60 seconds with: John “Mac” L. McElroy III of RCM&D Virginia
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60 Seconds With ... Mac McElroy III
Advice for business on saving money and staying afloat in tough times.JOHN L. McELROY III Metro Business asked John "Mac" L. McElroy III - senior vice president and managing director of RCM&D Virginia, an insurance, risk-management and employee-benefits consulting firm - about how businesses need to prudently examine their insurance coverage to find some savings:
"With declining payrolls, make sure that your worker's compensation premiums are also dropping.
"It is also important to watch the worker's compensation losses like a hawk, as we have seen terminated employees try and present worker's compensation claims against their former employer.
"Consider higher deductibles. If your experience and previous losses are favorable, you may get some premium savings by taking a higher deductible.
"You should also consider benchmarking the limits that you purchase against your peers. It is possible that you purchase more limit than is necessary."
Watch the interview with John "Mac" L. McElroy III on TimesDispatch.com. Keyword: Metro Business
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