After you buy your coverage, you can rest assure that you most of your financial obligations for work related injury have been meet˳ Most does not mean all˳ Its practically impossible as a business owner to be completely assured due to the number of facets of operating and securing your business and the legal system˳
Therefore, do the following after and during your policy:
1˳ Read It
Read every word of your policy˳ Take notes, mark it up˳ This document not only explains your obligations but the obligations for the insurer˳ They do make mistakes˳ If you do not understand the policy call your agent or broker˳ Make sure you are properly coded, it has a direct effect of your premium and can affect the application of coverage should an incident occur˳
2˳ Confirm “COVERAGE B”
Make sure this is included and that you have an attached copy˳ Since the latest court decisions in Florida, this is a must have! This section provides insurance and defense cost for claims made and suits˳ They are not covered under the main part of the policy˳ Expense incurred for attorneys’ fees and cost are extremely high and sufficient enough to severely cause financial damage to a small or med-size business˳
3˳ Keep the Policy up to Date
If your business adds additional locations or if you expand out the state˳ The policy must be updated˳ Include the worker’s compensation policy update on the check list of TO Dos as you expand your business˳ Failure to disclose to the carrier a location in another state could lead to declination of coverage˳
4˳ Comply with Reporting
You must make sure that when you read the policy you outline the requirement for reporting a claim or a law suit˳ Failure to report within the time and manner stated could result in a coverage declination˳ Depending on the amount of awards and attorney’s fees, this could be the end of the business˳
5˳ Review the Annual Audit/Statement
It is important to review the information in your annual or quarterly statement˳ If your business was down, you may be entitled to a refund˳ On the other hand, if your business did good, you may owe˳ If you use a PEO, review your statement to verify coding, business qualifications and availability of discounts˳ Your broker should be in touch with you periodically to determine available discounted rates and services available˳
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