We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
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.
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.
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.
The world economy is becoming even more global and with that, exposure to risks posed to employees traveling abroad continues to grow; thus it becomes ever more apparent that any company should take a more 3-dimensional approach to risk. This means that as your employees travel abroad in order to bring in more business, Senior Management must also consider how they [employees] are protected.
Employers should take note that over the past several years the U.S. Supreme Court has consistently upheld arbitration clauses in employment contracts. The Court’s consistent rulings in favor of arbitration agreements have changed employment law in many states, most notably in California, which has a long history of the courts being hostile to arbitration agreements.
There is no doubt business is going global. With more workers traveling abroad and spending extended times in foreign locations the risks for both traveler and company increase. In addition, travel abroad exposes staff to potentially serious financial risk from personal illness (i.e. sickness not related to a WC injury) and, in certain countries, kidnap and ransom, terrorism and war risks. Many of these exposures are not adequately covered under your standard Worker’s Compensation (WC) and Benefit policies. Prudence dictates the time to address these issues is before the traveler has left on their trip and not when the phone rings at 3:00 in the morning.
Doing business abroad is difficult enough but recently the renewed interest (and enforcement) of the Foreign Corrupt Practices Act (FCPA) has added a new dimension of challenges. The applications of the FCPA or its British “cousin” the UK Bribery Act are beyond the scope of this posting but carries with it substantial fines and broad enforcement possibilities.
I advise many of our clients on their personal risk management and insurance issues. An often overlooked area is a family’s Personal Umbrella coverage and limit.
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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: [email protected]
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 : [email protected]
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
