Return to Work –  Health and Happiness

Return to Work programs help you get injured employees back to their normal or modified job duties as quickly and safely as possible.

Instead of paying for workers’ compensation costs and lost work days, you’ll save money by paying your employees their normal wages for doing light-duty work that the company needs done anyway. You’ll also be able to keep them on their regular work schedules, which is proven to increase their likelihood of returning to regular working duties sooner.

Benefits for Your Company

Return to work programs reduce employees’ days away from work, allow employees to recover more quickly and foster a more positive work environment.

Implementing a return to work program can benefit your company financially by:

• Anticipating and controlling hidden costs
• Reducing the financial impact of workplace injuries
• Providing a proactive approach to cost containment
• Improving your ability to manage an injury claim and any restrictions
• Getting your experienced employees back to work, resulting in less time and money spent on recruiting and hiring
• Helping you keep regular contact with injured employees

Your company can benefit from a return to work program in other ways, including:

• Boosting morale
• Keeping injured employees productive
• Discouraging abuse
• Demonstrating a consistent procedure
• Establishing solid communication and organization
• Enhancing injured employees’ self-worth

Benefits for Your Employees

Return to work programs don’t just benefit your company—they benefit your employees, too. Implementing a return to work program for injured employees communicates care and concern, and shows your employees that you value their well-being and want them back on the job as soon as possible.

Your employees also benefit from a return to work program in the following ways:

• • • • • Retaining full earning capacity
        • Maintaining a productive mindset
        • Staying on their regular work schedule
        • Avoiding dependence on a disability system
        • Having a sense of security and stability
        • Seeing management’s commitment to employees’ well-being reinforced

Get Your Program Going

Many companies fail to implement return to work programs because they don’t have the resources or expertise to get started. Return to work programs must be organized and implemented efficiently, and Anastasi Insurance Agency, Inc. can help you do just that by providing you with the resources you need to make your program a success, including educational articles, forms and policies.

Our staff of loss control professionals can conduct a thorough evaluation of your company’s return to work program needs and determine the best plan for your organization.

Anastasi Insurance Agency, Inc. 4 Brookfield Road Charlton, MA 01507 P  |   508-248-1440 www.anastasiinsurance.com

Your homeowners insurance policy can offer financial protection in the event of an unexpected disaster involving your home or personal property. But how you will be reimbursed following a claim depends on the type of coverage you have. There are two main valuation methods when it comes to homeowners insurance—replacement cost coverage and actual cash value coverage. By understanding the difference between these valuation methods, you can make informed decisions about your homeowners insurance and secure coverage that meets your needs.

Key Differences Between Replacement Cost and Actual Cash Value

Although replacement cost coverage and actual cash value coverage can both offer financial protection in the event of a claim, the amount that your policy will pay out differs between these two valuation methods. Here are the key differences:

• Replacement cost coverage can offer compensation for the cost of replacing your stolen, damaged or destroyed property with a brand-new version (as long as it’s similar in kind and quality to the original). For example, if your couch is destroyed in a house fire, replacement cost coverage would reimburse you for the cost of purchasing a comparable new couch. In other words, replacement cost coverage will replace your property without any deduction for depreciation.

This form of coverage can be especially beneficial in protecting against major losses, such as significant damage to the physical structure of your home or expensive items within your home. However, keep in mind that replacement cost coverage typically requires you to pay a higher premium. In addition, remember that you will only be compensated up to your policy limit amount—if you experience a covered loss that exceeds your policy limit, you may have to cover the difference. If you are concerned about the risk of a covered loss totaling more than your policy limit, be sure to consult your trusted broker to discuss additional policy options—such as guaranteed replacement cost coverage or extended replacement cost coverage—which can provide further financial protection.

• Actual cash value coverage, on the other hand, can offer compensation for the depreciated value of your stolen, damaged or destroyed property. This value is determined by the age, condition and expected remaining useful life of your property. Under this coverage, you wouldn’t be reimbursed for the full cost of replacing your destroyed couch from the above example. Rather, you would be compensated for current market value of the couch, based on the condition it was in before the fire. That being said, even if you initially purchased the couch several years ago for $2,000, you might only be reimbursed $1,000 for your loss due to depreciation.

Although this form of coverage typically offers reduced compensation in the event of a covered claim, you will likely save money on your policy premium. Actual cash value coverage can be more suitable for individuals that live in low-risk areas (e.g., locations where incidents such as heavy winds, fires or theft are less common) or own fewer expensive items.

Which Coverage Is Best for You?

There are pros and cons to both replacement cost coverage and actual cash value coverage. In order to select the best coverage that meets your specific homeowners insurance policy needs, follow these steps:

• Determine what you can afford by assessing the impact of both coverages on your financial stability. It’s important to consider the difference in premium costs and claim compensation amounts between each form of coverage.
• Create a home inventory checklist (be sure to include photos) of all of your belongings and their original value, as well as an estimate of their current value. This practice will help you better determine which coverage offers the best protection for your unique belongings. Keep in mind that certain high-value items—such as jewelry, collectible items or fine art—won’t be covered by your homeowners insurance policy and will require specialized coverage.
• Calculate how much it would cost to rebuild your home if it were completely destroyed. Include added costs for labor, materials and any new or updated building codes in your community that you would be required to comply with. Avoid making a rough estimate for this cost—be as specific as possible to ensure you know just how much coverage you need.
• Analyze your personal risk. Be sure to select a coverage option that fits within your budget, risk profile and comfort level.

We’re Here to Help

There are several factors to consider when determining which type of coverage is right for you, but you don’t have to navigate this decision alone. Anastasi Insurance Agency, Inc. is here to walk you through your homeowners insurance policy and provide expert guidance regarding which coverage option is best for you, your belongings and your wallet. For further coverage guidance, contact us today.