The State Compensation Insurance Fund, a government-controlled insurer which is the largest workers’ compensation insurance company in California, has announced that one of its efforts to cut expenses and streamline its operations will be to lay off approximately one quarter of its total 6,800 employees. Chief executive of State Compensation Insurance Fund, Tom Rowe, said that as many as 1,800 civic service workers will be eliminated by the end of June 2012, as the company has been determined to be overstaffed by about 30 percent. This is the first time…
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Buying business insurance to protect yourself and your company
Just as it is important to obtain insurance coverage when you own a house or a car, it is equally important to protect your business. If you are the owner of a company of any size, it is highly recommended that you speak with an independent business insurance agent in order to find out about the types of coverage that are available to you, and to help decide which ones are right for you. This is a decision that should not be rushed, as shopping around will help you to…
Read MoreNew report shows cost of workers’ compensation dropped during global economic crisis
In 2009, at the start of the global economic crisis, there was a decrease of 4.4 percent in the number of employees who had workers’ compensation coverage. According to a National Academy of Social Insurance report, this drop was the largest in twenty years. The result was that the cost to employers for providing the benefits decreased by 7.6 percent, reaching $73.9 billion that year; which is the most recent year with complete data. This drop closely mirrors the overall decline in employment in the country. According to the chair…
Read MoreFlorida court rules that illegal immigrants are eligible for worker’s compensation benefits
The Florida First District Court of Appeals has released its ruling on the case of HDV Construction Systems v. Luis Aragon. The case stems from a worker’s compensation dispute levied against HDV construction by Luis Aragon. According to the suit, Aragon fell from a roof while working, suffering from serious injuries that prevented him from working during the extent of his recovery. Normally, such a dispute would have been settled without bringing the issue to court, but one issue makes this case court-worthy: Aragon is an undocumented immigrant. Aragon was…
Read MoreIdentifying the insurance needs of a small business
One of the single most common problems with commercial insurance is, most small business owners understand that insurance is a necessity, but they struggle to understand what form of insurance is right for them. The need to make sure they have all of the coverage for their particular business, which can be very challenging, and no one wants to end up paying for more than they require. Often, it is advised that small business owners seek professional advice from trustworthy sources, such as an accountant, or an insurance broker or agent that specializes…
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