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Work Comp Wednesdays – Do You Know Your Lowest Possible Experience Mod?

By Business Insurance, Insurance People of North Carolina, Workers Compensation

Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. What is a minimum experience mod? What is my organization’s min mod? How do I get to my minimum mod? Experience Mod Your Experience Modification Factor is an important part of determining how much you’ll ultimately pay for your Workers’ Compensation Insurance. The final number evaluates you against peers in your industry – whether that…

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Work Comp Wednesdays – 7 Secrets You’re Paying Too Much for Your Worker’s Comp

By Business Insurance, Workers Compensation

Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. Secret 1: Insurance companies don’t pay for employer injuries – they just finance them for you at an exorbitant cost You pay $2 to $3 to the insurance company for every dollar it pays out for employee injuries. Each claim results in the most expensive financing contract you have in your business. First,…

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National Cybersecurity Month – Risk Management Best Practices for Cyber Risk

By Business Insurance, Insurance People of North Carolina

  October is National Cybersecurity Awareness Month (NCSAM). For the 17th year in a row, the Cybersecurity & Infrastructure Security Agency (CISA) is spreading cybersecurity awareness through this year’s theme, “Do Your Part. #BeCyberSmart.” According to the CISA, “This theme encourages individuals and organizations to own their role in protecting their part of cyberspace, stressing personal accountability and the importance of taking proactive steps to enhance cybersecurity.” Industry Best Practices As is evident from the daily news reports, cyber related incidents are rapidly increasing, leaving businesses vulnerable to an attack.  Businesses can best protect themselves by establishing and frequently updating…

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Work Comp Wednesdays – What is a Workers’ Compensation Premium Audit?

By Business Insurance, Insurance People of North Carolina, Workers Compensation

  Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. Why was my work comp premium audit so high? Why do I owe money to the insurance company after my premium audit? How do I prepare for a premium audit? What do I need for a premium audit? Workers’ Comp Premium Audit Workers’ Compensation costs are a major expense item for most…

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Fleet Dashcams and Telematics

By Business Insurance, Insurance People of North Carolina

Business owners and general contractors are always looking for ways to save money. Often times the most effective way to save money is by setting up preventative measures. One such preventative measure, fleet telematics, not only saves on everyday operations but also on claim-related activity. We at Insurance People partnered with Azuga, a GPS Fleet Management Software company to provide this service to our clients. Azuga’s software allows the user to view when, where and how the vehicle was being used. They also offer a dashcam system for the vehicle, which is crucial for claim-management. No longer do business owners…

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Work Comp Wednesdays – How is Workers’ Compensation Insurance Rated?

By Insurance People of North Carolina, Workers Compensation

Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. Common FAQ’s: How much does my work comp cost? How is my work comp premium calculated? Work Comp Premium – Payroll & Job Classification: Although Workers’ Compensation insurance is one of the most frustrating coverages to understand, it is one of the easiest coverages to produce a quote. The main two factors used…

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Work Comp Wednesdays – What is the Experience Modifier?

By Business Insurance, Insurance People of North Carolina, Workers Compensation

Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. Experience Modifier Experience rating is a mandatory process that modifies the published rates for workers’ compensation coverage based on a comparison of your past losses to your industry’s average losses. Usually three years of loss experience are used to calculate the experience modifier (Ex Mod). An Ex Mod below 1.00 means your recent…

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School Safety Excellence Award – Healthy Start Academy

By Insurance People of North Carolina, Specialty Insurance

Insurance People is extremely proud to announce that our friends at Healthy Start Academy, are the recipients of Utica’s School Safety Excellence Award. Located in the West End of downtown Durham, Healthy Start Academy is the first recipient of this award in North Carolina. Healthy Start Academy (HSA), the first charter school in NC, opened their doors in 1997 and are leaders in the Charter School Movement. Utica has over 45 years of experience in this industry so to see them acknowledge an original member of this movement, shows their desire to reward success. Because of the current state of…

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Professional Liability for Dentists

By Business Insurance, Specialty Insurance

As a businessowner, it is imperative that all necessary coverages are in place. In the medical field, specially, businessowners should be prepared to have a policy in place to protect against claims of negligence. Professional Liability Insurance (PLI) is insurance that protects against this. In some fields, PLI is only offered as a “claims-made” form; however, for Dentists, an occurrence form is available as well. Depending on the type of coverage you desire, you have the option to choose either form. Our friends at Cincinnati Insurance analyze the “pros and cons” of each choice. For more information, please click here.

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Prompt Claims Reporting: Why Every Minute Matters

By Business Insurance, Insurance People of North Carolina

As insurance agents, our job is to help save people money as well as protect them from risks; however, accidents happen. Claims are an unfortunate part of the insurance industry and it is imperative that they are handled in a prompt and efficient manner. Reporting claims immediately after the incident can save you time and money. The faster a claim is reported, the faster it can be closed and paid. Builders Mutual wants to emphasize the importance of this process. For information, please click here.

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