behind the wheel… of Social Media that is. Just as youthful drivers have risks while operating a motor vehicle, there are dangers from the use of social media that can be just as risky. Parents should develop and enforce their own rules of the road to prepare their children for navigating through the online world – whether it’s social media, texting or the general use of smartphones.
A recent Wall Street Journal article highlighted the differences in safety records between small and large drilling companies. Essentially, the large drilling companies (i.e. market cap in excess of $50 billion) realized a 183% reduction in safety violations per rig drilled compared to small companies (i.e. those with a market cap of less than $2 billion). While it is tempting to take the viewpoint that “bigger is always better”, in this case that is not necessarily true. There are some small drilling companies with outstanding safety records (some actually performing better than the “big boys”). The question is, “What did their management team do to drive great results from operations?”
Employers should be concerned about the possibility of higher health care costs in 2014. Depending on the industry, some employers may be hit with premium increases and could possibly see penalties. For instance, employers in the hospitality sector such as retail and restaurant industries could see average increases of 60 percent in their health care costs. According to a report last month from the Society of Actuaries, the reasons for these increases are being attributed to the greater use of health care services by individuals who had previously had no coverage, and they further predict that the claims costs could increase by another 32% as early as 2017.
In January of this year the National Council on Compensation Insurance (NCCI) changed the methodology of determining an individual employer’s experience modification factor. In a blog published in July of last year, we warned our Clients and Friends of the Firm about the upcoming change and significant impact it may have on their workers’ compensation premiums. In the same blog we explained how a company’s loss history will impact premiums for at least three (3) years after losses occur.
So, I changed the famous line a bit so we can all remember that changing to a Bring Your Own Device (BYOD) policy needs to be a well thought out plan for organization of any size. There are a myriad of risks that must to be addressed, not the least of which is cyber risks from downloading a malicious malware program disguised as a “cool application”
Many senior leaders look for a mythical “silver bullet” to improve the effectiveness of their Safety Program without recognizing that they can be the catalyst as the key safety “champions” in the company. By setting the proper “tone at the top”, senior leaders can establish safety as a priority for managers across the company. Managers are not only who the employees look to for leadership and guidance, but the ones front-line supervisors rely on to provide safety training, enforce safety rules, and help monitor employee performance. It’s a big responsibility, but these ten simple, easy-to-implement suggestions can help.
Imagine a hacker infiltrated your website; the names, contact information, credit cards and social security information of every customer (and/or employee) are now being sold on the cyber-crime black market. Your website is no longer accessible, your overall reputation is tarnished and your company may possibly never recover. This has been the reality for many businesses. The “risk mitigation” steps to avoid these events are where the focus really needs to be placed. Buying insurance, while nice, will not insulate the Company from all the “nasty” things that will likely occur from a data or privacy breach.
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At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information: info@thealsgroup.com
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information : info@thealsgroup.com
New Jersey
175 Main St
Woodbridge, NJ 07095
Tel: +1-732-395-4250
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
