Risk & Business

A recent article in the National Underwriter, brought to my attention how big insurance fraud is in this country. The article estimatedthe costs at roughly 25 billion dollars. This is big money. The bad part about insurance fraud is it trickles down from the insurance companies to small business owners like yourself in the form of higher rates. In this months Special Insurance Bulletin newsletter, I write about some of the techniques insurance companies are using to fight insurance fraud. Also I give a few idease to business owners on what they can do to fight insurance fraud. Any way you cut it, if the industry can't find a way to control fraud, then business owners will have to pay larger premiums than they should for a long time. K

Well, as of this posting, the Del insurance dept. has temporarily suspended the mandate for independent contractors to carry work comp on themsleves. This following the confusion from the new work comp law that passed Jan 17th. There is a industry meeting this week to make some clarifications and hoepfully clear up the confusion. In the meantime if you have questions call our office. K

As of this date clarification regarding the requirement of independent contractors and subcontractors to carry work comp coverage is still pending. Currently, based on the Delaware Department of Labor Feb 14th press release, all independent contractors and subcontractors are required to carry comp coverage on themsleves and employees as of Jan 17th. The question now becomes, who qualifies as an independent contractor and can independents exempt themselves like the old days. I spoke with department (Labor) today and they are going to post a clarification sometime in the near future. As of now however all independent contractors and subs, should carry comp coverage. Please call us with questions or for further discussion, and we are ready to get the coverage in place for you. K