Streetsmart insurance Blog
As technology advances at lightning speed (remember it wasn't so long ago when we didn't have smartphones), employee benefits portals continue evolving as well.
Insurers are increasingly using social media to track down workers who are perpetrating workers' comp and other liability fraud by faking injuries or staying on the dole after they have healed.
Traditionally, insurance has relied on information asymmetry: The insurance carrier has had the advantage of access to reams of actuarial data which it uses to price policies, while the customer has had the advantage of more intimate knowledge of his or her own particular situation.
In Part I of Subcontractors & Insurance Audits, we discussed the various ways that subcontractors can have a negative impact on your workers compensation insurance audit. Today, we will explain how uninsured/underinsured subcontractors can have a negative impact on your general liability insurance audit and provide you with advice that can help you mitigate the risk that they pose to your business.
Basement Protection from Water Damage
If you have a sump pump installed, be sure that it is clean and clear of debris so it will function properly. In many cases, sump pumps fail as the result of an obstruction or inactivity during the dry summer months.
When employees are injured on the job, some are tempted to take advantage of workers' compensation benefits. By implementing a program that offers good incentive to return, employers can reduce the risk of paying more benefits than necessary. Recent research shows that employers lose about 80 million work days because of injuries or illnesses that happen on the job. The number of employees who take off more than seven work days because of injuries or illnesses stretches into the millions. This means that employers are left to deal with the high cost of workers' compensation premiums, lost productivity and disability benefits. However, by creating a special incentive program, employers can greatly reduce these costs.
At the end of July, data thieves successfully penetrated computer systems at Equifax, one of the three major credit bureaus, and potentially stole personal credit information on as many as 143 million U.S. customers.
The employer of a worker who causes damage during their off hours on a business trip may be held liable for them acting "in the scope of their employment," according to a federal court decision.
In Can Subcontractors Hurt My Business?, we discussed the impact that uninsured/underinsured subcontractors can have on your business insurance policies. Today, we will discuss the various ways that subcontractors can have a negative impact on your workers compensation insurance audit as well as some advice that can help you keep your costs down.
Being a business owner has its perks and can definitely give you and your family a comfortable life once your business becomes successful. This is why you need to always think of ways to expand and grow your business. Sure, there are people with great charisma who attract people like magnets when they walk through the door. However, you don’t need to be threatened by such people.