Understanding Your Workers Compensation Policy

Understanding Your Workers Compensation Policy Most people are familiar with workers compensation coverage and what it commonly covers: benefits or lost wages resulting from an injury or disease sustained while performing work related duties. This part of your workers compensation insurance policy is generally referred to as “Part One,” “Part A” or “Coverage A” – the part that covers the worker’s actual compensation. The other part of you workers compensation insurance policy is called "Part Two,” “Part B” or “Coverage B”...

Cyber Coverage: Higher Limits in High Demand

Cyber Coverage: Higher Limits in High Demand I know from many phone conversations that many of our insureds are becoming more aware of cyber coverage. We also certainly see more interest in increasing the limits from the $100,000 aggregate we include by endorsement to all our lawyers professional liability (LPL) policies. It is correct to ask, and to examine the cost involved. We all continue to read about cyber losses, primarily coming from cyber extortion. We are all also acutely aware of...

What Do ‘Earned’ and ‘Unearned’ Premium Mean?

What Do ‘Earned’ and ‘Unearned’ Premium Mean? Just like with the practice of law, the insurance industry seemingly has its own language. If you don’t work in insurance, it can be confusing – and even frustrating – to not understand the product you’re purchasing. To alleviate this, we’ve covered phrases like “claims-made policy,” “split limits” and even the name of the product itself. Here we’ll look at parts of your premium – specifically “earned” and “unearned.” First, let’s start with the premium....

PHIL’S CORNER: 2021 Policy Dividend – a Loyalty Reward

PHIL’S CORNER: 2021 Policy Dividend - a Loyalty Reward The OAMIC Board of Directors recently declared a policy dividend of approximately 5% of the earned premium for annual policy limits up to $1 million. This equates to about $448,000 to be paid to policyholders who have a current policy as of the Dec. 31, 2021, record date. I like to think of this year’s divided as a reward to those loyal policyholders. It is also a means to reduce your net cost...

Maintaining Professionalism While Working From Home

Maintaining Professionalism While Working From Home Whether your office has shifted to a partial or mostly work-from-home model, or you’re temporarily quarantining, you’re still a working professional. It can be difficult to maintain that professionalism when you don’t have the regular “get up, get dressed, go to the office” routine. So, how do you prevent the slow (or maybe not-so-slow) slide that turns work-from-home into work-from-bed? 4 Tips to Maintain Professionalism Have a Workspace This affects most of the tips below. If you haven’t...

Do I need a workers compensation policy?

Do I need a workers compensation policy? A brief history of workers compensation insurance Before workers compensation insurance statutes were adopted by most states, injured workers could sue their employers to recover medical expenses, lost wages and other damages resulting from work-related injuries. Employees first had to prove the negligence of their employer in a lengthy, costly and ambiguous process. The employer would sometimes then retaliate, making the process even more difficult. The employer could claim the employee contributed to the accident,...

PHIL’S CORNER: Employment Practices Liability Insurance, Even for Solos & Small Firms

PHIL'S CORNER: Employment Practices Liability Insurance, Even for Solos & Small Firms Did you know employment practices liability coverage (EPL) can be added to your lawyers professional liability (LPL) policy? Have you seriously considered it from a cost/benefit standpoint? The answer is obviously yes if your firm has added it, as about 47% of our insured firms have. If not, is it because you are uncertain about what it covers and the underlying exposure? In 2020, the EEOC received approximately 70,000 discrimination...

Setting & Keeping Resolutions (or Other Goals)

Setting & Keeping Resolutions (or Other Goals) According to every survey out there, the top new year’s resolutions are fitness related – usually “lose weight” coupled with or followed closely by “exercise more.” Unfortunately, these are also the most abandoned resolutions too. Interestingly, it’s not just those types of resolutions though. They say somewhere around half of all resolutions are abandoned. Remarkably, one-third don’t even make it past January. In fact, a study by Strava even pinpointed Jan. 19 as “Quitters...

PHIL’S CORNER: With A Little Help From Our Friends

PHIL'S CORNER: With A Little Help From Our Friends I know, now you will be singing that song – or at least that line – the rest of the day! With all the uncertainties the past couple of years, we are even more thankful for our insureds (friends) than ever before. That is appropriate for this time of year. One thing the pandemic has taught us out of necessity, even if not the desired method, is that we can accomplish a decent...

Ease Your Stress: Declutter!

Ease Your Stress: Declutter! We all know life at work can be stressful – projects piling up, deadlines to be met, time constraints to battle, human and technical interruptions. Then, add clutter to the mix and it’s no wonder we are stressed! You may not think clutter is a big factor, but it can add to our stress and affect our efficiency in a variety of ways. Psychologists and researchers have discovered that clutter is one of the leading factors that affects...