Industry News
Author, Megan Lockhart, Client Communications Coordinator, Rancho Mesa Insurance Services, Inc.
Recently, SafetyOne™ released new updates to the Company News feature of the platform. These updates include a new company news recipient user and added email notifications for all users.
Author, Megan Lockhart, Client Communications Coordinator, Rancho Mesa Insurance Services, Inc.
Recently, the Cal/OSHA Standards board approved stricter standards for occupational lead exposure in both the construction industry and general industry.
Author, Matt Gorham, Account executive, Rancho Mesa Insurance Services, Inc.
In an effort to keep up with wage inflation, California’s Workers’ Compensation Insurance Rating Bureau (WCIRB) has recommended increases to all 16 construction dual wage thresholds, which, if approved, would impact policies beginning on September 1, 2024 and could drive up insurance premiums for those unaware.
Author, Megan Lockhart, Client Communications Coordinator, Rancho Mesa Insurance Services, Inc.
Recently, the State of California has made several important updates to labor pamphlets that must be provided to employees.
Author, Rory Anderson, Account Executive, Rancho Mesa Insurance Services, Inc.
Tree care companies use specialized vehicles and equipment to perform their work. These assets are vital to the success of the company. To maintain their effectiveness, the machines need routine maintenance and upkeep. Issues arise when they break down, so it’s important to repair them immediately to limit business interruptions such as decreased productivity and profitability. The maintenance of the machinery can be a full time job, and some tree care businesses are lucky enough to have an employee, or a team of employees, dedicated to shop maintenance.
Author, Anne Wright, Surety Relationship Executive, Rancho Mesa Insurance Services, Inc.
As we have shared with our clients and viewers in the past, Rancho Mesa finds a tremendous amount of value in memberships of various trade associations. Becoming involved in these associations by attending events, and participating in committees, ultimately at board level, has allowed for a deeper understanding of the construction industry that we bond. I have found value in following legislation changes that affects the industry, as well as learning about the issues and processes available for contractors to run safer jobs, be more competitive in the industry, and manage contracts and financial reporting. It has made me better at what I do as a surety agent.
Author, Sam Brown, Vice President, Human Services Group, Rancho Mesa Insurance Services, Inc.
The first quarter of 2024 is in full swing and the insurance industry is already feeling the rising cost of insurance claims, often referred to as social inflation. Commonly discussed reasons for social inflation include socioeconomic, legal, and behavioral trends that produce costly lawsuits, according to research conducted by The Institutes. In addition to these familiar observations, a relatively new factor is now playing a role in large lawsuits: third-party litigation financing.
Author, Jack Marrs, Associate Account Executive, Rancho Mesa Insurance Services, Inc.
In the world of nonprofit management, the departure of an executive director can cause a time of uncertainty. This kind of challenge is why all nonprofits need a well-crafted executive transition plan. This plan is not just a roadmap for navigating the change in leadership but a tool for sustaining and growing the nonprofit's mission. In this article, we will dive into the importance of having an executive transition plan, the key components that make up an effective plan, and the benefits it brings to the nonprofit sector.
Author, Matt Gaynor, Director of Surety, Rancho Mesa Insurance Services, Inc.
We have entertained several recent submissions from our construction division prospects looking for bonding support of their companies that are majority owned by a private equity firm. The traditional surety market will push back on private equity submissions pointing out the goodwill and large amount of debt listed on the balance sheet. Throw in the limited indemnity package offered in support of the bond program and we have created a perfect storm for the account to be declined without any actual underwriting taking place. But there is hope!
Author, Casey Craig, Account Executive, Rancho Mesa Insurance Services, Inc.
One of the biggest ongoing challenges in the construction industry today is hiring and retaining quality employees that can help build on a company’s foundation. Growing a construction company in a sustainable way through internal promotions while also integrating new hires can separate one company from its competitors.
Author, Megan Lockhart, Client Communications Coordinator, Rancho Mesa Insurance Services, Inc.
It's that time of the year again, when employers review their work-related injuries and illnesses from the past year and fill out their OSHA 300A Form. Companies in designated industries must electronically submit the 300A Form to OSHA by March 2nd, 2024. As this deadline swiftly approaches, let’s review further details of these requirements.
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
Every year, Federal OSHA conducts thousands of inspections and issues costly citations to companies. So, it is imperative for business owners and safety managers to be aware of the most common citations and how to avoid them through effective safety programs.
Author, Jeremy Hoolihan, Partner, Rancho Mesa Insurance Services, Inc.
For the last several years, the insurance industry has seen a significant increase in auto rates. In 2023, the top ten auto carriers in the US all saw double digit rate increases. This, in addition to the rate increases we’ve seen since 2018, equates to rates anywhere from 20-50% higher than we had just a few years ago. According to US auto insurers, these rate increases are still not keeping up with the skyrocketing claim frequency and severity. Therefore, we are likely to continue to see auto rates increase before things level off.
Author, Andy Roberts, Surety Account Executive, Rancho Mesa Insurance Services, Inc.
Retention is a very common practice within the construction industry that typically involves 5-10% of each payment to the subcontractor being withheld until the project has been completed. The purpose behind this is simple, it is designed to make sure that subcontractors satisfy their contractual agreements before they receive their last payment for the work they have done. While this practice serves a real purpose, it can cause significant issues for subcontractors if the payments are delayed.
Author, Kevin Howard, Account Executive, Rancho Mesa Insurance Services, Inc.
Construction companies nationwide are grappling with a shared challenge: a labor shortage propelled by various factors. In this article, we will explore these factors and highlight key areas that can contribute to managing bottom lines effectively.
Author, Megan Lockhart, Client Communications Coordinator, Rancho Mesa Insurance Services, Inc.
As of January 1, 2024, several COVID-19 claims reporting requirements are changing for employers in the State of California.
Author, Greg Garcia, Account Executive, Rancho Mesa Insurance Services, Inc.
Every business owner understands the correlation between their Experience MOD (XMOD) and what they will pay in workers’ compensation premiums. When the XMOD increases, there is a good chance that the workers’ compensation rates or premiums will rise as well. This is why it is so crucial to really hone in on company safety procedures to limit work-related injuries as much as possible. The reality is that even the safest company that does everything the right way is going to run into a workers’ compensation claim from time to time.
Author, Sam Brown, Vice President, Human Services Group, Rancho Mesa Insurance Services, Inc.
A non-profit organization’s culture and positive impact often flows through its strategically placed locations in the communities it serves. These locations, whether they be offices, group homes, childcare centers, or shelters all further the mission and may drive revenue. The cost to the organization if one of these locations becomes inoperable due to a property damage claim can often add undue stress to the finances and leadership. This article will address how business interruption insurance (BII) can address these costs.
Author, Rory Anderson, Account Executive, Rancho Mesa Insurance Services, Inc.
These days, everything is more expensive. Between inflation and supply chain issues, the cost of equipment is steadily increasing. As the tree care industry becomes more mechanized, we see new technological advancements in machinery and equipment that are greatly improving the productivity, profitability, and safety of the industry. These big ticket equipment purchases are a major investment for a tree care business. It is important to make sure that your assets are insured correctly so you can rest easy knowing that if something were to happen to them, you are properly covered. This can provide financial protection and affirm business continuity.
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