If your workers’ compensation insurance is being canceled, it’s crucial to understand why and take action quickly to secure new coverage. Here are ten common reasons why a company’s workers’ compensation insurance might be canceled:
1. Non-Payment of Premiums
Failing to pay insurance premiums on time is one of the most common reasons for policy cancellation.
2. Material Misrepresentation
Providing false or misleading information during the application process can lead to immediate cancellation.
3. Failure to Submit to Audits
Not complying with mandatory insurance audits may result in policy termination.
4. Significant Increase in Claims
A substantial rise in the number or severity of claims may prompt insurers to reassess and potentially cancel coverage.
5. High-Risk Operations
Engaging in excessively hazardous activities beyond the agreed terms can lead to cancellation.
6. Changes in Business Operations
If you alter the nature of your business without notifying your insurer, your policy may be at risk.
7. Non-Compliance with Safety Regulations
Failing to follow mandated safety protocols can jeopardize your coverage.
8. Ownership or Structural Changes
Mergers, acquisitions, or significant company structure changes without proper notification can impact your policy.
9. Policy Term Completion
Policies purchased for specific projects may naturally expire once the project is completed.
10. Insurer’s Business Decisions
Sometimes, insurers choose to cancel policies based on internal assessments or strategic shifts.
Need New Coverage? BGES Group Can Help!
If your workers’ compensation insurance has been canceled, BGES Group can assist in securing new coverage. They specialize in workers’ compensation insurance and serve businesses in New York, New Jersey, and Connecticut, with an affiliate network covering the rest of the country.
Services Offered by BGES Group:
• Workers’ Compensation Insurance – Access to over 15 insurance companies to market your account, ensuring competitive pricing.
• General Liability and Umbrella Liability Insurance – Comprehensive coverage tailored to your business needs.
• Commercial Auto Insurance – Protection for your business vehicles.
• Builder’s Risk and Equipment Coverage – Safeguarding your projects and equipment.
• Group Health Insurance – Competitive rates with extensive provider networks.
• Payroll Services – Streamlined payroll solutions to fit your business.
BGES Group takes a personalized approach to client service, treating every business like family and ensuring prompt attention to insurance needs.
Contact BGES Group Today!
• Phone: 914-806-5853 – Gary Wallach
• Email: bgesgroup@gmail.com
• Website: www.bgesgroup.com
For expert assistance with your workers’ compensation insurance, reach out to Gary Wallach at BGES Group. With nearly five decades of experience and a commitment to excellent service, they are ready to help you navigate your insurance challenges.