Michael Stoop is the president of Metropolitan Risk Advisory. He leads a team of smart & proactive risk advisors whose acumen and protocols yield a substantive outcome for their customers. The goal is to achieve a cost efficiency and cost consistency that better positions them for growth and continuity in their native markets. Michael has been in the industry for over 20 years.
IRS Agenda for the Self Employed and for Small Businesses
If you are self employed or own a small business, you can view the IRS tax agenda to help you stay on track, meet deadlines, and lead to you success with small reminders and advice. The calendar includes forms and tools that you may need throughout the year.
You may also consider consulting business insurance, general liability insurance, or worker compensation insurance RIsk Advisorsto reduce risks and/or losses your business may be unaware of.
New Jersey Construction Company Violates OSHA Regulations and is Fined $58,000
Discovery Construction Corporation located in Newark, New Jersey failed to prevent dangers and falls at it’s work site. The violations include 3 repeat citations costing $48,840 and 2 severe citations costing the company $9,420. Employees on the job working on roofs eleven feet high must use two ladders that exceed three feet above the roof or area. Workers using pneumatic nails guns must wear protective gear to prevent injuries. The Discovery Construction Corporation did not have regular inspections. It is very critical for your employees and your business to adhere to OSHA safety regulations. If you are looking for any information about general liability or workers comp insurance, Metropolitan Risk Advisory can help you and your business determine ways to prevent any serious and detrimental events.
Records of loss experience affect the rise or drop in a company’s New York worker’s compensation insurance. The compensation experience mod plan lets employers manage expenses and implements a way to trim the cost of insurance specific to each employer. One company’s workers’ comp. loss experience is compared to the workers’ comp. loss experience of other similar companies to determine an experience mod. factor. A low rate of loss experience is graded less than 1.00 and the insurance premium is decreased. A company with a high loss experience is rated greater than 1.00 and its insurance premium is increased.
There are many ways to reduce your loss experience and better your modification experience factor as well as reducing costs.
The experience mod is based on loss data and payroll that is reported by insurers to the rating bureau. Insufficient or incorrect data can result in an inaccurate modification factor. Make sure your data is correct by reviewing payroll and loss worksheets.
Create a safety program or committee and establish rules. Have managers and supervisors measure performance and goals for safety and create incentives and distribute rewards for reducing injuries and reducing claims.
Provide regular training programs to teach safety regulations and procedures and remind employees of safety often.
Utilize your insurer’s safety and loss control programs to further reduce costs and risks.
Enforce safety checks, self-inspection, accident investigation, and maintain equipment and machinery and clean workspaces.
Make job requirements and specifications clear and hire appropriate employees for the job.
Keep a drug and alcohol-free environment and implement drug testing in the hiring routine and when an accident occurs, as well as random testing.
Look over loss runs and cooperate with the Department of Labor regarding loss control to reduce the frequency of your claims. Observe projects that often cause injury and find ways to solve the problem.
Be aware of dissatisfied workers and have human resources deal with these employees.
Work with a workers comp lawyer who can advise you.
Involve your insurer in all claims to find quick and efficient ways to deal with claims.
Your insurer may allow you to pay out of pocket for reported small medical claims to keep your experience mod factor down.
Let your employees, managers, and supervisors know the importance of reporting any injury immediately and following procedures.
Establish a claims management curriculum to control reserves and concentrate on effectively closing open claims. Reserves depend on the seriousness of the injury, the injury itself, and the extent of the claim. Examine loss information and correct inaccurate reserves.
Loss data six months before the effective date of the modification factor is reviewed by rating bureaus. Examine your loss runs regularly and set meetings between your claims admin. and your claims adjuster. Have at least one meeting each year with your insurer prior to submitting your loss data.
Participate in a division of workers conferences.
Some states allow employers the ability to choose the medical advisor to treat injured workers. Choose the best fit doctor to your company before any injuries occur. Search for a doctor with occupational health experience who know how to handle worksite injury.
Have your choice of physician to visit the workplace and become familiar with your business to increase the return to work rates.
Create a referral database of specialists your primary doctor can send workers if need be.
Uphold direct communication between the doctor and the employee. Follow all procedures the doctor recommends to the employee.
Introduce an injury manager to keep all doctors, employees, employers, and claims adjuster up to date with information.
Execute an appropriate return to work plan or a transitional job for the worker.
In the case that your worker is injured by a third party, let your insurer subrogate the claim against that party to decrease your workers’ comp. claim.
Taking initiative to reduce injuries will also reduce your experience modification factor and insurance premium as well as benefit your business in other ways. To find out other ways to save your business from further risks and losses, consult Metropolitan Risk Advisory for more information.
Health Insurers Must Validate Increases in Rates Above 10%
The Obama Administration demands that Health Insurers rationalize rate increases above 10% or deemed unfairly discriminatory, excessive, unreasonable, or unjustified, to protect patients. This act is to prevent unnecessary rises in rates, making health insurance too expensive for more and more families each year. By 2012, a rate increase threshold will be set for each state depending on the state’s insurance and medical costs trends. Coverage has been rising as a result of doctors and medical centers demanding high reimbursement rates which caused healthier and younger patients to terminate their coverage, leaving the sick in the insurance pool.
If an health insurance company needs to justify a rate increase, it must reveal proof containing claims experience, estimated medical costs, compensation, etc.
This gives us a little optimism for the next few years if you are a small employer who purchases NY Health Insurance or NJ Health Insurance.
Because of the economic recession and its affect on real estate prices, many homeowners are considering remodeling their homes instead of moving. These homeowners can save a lot of money, however, there are a few things to consider before making any final decisions:
-Estimate how long you will be living in the home. If it’s only for a few more years, maybe small renovations such as painting, refinishing floors, and replacing fixtures and lighting would be most appropriate. If you will be living in the house for more than five years, you’d have a great return on your investment by renovating a bathroom or kitchen.
-Try evaluating costs and ways to pay for the renovations. Renovators may acquire a home equity loan, personal loan, or line of credit if they are undergoing an expensive project or dipping into adequate savings for small projects is best.
-Contractor and subcontractors must have insurance coverage and has workers comp insurance. in the case that a worker is injured on the job. A home insurance coverage increase is appropriate if an extra room is being added, and before it is added in case anything is damaged before coverage is granted. Read through a disaster safety website to learn about the Institute for Business and Home Safety building codes and regulations. Place all receipts in a safe place.
-Save money by refurbishing plumbing, electrical wiring, and roofing can decrease insurance premium. Installing better insulation and new windows may decrease electric bills. Energy efficient appliances such as central AC, water heaters, and heating can be partially reimbursed by Federal and State tax credits and can also lower your costs.
A few of Obama’s Heath Care Reform laws took effect at the start of the year. These new laws will help over three million citizens with prescription bills and will improve patient care by requiring that health insurance co. cover at least 80% of premiums. Other laws introduced this year are:
-Seniors who enter the ‘doghnut hole’, a coverage gap where patients must pay for prescription bills between $2,700 and $6,100 will receive a 50% price cut on brand prescriptions. -If a Health insurance co. does not spend 80% of premiums augmenting care quality, by 2012, it must pay refund its patients. -A 10% rise in Medicare compensation will be given to primary care doctors and general surgeons. -Free preventive care including yearly checkups will be available to seniors -Hopsitalized Medicare recipients will no longer suffer unnecessary readmissions with the assistance of the Community Care Transitions Program. -Medicare and Medicaid will research ways to serve it’s patients better, cut prices, and improve quality.
This gives us some hope for the Health Care issue if you’re an employer who purchases NY Health Insurance or NJ Health Insurance and in the Manhattan, Queens, Brooklyn, Bronx, Staten Island, Westchester, Hudson, or Union County areas.
Tarrytown, NY is Liable for the Deaths of 2 Workers and Violating OSHA Regulations
On September 6, 2010, a Public Works employee and Village Firefighter for 30 years went down a manhole to clear a sewer and collapsed 20 feet down. A state Dept. of Transportation employee and Village Firefighter of 33 years went down the manhole to rescue the collapsed man. These two men died from low oxygen levels. The Dept. of Labor investigated this incident and discovered many violations which include the town’s failure to properly train workers or comply to laws regarding creating programs, following policies, and providing a safe work environment. The Public Employee Safety and Health Bureau (PESH) states that Tarrytown violated 4 serious regulations. The workers entered a confined space they were not trained authorized to go into, however, their supervisors let the workers proceed. Tarryown had a program for confined space training and procedures in 1990 but after the last worker retired by 2004, the program was discontinued. To prevent workers from entering manholes and sewers, the town used high powered water jets to clear sewer blockage and allowed workers to stay outside the confined areas.
May this be a reminder and wake up call for any town or business to provide a safe work environment. Make sure your business is following OSHA regulations to prevent any serious injuries or tragedies. If you are looking for any information about general liability or worker’s compensation, there are agencies that can help you answer your questions as well as help your business determine ways to stay protected from any serious and detrimental events.
Occupational Safety and Health Administration fines a United States Postal Service $80,000
A United States postal service has repeatedly violated safety regulations which is resulting in a $75,000 worth of fines. The postal service failed to provide lockout/tagout that prevents machines from turning on by accident, objects were stored next to or in front of the circuit breaker, there were unused openings on fire boxes, receptacle boxes, and electrical boxes, the use of inappropriate wiring, and the postal service failed to provide clamps on dock lights to prevent electrical strain. The postal service is penalized and fined $5,000 for not providing clear and visible exit signs and not fixing broken dock lights with exposed electric wires.
It is critical that any company follow OSHA regulations to protect your business and employees by reducing potential serious injuries and hazards. Metropolitan Risk Advisory specializes in protecting mid-size businesses by finding solutions to manage risks and reduce costs linked to risks and insurance risks. Metrisk is an agency that can help businesses with New York workers comp insurance, Manhattan, Queens, Staten Island, Bronx, Brooklyn business liability insurance, Westchester, Hudson, New Jersey workers comp insurance, Union County workers comp insurance, NY business insurance, general liability insurance in New York, agencies for workers comp insurance, business general liability coverage and more.
OSHA Advises New York and New England Employers to Use Safety Precautions and Procedures While Cleaning up After the Blizzard
This weekend’s past blizzard is the first of possibly more snow storms. OSHA advises employers, employees and the public of the dangers that can result from snow removal. Recovery from a large storm requires many risky tasks that need to be performed correctly and properly. The Dept. of Labor lists a few of the possible dangers and procedures you can take to reduce hazards.
The most frequent dangers: -Electrocution from collapsed power lines or ungrounded electric machinery -Falling from cleaning roofs, working on ladders or lifts -Getting crushed/stuck by a tree, branch, or other things that can fall from the weight of the snow -Carbon monoxide leaks from gas powered generators can be fatal if used in an unventilated area -Unsupervised power tools can result in serious injury -Black ice, slippery surfaces -Car accidents -Frostbite and hypothermia from prolonged exposure to the freezing temperature
Procedures to minimize risks: -Keep a distance from power lines and utility companies must coordinate -Ground all electrical machinery -Use fall protection and use ladders and equipment properly -Be cautious when in close proximity to objects covered in snow -When cleaning or maintaining anything, make sure all electric equipment is disconnected or guarded -Wear protective gear -Clear snow and use salt for snowy and icy walking surfaces -Mark working zones -Use reflective clothing -Minimize exposure to the cold by wearing protective equipment, use safe procedures, and use engineering controls
Following this advice and reducing hazards to protect your employees and business will also save you much trouble with NY business insurance, general liability insurance, workers compensation, etc in the New York: Manhattan, Brooklyn, Staten Island, Queens, Bronx, Long Island, Westchester, or Rockland County and in New Jersey.
