The business environment has faced many challenges over the last couple years. Oil and gas prices seem to be constantly on the rise and it's hard to tell which direction the economy is actually going. Buyers are showing extreme caution in their buying habits and nobody knows when they'll return to pre-recession spending patterns. Businesses are cautious about raising prices, but rising costs must be covered. Many employers are taking a closer look at their costs and many have discovered that they may be overpaying and underinsured on worker's compensation premiums.
Businesses require the protection of workers' compensation insurance, and in many states, like New York it is mandatory. It protects companies in cases where an employee suffers a workplace injury or illness. It not only pays medical costs and compensation to workers, it also provides legal protection for businesses. If a company decides to avoid coverage in a state that legally requires it, they may face multiple fines and penalties which can extend beyond the company. Corporate officers may be liable for injuries if the corporation doesn't carry worker's compensation insurance, or provides inadequate coverage to all their employees.
The rules and regulations around worker's comp is a like a maze. It's easy be improperly classified and over pay for premiums. Paying too much will not result in better coverage, just bigger bills. If you are looking for ways to cut costs, reassessing your premiums may result in a big cost reductions. You have to pay for worker's comp, but you don't have to over pay for coverage.
1. Careful record keeping and expertise may result in significant savings during the audit process. Complete and detailed records can offer a specific breakdown of job duties. If a worker fits into more than one work category, the premium is often lower.
2. Look at different sources for insurance. Insurance can often be purchased through several different channels. The New York State Insurance Fund, 'NYSIF', must offer coverage to all businesses, but often charges higher rates than other publicly traded or mutual insurance companies. Some businesses or business groups can have self-coverage but must be meticulous in following regulations and with record keeping.
3. Assign experts to manage your system. Some employers may feel overwhelmed with the technicalities and complicated systems. If they opt to purchase coverage through agencies like 'NYSIF' and defer to the auditor to assign code categories, they may end up paying much higher premiums. In the" current economic climate, every dollar counts, but time is also short. Businesses are seeking out experts to untangle the worker's comp puzzle and deliver cost savings. Even small businesses with only one or two employees could see significant savings over time.
The Danger of Facebook for Personal Injury and Workers Compensation Claimants How Long Do I Have To File A Work Accident Compensation Claim? What Is PPI? Do You Need It? The History and Current Advantages of Workers Compensation
0 comments:
Post a Comment