At Risk Managers, LLC, we understand the importance of project planning in the construction industry, not just for completing projects on time but also for minimizing insurance risks. Over the years, we’ve identified common issues that can lead to claims and developed strategies to help mitigate these risks before they become costly problems. Step 1: Identifying and Assessing Risks The first step in any effective risk management plan is identifying and assessing potential risks. Through our work with construction companies, we’ve seen several recurring issues: Inadequate Budget: Budgeting miscalculations and waste can result in financial shortfalls that significantly affect project outcomes. One way to combat this is through construction project management software, which offers comprehensive budgeting, deadline tracking, and resource allocation tools. These systems help prevent budget overruns and ensure that funds are efficiently managed throughout the project. Poor Scheduling: Inefficient scheduling is another common cause of delays. Without clear communication between subcontractors, employees, and managers, schedules can quickly fall apart, resulting in project delays and potential claims. Establishing strong communication practices and using scheduling software can greatly reduce this risk. Safety Hazards: On-site safety is a critical concern in construction. Safety hazards can lead to injuries, fatalities, and project disruptions, which directly affect employee morale and overall timelines. Ensuring that safety protocols are strictly followed and regularly updated is essential for keeping projects running smoothly. Miscommunication: Miscommunication, both within the construction team and with clients, often leads to disputes and project inefficiencies. Keeping detailed records of all communications and regularly updating all parties involved can help prevent misunderstandings. Unforeseen Circumstances: External factors such as weather, accidents, or other unexpected events can disrupt project schedules. It’s essential to plan for these risks by setting aside a contingency budget and monitoring external factors, such as weather forecasts, to stay ahead of potential issues. Step 2: Strategic Response Preparation Once risks are identified, the next step is to prepare a strategic response. Whether you decide to accept, avoid, control, or transfer the risk, having a clear plan in place is vital. This might involve adjusting the project scope, implementing risk reduction measures, or transferring certain risks through insurance and contracts. For instance, using insurance policies designed specifically for construction projects can help mitigate financial impacts when unforeseen circumstances arise. Step 3: Efficient Loss Recovery Even with the best planning, losses can still occur. In such cases, having a loss recovery plan is crucial. This could include filing an insurance claim, invoking a lien or payment bond, or even pursuing legal action if necessary. At Risk Managers, LLC, we’re committed to guiding you through these processes, ensuring that you can recover quickly and efficiently from any setbacks. Project planning not only ensures smoother operations but also minimizes the chances of costly insurance claims. If you have any questions or need assistance in tailoring a risk management plan for your projects, don’t hesitate to reach out to our team at Risk Managers, LLC. We're here to help safeguard your business from avoidable risks.

Understanding the difference between employees and 1099 workers is crucial for managing your business effectively and ensuring you're compliant with insurance requirements. Here at Risk Managers, LLC, we aim to provide you with clear and concise information to help you navigate these distinctions and their implications for your insurance needs. Defining Employees and 1099 Workers Employees (W-2 Workers): Employees are individuals who work for your company on a regular schedule that you determine. They use tools and equipment that you provide and adhere to the policies and procedures of your business. As their employer, you have control over their work processes and outputs. 1099 Workers (Independent Contractors): 1099 workers, or independent contractors, are hired to complete specific tasks or projects. They set their schedules and use their own tools and equipment. Unlike employees, they are not subject to the same level of control and supervision by your business. Insurance Requirements for Employees When you hire employees, you are required to carry workers' compensation insurance. This insurance provides coverage for medical expenses and lost wages if an employee is injured on the job. Ensuring you have this coverage is not only a legal requirement but also a critical protection for your business and employees. Insurance Considerations for 1099 Workers For 1099 workers, the insurance requirements differ significantly: Certificates of Insurance: Independent contractors should carry their own insurance. As a business owner, you should collect certificates of insurance from each 1099 worker you hire. This documentation ensures they have the necessary coverage and protects you from liability. Subcontractors: When contractors work as subcontractors for another contractor, they must provide certificates of insurance. This practice ensures that all parties are protected and clarifies responsibility in case of accidents or damages. Special Considerations Workers' Compensation for Subcontractors: Sometimes, contractors might request proof of workers' compensation insurance. However, if a small subcontractor has no employees and operates alone as the owner, workers' compensation may not be necessary. In such cases, a waiver can be obtained from the state to formalize this exemption. You can obtain a waiver here. Key Points to Remember Employees must be covered by workers' compensation insurance provided by the employer. Independent contractors should have their own insurance, and you should collect certificates of insurance from them. Subcontractors working alone can waive workers' compensation if they have no employees, but a formal waiver should be obtained. Understanding these distinctions and insurance requirements helps ensure your business remains compliant and protected.  Ready to review your insurance needs? Schedule a consultation with Risk Managers, LLC today to ensure you have the right coverage for your business and workforce.

At Risk Managers, LLC we aim to help you better understand the fundamental concept of insurance and the role of insurance carriers in providing financial protection and peace of mind. Insurance is a means of safeguarding against financial loss, managed by companies known as carriers. Today, we're diving into how these carriers operate and the broader landscape they inhabit, enhancing your grasp of how your own coverage works. What is an Insurance Carrier? An insurance carrier, also known as an insurance company or provider, is an entity that underwrites and issues insurance policies. Companies like Geico, Allstate, or UnitedHealthcare are some well-known examples. These carriers can offer a variety of insurance types—ranging from home, health, pet, to auto insurance, and often bundle these services for convenience and savings. Carriers like Risk Managers, LLC offer a selection of policies tailored to meet specific needs. When you purchase a policy, you'll agree to pay a monthly premium to maintain your contract active. If an event occurs that's covered under your policy, you'd file a claim, and the carrier reviews, processes, and if approved, pays out the claim. Understanding Different Insurance Roles When navigating through insurance options, you'll encounter terms like carrier, agency, and broker, each representing different roles: Insurance Carrier/Company: This is Risk Managers, LLC, the entity that underwrites your policy and handles your claims. Insurance Agency/Agent: These are state-licensed individuals or companies authorized to sell policies on behalf of carriers. They might represent one major carrier or multiple carriers but are obligated to the insurance company. Broker: A broker acts as your personal consultant, helping you gather price quotes and choose the best policy according to your needs. Unlike agents, brokers are not tied to any specific carrier and are often required by law to act in your best interest. Admitted vs. Non-Admitted Insurers Insurance carriers can also be classified as either admitted or non-admitted: Admitted Carriers are backed by state insurance departments. They comply with state regulations and are subject to state oversight. If an admitted carrier faces financial failure, the state will assist in covering claims. Disputes over claim handling can also be appealed to the state's Department of Insurance. Non-Admitted Carriers are not state-approved and do not follow the same regulations. While they can cover higher-risk scenarios, there is no state guarantee on claims if the company fails. However, they are still regulated to some degree and are graded on their financial reliability. The Purpose of Insurance The fundamental purpose of insurance is to provide financial security against unforeseen events. By paying a relatively small premium, you secure a promise from the insurance carrier that they will handle significant expenses if certain incidents occur, depending on the terms of your policy. This exchange is at the heart of the insurance agreement with carriers like Risk Managers, LLC. Your Agreement with the Carrier When you purchase an insurance policy, you are entering into a contract with the carrier. This agreement stipulates that in return for your premiums, the carrier will pay out claims for covered incidents. Understanding the terms and conditions of this contract, including what is and isn’t covered, can save you from unexpected headaches at a time of need.  Navigating through insurance policies can be complex, but understanding these key components can help you make informed decisions about your coverage. Remember to review the financial stability of a carrier by checking ratings like those from AM Best, and consider consulting with a broker if you need help assessing your insurance needs. At Risk Managers, LLC, we're committed to providing you with the necessary tools and information to ensure that you feel secure in your insurance choices.

At Risk Managers, LLC, we're dedicated to helping you navigate the complexities of auto insurance. Whether you're a seasoned driver or a first-time car owner, understanding the basics of personal auto insurance is crucial in protecting yourself from financial losses. Let’s dive into what you need to know. Key Types of Auto Insurance Coverage 1. Liability Coverage Liability coverage is essential and mandatory in most states. It helps cover medical expenses and repair costs for which you are liable if you're responsible for causing an accident. This includes bodily injury liability, which pays for the treatment of other drivers' injuries in an accident you cause. Given the potential high costs of such accidents, it's often wise to opt for more coverage than the state-required minimum to safeguard your assets. 2. Property Damage Coverage This type of coverage is designed to handle costs associated with damage to another person’s property, including vehicles, buildings, and other structures, when you're at fault. Ensuring adequate property damage coverage is vital in covering potential expenses without impacting your personal finances significantly. 3. Medical Coverage This includes Personal Injury Protection (PIP) or Medical Payments (MedPay), which cover medical bills, rehabilitation costs, lost wages, and funeral expenses for you and your passengers after an accident. This coverage is crucial regardless of fault and is required in no-fault insurance states. Additional Coverage Options Collision Insurance Collision coverage helps pay for repairing your vehicle after an accident, regardless of who caused it. This coverage typically requires a deductible, and choosing a higher deductible can lower your premium costs. Comprehensive Insurance Comprehensive coverage provides protection against losses from non-collision incidents such as theft, vandalism, or natural disasters. Like collision insurance, this coverage also has a deductible, and it's not mandatory but often required if you have an auto loan. Full Coverage Full coverage typically refers to a policy that includes liability, collision, and comprehensive insurance, providing a comprehensive safety net against various types of financial losses. Specialty Coverages Rental Reimbursement : Covers the cost of a rental car while your vehicle is being repaired. Towing and Roadside Assistance : Pays for towing and emergency roadside help, but be aware that claims may impact your insurance record. Gap Insurance : Essential if your vehicle is totaled and you owe more on your loan than the car’s worth. SR-22 and FR-44 : Certificates needed to prove insurance coverage after serious violations like DUI. What is a Deductible? A deductible is an out-of-pocket amount you pay before your insurance coverage starts. For example, with a $500 deductible, if you have $2000 in damages, you pay $500 and your insurer pays the remaining $1500. This applies mainly to collision and comprehensive coverages. Why Opt for More Than the Minimum Coverage? While it’s tempting to save money by purchasing minimum coverage, investing in higher limits can protect you from significant financial strain if you’re liable for a major accident. Depending on your vehicle and financial situation, adding comprehensive or collision coverage can also be a prudent decision. Final Thoughts At Risk Managers, LLC, we understand that choosing the right auto insurance can be complex. Our team is here to help you make informed decisions that provide adequate protection and peace of mind. If you're ready to discuss your auto insurance needs or review your current policy, contact Risk Managers, LLC today, and let us help you secure the coverage that’s right for you and your vehicle. Safe driving starts with being properly insured—let’s ensure you're fully covered.

In the realm of insurance, the landscape is ever-evolving, responding to various economic factors that shape the costs associated with coverage. If you've recently noticed an uptick in your insurance premiums, you're not alone. Many policyholders are experiencing increases in their rates, and understanding the underlying reasons behind these changes is crucial. At Risk Managers, LLC, we're committed to empowering our clients with knowledge, so let's delve into why insurance rates are on the rise and what steps you can take to mitigate these increases. Factors Contributing to Increased Insurance Rates Numerous challenges are currently impacting the insurance industry, contributing to the upward trend in insurance costs. Here are some key factors to consider: 1. Housing Material and Labor Costs: The construction industry is facing unprecedented challenges, with skyrocketing prices of housing materials and labor shortages. Lumber and other construction essentials have become significantly more expensive, driving up the costs associated with property insurance. 2. Chip Shortage: The global shortage of semiconductor chips has reverberated throughout the automotive industry, resulting in higher prices for vehicles. Consequently, the cost of auto insurance has risen, reflecting the increased expenses associated with repairing technologically advanced cars. 3. Auto Repair and Labor Costs: As more individuals opt to keep their vehicles on the road for longer periods, the demand for auto repairs has surged. Supply chain disruptions and staffing shortages at repair shops have further exacerbated the situation, leading to inflated costs for car parts and labor. Understanding the Impact of Inflation Inflation, the general increase in prices of goods and services over time, plays a significant role in driving insurance rates higher. As consumer prices rise, insurers must adjust their premiums to account for the increased costs associated with claims payouts, repairs, and other operational expenses. In December, consumer prices rose by 3.4% from the previous year, with motor vehicle insurance premiums experiencing a staggering 20.3% increase—the largest spike since the mid-1970s. Tips for Lowering Your Premiums While rising insurance rates may seem inevitable, there are proactive steps you can take to help alleviate the financial burden. Here are some strategies to consider: 1. Explore Available Discounts: Many insurance providers offer various discounts based on factors such as safe driving records, bundling policies, and remaining claims-free. Take the time to inquire about available discounts and see if you qualify for any that could lower your premiums. 2. Consider Increasing Your Deductible: Opting for a higher deductible can result in lower monthly premiums. However, it's essential to assess your financial situation and ensure that you can comfortably cover the deductible in the event of a claim. 3. Bundle Your Policies: Consolidating your home and auto insurance policies with the same provider often leads to significant savings through multi-policy discounts. 4. Maintain a Good Driving Record: Safe driving habits can not only keep you and others safe on the road but also help you qualify for lower insurance premiums. Consider participating in safe driving programs offered by your insurer to further reduce your rates. 5. Explore Payment Options: Some insurers offer discounts for enrolling in automatic payments or paying your premiums upfront for the entire year. Explore these payment options to see if they can help you save money on your insurance.  As insurance clients, it's essential to stay informed about the factors influencing insurance rates and take proactive steps to manage costs effectively. While inflation and industry challenges may contribute to higher premiums, exploring available discounts and adjusting your coverage can help mitigate the impact on your finances. At Risk Managers, LLC, we're committed to assisting our clients in navigating the complexities of insurance, ensuring that they receive the coverage they need at competitive rates. If you have any questions or concerns about your insurance policy, don't hesitate to reach out to our team for personalized assistance. Remember, being proactive and informed can empower you to make sound decisions regarding your insurance coverage, ultimately providing peace of mind and financial security for you and your loved ones.

In the ever-evolving landscape of the insurance industry, the current trend towards a hard market has become a significant concern for policyholders. At Risk Managers, LLC, we understand the challenges you face during these times and are committed to providing you with the most favorable rates available. This blog post aims to shed light on the behaviors of insurance companies during a hard market and what this means for you and your insurance coverage. Understanding the Hard Market A hard market in the insurance industry is characterized by higher premiums and deductibles, coupled with stricter policy terms. This phenomenon has been particularly pronounced in recent years, affecting both property and casualty insurance sectors, albeit with property insurance facing more severe challenges. The root cause of these challenges can be traced back to a combination of factors, including increased inflation rates, significant loss events such as hurricanes, and the overall economic climate. For instance, commercial property insurance premiums have seen a sharp increase, estimated at 17% to 18% in 2023, a continuation of the trend from the previous year. The Impact on Policyholders During a hard market, insurers may adopt more conservative underwriting practices, resulting in increased scrutiny of risks and potentially higher insurance costs for policyholders. Specifically, those located in high-risk areas or industries may experience more significant premium increases due to the heightened risk of catastrophic events. However, it's not all doom and gloom. The insurance landscape is complex and constantly changing. Experts predict some pressures driving up premiums may start to ease in 2024, although they won't subside completely. This means there could be opportunities for policyholders to negotiate better terms or find more affordable coverage options. Our Commitment to You At Risk Managers, LLC, we are acutely aware of the challenges presented by the hard market. We are diligently working to mitigate these effects for our insureds by negotiating the best possible rates and exploring all available avenues to provide cost-effective, comprehensive coverage. We believe in proactive communication and partnership with our clients to navigate these challenging times together. Strategies for Mitigating Hard Market Impacts Policy Optimization: Review your policy to ensure it aligns with your specific business needs. Adjustments in coverage can lead to significant cost savings without compromising on essential protection. Increase Deductibles: Consider raising your deductible if it is financially viable for your organization. This can lower your premium costs while still safeguarding against substantial losses. Market Shopping: Engage in shopping the insurance market, possibly with the assistance of an independent expert. A competitive bidding process can help secure more favorable terms. Use Analytics: Leverage analytics to better understand and articulate your risk profile. This can be instrumental in negotiating terms and identifying areas where you can reduce risk exposure, potentially leading to lower premiums. Alternative Risk Transfer (ART) Solutions: Explore ART solutions, such as captive insurance or risk retention groups, which can offer more control over your insurance program and potentially reduce costs. Looking Ahead The insurance industry is inherently cyclical, with periods of hard and soft markets. While the current hard market presents challenges, it also offers an opportunity for businesses to reassess their risk management strategies and insurance needs. At Risk Managers, LLC, we are here to support you through this process, providing expertise and solutions tailored to your unique circumstances.  In conclusion, despite the hard market conditions, there are strategies that policyholders can employ to manage their insurance costs effectively. By working closely with your broker and taking proactive steps to mitigate risks, it is possible to navigate through these challenging times successfully. Remember, we are in this together, and our team at Risk Managers, LLC is committed to helping you secure the best possible outcome for your insurance needs.

As we step into February, the air fills with the essence of love, marking a season where expressing our deepest affections becomes a priority. It's a time when we go above and beyond to show those we care about how much they mean to us. But while chocolates, flowers, and heartfelt notes are beautiful gestures, there's a more profound way to secure the well-being of our loved ones beyond the surface level of traditional Valentine's Day gifts. At Risk Managers, LLC, we see this season as an opportune moment to remind the heads of households about the paramount importance of protecting their families through comprehensive insurance coverage. In an ideal world, love alone would shield our families from life's uncertainties. However, reality brings forth challenges that require practical solutions. While many of us have considered life insurance, it's crucial to recognize that protecting our loved ones encompasses more than just life coverage. It involves a holistic approach that includes life, auto, umbrella, and homeowners insurance, ensuring a safety net around every aspect of our family’s life. A Holistic Approach to Family Protection Our mission extends beyond just advocating for life insurance. We aim to cover the spectrum of insurance needs, ensuring that your family is protected from all angles. Life Insurance: The cornerstone of family protection, life insurance ensures that in the face of life's greatest uncertainty, your family’s future and dreams are secure. It's a foundation upon which the financial well-being of your loved ones can stand firm, providing support when they need it most. Auto Insurance: Every journey should be safe and secure. Auto insurance is vital in protecting your family on the road, offering peace of mind for every trip, whether it's a daily commute or a holiday adventure. Umbrella Insurance: In an unpredictable world, umbrella insurance provides an extra layer of security. It extends beyond your standard policy limits, covering unforeseen liabilities and ensuring that your family's financial future is secure against unexpected events. Homeowners Insurance: Your home is the heart of your family’s memories and dreams. Protecting this sanctuary with homeowners insurance means safeguarding your loved ones from the unpredictable, from natural disasters to theft, ensuring that their safe haven remains intact. The Gift of Peace of Mind  As we celebrate love this February, let's redefine our expressions of affection by securing a protective embrace around our families that lasts far beyond the fleeting moments of Valentine's Day. At Risk Managers, LLC, we're dedicated to guiding you through the maze of options to find the coverage that best fits your family's unique needs. We invite you to schedule a consultation with us. Let's have a conversation about how we can fortify the future of those you cherish the most. It's not just about policies; it's about ensuring that your act of love translates into peace of mind and security for your loved ones. Remember, protecting your family through comprehensive insurance coverage is one of the most profound expressions of love. Let this Valentine's Day be the start of a new tradition—one where love is not just felt but actively protected.

Nathan Johnson with Risk Managers, LLC , talking with Tanner Wilkinson

We’re here to talk about things to help you understand what is going on in the world of insurance.