The owners of a California flooring installation company allegedly underreported their payroll amounts to workers’ compensation insurers to the tune of $30 million, costing the insurance company almost $4 million in premiums. The men are each facing three felony charges. These are the potential consequences for those who deliberately falsify their payroll records and reports…Read more
Workers’ Comp Audit: What to Look For
No company owner wants to undergo a workers’ compensation audit, but they are a fact of life if you run a business and have employees. Unfortunately, many audits don’t go smoothly and sometimes your insurer may make mistakes. Missouri-based Workers’ Compensation Consultants, which helps employers through the workers’ comp audit process, recently listed the 10…Read more
Does Your Contractor Have Insurance?
When you hire a contractor, electrician or other home repair specialist, you may shop around on price and go with the least expensive one. But if a contractor comes in with a bid that is much lower than the competition, it could mean they are cutting corners – and one of the top ways for…Read more
Do I Need Workers Comp Insurance?
Workers comp insurance provides coverage for medical benefits and wage replacement when an employee is injured or killed on the job. When an injured employee accepts workers’ compensation payments, he or she legally gives up the right to sue the employer later for damages or negligence. This is commonly known as the compensation bargain, and…Read more
Workers Compensation Experience Rating
How does safety pay dividends to the business owner? Time and resources spent on developing a culture of safety repays the business in the long run. Safety cultures rely on reducing the number of workers compensation claims, in return, the odds of a disastrous claim are reduced. Business owners with workers’ compensation experience modifications above…Read more
3 Steps to Controlling Workers’ Compensation Costs
Workers’ Compensation can be a large cost center for a business. The extent depends on the type of business and the state where the business is located. The cost to insure a single employee making $30,000 per year can range from less than $100 (for a clerical worker) to around $1,400 (for a restaurant worker)…Read more
Disability vs. Workers Compensation
Many workers are unclear on the difference between disability insurance coverage and workers compensation insurance. Often, workers will decline optional disability insurance coverage, however badly needed – because they think they are covered under their employer’s workers compensation plan. This is usually a mistake. Workers Compensation is designed to protect both businesses and workers from…Read more
Preparing for a Workers’ Compensation Audit
The mere mention of a workers’ compensation audit is enough to strike fear in nearly any business owner. For anyone who is scheduled for an audit, there is no need to worry or be fearful. With a little bit of common sense and preparation, much money and aggravation can be spared. It is important to…Read more
