Risk & Business

Ok here is the scoop. If you have an injured employee who is out on a work comp claim, do your best to get them back to work within 60 days. There was a study done a decade ago by the Menninger Foundation that showed the validity of getting workers back before 60 days. I have seen through my experience that this holds true today. So how can employers help get this accomplished? Return to Work Programs , are the best way to get injured employees back on the job. Return to Work Programs - What's in it for YOU the Business Owner? * Reduction of work comp costs as a result of reduced claim payouts *Elimination of costs for recruitment and hiring of replacement workers * Shortened work interruptions due to inexperienced new employees *Positive goodwill between owners and employees * Lower overtime costs to maintain work loads To establish your own Return To Work Program you need to partner up. Call your insurance professional and insurance company to provide guidance and reso

The word "Biology" is the study of living organisms  physiology, origins, and behavior. I am taking some blogosphere liberty by using it in the same sentence with business life insurance. Life insurance when used correctly, can "come alive" and help a business to thrive. No, I have not lost it, so let me explain. Life insurance can be used in a business to protect a key person and the revenue they bring to the business. If the key person dies, so could the income they make for the business. A  life insurance policy owned by the business can keep the revenue "alive" even if the key person is no longer living. Life insurance can help a business perpetuate to new owners. One of the major obstacles in a business perpetuation is funding buy sell agreements or contractual agreements to purchase. Properly constructed, life insurance can help facilitate these arrangements and keep the business "alive" for future owners. Life insurance can help reta

It seems logical that most business owners would report their General Liability claims to their insurance companies quickly. Unfortunately this sometimes does not happen. In some circumstances the business owner does not even know they have a claim.  General Liability claims do not always ‘reveal” themselves. With this in mind it is imperative to report your claim as soon as you think you may have one. The reason for this is in the insurance policy. Many policies have a reporting requirement built in. If you do not report the claim within the policy period there would be no trigger of coverage. Other policies have clauses that just state “as soon as practical” or “as soon as possible”. These phrases are so ambiguous and could cause you trouble as the insurance company is in control of what they mean.  Other language in the policies state conditions that the insured ( business owner) must do in order to have coverage. Allowing the insurance company adequate time to investigate the claim