The New York Compensation Insurance Rating Board announced last week that the state Department of Financial Services (DFS) has approved a reduction in Workers' Compensation insurance loss costs. New York employers will see an average 2.6 percent decrease in the loss costs used to calculate their premiums effective Oct. 1, 2023.You can find the new loss costs in the board's announcement. Source
I'm told that today, July 18, is national Insurance Nerd Day. I had no idea. The Hallmark people must have forgotten to print cards for the occasion this year. I will take that matter up with them later. In the meantime, because it is a slow news day Insurance Nerd Day, I have been begged bribed threatened asked to pen a few words about this revered date on the calendar.What is an insurance nerd? How do you know if you are one? Well, if you didn't figure it out when you entered kindergarten, here are some signs. With apologies credit to that famous American philosopher Jeff Foxworthy,…
By: Colby AllenAs an insurance agency owner, managing risks within your book of business is crucial for ensuring long-term success and profitability. With so many places facing hard markets, it's essential to adopt strategies that safeguard your top and bottom lines while providing excellent service to your clients. In this article, we will explore three key areas that can help you effectively manage risks and actualize your agency's potential.Aligning with Multiple Partner Carriers Can Help De-Risk Your Top and Bottom LinesOne of the most effective ways to manage risks within your book of business is by aligning with multiple partner carriers. When it comes to…