Workers Compensation Webinar

Join us for this complimentary, educational webinar and learn about the indirect costs that make up 80% of your overall Workers Compensation insurance expense. Expert guest speaker Frank Pennachio, co-founder of The Work Comp Advisor Group, will explain the essential processes necessary to keep your Workers Comp costs to a minimum. You will also learn about the risks, fines and penalties your business could face if Workers Comp and Group Health programs are not properly coordinated. Click the link to register: https://www1.gotomeeting.com/register/348431265

This information brought to you by Chris Sheppard of Smith Buckley & Hunt Insurance Agency, your Massachusetts construction insurance agent.

Going out of Business? Discontinued Operations Liability Coverage Could be the Answer

Many contractors aren’t aware that even if they close their doors, they can still be held liable for incidents that occur after they close.  Let’s take a masonry contractor for example.  He closes his doors on January 1, 2011, and a wall he built in 2009 collapses and injures someone on February 2, 2011. 

In this case, there would be no coverage on his Commercial General Liability Policy because the incident occurred after he went out of business.  He will be on the hook for the loss.  If you are planning on closing shop, make sure you purchase a Discontinued Operations Insurance Policy.

Hiding your head in the sand and hoping nothing happens, isn’t going to make the exposure go away.  Have the discussion with you agent before you close. 

This information brought to you by Chris Sheppard of Smith Buckley & Hunt Insurance Agency, your Massachusetts construction insurance agent.

Workers Compensation Costs Grow in Massachusetts

From 2008-2009, Massachusetts workers compensation costs (not rates) grew faster than the median rate in over 15 States.  This is according to a local WC research Institute.

The biggest increase was in claims with over seven days lost time.  That bracket saw an increase of 36 percent, compared to a 30 percent increase in the other States.

The increase was driven by an across the board increase in medical and indemnity costs, as well as an increase in claim related expenses.  The majority of the increase (48%), was related to medical costs.  I think we all know, medical costs aren’t going down anytime soon.  Even with these cost increases, WC rates will remain flat through September of 2012.  What happens after that is anyone’s guess.

This information brought to you by Chris Sheppard of Smith Buckley & Hunt Insurance Agency, your Massachusetts construction insurance agent.

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