What Is an Experience Modification Rate?


Experience Modification Rate

An experience modification rate is a calculation insurance companies use to manage workers’ compensation costs. It assesses past claims of this type and determines the potential for additional lawsuits. How Experience Ratings Work Insurance carriers use the metric: actual claims/expected claims to compare your workers’ compensation claims to other businesses within your industry. The industry average is […]

February 3, 2021

Insurance as a Risk Management Tool for Commercial Laundries


Risk Management

Commercial laundry operations face a certain number of risks. For example, complex and expensive laundry equipment might malfunction, stopping operations and possibly damaging clients’ clothing or linens as a result. Water can back up, causing flooding and property damage. A comprehensive risk management plan can help mitigate some of the risks associated with operating a […]

January 8, 2021

3 Risks Every Boat Dealership Faces


Boat Dealership Risk

All dealerships face inherent risks, and boat dealerships are no exception. In addition to caring for their facilities on land, boat dealerships must manage the myriad risks that come with being on the water. 1. Property Damage Boats can incur damage from a number of sources, including test drives that are more commonly referred to […]

October 16, 2020