Risk & Business

Well, after all the noise we heard earlier this year regarding decreasing workers compensation rates, it looks like it's finally going to happen. The Delaware Workers Compensation Rating Bureau, DCRB, has posted on it's website that effective 12/1/07, rates are scheduled to decrease to 17.75% in the voluntary market and 22% on the business placed through the DCRB. It's been awhile coming but it sounds like there will be some good news for those businesses that have a significant portion of their income devoted to paying their monthly workers compensation premiums. The word is that the next step, cost containment, will be rolling out sometime next spring or summer. When coupled with the currently decreased level of premiums in the commercial insurance market, this is the best time in many years for those of you to be able to realize real savings in your insurance premiums. While the premium decrease is a positive step, it still is a good idea to hedge your bets by pa

While doing some insurance related reading the other day I came across an article discussing Hired/Non-Owned coverage. Since I'm always looking for something that may be of interest to business owners to read on our site, I thought it might be a good idea to highlight the importance of this coverage in a post. Many business owners out there have their employees use their own personal vehicles to perform company related activities while on the job, probably on a pretty regular basis. Some examples would be running errands such as dropping off bank deposits, purchasing office supplies and other related functions. This seems to be a fairly common occurrence but I'm not sure many business owners have given a lot of thought to the type of liability exposure this puts them in. Should an employee become involved in an accident while on company business in their own vehicle, there is a good chance that the employee's personal auto policy might not respond. All personal