-Contractual Risk Transfer: Contractual risk transfer is a non-insurance contract/agreement between two parties whereby one agrees to indemnify and hold another party harmless for specified actions, inactions, injuries or damages. The ideal use and true purpose of contractual risk transfer is to place the financial burden of a loss on the party best able to control or prevent the incident leading to injury or damage. Presumably, the entity(ies) directly and actively participating in the activity have the best opportunity to prevent or avoid the loss; thus they are contractually required to protect an “innocent” supervising or non-participating party from financial harm following injury or damage. Contractual risk transfer through the use of indemnification wording (referred to as “indemnity agreements”) require the lower tier to “indemnify and hold harmless” the upper tier for the upper tier’s legal liability arising out of some action or inaction of the lower tier contractor.
-Loss Control Surveys: A loss control survey is an individual assessment of a place of business to evaluate possible hazards such as fires, water leaks, or any other catastrophes that may negatively affect your business or harm your employees.
-Safety Resources: Suggested topics: - Information to keep your home safe from burglars Tips for avoiding or minimizing ice damage to your home and auto Ways to lessen the risk for fire in and near your home Guidelines and software for creating home inventories
-Claim Review: -Workers Compensation Mod Analysis: It’s important to understand — and monitor — your experience modification rating (Experience Mod) because it has a direct correlation to how much you pay in Workers’ Compensation Premiums. The lower your Experience Mod, the less you pay in premiums. But to be able to use your Mod to effectively control costs, you must first understand how it works. In a nutshell, your Experience Mod compares your workers’ compensation claims experience to other employers of similar size operating in the same type of business. It’s the method for tailoring the cost of insurance to the characteristics of a specific business, but it also gives that business the opportunity to manage its own costs through measurable cost saving programs.
Contact the Valeri Agency today to find out which coverage is best for you!