A recent survey by Opinion Research Corporation (ORC) of Princeton, N.J showed that most small business owners are not fully aware of the financial risks involved in obtaining workers’ compensation insurance through self-insured groups. According to an article in Marketwatch.com, the recent Small Business Opinion Poll showed that most small business owners and managers are not aware that they could be legally and financially responsible for the entire costs of workers’ compensation claims owed by their self-insured group. Among the possible financial dangers associated with self-insurance are: failure of the largest company in the group, successive years with serious injuries, and the responsibility for paying out claims for up to five years–even if a small business leaves a group. Self-insured group members also assume “joint and several liability,” sharing liability among members on a pro-rata basis. For example, in a worst case scenario, a small business which pays 8% of the contributions to the trust set up to pay injured workers would, if the trust develops a deficit, be liable for 8% of all injured workers payments for the life of their claims.

by: Christine Zafra

Whether due to negligence on the part of the victim or the faulty equipment in the construction site, one fact remains: the victim died on his/her workplace.

Now, leading New York construction accident lawyer David Perecman is becoming worried about the worsening conditions of construction sites where a lot of workers sacrifice their lives for work’s sake. According to New York Times, a total of 10 deaths already happened for the past 3 months in the year 2008. One building already received 25 building code violations but the authorities weren’t able to do anything about it.

Now the question is this: is greed really a priority over safety?

Photo taken from http://www.rsc.org.uk

by: Christine Zafra

Assure UK Business Insurance is not quite making a good name in the business insurance industry. Although their prices are competitive (lower than most business insurance companies), some claim that enrolling a premium in their company is not worth it. Why? Their customer service (if they ever have one) is poor. UK Insurance Index, a website that allows customers to comment on certain services offered by insurance companies in the UK, had there posted in their official page a review of the said company. The commenter said that his/her request to cancel the premium took days (or even weeks!) and that a lot of “promised calls” were made but no calls came back from the said insurance company.

Photo taken from http://machinedesign.com

by: Christine Zafra

Ever since the 9/11 attack in the United States, many countries have been very wary about their own security. A lot of conspiracy theories were formulated since the area where the planes were spotted was a “no fly zone”, but nevertheless, if it was really an attack from another country, people should now be precautious of their surroundings.

Or so we thought. Marsh, a risk management company found out that most of the businesses in London, whether large or small, are not prepared if things go the wrong way. Some proponents of Marsh say that although these small-time businesses can’t do anything to thwart future attacks, they can do some precautionary measures, through some risk management strategies, to prevent further damages.

Photo taken from http://www.bedfordhospital.nhs.uk

by: Christine Zafra

Different kinds of factory accidents nowadays happen. I have posted a previous article in this website that concerned another factory accident in Italy that killed some of their 7 workers—the said incident setting off a very disturbing fuss amongst the Italians.

Again, another one happened in Dubai.

A fireworks factory happened to explode but the source of explosion was not from the fireworks factory itself—it was from another source. The said explosives only worsened the case and almost 80 other storage rooms were turned into ashes. The estimated amount of damages was computed by Emirates Insurance Association, amounting to $150 million.

Photo taken from http://www.thesun.co.uk

by: Christine Zafra

As you prepare your usual coffee in morning to bring it to your office (or someplace else), you smell the aroma of fresh coffee beans being brewed. As you pour the liquid inside your Stanley thermos, an unfamiliar sound startled you. BANG! Suddenly, your surroundings become black.

No, it’s not that you’re injured. It’s due to the charcoal that splattered from the thermos. The 2005 edition of Stanley thermos were withdrawn in the market because of some handle issues. If the vacuum cover of the handle is broken, chances are, it’ll explode and charcoal powder will burst in the air. A family in Arkansas sued the company (since most of their belongings had black powder in/on it) and the owners of Stanley thermos were more than willing to pay and assist them for the damages.

Photo taken from http://www.cpsc.gov

by: Christine Zafra

American and British proponents of risk management have agreed to include ERM (enterprise risk management) in the credit ratings of the companies. Although ERM is included in rating banks and other financial companies, they plan to include almost all companies now with their wider coverage (both public and private). They said that it’ll have a good effect on the companies because if ever the company gets a high risk management evaluation, the higher the chances that it’ll be given a much better credit rating. Credit ratings are needed since these will determine whether the company is worth it of a hefty loan.

Photo taken from http://www.cartoonstock.com

by: Christine Zafra

An accident occurred in England 12 years ago: a worker was hit on the head with a steel (a part of a faulty apparatus) and as a result, suffered grave head injuries. The man had to undergo a lot of reparative operations (tried to aesthetically fix the damage done to his head) and other sorts of medical procedures just to make him function again. Apparently, the man got weary of the difficulties he was facing, and so, as a result, he committed suicide.

The wife felt that the company had to be liable—so she sued the corporation where her late husband had the accident. After years of battling in court, finally, the woman got her prayers answered: the highest court in England declared that the employer was indeed liable for the accident.

Photo taken from http://www.freewebs.com

by: Christine Zafra

A German-owned steel company in Italy had an accident around December of last year. The accident, caused by a fire, killed 7 employees and the Italians were angered by the lack of safety in the said company. Since then, working conditions in Italy are being criticized by the citizens. A lot of rallies had been organized after the December tragedy and major risk groups in Italy have questioned the German-owned company’s accountability to the said incident. The management of the steel plant has been continuously denying the connection of the fire with the working conditions of the workers in the plant.

Photo taken from http://www.firewebdesigns.com

DWF commercial firm oppose proposals by the Scottish Law Commission (SLC) to extend the time limit on personal injury claims from three to five years. The reforms are intended to help those bringing claims for occupational diseases including asbestosis and mesothelioma, but Simon Denyer, DWF insurance partner, says “they are out of kilter with other developments which will have the effect of speeding up cases”.

The English Government has drawn up plans to speed up the settlement of personal injury claims. Under the new proposals, lawyers will have five days after being contacted by a claimant in which to notify insurers of a potential claim. Insurers will have 15 days in the case of a motor claim and 30 days for a workplace or public liability claim, to decide whether or not they are going to settle.