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October 2011 Newsletter from Absolute Insurance
Nevada Approves Hike in Workers Compensation Rates – But Don’t Panic Yet!!
NCCI, the rating bureau for Nevada and 37 other states has filed for rate increases in 19 states. NCCI Holdings Inc. cites deteriorating results amid rising injury expenses for the increases in the rates. The average rate increase for Nevada employers will be a modest 3.8%. Since Nevada allowed insurance companies to compete with the State Fund in 1999, we’ve only had one previous rate increase. All 11 other years have seen rate decreases.
Social Networks Put Firms at Risk
The explosion in the use of sites such as Facebook and Twitter has widened the scope of cyber related risks as employees regularly mix their professional and private lives. Employees often distribute sensitive information unwittingly. Two examples are updating resume information on LinkedIn, and the use of twitter to send information on their whereabouts and their schedules.
Companies should ensure that they inform employees that there must be a clear line between private and professional use of social networks and the information shared on these networks. Cyber related risks are generally not covered under your standard business liability insurance. If you feel you may be at risk, please contact Absolute Insurance.
Health Care Costs Increasing
Health care experts are predicting increases in the cost of health care and health insurance. Benefits experts point out an alarming trend: The cost of health care is surging for all employers, regardless of size or whether they buy insurance or self-fund their health benefit programs. Experts are predicting price increases in the 7 to 7.5% range.
As always, if you have any questions, please give me a call. If you think we do a good job for you, please recommend us to your friends and business associates within your sphere of influence.
Thanks,
Steve LeMond www.AbsoluteInsuranceNV.com
President/Owner SteveL@ai-nv.com
702-699-5569 Fax 702-699-5650
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