Insurance Incorporated Blog

Keeping expenses low and profits high is the old model for a successful business.

Birthdays, weddings, anniversaries and other special occasions are usually times that involve some pretty special shopping and celebrations. What can be forgotten in all the excitement is the potential impact that new items can have on insurance.

How much insurance do you need for your business? Depending on who you ask, you may end up with a whole range of different answers. 

Buying a home is exciting! However, it’s important not to let the excitement get you carried away to the point that you neglect to pay attention to the nuts and bolts aspects of a home purchase.

The thing most business owners hope, plan and dream for is to see their businesses grow and develop. However, if your business is growing well, you didn’t get there without good planning and the implementations of strategies along the way, to help protect yourself against setbacks and other losses.

The Workers Compensation Insurance Rating BUreau has completed it's report on insurer loss and premium experience through 12-31-2011.

Among the findings:

1. Statewide written premium (gross of deductible credits) reported by insurers has risen $1 Billion for the second consecutive year.

2. The WCIRB projects an industry average charged rate of $2.39 per $100 of payroll, which is 3% above 2010 and 11% above 2008, but the average charged rate is 62% less than the pre reform high in the second 6 months of 2003.

3. The WCIRB projects the 2011 accident year combined loss and expense ratio to be 126%. This represents the 4th consecutive year with a combined ratio over 100%.

4. The WCIRB project the 2011 accident year indemnity claim frequency is at approximately the same level as 2010, but is almost 9% higher than the frequency for 2009.

5. The WCIRB projects the average severity of an accident year 2011 claim is approximately $67,000 slightly higher than 2009 and 2010 years.

For more information about workers compensation insurance contact our office

The Workers Compensation Insurance Rating Bureau filed a 9.1 % increase in the pure premium advisory rate for California that the Insurance Commissioner approved less than six months ago. The July 1,2012 increase is in addition to the January,1 2012 37% increase that Jones appoved.  

The Bureau insists that an increase of this magnitude is necessary to combat the continued deterioration in the claims experience, as well as an uptick in claim frequency in 2010 accident year.

The proposed rate increases are for workers comp policies incepting on or after July 1 , 2012.

For more information contact our office.

 

Summer is fast approaching and in some areas that also means the beginning of the wildfire season. It’s time to start thinking proactively about preparing your home and surroundings and also reviewing your insurance. 

Exploring California business insurance quotes is one way of gathering information about a range of policies, what they cost and what they offer in the way of coverage.