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Insurance Matters
A critical yet sometimes overlooked factor in determining a contractor’s insurance premium is his or her own loss experience. Particularly in the world of workers’ compensation insurance, premiums are greatly affected by the frequency and severity of losses. For the insurer to properly assign premiums versus potential risk, they look to compare the individual contractor’s loss experience to those performing similar types of work. Simply put, the Experience-Rating Modifier (ERM) is computed as a factor of the insured’s own loss experience that is used to modify the standard premium. Therefore, those with higher-than-average losses will pay more for their insurance than those with average or lower-than-average losses.
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Favorite Book 2007
The Toyota Way is my favorite book for 2007. It had so many good ideas that I could not keep up and ended up reading it again and even buying the Field Book to go along with it.
Download Elegant Solutions from Change This which provides some highlights of the Toyota Production System. Too many ideas that are applicable to contractors to even count!
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