When you have business insurance policies you will often hear the terms “insurance binder” and “certificate of insurance,” but do you know the difference?
A binder is a contract of insurance. It's called a binder because it "binds" your coverage and creates an insurance contract and is used temporarily until the policy is issued.
A certificate of insurance is a form of proof of insurance warranting that you have coverage for a specific period.
When selecting workers’ compensation coverage, employers may choose a fully-insured or self-funded plan, or they may participate in a self-insured group.
Fully-insured workers’ compensation
Under a fully-insured plan, employers pay a premium to an insurance carrier. In exchange, the insurance carrier assumes the financial and legal risks, paying all claim-related expenses. The benefits of this type of arrangement include:
Advances in technology affect everything and everyone, including workplace safety. The workforce is more tech-savvy than ever before, leading to changes in how we work and the availability of data.
With many safety programs out of date, it’s time to put technology to work to improve safety in the workplace. An article in Safety and Health Magazine suggest four ways technology can respond to today’s safety needs.
Injuries due to slips and falls are one of the most frequently reported workers’ compensation claims. While these accidents can happen anywhere, any time, they typically spike during the winter months. According to the U.S. Bureau of Labor Statistics, over 20,000 workplace injuries due to falls from snow, sleet, and ice occurred in 2016. Of those, 28 percent resulted in more than a month off of work.
Employees and visitors alike are at risk, but with a proactive safety plan, slips and falls can be prevented.
Across the country property and business owners have been overwhelmed by damage caused by tornados, fire, flood, and other disasters. For many, this is the first time they have experienced such loss, and they become targets of insurance fraud when questionable contractors show-up in damaged communities offering to clean and repair the damage, handle the insurance claim, and other services.
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