NC Work Comp Insurance – Not All Rates Are Created Equal

If you have a business with employees in NC, then chances are you are have at least a passing familiarity with work comp insurance and how it is set up. In my conversations with lots of different types of business owners all across North Carolina, I have found that many wrongly assume that workers compensation rates are the same from one company to the next. Nothing could be further from the truth. This article will go over the rating process and how the rates are established and what this means for you, the business owner and insurance consumer.

Let’s start with the easy part, the policy coverage itself. In NC, all workers compensation policies have the same coverage form. The coverage is statutory, which means that it follows the current NC workers compensation statutes. Therefore, with the exception of a few items, all policies are basically the same. The rates however, are not the same.

Each insurance company has to file their rates with the NC Rate Bureau for each different classification of labor that they write. And while company A may love to insure landscapers and their rate would reflect that, company B may not want to write this class of business, so their rates might be higher for that classification.

So what does this mean for you? Well, if you own a business in NC and are buying workers compensation insurance, then you should take some time to understand the marketplace and make sure that you have purchased your coverage from a company that is eager to write your business and has the rates to reflect that eagerness. Also, in the past it may have been wise to always place your workers compensation insurance with the same company that handles your general liability insurance, your business auto insurance or your commercial property insurance. The workers compensation marketplace in North Carolina has changed quite a bit over the past 15 years and now there are many insurance companies out there that write only workers compensation insurance. We call these monoline work comp companies and they are a good choice for lots of NC business owners because the are not only able to offer very competitive rates on the classes of business that they want to write, but also, they often have loss control and back to work programs that are more effective and more helpful to small businesses.

At Clinard Insurance Group in Winston Salem, NC, we specialize in helping small businesses all across NC with their workers compensation insurance policies. We have created special insurance programs for plumbers insurance, HVAC insurance, carpenters insurance, painters insurance, restaurant insurance, floor and tile installers’ insurance, landscapers insurance and electricians insurance. If you need help with your workers compensation insurance or any other insurance policies, please feel free to call us, toll free, at 877-687-7557 or visit us on the web at www.ClinardInsurance.com.

The source information for this article was pulled from other articles which can be found at www.InsuranceAnswerGuy.com.

Same Sex Couples and Unmarried Couples Auto Insurance in NC

North Carolina law and the NC auto insurance policy language regulated by the NC Department of Insurance, requires that the named insured on the policy be the same as the name on the title of the vehicles insured on that auto insurance policy. This particular law creates an unfair advantage for those in a legal marriage over those in a committed relationship that is not recognized as a marriage by the laws of their state. This article will tell you how to overcome this disadvantage and allow those who are in committed relationships to obtain the same discounts as married couples.

First of all, let’s discuss what that unfair advantage is that married couples have over all other couples in committed relationships. In NC, if you have more than one vehicle on your policy, then you are entitled to a discount which is called the multi car discount. This discount is substantial, ranging from 15 TO 20 percent.

If you are in a committed, long term relationship with another person, and you both have cars in your own names, then in most cases in North Carolina, you will have to purchase 2 different auto insurance policies and because of this, you will miss out on the multi car discount. In addition, if you purchase a home together and want to apply the multi policy discount to your homeowners and your auto insurance policies, which will be another 10 to 20%, you will probably only be allowed to apply that to one of your two auto policies.

This position is inherently unfair but times are changing. At Clinard Insurance Group, in Winston Salem, NC, we have found several insurance companies that will allow us to apply the multi car and the multi policy discounts to both auto policies, thereby obviating this inequity. If you are in a committed, long term relationship with another person, be it same sex, or opposite sex, you owe it to yourself to investigate your situation and do what it takes to beat this price discrimination. The easiest way to do this is to give us a call, toll free, at 877-687-7557 or visit our web site at www.ClinardInsurance.com.

The source information for this article can be found at www.InsuranceAnswerGuy.com.

Replacement Cost Protection - Is It Missing In Your Insurance Policies?

Almost any type of insurance policy that you purchase that has a property insurance element will either include or exclude replacement cost coverage. This article helps you understand what it is and isn’t and where you may want to double check to be sure it is there for you when you need it.

Let’s start with a definition of replacement cost coverage. This is essentially a valuation clause that determines how your lost or damaged property will be covered under your insurance policy. The common choices are either replacement cost or actual cash value. There is also a functional replacement cost coverage but it is rarely used. For more information about functional replacement cost, please click here. Replacement cost is usually defined as the cost to replace the lost or destroyed item with a new one of like value and construction. For example, if lightning ran in on your 45 inch flat screen television, and you had replacement cost coverage on the contents on your homeowners insurance policy, then the replacement value would be what it would cost to purchase a brand new 45 inch flat screen TV. When policies don’t carry replacement cost protection, then the claim is usually settled using the actual cash value of the damaged or lost item. Actual cash value is usually defined as the replacement cost of the item minus any depreciation based on the age and past use of that item.

It is important that you take the time to review your insurance policies that include coverage for property to determine if you have bought replacement cost coverage or actual cash value (ACV) coverage. The difference in the size of the claim check that you will receive after a loss can vary a great deal, depending on which of these you chose. Most homeowners policies provide replacement cost coverage on your home automatically and allow you to choose RC or ACV coverage on your contents. There may be an additional charge for the RC coverage. Business property insurance policies rarely charge extra for replacement coverage, you just need to be sure that you are carrying high enough insurance limits to avoid any coinsurance penalties that might result from your policy form.

One oddball policy when it comes to RC versus ACV coverage is the auto insurance policy. If you carry collision coverage on your auto insurance, then you might have an opportunity to purchase replacement cost coverage on your newer vehicles. This form often allows you to replace your old, totaled vehicle with a brand new one even if the wrecked car is up to 5 years old. For more information about replacement cost coverage on the personal auto insurance policy, read my blog on that topic by clicking here.

If you are unsure about where you do and don’t have replacement cost coverage on your insurance policies, please take a moment and pick up the phone and call your agent. This could make a huge difference in the amount you might receive after a large loss and it is always easier if your expectations more nearly match what will really happen if and when you have a large property claim.

At Clinard Insurance Group, in Winston Salem, NC, we strive to help all insurance buyers become more informed consumers. If we can help you with your auto insurance, your home insurance, your business insurance or even your life insurance, please feel free to call us, toll free at 877-687-7557 or visit us on the web at www.ClinardInsurance.com.

You can find the source article for this document at www.InsuranceAnswerGuy.com.