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September 2018

workers comp mistakes that will cost you

Avoid These Mistakes to Save on Workers Comp Insurance

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While most business owners know that they need to have workers compensation insurance, they don’t give much thought to it. However, there are things to avoid if you want to save on Workers Comp Insurance costs.

Here are some of the mistakes to avoid.

Not Requiring Safety Training for Your Employees

Even if you feel like your business is part of a low-risk industry, it’s important to remember that the risk of employee injury is ever-constant. It’s vital to offer your employees workplace health and safety training. Your training program should educate your staff about the risks they face, how to mitigate these risks, and what to do if an accident occurs. When your employees understand risk factors associated with your business, they are less likely to sustain injuries on the job. This, in turn, will reduce your workers compensation insurance costs.

Not Reporting Claims

When business owners fail to report employee accidents or injuries to their insurers, they are making a costly mistake. While you might think that paying for an employee’s medical treatment out-of-pocket is cheaper than the official claims process, you are leaving yourself open to a considerable amount of risk. If your employee’s injuries end up being more extensive than you thought or if they decide to sue your company, you can no longer access your workers compensation coverage at this point. This means that you will be completely responsible for all of these expenses. Rather than leaving yourself and your business’s assets vulnerable to these possibilities, it’s far better to secure coverage through official channels.

These are some of the workers compensation insurance mistakes that could end up costing you. Do you need further advice or assistance with your business’s insurance? Don’t hesitate to contact the experts at Contractors Insurance Agency. Our dedicated team is ready to help you today.

What Business Owners Need to Know About Data Breaches This Year, cyber attacks and data breaches in 2018

What Business Owners Need to Know About Data Breaches This Year

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Here’s what you need to know about cyber attacks and data breaches in 2018.

Despite what you might think, every business is at risk for a major data breach. In fact, American businesses lose millions of dollars every year as a result of cyber attacks. As a business owner, it is important that you take this risk seriously.

They Are More Common Than Ever

In the current age of technological innovation and advancements, businesses are more plugged-in and connected than ever. However, this increased connectivity translates into an increased risk for cyber attacks. According to research, the rates of cyber attacks are already up 40% from 2017. This demonstrates that businesses need to be more concerned about this threat and be more serious about taking security measures.

They Are More Expensive Than You Might Think

Another thing you need to understand about data breaches is that they are extremely expensive. If your company is the target of a data breach, you would be responsible for the costs associated with informing your clients, recovering compromised data, restoring identities, and repairing affected computer systems. Additionally, your business might also have to deal with the expense of client-filed lawsuits. While larger corporations might have the capital to eventually recover from these losses, smaller businesses might be crushed under the weight of this financial burden.

There are Other Costs to Consider

In addition to monetary losses, cyber attacks can also have other ill effects on your business. This can lead to a mistrustful client base and lost business opportunities. Additionally, you may have to deal with your competitors referencing your data breach as a means of promoting their own companies.

These are some of the things you need to know and consider regarding cyber attacks and data breaches in 2018. If you want to secure your company against this risk, it’s important that you have the proper business insurance in place. For assistance with all your commercial coverage needs, contact the experts at Contractors Insurance Agency today.

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