Newsletter Issue 5 - February, 2011

From the Desk of Tim Connell

Welcome to our first newsletter of 2011, as we all look forward to a year of economic improvements and prosperity. The entire Connell Team is grateful to again have an opportunity to partner with you in mitigating risks, minimizing expenses, and maintaining the security of your assets.

Our newsletter focuses on several topics, beginning with some good news and some bad news relating to workers' compensation. The good news is a loss rate reduction that may be reflected in lower premiums, and the bad news is that some workers' compensation misconceptions could result in big fines.

Other articles in this issue will provide:

• Tips on preventing frozen pipes and proper recovery efforts if your pipes do freeze
• An update on enforcement of the Red Flags Rule relating to information security
• Changes in Certificates of Insurance forms
• Tax-free investments that can be an advantage for you
• Assistance with loss control policies, procedures, and practices

Our Connell Seminar Series will continue in 2011, with the first one slated for Friday morning, April 8th at Branson's Hilton Hotel at the Landing. "The 2011 Work Comp, Labor, and Healthcare Reform Update" will feature a one-hour presentation on each topic. Save the date now and watch for coming announcements and registration information. To catch up with information from prior seminars, visit our website to check out the audio and video files available in our Media Library. Future 2011 seminars will be scheduled in July and October.

Also upcoming in May is the annual Gridiron Golf Classic benefiting the Tantone Industries Sheltered Workshop. This event is a great opportunity to meet and mingle with Kansas City Chiefs and St. Louis Rams players, coaches and staff while supporting a valuable non-profit resource within our community. More details on this event will be available soon. For more information about Tantone and to find out about their laundry, recycling and shredding services, visit www.tantone.org.

Remember that if you have any suggestions or topics that you would like to see in future issues, drop me a line at tconnell@connellinsurance.com.

Sincerely,

Tim Connell

* * * *

Additional relief on workers' comp premiums may be forthcoming, as the Missouri Department of Insurance has recommended a reduction in workers' compensation loss cost, a major predictor of how much a company will pay in claims during the year. Learn what this could mean for you.

Some Missouri employers mistakenly believe that they are exempt from carrying workers' compensation insurance. Although there are some exemptions, a misunderstanding on this point could result in a large fine.

From the home to the office to the plant, frozen pipes are a common risk during Ozark winters. Here's a compilation from the American Red Cross on preventive actions you can take, as well as proper recovery if your pipes do freeze.

One of the best ways to accumulate wealth is to minimize taxes. Are you taking advantage of what CPAs call "The IRS's greatest gift to taxpayers"? Connell associate Tyler James has some ideas that could save you money!

Past issues discussed the Red Flags Rule, which requires businesses that extend credit to implement a written Identity Theft Prevention Program. Now, with some changes made in December, the FTC is ready to enforce the law. Are you ready?

There have been some changes on the Certificates of Insurance forms and some resulting confusion. This article explains what the changes are, what they mean, and why they have been implemented.

The Connell Team is your partner in risk management and one of the most critical aspects of overall risk management is loss prevention and loss control policies, procedures, and practices. Familiarize yourself with some loss control resources available from Connell Insurance.

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