Workers’ compensation insurance is essential for protecting your business and employees. However, many business owners in New York, New Jersey, and Connecticut make costly mistakes that can lead to higher premiums, legal issues, and unnecessary headaches. To help you navigate this complex area, here are five critical do’s and don’ts when it comes to workers’ compensation insurance.
5 Do’s for Workers’ Compensation Insurance
1. DO Ensure Proper Employee Classification
Misclassifying employees can lead to audits, fines, and increased premiums. Make sure each worker is classified correctly according to their job duties.
2. DO Report Injuries Promptly
Delaying injury reports can raise red flags with your insurer and lead to claim denials or increased costs. Always report workplace injuries as soon as possible.
3. DO Implement a Return-to-Work Program
Having a structured return-to-work program helps injured employees transition back to their jobs faster, reducing claim costs and improving workplace morale.
4. DO Work With a Workers’ Compensation Specialist
A knowledgeable specialist can help you find the best coverage, reduce costs, and ensure compliance with state regulations.
5. DO Regularly Review Your Policy
Your business evolves, and so should your workers’ compensation coverage. Conduct annual policy reviews to ensure you have adequate protection at the best possible rate.
5 Don’ts for Workers’ Compensation Insurance
1. DON’T Assume You’re Overpaying Without Reviewing Your Policy
Many business owners think their premiums are set in stone. A workers’ compensation specialist can often uncover savings you didn’t know existed.
2. DON’T Ignore Safety Training
A safe workplace reduces claims, keeps employees healthy, and can lead to lower premiums. Invest in regular safety training to prevent workplace injuries.
3. DON’T Let Claims Go Unmanaged
Failing to monitor claims can result in unnecessary payouts and premium hikes. Stay involved in the claims process to ensure fair and accurate outcomes.
4. DON’T Forget About Subcontractors
If you use subcontractors, verify that they have their own workers’ compensation coverage. Otherwise, your business could be held liable for their injuries.
5. DON’T Navigate the System Alone
Workers’ compensation laws vary by state and are complex. A trusted specialist can help you stay compliant and avoid costly mistakes.
Why BGES Group is Your Go-To Workers’ Compensation Specialist in the Tri-State Area
Navigating workers’ compensation insurance can be overwhelming, but you don’t have to do it alone. BGES Group specializes in helping business owners in New York, New Jersey, and Connecticut secure the best workers’ compensation coverage while reducing costs.
With decades of experience, BGES Group ensures that your business is compliant, properly classified, and not overpaying for coverage. Whether you need help with risk management, premium reductions, or handling claims, BGES Group is the expert you can trust.
Contact BGES Group Today!
For a free consultation, reach out to:
📞 Gary Wallach – (914) 806-5853
🌎 www.bgesgroup.com
Don’t let workers’ compensation insurance become a financial burden—let BGES Group help you get the right coverage at the best price!