keyboard_backspaceBack to main blog page

PMC Insurance Group

Read articles, watch webinars, training material for practically any topic in the insurance industry.

Search Results

Posts tagged with business - business

You Have Workers’ Comp Questions We Have Answers

Author DMalloy , 11/20/2017
For 20 years, PMC has not only designed creative solutions for all size accounts but repeatedly out-executed the competition. Our unique network allows us to write Aviation to USL&H risks and find solutions for those last minute opportunities! Our broad range of class codes and strong carrier relationships helps you to increase new business and retain your existing accounts. 

Natural Disasters Don’t Have to Lead to Business Interruption

Author DMalloy , 4/19/2017
Natural disasters can take many forms, but almost all of them can devastate your business, which leads to business interruption. Business interruption is when an event occurs that decreases the average earnings of a business for a prolonged period of time. Along with small business insurance in Bedford, MA, here are a few ways that a business can continue to succeed and sell, not succumbing to business interruption, despite a natural disaster.

Most Common Workers’ Compensation Insurance Errors

Author DMalloy , 3/1/2017
Companies that have extraordinary workers’ compensation costs are doing several things incorrectly, but the most common error is not properly managing their programs. Far too many companies sit back and falsely assume that nothing can be done and wait for policymakers to provide solutions. While there are certainly more than enough laws that are almost begging to be changed, most companies are blind to the laws they could be taking advantage of. Here are the most common workers’ compensation insurance errors.

How to Make a Workplace Comfortable for Employees

Author DMalloy , 2/22/2017
The workplace is a zone in which you hope to increase productivity and earnings, but that mostly depends on how business owners treat their employees–so how can business owners make their workplace more comfortable for employees?

Ask the Workers' Comp Expert: Internal Investigations Can Reduce Claims, Costs

Author DavidMalloy , 6/4/2012
Ask the Workers' Comp Expert: Internal Investigations Can Reduce Claims, Costs
by Robert G. Jones, Vice President, PMC Insurance Group

Recent "Ask the Expert" columns addressed certain aspects of return-to-work programs. Today, we address strengths and flaws within a workers’ compensation program focusing on reducing the number of claims and overall cost.

The number of lost time claims is a key metric and should be reviewed at least annually. If this number exceeds 25 percent of total claims, further investigation is recommended. Another important metric is the number of claims that are litigated. If this number exceeds 20 percent of all claims, a comprehensive internal investigation is necessary. Business owners experiencing significant numbers of lost time and/or litigated claims need to examine the root cause(s) driving these adverse claims results.

The business owner should review the following as a part of an internal investigation:
  • Is the hiring process effective in screening prospective employees? Background checks and drug testing at minimum. 
  • Are supervisors trained and accountable to build high performing teams that integrate workplace safety into job duties? Personal responsibility and employee morale are key components. 
  • How quickly are workers’ compensation claims reported to the insurance company? Within 24 hours is the goal. 
  • Are accidents and incidents investigated with findings documented and acted upon? How the business owner responds is an important component of organizational culture. 
  • Is communication with injured employees consistent and supportive? The goal being an early and successful return to work. 
  • Are wellness programs integrated into work activity? Tracking and communicating results reinforces the business owner’s commitment to a safe and healthy work environment. 

PMC Insurance Group’s only business is workers’ compensation. Our insurance professionals have extensive experience helping IIABNY members expand their marketing capabilities by providing workers’ compensation solutions for their clients, including offering guidelines to help business owners reduce the number of claims and overall cost.

Ask the Workers’ Comp Expert: NCCI to Change Experience Modification Formula

Author DavidMalloy , 5/8/2012
Ask the Workers’ Comp Expert: NCCI to Change Experience Modification Formula
by Robert G. Jones, Vice President, PMC Insurance Group

Typically, business owners paying $5,000 or more annually in workers’ compensation insurance premium qualify to be experience rated (some variations by state). The result is an insurance premium modification factor will be calculated annually for such businesses based upon individual three prior years’ payroll and loss history. This data is reported to the appropriate rating bureaus by the individual business owner’s past insurance companies.

In general, historical loss data for a particular business is compared to the average loss data for all similar businesses in its state of domicile. This comparison results in a debit or credit experience modification factor that is used to adjust the business owner’s annual workers’ compensation insurance premium. Most states use the National Council on Compensation Insurance to calculate experience modification factors for individual businesses. A few states, including New York, have their own separate workers’ compensation rating bureaus.

Effective January 2013, NCCI will implement a new formula for calculating experience modification factors. The key change in the formula is the increase in the loss per claim, from $5,000 currently to $15,000 in the new formula. Thus the size of losses per claim will have significantly greater impact on driving up the experience modification factors for business owners with large individual claims. (More information to come in the months ahead.)

PMC Insurance Group is IIABNY’s endorsed workers’ compensation specialist. Our insurance professionals have extensive experience helping IIABNY members expand their marketing capabilities by providing workers’ compensation solutions for their clients. Give Bob Jones a call at (440) 313-5002.  


 Operating in the Continental US!
 Phone: 1-877-PMC-COMP| (781)-449-7744
Email PMC | Visit our website

Industrial Injury: Falling On The Job

Author DavidMalloy , 5/4/2012
PMC Insurance GroupIs slipping, tripping, and/or falling on the job a serious problem?

According to the Bureau of Labor Statistics (BLS), in 2009, employment related falls accounted for 212,760 injuries including 605 deaths.

So, yes, falls are a serious problem. At a Workers Compensation and medical cost of $70 billion annually, the financial impact is a concern to business people across the United States.

Falls can occur anywhere:
  • Slips on spills in a restaurant kitchen
  • Steelworkers on skyscrapers
  • Tripping over an area rug in a conference room
  • Changing a light bulb on a step ladder
  • Carrying a load so vision is blocked
  • Poorly maintained staircases
  • Icy or heaved sidewalks and parking lots

 The National Institute for Occupational Safety and Health (NIOSH) researches causation and risk avoidance. Common sense goes a long way toward avoiding dangerous conditions, but more subtle hazards can be avoided through education and training.

Insurance carriers and their loss control professionals distribute much of this information simply by asking. One area of study concerns falls from elevated working platforms. For example, roofers shingling a house need to wear a harness and to tie off to a stable anchor. If footing is compromised, the leash will prevent a worse fall. Pole climbers and bucket truck operations require the same safety measure.

NIOSH researches the elevated platform fall in a virtual reality laboratory. Trades people go through their routines in virtual reality so scientists can observe the human behaviors leading to a fall. When causation is confirmed, safety measures are revisited and improved. The study may determine a front or back connection for the harness to create ease of work or better balance conditions.

Human factors laboratory studies ergonomics and other human stress factors. Posture, temperature, even industrial psychology is examined for potential safety improvement.

NIOSH studies ladder technology to better stabilize, operate, and climb safely. But, construction and utility work are not the only industries where falls are an issue. In 2008, falls were the third leading cause of death in manufacturing.

The movie image of prat-falling stuntmen is iconic. These professionals take precautions to safely perform their tricks. Workplace safety, especially avoiding slips, trips, and fall hazards, however, is serious business.

The next time you walk through your business, look for potential slip, trip, and fall hazards. Are the floors dry? Is the floor space too crowded? Are hallways kept clear of storage boxes? Is the carpet laid correctly and stretched to the walls? Is it safe to walk around your jobsite or business premise?

For more information contact PMC Insurance Group today!

Operating in the Continental US!

           Phone: 1-877-PMC-COMP| (781)-449-7744

Email PMC | Visit our website


Online Newsletters Available to You

Author DavidMalloy , 4/6/2012

Here are our Online Newsletters, please feel free to subscribe to any article of your choice for free!

PMC Insurance

Construction

These articles focus on workplace safety, insurance, and Workers Comp issues of interest to small and medium-size construction companies. Please let us know what topics you would like to see.

 


PMC Insurance

Risk Management

These articles focus  on Risk Management. Practical Tips for Business Owners and Managers.

 

PMC Insurance
Work Place Safety

For any business with employees! Special updates, and advice on holding down Workers Comp claims.      

Operating in the Continental US!

Phone:             1-877-PMC-COMP       |             (781)-449-7744

Email PMC | Visit our website


MA Workers Comp Rates Could Increase By 19.3 Percent

Author DavidMalloy , 4/2/2012
PMC Insurance Group The cost of employee compensation insurance for Massachusetts employers could rise dramatically later this year if rates proposed by insurers are approved by state regulators.

The Workers’ Compensation Rating and Inspection Bureau of Massachusetts, which represents companies that write workers’ compensation polices, asked the state to approve an average rate increase of 19.3 percent. Most businesses are required to carry workers’ compensation insurance, which covers the medical treatment, rehabilitation, and lost wages of employees injured on the job.

If approved, the rates would go into effect in September.

The substantial increase is necessary, the bureau said, because the cost of claims continues to rise, but the state has denied smaller requests in three of the past four years. The Division of Insurance rejected proposed increases of 2.3 percent increase in 2008, 4.5 percent increase in 2010, and a 6.6 percent increase in 2011.

“If these three small increases in rates had been granted by the Commonwealth,’’ said Paul Meagher, president of the Workers’ Compensation Rating and Inspection Bureau of Massachusetts, “we would not need such a significant rate increase now.’’

Richard C. Lord, president of Associated Industries of Massachusetts, the state’s largest employers’ group, said yesterday in a blog post that the rate request deserves consideration. He said he is concerned that without an increase, fewer companies will offer the insurance, making it harder for businesses to buy policies.

“Private-market coverage is harder to come by because the economics of workers compensation no longer add up for insurers,’’ Lord wrote. “The growing disconnect between costs and premiums has already prompted several insurance companies to scale back their activity in Massachusetts.’’

Massachusetts once had some of the highest worker compensation costs in the country, but following reforms in 1991, those costs have declined steadily, falling by two-thirds over the past 20 years. If a premium cost $100 in 1991, the current rate would be $33.21. If the new rate request is approved, that premium would rise to $39.62, according to the Workers’ Compensation Rating and Inspection Bureau of Massachusetts.

The bureau said insurers need the increase to cover the rising costs of health care and wage replacement, driven by higher salaries and the longer leaves that claimants are taking. The number of claims has declined, but not fast enough to offset the increases in medical and wage replacement costs, the bureau said.

“While we recognize that the current filing calls for a significant rate increase, it reflects the real costs of providing this kind of insurance,’’ said Meagher. “Without a rate increase, we will be unable to maintain a competitive market for workers’ compensation insurance in Massachusetts.’’

The proposed rates will be examined in hearings held by Joseph G. Murphy, the state insurance commissioner. Murphy said yesterday that his office intends to “take a long, hard look at the process. This is a large increase, and this administration is particularly sensitive to the cost of doing business in the state.’’

Murphy said he expects to schedule a public hearing by the end of March.  

This article is courtesy of programbusiness.com, Source- Boston Globe dated mar 2, 2012  
  

Call us today and put our expertise to work for you!

PMC Insurance Group (P) 877-PMC-COMP (P) 781-449-7744 (F) 781-449-7889
www.pmcinsurance.com info@pmcinsurance.com

1

To contact us, and for more information, please visit our CompleteMarkets storefront.

Internal Investigations Can Reduce Claims, Costs

Author DavidMalloy , 3/19/2012
Ask the Workers' Comp Expert: Internal Investigations Can Reduce Claims, Costs
by Robert G. Jones, Vice President, PMC Insurance Group Recent

PMC Insurance Group"Ask the Expert" columns addressed certain aspects of return-to-work programs. Today, we address strengths and flaws within a workers’ compensation program focusing on reducing the number of claims and overall cost.

The number of lost time claims is a key metric and should be reviewed at least annually. If this number exceeds 25 percent of total claims, further investigation is recommended. Another important metric is the number of claims that are litigated. If this number exceeds 20 percent of all claims, a comprehensive internal investigation is necessary. Business owners experiencing significant numbers of lost time and/or litigated claims need to examine the root cause(s) driving these adverse claims results.

The business owner should review the following as a part of an internal investigation:

  • Is the hiring process effective in screening prospective employees? Background checks and drug testing at minimum.
  • Are supervisors trained and accountable to build high performing teams that integrate workplace safety into job duties? Personal responsibility and employee morale are key components.
  • How quickly are workers’ compensation claims reported to the insurance company? Within 24 hours is the goal.
  • Are accidents and incidents investigated with findings documented and acted upon? How the business owner responds is an important component of organizational culture.
  • Is communication with injured employees consistent and supportive? The goal being an early and successful return to work.
  • Are wellness programs integrated into work activity? Tracking and communicating results reinforces the business owner’s commitment to a safe and healthy work environment.

PMC Insurance Group’s only business is workers’ compensation. Our insurance professionals have extensive experience helping IIABNY members expand their marketing capabilities by providing workers’ compensation solutions for their clients, including offering guidelines  to help business owners reduce the number of claims and overall cost.    

Call us today and put our expertise to work for you!

PMC Insurance Group (P) 877-PMC-COMP (P) 781-449-7744 (F) 781-449-7889
www.pmcinsurance.com info@pmcinsurance.com

1

 
To contact us, and for more information, please visit our CompleteMarkets storefront.

    • 1
    • 2