20 Feb 2020
injured contractor

Most common workers compensation mistakes.

As a small business owner, you are responsible for managing your company’s insurance coverage.  This includes your workers compensation insurance.  Unfortunately, many business owners are inexperienced with this coverage and end up making mistakes.  Here are some of the common workers comp mistakes to watch out for.

  • Failing to Verify Contractor Coverage

If your business relies on contractors for certain aspects of your business’s operations, then you need to verify their proof of workers compensation insurance before hiring them.  Failing to secure proof of insurance leaves you at risk because your company must assume responsibility for any non-covered contractors.

  • Delayed Claim Reporting

When business owners wait too long to report workers compensation claims, it makes it difficult for a claims adjuster to get an accurate bearing on how the situation unfolded.  This can result in a denial of coverage.  Even if your insurer agrees to cover the claim, they may raise your premiums because your late reporting will be perceived as a lack of responsibility.

  • Not Having a Return to Work Program

The longer an injured employee is out of work, the more expensive your workers compensation claim becomes.  To keep your insurance costs down, you should introduce a return to work program at your business that helps injured employees re-enter the workplace gradually.  By offering injured employees modified work that you increase as their condition improves, you can help them recover quicker and save money on your workers comp coverage.

These are some of the major workers compensation mistakes that businesses need to avoid.  Are you looking for assistance with your workers comp or other commercial coverages?  If so, then contact the experts at Patterson & Associates in Richardson, Texas.  We are ready to assist you with all your business insurance needs today.