Industry News
How to Choose a Workers’ Compensation Carrier Partner
Author, Dave Garcia, President, Rancho Mesa Insurance Services, Inc.
Many years ago, when I was a young producer, one workers’ compensation carrier legend pulled me aside and told me never to forget that a workers’ compensation decision is not a one-year decision, but at least a 4-year decision. Of course, policies are only written on a one-year basis but what he was teaching me was that the carrier you choose will handle all the claims you have through your Experience Modification cycle. So, evaluating and recommending a workers’ compensation partner for my clients just became a much more thorough analysis of many critical factors beyond just the premium.
How Rising Pure Premium Rates Will Impact the Tree Care Industry
Author, Rory Anderson, Account Executive, Rancho Mesa Insurance Services, Inc.
In California, each workers’ compensation insurance company has its own set of base rates for each class of business. In order to come up with their base rate for each class code, the insurance carrier applies their Loss Cost Multiplier (LCM) to the Workers’ Compensation Insurance Rating Bureau’s (WCIRB) pure premium rates.
Bondability Letters – Surety Prequalification for Owners and General Contractors
Author, Matt Gaynor, Director of Surety, Rancho Mesa Insurance Services, Inc.
In the normal process of bidding a construction project, our contractor clients are required to post a 10% bid bond to guarantee that they will execute and deliver a signed contract along with 100% performance and payment bonds, if they are awarded the referenced project. While this is a requirement for public projects, bid bonds have also become more prevalent for certain private projects. By approving the required bid bond, the surety company provides their stamp of approval that they have reviewed the bidding documents and are willing to support the contractor for the specific project.
Builder’s Risk Reporter Form Policy: The Ultimate Time Saver
Author, Kevin Howard, Account Executive, Rancho Mesa Insurance Services, Inc.
Builder’s risk policies protect construction materials while they are being stored on a jobsite or have been installed during the course of a project, prior to the completion of the work. These policies are often required by the project owners or developers and provide protection from day one up until the last speck of paint is dry when the project is completed.
A Hardening Employment Practices Marketplace Likely to Impact Many Businesses
Author, Jeremy Hoolihan, Account Executive, Rancho Mesa Insurance Services, Inc.
The Employment Practices Liability Insurance (EPLI) marketplace has faced a number of factors that are contributing to skyrocketing premiums and deductibles. Many insurance companies are facing the choice of whether to remain in the marketplace or exit altogether. Those willing to remain are then faced with having to consider the following changes…
Profitable Bids Should Include Often Overlooked Insurance Costs
Author, Casey Craig, Account Executive, Rancho Mesa Insurance Services, Inc.
We will take a look at factors that go into your bid and ways to ensure you are hitting your target profit margin. There are many factors that go into creating a profitable bid on a construction project. They include…
Can Employers Mandate a COVID-19 Vaccination Policy?
Author, Sam Brown, Vice President of the Human Services Group, Rancho Mesa Insurance Services, Inc.
As COVID-19 vaccinations become more available and the positive results of our efforts are realized, employers may ask how this impacts the workforce and a full-scale return to the workplace. More specifically, they may ask if an employer can mandate a COVID-19 vaccination policy.
The Heart of Rancho Mesa
Author, Daniel Frazee, Executive Vice President, Rancho Mesa Insurance Services, Inc.
If you are reading this article, listening to our podcasts, and taking advantage of the meaningful risk management content we share weekly, you and your business likely find some degree of value in what is produced. While much of this content originates from our Media Communications Group, they, with other Rancho Mesa family members join together as the backbone of our operation.
Funds Control May Secure Project Bond
Author, Andy Roberts, Account Executive, Surety, Rancho Mesa Insurance Services, Inc.
As surety brokers, we initiate bond programs for our construction clients. Single and aggregate limits are determined in large part by their financials and experience. Often, there are jobs that exceed the single limit we have in place, or are larger than any job that our client has previously completed. When it is a job that makes sense for the contractor, it is our job to work with the bond company and find a solution so the contractor can bid the job or take on the contract. One available solutions is a process referred to as funds control.
Four Factors that Shape your Risk Profile
Author, Drew Garcia, Vice President, Landscape Group, Rancho Mesa Insurance Services, Inc.
How do you differentiate your company from your local competitors? Product, customer service, delivery, etc. The same can be said for your risk profile and insurance costs. Why are my insurance rates high when my competitors are low? This article breaks down four factors that influence your risk profile and impact pricing.
Total Cost of Risk
Author, Rory Anderson, Account Executive, Rancho Mesa Insurance Services, Inc.
The total cost of risk is the sum of the measurable expenses that are associated with managing risk within any organization. Every successful business has a process for tracking and measuring performance to improve results. It is important for business owners to keep a pulse on key performance indicators. But, how are you measuring risk related costs? Some people may think that insurance premiums are the only cost associated with risk, but we need to look at the bigger picture.
Construction Industry Faces Challenges Heading into 2021
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
As a result of COVID-19’s impact on the overall economy, the construction industry will likely see some strong head winds not only operationally, but also from a risk management and insurance standpoint in 2021.
2021 Insurance Game Plan
Author, Dave Garcia, President, Rancho Mesa Insurance Services, Inc.
As we come to the end of 2020, the most challenging year most of us have ever experienced, where COVID-19, wild fires and other natural disasters took their toll emotionally, physically, mentally and financially on all of us we can only hope for a brighter 2021.
Preparing the Home Care Industry for 2021
Author, Chase Hixson, Account Executive, Rancho Mesa Insurance Services
This past year has brought significant changes to many industries as they navigated the effects of COVID- 19. This article gives an overview of the effects to the home care industry and what employers can do to be better positioned in the marketplace.
4 Key Factors in Developing a Motor Vehicle Report Program
Author, Jeremy Hoolihan, Account Executive, Rancho Mesa Insurance Services, Inc.
Auto liability is often one of the most substantial risks a business will have. Driver selection is one of the most important evaluations a business can do to prevent accidents. It’s been proven that drivers with a history of moving violations and accidents pose a higher risk for organizations. Best practices for reducing this risk allow only safe drivers to operate a company vehicle.
A Tree Care Company’s Guide to the Annual Workers’ Compensation Audit
Author, Rory Anderson, Account Executive, Tree Care Group, Rancho Mesa Insurance Services, Inc.
The premium for your workers’ compensation policy is based on the type of work you do, and the amount of payroll incurred. By maintaining proper payroll records, segregating the wages earned by your employees, you may reduce the cost of your workers’ compensation insurance. The final audit is the process that calculates the last premium due. It compares the estimated payrolls to actual wages paid during the policy year. The audit may result in a refund or additional premium due. Workers’ compensation audits also determine if the classification codes quoted at inception accurately reflect the scope of work performed during the policy period. Insurance carriers charge more premium for higher risk operations, like tree trimming.
Get Your Bond Account in Shape for 2021 – A Surety Company Perspective
Author, Matt Gaynor, Director of Surety, Rancho Mesa Insurance Services, Inc.
As we wind down the 2020 year, it is important for our contractor clients and prospects to start planning how the 12/31/2020 fiscal year end financial statement will look. The bond companies will use this information to set your 2021 Bond Credit Line for approval of your projects.
CAL/OSHA Adopts Written COVID-19 Prevention Plan
Author, Emily Marasso, Media Communications Assistant, Rancho Mesa Insurances Services, Inc.
On November 19, 2020, California’s Occupational Safety and Health Administration (Cal/OSHA) Standards Board adopted temporary emergency standards to protect workers from COVID-19. These standards are expected to go into effect November 30, 2020, upon approval from the Office of Administrative Law.
COVID-19 Workers Comp Surcharge Coming to California
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
Adding frustration to the growing concerns for businesses dealing with COVID-19, the Workers’ Compensation Insurance Rating Bureau (WCIRB) has recommended California employers pay a COVID-19 surcharge on their 2021 workers’ compensation policies.
AB 685 Creates New Notice and Reporting Requirements
Author, Sam Brown, Vice President of the Human Services Group, Rancho Mesa Insurance Services Inc.
On September 17th, 2020 Governor Gavin Newsom signed into law Senate Bill 1159 (SB 1159) and Assembly Bill 685 (AB 685), both COVID-19 related bills. Both pieces of legislation will impact how employers respond to incidents of COVID-19 infections. This article will help business owners understand AB 685’s heightened occupational health and safety rules. Employers also need to understand how AB 685 grants California’s Occupational Safety and Health Administration (Cal/OSHA) greater enforcement powers.