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What Types of Business Insurance Can You Buy?

You can purchase business insurance for nearly every operation and risk your business faces. In fact, with so many options available, it is hard to determine what type of coverage you need. Here's where to start.

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The Safest Drivers

Wednesday July 2, 2008

Allstate has released a survey entitled "America's Best Drivers Report" highlighting the cities in the United States that are the safest for drivers--and, those cities that are more dangerous.

The safest city for drivers? Sioux Falls, South Dakota is tops in the survey. "The average driver in Sioux Falls experiences an auto collision every 14.6 years. Compared to the national likelihood of a collision every 10 years - Sioux Falls motorists are 31.6 percent less likely to have an accident than the national average." A list of the top safest cities is available at the Allstate website.

The survey compares gender and generation as well as location. It also lists the safest cities for drivers where the local population is over one million people. But, the survey illustrates that large city drivers face a greater risk of accident than those from less populous areas. For example, Phoenix, Arizona, was tops on the list for cities over one million residents, but was still ranked 84th overall and residents were 1.5% more likely than average to suffer a collision.

Cities from Massachusetts were not included in the survey because Allstate does not write policies in Massachusetts. So, we do not know how safe Boston is to drive in. Washington, D.C. was the lowest in the survey. Residents there are over 50% more likely to be involved in a collision and average one collision every 5.4 years.

West Virginia Workers' Compensation Becomes Competitive

Tuesday July 1, 2008

Today is the day that West Virginia's Workers' Compensation system becomes a competitive system as opposed to a monopolistic system. A bill signed into law in 2005 started the transition from a state-run system to the private market.

According to the insurance commissioner, over 160 insurers have filed the necessary paperwork to begin offering Workers' Compensation insurance to employers in the state. In 2005, when the law was passed, the West Virginia state-run system was almost bankrupt and employees and employers alike urged their legislators to take action. Privatization and competition occurred in steps with today being the deadline for the final transition to a competitive market.

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