In this special report, The Daily Transcript has partnered with Barney & Barney to take a closer look at the insurance industry. Topics include workers' compensation, employee health benefits and D&O liability.
Not long ago the California Legislature approved a workers' compensation reform package known as SB 899. This reform was designed to provide significant relief for California employers as it relates to their overall costs for workers' compensation coverage. The question now becomes what an employer can do to further reduce their exposures and take advantage of the opportunities made available through SB 899.
"There's no way this case is going to settle. The other side's completely unreasonable!" Well, maybe. Maybe not. Countless personal injury mediations begin with similar proclamations, only to end in settlement.
As workers' compensation rates soared in recent years, companies began to investigate different means of meeting their statutory obligations.
Public companies continue to enjoy decreasing Directors & Officers liability premiums, which are at a relative all time low. Coverage expansions are available, especially if underwriters are sufficiently leveraged through competition.
Employers are making voluntary insurance benefits available more than ever before. In the last five years, the growth in voluntary insurance premiums has been over 15 percent per year. It is extremely interesting that during this time of unprecedented growth, health insurance premiums have also increased dramatically.
Talk about a case of the tail wagging the dog. Once considered a cheap fringe benefit, health care costs could soon exceed an entry-level workers' cash compensation.
A 70 percent premium rate increase! Two months ago, a professional services company with 160 employees asked Barney & Barney to help them reduce the 70 percent increase in their medical premiums proposed by their medical benefits provider.
With historically low interest rates, premium financing is receiving more and more attention. This strategy has been used for many years and with today's low interest rates it is getting much consideration.
Read about the latest trends and outlooks on the industry as they relate to your business.
This special report, in collaboration with Barney & Barney LLC, discusses hot-button issues that affect the insurance industry, San Diego businesses and consumers today.