Industry News
Author, Drew Garcia, Vice President, Landscape Group, Rancho Mesa Insurance Services, Inc.
For the first time in several years the Expected Loss Rate for class code 0042 has increased from $2.38 to $2.42, a 2% increase.
Bottom line, although very minimal, this should help bring the experience mod down.
Author, Daniel Frazee, Executive Vice President, Rancho Mesa Insurance Services, Inc.
As a business or firm, you are most likely aware of many risks that come with construction projects. Whether it is meeting the terms of a contract, maintaining employee safety on the job site, or dealing with natural disasters, every project has its own set of hazards. If not managed, these risks can compromise your projects and prove fatal to your bottom line.
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, 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…
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.
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.
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, 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.
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, 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.
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.
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, Casey Craig, Account Executive, Rancho Mesa Insurance Services, Inc.
Hiring is never an easy task, especially during a pandemic. Dealing with COVID-19 has made finding the right employees much more difficult for many business owners in the construction industry. Now is the perfect time to evaluate your hiring practices to ensure you don’t make a costly hiring mistakes that can affect your Experience Modification Rate (XMOD) and workers’ compensation premium long after the pandemic has passed.
Author, Alyssa Burley, Media Communications and Client Services Manager, Rancho Mesa Insurance Services, Inc.
Lately, we've been getting a lot of questions about California's required anti-harassment training, who has to complete it, when it's due, and how much it costs. This article will clear up any confusion; covering the history of the requirement, training conditions and deadlines, and the online training offered to Rancho Mesa clients.
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