Watch Those Assumptions

Understanding Excess vs. Umbrella Coverage

Umbrella

By Kitti Peters, The Reschini Group

Assumptions can be tricky. You really need to slow down, look at the situation, and make sure you fully understand all the signals before taking action. Otherwise, you could be facing a problem down the road.

Even things that would appear on the surface to be so obvious, so apparent, so unmistakable, can turn out to be the very things that trip you up later.

A great example of the dangers of assuming? Appreciating the difference between “excess” and “umbrella” insurance coverage. They may sound synonymous – and it’s easy to make that mistake, as many people do at first blush – but important differences, in fact, exist.

The danger arises in getting caught with a policy that’s restrictive, meaning you may not have the protection you assumed.

In its most general definition, an “umbrella” policy can extend to coverage that includes general liability, automobile, and employees – but it is not automatically all-encompassing. Again, generally speaking, an “excess” policy provides additional coverage to specified areas of exposure.

Each option has its own specific features and benefits, its own limitations and guidelines. But worse than possibly simply misunderstanding what each coverage option provides, acting on this faulty assumption could prove costly should an event require such a policy to become engaged. In other words, you may not be as well covered as you thought, because the rules of engagement are not necessarily as simple as they might sound.

Assuming the difference between “umbrella” and “excess” coverage may, at first glance, sound logical, but never assume. Be sure. Let the experts at The Reschini Group help you make the best choice for your particular situation, so that you have the broadest possible coverage necessary.

Copyright 2016 The Reschini Group

The Reschini Group provides these updates for information only. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

Easy Money

Establishing A Workplace Safety Committee

By Mike Drew, The Reschini Group

“Click here for a free vase,” the florist’s website declares.

“Refer a friend and get a free month’s rental,” advertises the storage shed provider.

“Buy one-get one free,” the supermarket tells its customers.

Found money.  Available money.  Easy money, in all instances.

The same holds true for oil and gas companies – any company, actually – that establish a

easy money

workplace safety committee.  When this simple step gets taken, it yields a 5% discount on Workers Compensation coverage.

For such a straightforward decision, the savings can be significant.  Few businesses today can afford to pass on any available savings.  A 5% discount means dollars saved that can be used elsewhere, as needs determine.

Establishing a new workplace safety committee can be done quickly and easily.  The same can be said for companies who had once had a committee in place, and who want to reinstitute and reconstitute one now.

These committees are a proven and effective way to promote safe practices in the workplace.  They can increase awareness, boost enthusiasm, and provide employee ownership of safety and health while reducing accidents. The creation of a workplace safety committee, and its ongoing performance, represents a win-win for both employers and employees.

The Pennsylvania Department of Labor and Industry, in its Workplace Safety Committee Technical Assistance Manual, validated this when it stated, “Effective workplace safety committees are a proven tool in reducing workplace injuries and illnesses, as well as producing significant savings for employees.”

The Reschini Group and its Safety Consultants, trained at the Safety Sciences Department at Indiana University of Pennsylvania, stands apart from other insurance brokers and providers by offering advice and counsel to all clients on establishing workplace safety committees.  Contact us to learn more.

The 5% discount on Workers Compensation coverage would be reason enough.  Easy money, yours for the taking.  But the greater – and much more meaningful – savings can be realized in ensuring a higher standard of safety and health for all employees.


Copyright 2016 The Reschini Group

The Reschini Group provides these updates for information only. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.