workers comp mistakes that will cost you

Avoid These Mistakes to Save on Workers Comp Insurance Copy

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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.

How Carpenters Can Manage Their Risks, risk management strategies for carpenters

How Carpenters Can Manage Their Risks

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Due to the inherently physical nature of their work, carpenters are susceptible to a considerable amount of on-the-job risks. While having the right professional insurance is one way to protect yourself from the risks you face, there are other steps you can take to stay safe.

Learn more about these risk management strategies for carpenters.

  • Equipment Inspections

Carpenters rely heavily on their equipment to carry out their work. However, if your equipment and tools are not functioning properly, you are at greater risk for injury and damages. This is why, before you begin work for the day, you should conduct an in-depth inspection of all the equipment you will be using. Your inspection will not only ensure that you have the right equipment to complete the job, but will also ensure you stay safe while doing it.

  • Utilization of PPE

PPE, or personal protective equipment, is something that all carpenters should wear while on the job or on a construction site. PPE consists of things such as gloves, helmets, steel-toed boots, goggles, respirators, and so on. Donning the proper safety equipment will reduce your risk for sustaining an injury while completing your work. Additionally, because PPE is enforced by OSHA, using the proper protective equipment will also help you avoid sanctions and fines.

  • Updated Training

The construction world is evolving rapidly as new techniques and technologies are being introduced. These changes also occur within the field of carpentry. To ensure that you are safely using new equipment and properly administering new techniques, it’s important that you receive professional training. While this may seem tedious, keeping up to date with this growing body of professional knowledge will help you stay safe, as well as improve your marketability in the field.

These are some of the most important risk management strategies for carpenters. Want another way to protect yourself? Make sure you have the right commercial coverages in place. For assistance with all your professional insurance needs, contact the experts at Contractors Insurance Agency today.

workers compensation and volunteers

Are Volunteers Covered Under Workers Comp Insurance?

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Volunteers are a wonderful asset that many businesses and organizations like to tap into. However, any volunteer that works at your place of business opens themselves up to potential on-the-job injuries. This begs the question: Does workers compensation insurance extend to volunteers?

Here’s what you need to know about coverage for injuries in your workplace.

Volunteers are not paid employees of your company so most states specify that they are not covered under workers compensation insurance. Even if you add a voluntary compensation endorsement onto your workers comp policy, this extra coverage will only apply to employees not covered under standard workers comp insurance.

For instance, this endorsement will offer coverage for paid workers, such as employees who are traveling overseas, domestic or farm workers, and so on. So, despite the misleading name, even a voluntary compensation endorsement will not extend coverage to your volunteers.

How can I secure coverage for my volunteers?

This comes down to your state’s laws.  When speaking to an agent, ask the following questions:

  • Where in my policy can I find who is covered under my workers compensation and the limitations?
  • What options do I have for adding workers comp coverage for volunteers?

If you cannot afford to offer coverage to your volunteers, then your business should only work with volunteers who have coverage through other means. For instance, many volunteers have personal coverage options or are insured through a different management company. If your company is unable to offer coverage, all volunteers should sign waivers that explain your inability to provide coverage.

Interested in speaking to an insurance professional regarding the limits of your workers compensation insurance? If so, contact the experts at Contractors Insurance Agency. Our dedicated team is ready to offer you the advice and assistance you need today.

cyber security risk for contractors

Top 3 Cyber Security Threats Your Company Faces

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For a contractor, the physical risks that your company faces might seem more pressing than cyber security threats. Unfortunately, in the modern era, no industry is safe from the damage of a major cyber attack. This is why contractors need to be vigilant and take steps to protect their company’s sensitive information. For instance, having the right business insurance to protect against cyber liability risks is a great place to start. But what risks are contractors most vulnerable to?

Here are the top three cyber security threats contractors need to watch out for.

  • Phishing Schemes

Phishing scams use seemingly legitimate email messages to trap unsuspecting victims. A cyber criminal might send you a message that appears to come from a legitimate source, such as your bank. The email might include a link that redirects you to a fake site that prompts you to input login information. Hackers can use this info to infiltrate your sensitive online information. Information that can be compromised includes personal financial information, customer payment information, and other private company data.

Read over emails carefully before clicking on any links. Oftentimes, phishing emails will contain small typos or wording that seems a little off.

Verify the legitimacy of an email by checking up with the person or institution the email says it is from.

  • Malware

“Malicious software” includes things like spyware, viruses, and ransomware. Malware can install itself onto your computer. This happens after you click on a fake link, open an email attachment, or download something from a compromised website. Once this software is installed on your computer, it can extract sensitive company and customer information. To prevent this risk, have anti-virus software installed on all company devices and be sure no one is clicking on suspicious websites, emails, or links.

  • POS and Mobile Payment Attacks

If you use POS (point-of-sale) terminals to accept payments, your company faces the risk of attack. Should a hacker gain access to your payment terminal or mobile card reader, they have easy access to all customer payment information that goes through it. The best way to prevent such an attack is by using a strong password on your POS system and updating it frequently. Your business should also be using the chip-reader system rather than traditional magnetic strip card readers.

These are three of the most common cyber risks that contractors face. Remember, you can protect your business against these threats by having the right business insurance in place. For assistance with all your commercial coverage needs, contact the experts at Contractors Insurance Agency today.

What You Need to Know About AD&D Insurance

What You Need to Know About AD&D Insurance

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While many business owners offer their workers life insurance as part of their employees’ benefits packages, have you ever considered offering accidental death & dismemberment (AD&D) insurance as well?

Here’s what AD&D insurance can do for your business.

What is AD&D Insurance?

As the name suggests, accidental death & dismemberment (AD&D) insurance offers compensation if your employees are accidentally killed or face dismemberment. Typically, this type of policy will offer coverage if death or dismemberment is the result of accidental or unavoidable circumstances such as an auto accident, murder, fall, drowning, or accidents involving machinery. Dismemberment refers to the physical loss or the loss of use of a body part or function (such as the loss of a limb or the loss of eyesight, speech, or so on).

How Does This Coverage Work?

This type of insurance works in tandem with life insurance. This means that if an employee dies as a result of an accident, their loved ones would receive compensation from the employee’s life insurance policy and their AD&D policy.

Are There Exclusions?

As with any other type of insurance policy, there are some situations that are excluded from receiving AD&D coverage. Common AD&D exclusions include the following:

  • Suicide
  • Illness or other natural causes
  • Overdose
  • Death resulting from accidents that take place while under the influence of nonprescription drugs
  • Injuries sustained during combat

This what you need to know about accidental death and dismemberment (AD&D) insurance and how this coverage could help your employees. Interested in learning more about your business’s insurance options? If so, contact the experts at Contractors Insurance Agency. We are ready to assist you with all your commercial coverage needs today.

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