Wednesday, July 21, 2010

Drivers Beware: Lindsay Lohan Offers Lessons in Auto Insurance

Drivers Beware: Lindsay Lohan Offers Lessons in Auto Insurance: "In all the commotion of Lindsay Lohan's fall from grace, little attention has been paid to the impact her risky behavior will have on her insurance — auto, home, life, and health. But ..."

Sunday, July 18, 2010

Workers' Compensation Insurance and Worker Classification

Workers' Compensation Insurance and Worker Classification: "

Two types of business insurance constitute a significant percentage of most companies' insurance costs: health insurance and workers' compensation. While health insurance may be mandatory for certain businesses under recent reforms and depending on the state, workers' compensation is mandatory (with limited exceptions and depending on the state) and a necessary expense of doing business.


One significant way to reduce business insurance costs is to classify workers correctly. Paying 'roofer' rates for an office clerk, can cost your business significant premium dollars. Monitor your workforce and classify each employee to their specific classification.


This is such a significant way to save premium dollars that some business owners abuse the classification system. For example the Massachusetts Attorney General just reported on the arrest and arraignment of a roofing company owner who had allegedly classified the roofer employees as carpenters. The alleged scam resulted in defrauding his workers' compensation insurer of $107,000 in premiums over four years.


I point to this story to show the potential savings of a legitimate review of worker classification. Done in a legitimate fashion, savings can often be found.

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Wednesday, July 7, 2010

10 Most, Least Affordable States for Car Insurance

10 Most, Least Affordable States for Car Insurance: "Massachusetts, often rapped as a costly state for drivers, is actually the most affordable state for auto insurance while Louisiana is the least affordable, according to one insurance provider's ..."

Fraud Bureaus Report Sharp Rise in Fake Health Plans

Fraud Bureaus Report Sharp Rise in Fake Health Plans: "Bob Harper thought he'd found a better health-insurance deal. The Oklahoma man bought coverage from an outfit called American Trade Association (ATA). The price seemed affordable, and he thought ..."

Thursday, July 1, 2010

Flood Insurance Program Back in Business Until Sept. 30

Flood Insurance Program Back in Business Until Sept. 30: "The U.S. Senate last night approved a temporary reauthorization of the federal flood insurance program until Sept. 30. The reauthorization of the National Flood Insurance Program (NFIP) is ..."

Midwest Earthquake Would Create Heavy Losses, Difficult Recovery

Midwest Earthquake Would Create Heavy Losses, Difficult Recovery: "A sizable earthquake in the New Madrid seismic zone, located in the central U.S., could cause $300 billion in direct economic losses from the immediate states impacted, according to a recent report."

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