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save moneySlip and falls, overexertion, accidents, are just a few of the workplace misfortunes that can cause you to pay a pretty penny in workers’ compensation. There are several things you can do to help save you money on workers’ compensation insurance. A good way to look at it is the same way you would look to save money on your auto insurance, taking the necessary preventative measures. 

 

1. Check the Office 

One of the first things you can do is see if your carrier will come to your workplace and offer advice and tips on things to fix. Make these corrections and fix any hazards that are pointed out. If your carrier doesn’t offer this service, there are risk service managers who can do it for you. 

2. Training Programs 

Having properly trained employees can lead to more efficient and better workers. A person who is properly trained to use a machine is less likely to cause an accident than a person who is learning on the job. Training programs are also important in reducing the risk of user errors around the workplace.

3. Drug Free Workplace Policy 

It may seem comical that we even need to mention a drug free workplace, but according to the Substance Abuse and Mental Health Services Administration, “employed drug abusers cost their employers about twice as much in medical and worker compensation as their drug-free coworkers.” It is a good idea to screen new hires and make job offers dependent on passing a drug test. Also, arrange for random drug testing of all employees. Include all of the substance abuse rules that you would like employees to follow in the employee handbook, and include the disciplinary action for each offense. These steps can pay off because there typically is a discount associated for employers who arrange a drug free workplace program. 

4. Safety Program 

A proper safety program can lead to a drop in workers’ compensation insurance premiums. Premiums typically reflect the amount and types of injuries that happen in your workplace. A well thought and successful safety program that encourages employees to think safety first, rather than go through motions, can reduce the number of accidents and injuries, which may lead to more money in your pocket.

5. Accident Response Plan 

No matter how many training programs are installed, accidents will still happen. So having a good accident response plan could be crucial in helping you save money on your workers’ compensation insurance. A good accident response plan can help limit the severity of an injury, thus decreasing the amount to be paid out. For example, if an employee happens to get injured on the job, having proper immediate attention to the injury may reduce the amount of medical attention needed to be done, creating a smaller medical bill. A less expensive claim, means a less expensive premium. 

6. Evaluate Your Policy Annually 

If possible, every year you should try to review your policy with your agent. A lot can happen in a year, and things may have changed causing you to update your policy for more or less coverage. Also, this will build your relationship with your insurance agent, and let them see you are very serious about reducing your costs, taking all the proactive measures that you can. 

7. Outsource

If your business involves dangerous work, it may be smart to consider outsourcing those jobs. Obviously there are some jobs that just cannot be outsourced, but for those that can, take a look into it. Let the risk of someone getting injured be on someone else’s watch, not yours. It may also save your business money overall, not just on workers’ compensation insurance. 

Workers’ Compensation Insurance should be a top priority for all businesses to have. If you would like more information on workers’ compensation, read our previous blog, “Hard to Place Workers’ Compensation Insurance Solutions.” If you have any questions, or are interested in purchasing workers’ compensation insurance, or any other form of business insurance, please contact us at 954-828-1819 or visit us online at mhginsurance.com. Our insurance specialists have the knowledge and experience to assist and advise your business about all the necessary business insurances.

How to Save Money on Workers’ Compensation Insurance

Umbrella PolicyMany of us work hard and save up to buy a home, car, save for retirement, etc. Things that are symbolic for success and hard work, and also provide security for you and your family’s future. But what if all of that could be taken away from you? All of that hard work, years and years of saving and planning gone in an instant. All because you were the cause of a major accident, or someone injured themselves at a party you were throwing at your house. Accidents can happen anywhere, anytime, and are never expected. So don’t go through life worrying about when or where an accident is going to happen trying to keep it from happening, you will lose your mind. Just make sure you have a good umbrella policy to give you coverage in those events. And no, I’m not talking about that umbrella.


Sometimes you need more coverage 

There are times when your business or company will need coverage. Whether you are working with a company that requires you to have more coverage than your general liability policy. Rather than increasing your general liability, many times you can get an umbrella policy to cover the rest. For example. Say your general liability gives you coverage for $1 million, and you are doing work for a company who will only work with you if you have $2 million in coverage. It may make sense to take out an umbrella policy to cover that extra $1 million.

Excess Liability 

Many times, an umbrella policy can be referred to as excess liability. The excess coverage kicks in when the underlying limits on your general liability policy have been exhausted, or your have been sued for something that it doesn’t cover. It can cover you for many things that your business has nothing to do with such as eviction, defamation, false imprisonment, personal injury, invasion of privacy, malicious prosecution, and wrongful entry. Protection against slander and defamation could be a crucial feature to protecting yourself, as word of mouth and negative publicity can ruin a business. 

Lawsuits happen more than you may think

It’s not uncommon for someone to be involved in an accident and immediately look to sue. All it can take is for someone to slip and fall while walking on your property. If that should ever happen, it could destroy your business and financial security. Did I mention that lawsuits are costly? 

You have A LOT to protect

Many people don’t realize all the things they can lose in a lawsuit. Just because you don’t have $1 million in your bank account doesn’t mean you don’t need that kind of coverage. There is more at stake than which you know such as your retirement funds, investments, future earnings, and even the equity in home. If that doesn’t make you reassess whether you need an umbrella policy, I don’t know what will. 

If you own a business, and are looking for protection and would like more information about umbrella policies, MHG Insurance Brokers would be happy to assist you. Also, if you are looking to purchase other various forms of business insurance such as General Liability or Professional Liability, our insurance specialists have the experience to assist your business and offer advice in finding the perfect plan to fit all of its needs. Contact MHG Insurance Brokers today at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Why Business Owners Need an Umbrella Policy

Marine General LiabilityFirst, let's define Commercial General Liability and Marine General Liability. 


Commercial General Liability Commercial General Liability policies protect business owners against claims of liability for bodily injury, property damage, and personal and advertising injury (slander and false advertising). 


Marine General Liability Marine General Liability policies are the same as General Liability policies except they are designed specifically for those who work at sea. These policies include coverage for Marine Contractors and others who work on or near water. 

Commercial General Liability does NOT cover Marine  Liability 

As you may have read in one of our previous blog posts, Marine General Liability vs. General Liability, we explained that General Liability excludes marine work. A General Liability policy doesn’t include watercraft or water sport coverage; including the ownership, maintenance, and use of watercraft owned by you, the insured. The client or shipyard/vessel may never know about these exclusions by just looking at a certificate. It’s in the policy wording- which brings up the fact that an experienced insurance broker could help you when it comes to the specifics of policy exclusions and/or benefits. 

Many Marine Contractors don’t offer their employees full coverage on liability insurance, partly because many of them do not know that Commercial General Liability doesn’t cover anything that happens on or near the water. Since their workers are not covered, this can create a substantial problem. If something were to happen to one of their workers, the contractor could be liable and not have any coverage to protect them from a lawsuit. 

Why didn’t I Know about This? 

Marine Contractors purchasing the policies want to save as much money as possible, so they often choose the cheapest policy; however, they are taking a huge risk working without the proper coverage. Without proper coverage the policy may not be worthwhile at all, so what you may be saving could end up costing your livelihood! Also, since shipyards, vessels, and ports don’t look into the coverages provided by workers on a certificate, they let them work with improper coverages, not knowing the exclusions that the contractors have in their policies. This is where the problem arises, since the shipyard is also liable and won’t be covered in the event of a loss or accident. 

Why aren’t Marine Contractors Covered?

General Liability policies generally have a cheaper cost than Marine General Liability policies because they have so many exclusions. Your underwriter (who will develop the policies you need and assesses what premium you should have to pay), should take into account your risks - more risks, such as working around water, means more coverage needed - which determines whether your premium is high or low. So having more coverage is what makes a Marine General Liability policy more expensive than just a General Liability policy. At the end of the day, you get what you pay for. 

If you have any more questions, would like further explanation, or want to change your General Liability policy to a Marine General Liability policy, please contact us here at MHG Insurance Brokers by calling 954-828-1819 or visiting mhginsurance.com. We would be happy to assist you with all of your insurance needs.  


Why do I need Marine General Liability? I have Commercial General Liability. Isn't that enough?

Hard to Place Workers Compensation Insurance SolutionsAs a business owner, you are required to provide workers’ compensation insurance coverage for your employees if your company has more than four employees. In most cases, obtaining the required coverage is not difficult; you simply consult with a qualified workers’ compensation insurance specialist to determine the amount of coverage you need; compare policies, coverage terms, and prices; then purchase the coverage that best fits your situation. If your business has been classified as a high hazard class of business or has a high experience modification, however, finding reasonably priced workers' comp insurance becomes much more challenging. At MHG Insurance Brokers, we provide a full range of coverage for businesses that are not eligible for standard workers’ comp insurance plans. 

 

MHG fits the policy to you 

When you deal with a company that only represents a single insurance company, the agents try to make you fit into their Workers Compensation product, instead of finding a policy that provides the exact and complete coverage you need. As a result of working with these “captive agents,” you could be left with coverage gaps that leave you in a dangerously vulnerable position. MHG Insurance Brokers has the freedom to search the market until we find the best workers’ comp insurance product to fit your specific needs. 

MHG works with the best workers’ compensation insurance carriers 

Unlike some brokers that have deals with low rated carriers that provide inferior insurance products, MHG searches out reputable, reliable carriers that have sterling reputations including both A-rated and non-rated carriers. Our experienced brokers comb the market to find carriers with hard to place workers compensation insurance solutions that provide a broad range of benefits, without exposing clients to financial risks caused by coverage gaps. These carriers are experienced in dealing with businesses that have high experience modifications, a high hazard classification, or other factors that make them difficult to place. 

MHG’s customized approach to workers’ comp insurance can lower your rates

One of the greatest benefits you gain with MHG Insurance Brokers is that our top rated workers' compensation insurance carriers do not typically class underwrite for our hard to place businesses. Instead, they are willing to assess your individual situation and consider your particular circumstances, such as specific risk characteristics, loss experience, and employee experience when figuring pricing and options. This can yield a number of valuable benefits, including freezes, dividends, and incentives, that will play a large role in keeping your premiums to a reasonable level. 

At MHG Insurance Brokers, we are dedicated to finding creative solutions to fill the workers’ compensation insurance needs of hard to place businesses. We will carefully assess your company’s situation to find specific factors that will help you get the most favorable policies and terms; we may even be able to recommend an approach to risk management that will fix areas of concern and make your company more appealing to underwriters. Whether you have a high experience modification or are a high hazard class of business, you can count on the experienced workers comp insurance brokers at MHG to find a workers’ compensation insurance program that will meet your real business needs at a competitive price. Turn to the Insurance Specialists at MHG for all your business insurance needs. We have the experience and resources to assemble a complete insurance plan including Commercial Property Insurance, Workers’ Compensation, Business and General Liability Insurance, and more. 

Call MHG Insurance Brokers today at 954-828-1819 or visit us online at mhginsurance.com and let our Insurance Specialists find a complete, reasonably priced workers’ compensation insurance plan for your hard to place business!

Hard to Place Workers Compensation Insurance Solutions

Why Business Owners Should Consider an Employment Practices Liability Insurance PolicyIn today’s increasingly litigious society, business owners operate under the constant threat of lawsuits from employees, on a variety of issues. The proliferation of federal, state, and local employment laws has created a plethora of exposures that can leave your business vulnerable to costly litigation. Businesses of all sizes are at risk: whether you are the head of a large corporation or the owner of a small neighborhood company, once you hire your first employee, you expose your company to the possibility of a lawsuit. 

 

An Employment Practices Liability Insurance Policy provides necessary protection for your business. 

Employment Practices Liability Insurance (EPLI) protects your business, its directors, officers, and employees, providing coverage for the legal costs and damages associated with claims by current, former, and potential employees for a number of employment-related allegations, including:

  • Wrongful dismissal
  • Sexual harassment
  • Hostile work environment
  • Invasion of privacy
  • Denial of promotion
  • Failure to make partner
  • Age, race, gender, or sexual orientation discrimination
  • Failure to accommodate the needs of the disabled
The number of employment related lawsuits filed each year is rising. 

Cases against employers are on the rise. According to the best industry estimate, 3 out of 5 businesses will be sued by an employee. Companies are now vulnerable from the first contact with a potential employee, from the pre-hiring process through the exit interview, even if the potential employee was never hired or was only with the company for a few days. 

A single employee can sink your entire company. 

No matter how vigilant you are, you cannot monitor every hire, termination, and conversation that takes place in your offices. Any misbehavior by your employees - a careless remark, inappropriate joke, or slightly mishandled termination – can be the basis of a lawsuit with the potential to bankrupt your business. There are steps you can take to minimize exposure, such as requiring attendance at workplace relations training sessions, implementing a zero-tolerance policy for sexual harassment, and establishing formal procedures for hiring, firing, and disciplining employees, but there is no way to ensure your company’s safety. 

Defending against discrimination lawsuits, even groundless ones, is expensive.

Legal costs accrue at an incredibly fast rate during business litigation. The average cost to have a meritless lawsuit dismissed is between $10,000 and $15,000. If a slight concern about your company’s possible culpability causes you to agree to a quick settlement, expect expenses of $10,000 to $50,000. Costs rise sharply if there is any merit to the case against your company, with the costs of settlement and defense soaring to $150,000, $200,000, or more. Should your company be served with this type of lawsuit, your EPLI coverage reacts with legal defenses that may be included within or outside of the policy limits and would react to settlements and judgments awarded to the accuser. 

Now that you have a better understanding of the many reasons why business owners should consider an Employment Practices Liability Insurance Policy, you can rely on MHG Insurance Brokers to ensure that you and your business are fully protected. The Insurance Specialists at MHG understand that every business is unique. We have the experience and resources to assemble a complete insurance plan that includes all the business insurance policies your company should have, including Commercial Property Insurance, Workers’ Compensation, Business and General Liability Insurance, and more. 

Call MHG Insurance Brokers today at 954-828-1819 or visit us online at mhginsurance.com and let our Insurance Specialists show you how to protect your business from the expense of costly lawsuits and other risks.   

Why Business Owners Should Consider an Employment Practices Liability Insurance Policy

Whether you are a boat dealer, marina operator or own a yacht detailing company, you have unique needs and requirements when it comes to liability protection.  These requirements help protect your business against any lawsuits stemming from business operations. This is where the decision to obtain a Marine General Liability policy vs. a General Liability policy comes into play. People tend to lean towards a General Liability policy because it has a cheaper cost; unfortunately, because of numerous exclusions involved in a General Liability policy, the insured usually isn’t covered in the areas needed. Here are some additional helpful facts and tips about these two policy types:

    • Learn the truth about General Liability – Did you know that a generic General Liability policy does not include watercraft coverage, including “the ownership, maintenance, and use of” watercraft owned or operated by you, the insured? Perhaps you would naturally assume this is covered – which brings up the fact that an experienced insurance broker could help you when it comes to the specifics of policy exclusions and/or benefits.
 
    • Who the exclusions affect – Exclusions can affect a wide variety of people, but for the purpose of this post let’s specifically talk about boat dealers, marina operators, etc. If you fall into any of those categories, then you are aware of the frequent operation of watercraft that takes place in your business. Operations, such as employees operating boats, or doing any type of test or demo drives for a customer are also excluded under a General Liability policy. If anything happens during these types of “operations”, you are left vulnerable and uninsured.
 
    • Another Interesting Exclusion – If you are considering purchasing an unendorsed General Liability policy, consider this: the “care, custody or control” of personal property of others is also excluded, meaning additional operations like boat repair, storing, hauling, fueling, launching and slip rentals are also uncovered.
 
  • Part Installers Beware – Perhaps you are a boat dealer who also installs aftermarket equipment or parts on boats. Unendorsed General Liability policies contain a “your work and product” exclusion, meaning any claim related to the installation of your aftermarket part is also not included.
The bottom line is most General Liability policies exclude any work done on the water or vessels, while specifically obtaining a Marine Liability policy will cover you for any damages or liability to a third person engaged in marine operations. Remember, cruise lines and marinas require proof of appropriate insurance coverage before any job can begin, so make sure you have the right policy in hand. To learn more about the advantages of Marine General Liability coverage, contact an MHG broker today by visiting MHG Insurance Brokers or calling 954-828-1819.