Category Archives: Business Insurance

Company Saves Money and Invests in Employees

WC_1209-01Safety was a major reason for the development of an Employee Assistance Program (EAP) at Chamberlain, a paving contractor in Laurel, MD that specializes in parking lot maintenance. During a three-year period, the company’s increases in Workers Compensation and Commercial General Liability exceeded 100%. By implementing a Safety Awareness Program, the company saw an immediate and significant decrease in the frequency of Workers Comp claims and vehicular accidents.

Because Chamberlain’s heavy equipment and trucks travel daily on interstate highways around metropolitan Washington D.C., the owners implemented an alcohol and drug policy. A local consulting firm helped develop this policy by working with the company’s human resource advisory group. The process included meetings with workers to explain the rationale for the new policy and provide an opportunity for employee input.

During these meetings, it became clear that designing an alcohol and drug policy would not magically solve all the negative effects associated with these behaviors. Employees needed a mechanism to deal with personal problems so that they could find help, take a leave of absence to deal with their problems, and then return to the company and improve their productivity.

The consultant recommended that Chamberlain use a qualified provider to implement and manage an Employee Assistance Program (EAP). This firm leads quarterly training sessions for all employees and counseling on family, financial, and other problems, in addition to those related to alcohol and drugs. Each year, a significant percentage of the Chamberlain’s work force seeks help from the EAP counselor, which shows the confidence of employees in this program.

The company supplements its EAP with a drug testing program managed by a separate organization that does drug testing before employment, after accidents, when there’s probable cause, and on a random monthly basis.

Since implementing the EAP and the drug testing program, the company has enjoyed a significant decrease in job-related injuries and accidents, absenteeism, and tardiness — while reducing its Workers Comp premiums by some $50,000 a year. Chamberlain is also benefiting from an improved quality of workmanship, greater customer satisfaction, and higher employee morale. What’s not to like?

For more information on keeping your workplace safe, contact Petschauer Insurance Company today!

PROFESSIONAL ERRORS AND OMISSIONS, PROTECT YOUR PRACTICE

Professional Liability insurance NY, funds losses caused by errors or omissions in the rendering of services. What does this mean? Professionals are human and errors do occur. In medicine and science, the client benefits from the best course of action suggested by an experienced practitioner at the time the service is rendered. The best course of action, though, has some risk of failure. It is wise to cover this potential.

Petschuaer InsuranceSome examples of typical professional liability claims include: An attorney misses a filing date for a lawsuit and the client loses the right to sue a surgeon removes too little, too much, or the wrong tissue. A hair stylist misuses chemicals and burns the client. A computer consultant provides incompatible software, causing damage

Some examples of actual, but unusual claims: Although machinery is tagged as under repair, a building inspector is held responsible for a new system because they merely reported the tag-out rather than investigating the nature of the repair required. A real estate agent sold a home that the listing agent reported as located in the wrong school district. The selling agent did not correct the error although they were never asked to verify the information. A stockbroker advises a client to sell some stock and balance their portfolio. The client refuses and loses money. The client sues for mismanagement.

Most professional services contracts offer advice, design, expertise, politics, negotiations, or any skill associated with a particular profession. Beyond laws and regulations, professions self-govern by way of setting minimum performance and ethical standards. When these performance standards are not met, either by an error occurring or an omission of an important service duty, a potential claim results. Expert witness testimony is often a feature of litigation in these claims to determine the definition and scope of the malpractice.

Doctors, lawyers, and certified public accountants (CPAs) spring to mind when discussing Malpractice insurance, Professional Liability, or Errors & Omissions insurance. How about architects, engineers, office designers, barbers, dog groomers, bankers, clergy, web site designers, software producers, or computer consultants? Any profession that provides a service instead of a product has a professional liability exposure. Almost any product includes some element of design. So, what separates a product from a service?

A service is defined by the acts of the professional, not by the finished product or outcome. Concrete contractors are covered by completed operations insurance; construction managers who select and supervise the concrete contractor fall under professional liability. If you provide a professional service, advise clients, act on behalf of a client, or provide an outcome or consequence rather than a specified product or completed operation, you need Professional Liability insurance.

Professional Liability policies define the acts, errors, and omissions covered both in general and specifically. Restrictions or exclusions are enumerated as well. Standard forms exist for many professions; however, different forms are used and it pays to have knowledgeable advice.

Reputation creates value in any professional practice. One major difference between standard business and professional liability is the professional’s right not to settle. The downside to this decision, however, is the policy limit of liability decreases for that claim to the accepted claim offer, including costs and legal fees, a very risky strategy. Claimants and their legal counsel prefer to negotiate with an emotionally distraught practitioner than a dollars and cents experienced adjuster who knows the potential court outcome.

With reputation and time away from the practice already at risk, remove the strain of total financial ruin from the equation and obtain Professional Liability insurance NY.

Petschauer Insurance in New York, offers high quality choices for Personal, Business and Health Insurance. Count on us for Homeowners Insurance, Auto Insurance,Workers Compensation, Umbrella Insurance, Life & Health, Fire & General Liability Insurance to meet all of your demanding needs for your business or personal life.

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