Business owners are required by law to carry workers’ compensation insurance on themselves or their employees. While a business owner can file an exemption that makes it possible for him to avoid purchasing the policy, it’s quite beneficial for those who would prefer to have the additional coverage for themselves. Protecting themselves with a Worker’s Compensation policy can mean the difference between healing after an accident or losing a company that was built from scratch. Here are 5 mistakes that might lead to a costlier workers’ comp
1. Incorrect Payroll Estimations
The amount of Workers’ compensation insurance you are required to carry will depend on the amount of payroll you hand out each month. Underestimating or overestimating the amount of payroll you have can lead to major mistakes in the future when it comes to carrying the most sufficient amount of Workers’ compensation insurance.
2. Poor Claims Management
Not managing claims properly can also be quite devastating. All claims must be turned in as soon as possible. Investigations must be handled with care so that evidence is not compromised. Communication between employers and employees must always be open. As soon as an employee starts to feel more like himself, it’s always a good idea to try to get them to return to work in whatever capacity works best.
3. Insufficient Proof of Sufficient Worker’s Compensation Coverage
Because Workers’ Compensation is a mandatory purchase in almost all 50 states, an employer must prove that the policy has been purchased. It’s also important that a certificate of proof of Workers’ Compensation insurance be collected from every independent contractor. Without those proofs, an employer would be required to cover the contractors if the accident occurred at the job site. If the contractor has his own proof, then the responsibility for any liability falls on him and not the third-party employer.
4. Ignored Doctor’s Instructions
Following your doctor’s orders is an essential part of the healing process. Not listening to what the doctor told you in recovery means that your healing may be delayed. The instructions that a doctor provides you are there for you to use so that the injury doesn’t worsen. Following the instructions, especially about returning to work, ensures that your body has had sufficient time to heal and that a re-injury is unlikely.
5. Unwanted Extensions and Missed Deadlines
Another problem that many people have with worker’s compensation claims is the deadlines that must be met. There are filing deadlines, extension deadlines, and many others. Missing a deadline can slow down your case and may even halt it altogether. This will delay the process and prevent you from getting the compensation you deserve. Talk to an insurance agent, and they will be able to explain all of the answers you have about Worker’s Compensation insurance.
Are you looking for assistance with Workers’ Comp Insurance in New York? Contact the experts at the Scavone Insurance Center in White Plains, New York today.