Is Your Workers Comp Working for You or Against You?
As a co-owner of an agency handling all types of business insurance, I see very few companies that truly understand their workers compensation insurance – and even fewer that have it working FOR them. Whether or not you have employees, if you own a business, then there are 3 Questions You ABSOLUTELY Have To Ask:
1. Am I AT RISK by not having workers comp – even as a sole proprietor? (YES!)
Workers comp doesn’t just protect employees, it also protects you, the owner. If you get hurt on the job you would be covered – that’s a given. But did you know that if you hire a contractor or sub-contractor who doesn’t carry workers comp, and they get hurt while in your office, you could be held liable and have to pay for their injuries? Who would you prefer pay those claims – an insurance company or your company?
2. Are your employees classified accurately? (Hint: many employees are NOT!)
Unless ALL your employees do the EXACT same type of work, they should not all be classified the exact same way. There are over 1,000 major employee classifications (and many more sub classifications). And since not all jobs carry the same risk of injury, not all classifications carry the same cost. It is not uncommon for ALL employees to be lumped into the same category based on highest risk job in the company, rather than the actual work each employees does. The result is that many business owners are paying HIGHER RATES than they should.
3. Has your business changed at all since you first purchased your current policy?
If you have had your current policy more than a year, I bet your business has changed considerably! Did you know that a change in number of employees (through growth or downsizing), or a change in the type of work being performed, or even a change in your revenue can lead to a COST IMBALANCE and OVERPAYMENT? If you haven’t sat down with a qualified agent to review your workers comp policy this year, you might be missing SIGNIFICANT SAVINGS. After all, a policy review is ALWAYS FREE – at least it’s free at Avon Insurance Associates.
Workers comp, like all insurance, tends to be a back burner item – that is until you actually need it. Doesn’t it make more sense to take some time NOW to be sure you are covered correctly, and in the most cost-effective manner, so that if things ever do heat up, you are protected? That sort of security and peace of mind is ALWAYS COOL.
Dave Simmon is a co-owner/agent for Avon Insurance Associates, a full-service commercial agency specializing in all types of business insurance including: Workers Comp, Business Liability & Property, Commercial Auto and Group Health & Life. They also provide cost effective solutions for employee’s personal insurance needs. For more information, visit their website at www.aia4lowrates.com or call (317) 718-1747
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