Industry News
Umbrella vs. Excess Liability: The Key Differences Contractors Need to Know
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
When reviewing insurance requirements that contractors receive from municipalities and/or general contractors, two lines of coverage that are often misunderstood are umbrella and excess liability. These terms are commonly interchangeable in the contract, but have subtle differences. In addition, the limits required by contracts are increasing significantly.
Maximizing the Value of Your Next Loss Control Visit
Author, Rory Anderson, Partner, Account Executive, Rancho Mesa Insurance Services, Inc.
There are a few different reasons for a carrier to schedule a loss control visit. Sometimes, a carrier may want to perform a loss control visit before they quote your insurance. However, for the purpose of this article, I’d like to focus on the loss control service offering provided directly from your current insurance carrier.
Employer’s Guide to Handling Cumulative Trauma Claims
Author, Casey Craig, Account Executive, Rancho Mesa Insurance Services, Inc.
A growing thorn in employers’ sides has been the rise of worker’s compensation cumulative trauma (CT) claims. Cumulative trauma refers to the ongoing psychological and physical injuries that accumulate over time, often resulting from repetitive stress or exposure to adverse conditions. Employees missing time can lead to larger workers’ compensation claims, lower moral and less efficiency. It can be easy as an employer to take a defensive stance and fight every one of these but there are a few factors that need to be taken into consideration prior to deciding if you should settle or challenge these claims.
Exploring Innovation and Problem Solving in the Commercial Construction Industry
Author, Andy Roberts, Surety Account Executive, Rancho Mesa Insurance Services, Inc.
Surety Account Executive Andy Roberts sat down and interviewed Miggs Borromeo, Commercial Surety Underwriter for Merchants Bonding, and discussed the current climate of the commercial surety world in Southern California. They also covered the bonding trends most commonly seen today, and the programs that Merchants Bonding Company offers.
Three Industry Benchmarks all Landscape Companies Should Track
Author, Greg Garcia, Account Executive, Rancho Mesa Insurance Services, Inc.
There are three major benchmarks that all landscape companies should consider when looking at how well they manage risk: average claim cost, claim indemnity rate, and claim frequency rate. Knowing the importance of this, we designed a key performance indicator (KPI) dashboard that highlights these industry benchmarks, as well as benchmarks them against other landscape companies in their geographic area.
Protecting Your HVAC and Plumbing Business with Proper Classifications
Author, Matt Gorham, Account executive, Rancho Mesa Insurance Services, Inc.
Within the construction industry, it is common for questions to arise about how to categorize work that a contractor performs. While organizations like the Insurance Service Office (ISO), Workers’ Compensation Insurance Rating Bureau (WCIRB), and the National Council on Compensation Insurance (NCCI) have created classification systems, nuances in worksite demands can lead to confusion about which class code to use for a given business’s operations.
Digitalizing Risk Management: A Step-by-Step Guide for Getting Started
Author, Alyssa Burley, Partner, Media Communications & Client Service Group, Rancho Mesa Insurance Services, Inc.
Imagine you are working in a highly productive organization. Over many years of trial and error, the team has streamlined their operations to the point of a well-oiled machine using good ol’ paper and spreadsheets. Then, your insurance broker offers a digital risk management solution and you are faced with the prospect of transitioning your manual processes to a digital platform. This is the scenario that many Rancho Mesa clients have faced and successfully overcome.
Don’t Wait Until It’s Too Late: Notify Your Insurer of a Claim Right Away
Author, Sam Brown, Vice President, Human Services Group, Rancho Mesa Insurance Services, Inc.
Rancho Mesa’s commercial clients purchase insurance to transfer financial risk to a third party and protect their business against claims of liability. These clients rightfully expect their respective insurers to fulfill the obligation found in black and white on the Insurance Service Office (ISO) general liability form that reads “We will pay those sums that the insured becomes legally obligated to pay as damages because of bodily injury or property damage to which this insurance applies.” So, what must a policyholder do to ensure this obligation is fulfilled?
Return of the Rush Hour: Avoid Increased Risk with Safe Driving
Author, Megan Lockhart, Marketing & Media Communications Special, Rancho Mesa Insurance Services, Inc.
As students return to the classroom, the back to school traffic has also resumed. With more cars on the roads, this leads to more risk for commercial vehicles making their daily commutes.
Understanding Why Your Building’s Leaky Roof Claim Might Be Denied
Author, Jack Marrs, Associate Account Executive, Rancho Mesa Insurance Services, Inc.
Leaky roofs can be a major headache for commercial property owners, often leading to significant damage and costly repairs. Understanding how insurance policies respond to these situations is crucial in navigating the claims process.
Protecting Commercial Property Investments through Vacancy Permit Endorsements
Author, Kevin Howard, Account Executive, Rancho Mesa Insurance Services, Inc.
Commercial real estate owners may face significant exposure nationally due to vacancy clauses and policy exclusions. The vacancy permit endorsement can potentially fill a major coverage gap within commercial property policies for landlords.
California’s Indoor Heat Illness Prevention Standard Approved: What You Need to Know
Author, Megan Lockhart, Client Communications Coordinator, Rancho Mesa Insurance Services, Inc.
Recently, the Cal/OSHA Standards Board approved new requirements for California businesses, heat illness prevention for indoor work spaces. The new Section 3396 addition to the California Labor Code will go into effect as early as August 1, 2024.
Transitioning from a Credit-Based to a Standard Surety Program
Author, Andy Roberts, Account Executive, Rancho Mesa Insurance Services, Inc.
When sureties began offering credit-based programs, there were only a few companies who would offer this type of program and the limits were low, most often around $250,000 for a single project and aggregate.
Understanding the Importance of Your Workers’ Compensation Unit Stat Filing Date
Author, Greg Garcia, Account Executive, Rancho Mesa Insurance Services, Inc.
Imagine you are a landscaping company owner and your workers’ compensation policy just renewed January 1st. You are probably thinking, now what? Well, the next date that should be on your radar is June 30th, your unit stat date.
Leveraging Your Experience Modification Rating to Your Advantage
Author, Matt Gorham, Account executive, Rancho Mesa Insurance Services, Inc.
Your Experience Modification Rating (e.g., EMR, X-Mod, or Mod) can have a significant impact on controlling costs within your insurance program. While most business owners recognize that a lower EMR typically leads to lower insurance costs, few owners understand the mechanics for determining an EMR and how they can be used to proactively manage resources to their company’s benefit.
WCIRB 2024 Construction Dual Wage Threshold Increases Approved
The California Insurance Commissioner Lara has approved an increase in hourly wage thresholds for all 16 construction dual-wage classifications.
Beyond Insurance: Employer Strategies to Prevent Wage and Hour Claims
Author, Sam Brown, Vice President, Human Services Group, Rancho Mesa Insurance Services, Inc.
It was June 86 years ago, Congress and President Franklin D. Roosevelt (FDR) signed into law the Fair Labor Standards Act of 1938 (FLSA). In the words of FDR, the FLSA ensured “a fair day’s pay for a fair day’s work.”
Surety Bonding: Understanding the Client-Broker-Carrier Relationship
Author, Matt Gaynor, Director of Surety, Rancho Mesa Insurance Services, Inc.
People from outside the surety bond industry will sometimes ask if we work for 1) the carrier (bond company) or 2) the contractor client. This is an easy one. While we are approved to issue bonds by the 20+ carriers we are appointed with, make no mistake that we work 100% for our clients.
Return to Work Programs: Best Practices for Handling Workers’ Comp Claims
Author, Casey Craig, Account Executive, Rancho Mesa Insurance Services, Inc.
How do you handle the situation when a great employee is injured but not quite ready to return to full duty? We do all that we can to prevent injuries and make sure once they do happen our employees are taken care of quickly and properly. The one true variable we have in our control, after a claim has been filed, is how to accommodate employees that are injured but not able to return to normal duties until deemed fully recovered.
Focus on Frequency with a Small Work Comp Deductible
Author, Drew Garcia, Vice President of the Landscape Group, Rancho Mesa Insurance Services, Inc.
Economies of scale create leverage for landscape businesses as they grow. The Bureau of Labor Statistics (BLS) 2022 table of incident rates notes that the landscape industry has an incident rate of 3.4 per 100 full time employees. Landscape is classified by BLS under Administrative and Support and Waste Management and Remediation Services; this sub class has an incident rate of 1.9. The average for all other industries is 3.0.