A surety bond is a type of financial coverage that is designed to guarantee the performance of contractual obligations by the contractor who purchases it. A bond is generally required by the owners of the project for the primary contractors to purchase but can also be required by general contractors for subcontractors to purchase. Surety…
A general liability audit is when your insurance agency reviews your risk exposure based on payroll, gross sales, and employees’ job duties. It’s a way to make sure that you have the proper amount of coverage and are paying the correct amount for general liability insurance. Why Insurers Audit General Liability Policies General liability policies…
Ever wonder why your general liability premium is more than your buddy’s business insurance costs? It’s not an unreasonable question to wonder this and try to determine how general liability insurance is calculated. Depending on the unique factors of your business, insurance companies will rate the risk and determine your premium. Here are some insights…
There is more than one way to buy a commercial general liability insurance policy. You can buy it directly from the carrier, through an agent, or via a broker. The carrier is responsible for maintaining the terms of the insurance contract, also known as a policy. An agent works on behalf of an insurance carrier…
Texas workers’ compensation laws are unique because they don’t require employers to have coverage. Businesses that do buy policies are covered for their obligations after a worker is injured, including the workers’ medical expenses, prescriptions, and partial weekly wages. Texas employers can expect to pay an average of 55 cents for every $100 of payroll…
The United States Bureau of Labor Statistics (BLS) says private industry employers pay 45 cents per hour worked for workers’ compensation or approximately 1.3% of employers’ total compensation costs. However, every state runs its program differently, and that causes variations in workers’ compensation costs by state. Rates can be as low as 7 cents per…
An experience modification rate (EMR) is a multiplier insurance companies use to help set workers’ compensation premiums. Insurers determine your EMR by looking at your workers’ comp claims history and potential for future injuries compared to your others in your industry. Businesses with lower EMRs pay less for their workers’ compensation insurance. EMRs commonly range…
When you have a work-related injury covered by workers’ compensation, you typically cannot file a lawsuit against your employer. Workers’ comp laws in every state include an exclusive remedy provision that protects employers from employee lawsuits as long as their business has a valid policy in place. However, there are situations that override this protection…
