<![CDATA[Articles]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2022 2022-07-04T11:07:30-04:00 <![CDATA[How to Calculate Your Workers’ Compensation Premium]]> https://risk-strategies.com/knowledge-center/article/3-factors-used-to-calculate-workers-compensation-premiums#When:14:00:00Z As the owner of a same day delivery or courier operation, understanding your workers compensation policy can be challenging. While business owners understand the requirements of carrying workers compensation for their operation, employees, and financial stability, if you’re unfamiliar with the nuts and bolts of this coverage (or benefits program as a whole), it can become a maze of questions, and understanding pricing.

Why You Need It

Workers’ compensation is essential to your business and, in most cases, required. Without it, organizations run the risk of crippling financial liabilities associated with on-the-job employee injuries.

And while it’s important to…]]> 2022-06-01T14:00:00+00:00 <![CDATA[Understanding Workers’ Compensation ]]> https://risk-strategies.com/knowledge-center/article/keys-to-understanding-your-workers-compensation#When:19:47:38Z We can probably all agree that Workers’ Compensation is not a hot topic at the water cooler, and if it was most would have many more questions than answers. 

In fact, no form of insurance causes so much misunderstanding and confusion as this important piece of coverage that affects such a large slice of your revenues.  Whether you already pay large premiums or are just waiting for the premium hammer to fall, most courier and same day delivery company owners know that the stakes are high.

Courier/Same Day Delivery Owners & Workers Comp

Consider this your primer on Workers' Compensation…]]> 2022-05-04T19:47:38+00:00 <![CDATA[Can Telematics Improve Courier Driver Safety?]]> https://risk-strategies.com/knowledge-center/article/can-telematics-improve-courier-driver-safety#When:15:50:28Z There’s always one question squarely in the driver’s seat for same-day delivery and courier company owners, “How can I develop a safer driving environment for my employees and independent contractors?

Selecting safer vehicles is part of the solution coupled with driver training programs, or better vetting new drivers and their driving history. But beyond that, tech advancements continue to evolve fueled by telematics.

If you’re unfamiliar with telematics or the implications this technology will have on your courier delivery business, below is an overview of how telematics can provide ample opportunities for improved driver safety, productivity, efficiency and ultimately, profitability.

<![CDATA[Is Your Courier Business Protected?]]> https://risk-strategies.com/knowledge-center/article/is-your-courier-business-protected#When:15:49:01Z Courier owners can be liable if an employee has an accident in a personal or company vehicle. Sound risk management can steer employers clear of negligent entrustment lawsuits and million-dollar verdicts. 

Negligent Entrustment  

These are two words that can (and should) strike fear into a risk manager's heart.  Why?  Because your company could be liable for punitive damages if an employee has a collision while driving for work purposes in either his own or a company-supplied vehicle.  Regardless of who's at fault in the accident, if you, the employer, are found to have a weak or nonexistent fleet risk management strategy, a negligent-entrustment claim…]]> 2022-04-04T15:49:01+00:00 <![CDATA[Real Life Courier Claims YOU Can Avoid ]]> https://risk-strategies.com/knowledge-center/article/dont-become-a-statistic-common-courier-claims-to-avoid#When:15:36:12Z There are lessons to be learned from real-life courier losses and associated insurance claims. Here’s three examples of common claims and outcomes to help courier and same-day delivery owners avoid potential “potholes”, and develop better risk management strategies.

The following are portrayals of actual scenarios and claims, although courier identities have been concealed. Learn from these all-too-common mistakes.

Contract Woes – Being Underinsured Can Sting

A courier landed a contract with a logistics and air courier company to deliver electronics for a major computer maker. The courier agreed to indemnify the logistics firm for loss or damage arising out of the courier's operations. He…]]> 2022-04-01T15:36:12+00:00 <![CDATA[Navigating a Hard Property & Casualty Market Cycle]]> https://risk-strategies.com/knowledge-center/article/navigating-a-hard-property-casualty-market-cycle#When:17:19:15Z Over my twenty years as an insurance broker I have guided many clients through numerous hard market cycles. Prior to our current hard market, those cycles would typically last for 12-18 months; however, based on a number of factors, many experts indicate the current hard market could last for well over 24 months. Let’s understand factors driving this environment, and then we will turn our attention to proven strategies that have helped companies successfully navigate prior hard markets.

Factors driving hard market conditions:

  • Increased frequency and severity of Catastrophic Events worldwide.

These include Hurricanes, Wildfires, Typhoons,…]]> 2020-09-17T17:19:15+00:00 <![CDATA[Are Medicare Supplement Plans Going Away?]]> https://risk-strategies.com/knowledge-center/article/are-medicare-supplement-plans-going-away#When:21:03:16Z Some in the benefits industry believe the Center for Medicare Services’ (CMS) elimination of Medicare Supplement Plan F signals the beginning of the end for those plans. In particular, they believe, that Medicare Advantage (MA) plans, and an increase in group retirement plans offered by employers, will eliminate the need for them. We not only disagree with that notion, but believe that the growth in individuals turning 65 every day presents an opportunity for regional insurers and health plans to build a profitable Medicare Supplement portfolio. 

The U.S. Congress’ prohibition, beginning January 1, 2020, on offering Plan F for newly…]]> 2020-02-10T21:03:16+00:00 <![CDATA[Courier And Same Day Delivery Insurance in 2020, A Bumpy Road Ahead?  ]]> https://risk-strategies.com/knowledge-center/article/home-delivery-in-2019.-are-you-prepared-for-change#When:16:44:53Z As demand for home delivery services skyrockets, retailers and the industry at large are working to accommodate an exploding service sector.  New technology and innovative solutions (apps, business models, insurance, etc.) are required to meet these demands and support companies operating in this segment.

Risk Strategies Transportation VPs, Brian Jungeberg, Bryan Paulozzi and Bryan Ice weigh in on the state of the industry, including top trends, challenges and insurance implications in 2020.

Q: In 2020 how are nuclear verdicts impacting the carrier world and where do we see this trending?

Brian Jungeberg:  Unfortunately, the verdicts are still trending in a…]]> 2020-02-05T16:44:53+00:00 <![CDATA[Part 3: Threats, Trends & Policies That Shaped Insurance Markets in 2019]]> https://risk-strategies.com/knowledge-center/article/part-3-threats-trends-policies-that-shaped-insurance-markets-in-2019#When:03:30:21Z This is part three of a three-part blog series in which we share the highlights of the insurance industry in 2019.

Architects & Engineers (A&E)

Green building design is one of the hottest trends in architecture, but a lot can go wrong when a project involves the latest, and possibly untested, materials and techniques. There’s no guarantee that a project will achieve LEED certification once it’s finished, even if that’s what the client demands. We wrote about how A&E firms can avoid the pitfalls of guaranteeing LEED certification to green-minded clients.

Another exposure A&E firms can encounter is…]]> 2020-01-24T03:30:21+00:00 <![CDATA[Connect the Dots: Estate Planning meets Property and Casualty Insurance]]> https://risk-strategies.com/knowledge-center/article/connect-the-dots-estate-planning-meets-property-and-casualty-insurance#When:03:17:44Z Big or small, complex or simple, every estate has one thing in common — you can’t take it with you when you die. Planning for the distribution of your assets in accordance with your wishes ensures smooth passing of your estate to the right people at the right time. But the best of intentions can go awry if your Property & Casualty (P&C) insurance advisor isn’t included in the discussion.

Take for example Mark and Jennifer Williams, who are transferring title of their $4,000,000 California home into an irrevocable trust, naming their daughter as trustee. After transferring ownership of the…]]> 2020-01-24T03:17:44+00:00