7
Deadly Sins of buying Commercial insurance.
Detrimental to your business, dangerous to your livelihood, and lethal to your success.
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These seven deadly sins can destroy the financial success of your business:
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| Attitude is everything. Poor, sour attitudes towards claims, workers' compensation companies and ever increasing insurance premiums will inevitably result in continual business frustration and distraction. Let us adjust your attitude and help you use the system to your advantage and success. |
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| People always underestimate the true value of a workers' comp policy. They ignore what it covers and what it doesn't, what it's for, how much protection it affords them and against what. Don't underestimate the tremendous value of proper worker's compensation. It is your only lifeline during a crisis. |
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| Don't miscalculate what you spend on payroll! Workers' comp. premiums are based upon total payroll amounts at the end of the year. Incomplete, or unreported payroll records WILL result in an underpayment of insurance premium and WILL resurface in an audit. Consequently, you WILL owe money! It is likely that you will owe thousands or tens of thousands of dollars. Worse, the consequence of poor organization is the payment of dollars and premium that complete records would negate and wipe out completely! |
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| Subcontractors are a valuable business resource-- however-- their misuse, improper substitution, or the labeling of an employee as a subcontractor can be disastrous. Don't assume subcontractors have (or have enough) coverage. Don't use subcontractors to resolve the necessity for employees. You can't escape workers' compensation insurance! |
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| Unsatisfactory, or no hiring practices at all puts you on thin ice at best. Bad employees mess up your workers' comp record, and this results in much higher premiums. Always check an employee's personal history, criminal background, drug usage (testing), references, education, qualifications, and certifications. |
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| Safety on the job is paramount. Employees are like your best equipment: you need to take care of them, because they are not cheaply (or easily) replaced. Claims are usually the result of inadequate procedures, policies, awareness, and safety training. |
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| You may have a legitimate claim. You may not even have been at fault. BUT if you are misclassified in any way, your insurance is not obligated to pay. If you are misclassified, you are tap dancing on a landmine. |
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