Are Bonuses Considered Compensation Under Workers Comp?
professional Insurors Blog
by Chris Moxley
2y ago
When it comes to workers compensation bonuses are included in payroll and considered part of the normal payroll. Bonuses are money that is given to employ7ees beyond existing base wages. It is a type of supplemental pay. Other things that can be considered payroll: Car allowance Per Diem Tool Allowance Housing Allowance ..read more
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Who Should Purchase A Builder’s Risk Property Policy?
professional Insurors Blog
by Kelly Miller
2y ago
Reasons owner\developer should purchase the builders risk policy vs. allowing the general contractor to provide: 1.      Policy is owned by you and in your name – If the contractor purchases the coverage and names you as a loss payee, they own the policy and are the only one notified of cancellations, you have a secondary position. 2.      It is your asset and you are providing the capital, it makes sense for you to structure the coverage to best protect you. You should decide the limits and the necessary types of coverage. For example, Soft C ..read more
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The Importance of Prompt Claims Reporting
professional Insurors Blog
by Chris Moxley
2y ago
 Professional Insurors Agency, LLC - Your Workers’ Compensation Partner The Importance of Prompt Claims Reporting The rising cost of claims presents a significant challenge for employers today. However, there is a simple strategy that can significantly reduce your claims costs: report those workers comp claims as swiftly as possible. In fact, the sooner a claim is reported, the lower the cost is likely to be. Beyond cost, reporting claims promptly can help avoid unnecessary conflict with insurance companies, ensure a proper investigation, preserve employee morale and maintain compliance ..read more
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What Insurance Liability Options Does A Real Estate Developer Have?
professional Insurors Blog
by Kelly Miller
2y ago
Real Estate Developers will frequently hire a General Contractor (GC) to build their Real Estate Development project, believing they have transferred their liability to the GC. The developer, however, is the ultimate GC. Just as the GC should hire subcontractors (subs) with liability— commercial auto and workers’ compensation insurance—and be listed as an additional insured to make subs’ coverage the first line of defense.; the GC is expected to have the same casualty coverages in place and name the developer as an additional insured. The concern is what happens when the developer gets sued a ..read more
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Ordinance or Law Insurance Coverage
professional Insurors Blog
by Kelly Miller
2y ago
What Is Ordinance or Law Coverage? When it comes to commercial property insurance, evolving zoning and building codes can often make the the rebuilding of property to it’s former state a much more expensive endeavor than insurance covers. Building and zoning codes are implemented in order to preserve safety and are not taken lightly. Building Ordinance or Law insurance coverage is a property insurance endorsement that reimburses property owners for cost associated with demolishing, repairing, rebuilding, or constructing a structure if a covered loss prompts additional changes due to these laws ..read more
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Personal Risk Management For The Business Owner
professional Insurors Blog
by Chris Moxley
2y ago
Some Tips for managing your Personal Risk for the business owner Personal Insurance Check Your Limits on all policies Personal Umbrella Insurance should be carried. Look at higher limits than just $1,000,000 The Umbrella extends the limits of all your personal properties Make sure your Umbrella Policy covers: Boats, RVs, and Motorcycles Vacation Homes, Condos, Vacant land Health and Life Insurance Review your life insurance to your current situation If your current health is optimized, it’s always a good idea to extend the length of your term life insurance policy ..read more
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Lessors Risk Insurance (Copy)
professional Insurors Blog
by Chris Moxley
2y ago
Lessers Risk Only (LRO) is a type of small business insurance for commercial landlords. It protects you in case one of your tenants sues you for property damage or injuries sustained in your building The lessor is the landlord, who is the person that is granting the lease or renting out equipment or property to others. Who needs this insurance coverage? If you are a landlord who rents out property or equipment, then you definitely need LRO. Your business might also need LRO if you have equipment that you rent out to customers or have employees who use company-provided vehicles. If you have a ..read more
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How To Avoid Paying Your Sub(Contractors) Work Comp Insurance
professional Insurors Blog
by Chris Moxley
2y ago
Workers Comp Insurance & Subcontractors When someone hires you to do work, they are under the assumption that anyone working under your contract (written or verbal) is either an employee or a subcontractor.   Either way they look to you as the responsible party for any work done by you or on your behalf under your contract with them.   It is true that if there is some sort of situation that leads to a bodily injury or property damage while you are working, you will bear some degree of fault and likely be brought in on any type of claim or lawsuit.  In order to pro ..read more
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Top Reasons Property Insurance Rates Are So High in 2021
professional Insurors Blog
by Kelly Miller
3y ago
Insurance rates for most Property Insurance coverage are increasing again for 2021 in the Midwest, especially in Oklahoma and Texas. We wanted to share with you some of the contributing factors for the increases: Lloyds of London who re-insures most of the property carriers has been taking losses for several years in this line of business. It is our understanding they have plenty of capacity, but do not want to keep placing coverage and taking a loss on their investment. This is not a one- or two-year situation, but one that has been a problem for nearly a decade. 30 Named Storms have occ ..read more
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The Benefits of a Master Policy
professional Insurors Blog
by Chris Moxley
3y ago
We have all heard the phrase “Cheaper by the Dozen." This means that things are handled more efficiently as a group than individually. This same principle can be applied to insurance as well. More specifically, property owner’s insurance and whether that be rental properties, apartments, or other commercial buildings, there are many benefits to an insurance consumer that can be achieved by combining multiple insurance policies into one master policy.  The first benefit, and probably the one that consumer’s value the most, would be the premium saved by combining policies. Using the ..read more
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