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
3 Ways To Reduce Workers’ Compensation Insurance
Workers’ compensation insurance can be a large cost center for a business, and if your employees are regularly injured on the job those costs can quickly become a financial burden, even in this period of low rates. Companies in industries with high rates of workplace injuries are especially vulnerable, particularly if an employee suffers permanently…Read more
Workers’ Comp Payroll
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
COVID-19 Prompts Telemedicine Boom in Workers’ Compensation
The COVID-19 crisis has brought to the fore a cost-saving approach to medical care for injured workers being treated through the workers’ compensation system: telemedicine. Telemedicine has in recent years only slowly been taking hold in workers’ compensation, as doctors and injured workers both value that hands-on time they have when they meet. But often…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
4 Types of Insurance for Small Business
There are four types of insurance that most small businesses purchase. The first is property insurance. This type of coverage provides compensation if business property is damaged, stolen or lost. In addition to covering the physical business structure, property insurance covers personal property. This includes inventory, office furnishings, raw materials, computers, machinery and other items…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
