After purchasing coverage you can be sure that most of the financial obligations for work related injuries are fulfilled. Most do not mean everything. Virtually impossible as a business owner is fully guaranteed by the number of aspects to operate and secure your business and legal system.
Therefore, during the policy period and during the period you should do the following:
1. Read it
Please read all the words of your policy. Please take notes and mark up. This document not only explains your obligation but also explains the insurance company's obligation. They make mistakes. If you do not understand the policy, please call the agent or broker. Please check whether it is coded properly. It may be directly affected by insurance premiums and may affect the application of coverage in case of incidents.
2. Check "Cover B".
Please confirm that this is included and that there is an attached file. This is an essential part since Florida's last court decision! This section prescribes insurance and defense expenses for claims and litigation. They are not covered by the main part of the policy. Lawyers' costs & # 39; fees and expenses are extremely high and are sufficient to seriously damage small or medium businesses.
3. Maintain the latest policy
If your business adds an additional place, or extends the state. You need to update the policy. When expanding your business, please include a worker compensation policy update in TO Dos checklist. If you do not disclose the location in other states to the carrier, the coverage may decline.
4. Follow reporting
You need to verify that you are outlining the requirements for reporting claims and legal actions when reading the policy. There is a possibility to reduce coverage unless you report it with the time and method stated. Depending on the award and the amount of attorneys' fees, this may have been the end of the business.
5. Review annual audit / statement
It is important to check the information in annual or quarterly statements. If your business goes down, you have the right to receive a refund. On the other hand, if your business is okay, you may have borrowed it. If using PEO, please check the statement to verify code, business qualifications and availability of discounts. To determine available discount rates and available services, you need to keep in touch with brokers on a regular basis.
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