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Business Insurance

Workers’ Compensation Rule Change for Owners/Officers in the Construction Industry

By Business Insurance, Construction, Insurance, Risk Management
Effective January 1, 2021 the auditing procedures for owners/officers that are providing direct labor on a commercial construction project will be changing.   For the past 10 years, these owners/officers could rely on their exemption with the TN Secretary of State to exclude paying workers' compensation premium on themselves, however, that will change effective January 1, 2021.  I anticipate that the workers' compensation premiums for these owners/officers will be increasing as a result.  Here is some information provided by TN Department of Commerce & Insurance with the background and additional details about these changes: It has come to the Department’s attention that some…
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Contractor - subcontractor

Understanding Certificates of Insurance

By Business Insurance, Construction, Risk Management
Acord Certificate of Insurance     Many businesses rely on certificates of insurance (COIs) to verify coverage for other entities they do business with.  In particular the construction industry relies heavily on COIs in their operations.  But do all parties fully understand the benefits and potential problems of COIs? Benefits of COIs COIs do contain valid and pertinent information about the policies in effect for the Named Insured.  Items such as types of coverage, limits of coverage, effective and expiration dates, agent name and address, names of carriers providing coverage, etc.  All this information is useful to the certificate holder,…
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