Industry News
Author, Casey Craig, Account Executive, Rancho Mesa Insurance Services, Inc.
The Workers Compensation Insurance Rating Bureau (WCIRB) is an agency that compiles essential data annually which determines how your Experience MOD is impacted.. These factors establish the baseline average MOD of 1.00 for California companies that produce enough payroll and premium to qualify within the guidelines. These factors can change year to year and represent a key rate trend indicator for all policyholders.
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
Workers’ compensation rates have fallen steadily over the last ten years, but businesses in California still pay the highest rates in the country. In addition, California has the highest frequency of permanent disability clams, the highest medical cost per claim and the highest litigation rates per claim.
Author, Dave Garcia, President, Rancho Mesa Insurance Services, Inc.
In the past, we explored performance-based workers’ compensation programs. These plans can create a competitive advantage and an opportunity to monetize your company’s insurance program.
Author, Rory Anderson, Account Executive, Rancho Mesa Insurance Services, Inc.
Because stump grinding is done from the ground, it can create some confusion for tree care companies on how to properly classify this exposure for workers’ compensation insurance. It’s important to understand how and where to classify this exposure, so you’re not setting yourself up for an issue at the audit. The Workers’ Compensation Insurance Rating Bureau defines all class codes to help companies classify specific operations. Let’s look at how they define 0106 Tree Pruning, Repairing or Trimming.
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
Changes by the WICRB typically take place at the first of every year and can impact workers’ compensation Pure Premium Rates, Expected Loss Rates (ELR) and Wage Thresholds. However, the WCIRB has amended its filing schedule in 2021 to take effect September 1st.
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.
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.
Author, Lauren Stumpf, Media Communications Assistant, Rancho Mesa Insurance Services, Inc.
Rancho Mesa Insurance Services, Inc. would like to remind its clients that February 1, 2019 marks the start of the Cal/OSHA Form 300A posting period. The Cal/OSHA Form 300A is a summary of the company's annual work-related injuries and illnesses. It must be posted from February 1, 2019 to April 30, 2019.
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.
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.
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.
Rancho Mesa Insurance Services, Inc. has developed a six step guide to help employers navigate through the reporting of COVID-19 cases to their insurance carriers per California Senate Bill 1159 (SB 1159). The document will lead you through specific employee scenarios that will determine if you should report the claim.
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.
Author, Daniel Frazee, Executive Vice President, Rancho Mesa Insurance Services, Inc.
As California business owners continue incurring costs as they work their way through the maze of ever-changing COVID-19 regulations and protocols, prioritizing critical elements of your internal safety program can directly lower your insurance costs. Refocusing on key areas below will help present an effective, detailed submission to the marketplace that will lead to talking points with an underwriter for schedule credits and ultimately, lower rates and premiums.
Author, Sam Brown, Vice President, Human Services Group, Rancho Mesa Insurance Services, Inc.
As American employers navigate the Coronavirus Pandemic, many business leaders quickly adapted to a virtual office and virtual workforce. While many organizations anxiously wait for the day employees can all safely head into the office Monday through Friday, employers must adjust risk management practices to account for the virtual workforce.
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.
Author, Drew Garcia, Vice President of the Landscape Group, Rancho Mesa Insurance Services, Inc.
The workers’ compensation market for landscape companies in California has remained in a downward trend since 2015. As a result, landscape business owners have realized lower rates and subsequently aggressive premiums. The following are some key insights to help landscape businesses prepare for their 2021 workers’ compensation insurance renewal.
Author, Dave Garcia, President, Rancho Mesa Insurance Services, Inc.
As expected, California Governor Newsom signed Senate Bill 1159 (SB 1159) into law Thursday, September 17, 2020 and it will have several impacts on workers’ compensation and the presumption of the claim. Below is an outline of some of the more important elements of SB 1159. In simple terms, just remember three numbers, 4/4/14 - I’ll explain, later.
Author, Casey Craig, Account Executive, Rancho Mesa Insurance Services, Inc.
Injuries, accidents, and mistakes happen. When a work-related injury occurs, a common reaction from many business owners is an instinct to NOT report the injury to their workers’ compensation carrier for fear of increasing their company’s Experience Modification (EMR). However, they couldn’t be more wrong. Timely reporting of all claims is the first step in controlling claim costs and lowering their EMR.
Author, Alyssa Burley, Media Communications and Client Services Manager, Rancho Mesa Insurance Services, Inc.
With California Insurance Commissioner Lara’s recent approval of a special regulatory filing introduced to alleviate the burden COVID-19 workers’ compensation (WC) claims threaten to have on California employers, we reached out to several prominent carrier executives to share their thoughts.
Developing Solutions • Building Trust • Protecting Clients – ONE RELATIONSHIP AT A TIME.™
