Oklahoma Insurance Department’s Consumer Assistance Division Recovers $2.6 Million for Oklahomans. Read about it! http://t.co/MrKvt8O Contact Sean Leigh for any Commercial Insurance questions.
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Laura Moxley, SPHR is Founder and President of Your HR Resource, a Norman-based human resources and benefits consulting company.
Your HR Resource specializes in Health Benefits, Employee Handbooks, Employee Relations, Compliance, Anti-discrimination training, Employee Complaint Investigations, and Payroll Administration. Laura has over 15 years of human resources experience serving much of that time as HR Director for a large privately held company. Laura earned a BA from the University of Oklahoma, has a Professional Certificate in Human Resource Management, and is certified as a Senior Professional in Human Resources (SPHR) through the Society of Human Resource Management (SHRM). She is also a licensed health insurance producer.
Laura frequently speaks to groups on various HR topics and currently serves as Director of the Oklahoma State Council for Human Resource Management.
Laura also currently serves on the State Chamber HR Committee and the Governor's Council for Workforce and Economic Development. In 2010, Laura was named as one of "50 Making a Difference" by the Journal Record's Woman of the Year program. The program recognizes Oklahoma women for leadership in business and service to their communities.
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Typically these coverages can generally be placed in a captive or group captive:
You can also consider a Captive for a single line of coverage. A good example of this is professional liability. If you pay a high premium for this or have unfavorable terms (deductibles, and payment terms) you may want to consider a captive to insure some or all of this line of coverage or even to insure deductibles.
]]>by Laura M. Moxley, SPHR
Laura Moxley is Founder and President of Your HR Resource, a Norman-based human resources and benefits consulting company. Your HR Resource specializes in Health Benefits, Employee Handbooks, Employee Relations, Compliance, Anti-discrimination training, Employee Complaint Investigations, and Payroll Administration. Laura has over 13 years of human resources experience serving much of that time as HR Director for a large privately held company. Laura earned a BA from the University of Oklahoma, has a Professional Certificate in Human Resource Management, and is certified as a Senior Professional in Human Resources (SPHR) through the Society of Human Resource Management (SHRM).
She is also a licensed health insurance producer. Laura frequently speaks to groups on various HR topics and currently serves as Director of the Oklahoma State Council for Human Resource Management.
Laura also currently serves on the State Chamber HR Committee and the Governor’s Council for Workforce and Economic Development. In 2010, Laura was named as one of "50 Making a Difference" by the Journal Record’s Woman of the Year program. The program recognizes Oklahoma women for leadership in business and service to their communities.
]]>Chris Griswold, P.C. was established in 2001 by Chris Griswold with the desire to provide top-notch legal services to the commercial real estate, energy and business communities. Chris has acted as corporate counsel for Fortune 500 companies including, Pier One Imports, J.C. Penney Corporation, and Wich Franchise, Inc. He has spent the majority of his career performing major commercial transaction work.
When: Wednesday, July 20, 2011
Time: Registration - 8:30 am
Seminar time: 9:00 am - 11:00 am
Where: Professional Insurors Training Center
7301 Broadway Ext.
Suite 200
Oklahoma City, OK 73116
Cost: $50 for Clients
$75 for Prospective Clients
Click here to Register Now or RSVP to Veda Christian vchristian@pi-ins.com or 405-843-9191
]]>Oklahoma Insurance Department’s Consumer Assistance Division Recovers $2.6 Million for Oklahomans. Read about it! http://t.co/MrKvt8O
I see quite a few contractors advertising they are "bonded and insured." If someone is bonded, they are most likely a pretty good company. Basically what bonding does is insure that the job gets done. The most common type of bond is a performance bond. Lets do an example.
You are a subcontractor and want to bid on a relatively large commercial job and the GC or owner requires you to be bonded for that bid amount. So you work up your bid and think it will be around a $100,000 job. Well you now must have a performance bond that says you can complete that $100,000 job. What the bonding company will do is ask for your financials, your job history, a list of your largest jobs, references, maybe some DNA, just kidding on the DNA. Bonding companies are very thorough. Basically they are assuring the GC or owner that you can complete the work you bid on. If you were to bail out, and not complete the job, then the bonding company is on the hook to get it done. Getting bonded is quite a process, so it benefits you to go ahead and complete the process before you ever really need a big bond. It's like having a line of credit. You didn't start out with a $500,000 line of credit, you probably started out with $25,000 and have built up to that larger amount. Same thing with bonding. You may not need a bond right now, but if you have it all set up and get the opportunity to bid a large commercial job, you aren't scrambling to get it done.
One last thing, you don't actually pay for the bond until you get the job. So you aren't spending money to set this up for no reason. However, for bonds over $250,000 you might incur some accounting expenses. The bonding company will require CPA prepared financials. But, if you are only shooting for a bond amount below $250,000 it should be very easy.
My advice, even if you are not currently working big commercial jobs, go ahead and get the bonding process started. That way when you are asked by one of your customers to bid on their new building project, you are ready to go.
For more information on bonding, contact Sean Leigh.
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biggest exposure for a claim in the landscape industry. Also, typically it is the most expensive part of your insurance. Below is an article from DIRT risk management. The article gives a good understanding of how important handling work comp claims can be.
Mistakes are measured in time and dollars. Makes sure you avoid these 10 mistakes.
When trying to control your organizations workers’ compensation claims it is imperative that the appropriate actions are executed promptly and correctly.
Managing your Work Comp cost is something that needs constant attention. We can make sure that happens. For more information, contact Sean Leigh.
is high likelihood they are missing key coverage's. Insurance companies are all different, however the one thing they have in common is they all like good information. As an insurance agent it is my job to ask the questions that my insurance companies want to know. Providing the insurance company with complete and accurate information will help tremendously in getting good pricing and good coverage. Why would you want to pay for a policy that may not have the coverage you need?
Good information equals a good quote. Take for instance a landscape company and a work comp quote. There are different rates for lawn maintenance, landscape gardening and clerical. It is important as a company to break these down by payroll in order to get the best overall pricing and coverage. And for general liability purposes, it's important for the insurance company to know exactly what work you perform. If you are simply doing lawn maintenance that's pretty easy. However, if you install waterfalls, pools, outdoor kitchens, etc, your liability increases. The reason for this is you have more exposure for something going wrong. Now, if you as a business owner subcontracts these bigger jobs out, the insurance company wants to know if your subcontractors have their own insurance. The reason for this is because if they don't have insurance, your general liability would be the one paying in the event of a claim.
Insurance is transferring risk. You as a business owner buy insurance to transfer your risk to an insurance company. The insurance company wants to transfer the risk to your subcontractors insurance if possible. For more information, contact Sean Leigh.
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