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.

Equipment Breakdown Coverage Explained, insuring your business’s equipment

Equipment Breakdown Coverage Explained

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Stop for a moment and imagine what would happen if an essential piece of business equipment experienced some kind of breakdown. You would miss deadlines, halt production, and more.  It’s easy to see why it is important to be insuring your business’s equipment. This is where equipment breakdown coverage comes in.

What does equipment breakdown insurance cover?

As the name suggests, equipment breakdown insurance offers coverage for the equipment your business utilizes.   It offers coverage for events such as mechanical breakdown, electrical arcing, boiler explosion, and so on. Should your equipment experience these types of issues, your policy would offer compensation for repairs or replacement.

Equipment breakdown insurance extends coverage to the following types of equipment:

  • Electrical
  • Air Conditioning
  • Refrigeration
  • Boiler and Pressure Vessel
  • Computer and Communications
  • Mechanical
  • Renewable and Alternative Energy
  • Production Systems

Do I really need this insurance?

Commercial property insurance offers coverage for equipment that is damaged or lost as a result of vandalism, theft, fire, and so on however it will not extend coverage to equipment damaged due to internal breakdown or malfunction. Only equipment breakdown coverage will ensure that you receive the immediate equipment repairs or replacement that your business needs.

Do you have additional questions regarding your business’s insurance? Please do not hesitate to contact the experts at Contractors Insurance Agency.  We are ready to assist you with all your commercial coverage needs today.

helping during a workers comp claim

The Importance of Cooperation During a Workers Comp Investigation

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Here’s why you need to cooperate during a workers compensation insurance investigation.

As a business owner, you are probably aware that an injured or ill employee will likely file a workers compensation insurance claim. Not only is it important to report this claim in a timely manner, but it is also vital that you do what you can to assist with the investigation.

By cooperating with your claims adjuster, you can ensure that the claim process is handled quickly and efficiently. Additionally, your assistance can even help the claims adjuster identify possible third-party involvement.

How to cooperate during the claims process

  • Anytime an employee is involved in an accident, you should require supervisor reports that record the initial details of the incident. This way, if the employee does decide to file a claim, you will have the details of the event recorded so the information cannot be forgotten or changed.
  • You should also help your claims adjuster gather witness statements and speak to the injured employee. For instance, you can help schedule meetings between your employees and the adjuster. Additionally, if a meeting cannot be organized, you can supply your adjuster with the injured worker’s personal contact information.
  • When meeting with your claims adjuster, you should be sure to inform them about any concerns or issues you may have. Something that seems insignificant at first could have a huge impact on how the claim actually turns out.

In addition to these things, you can also help your adjuster identify third-party involvement in a claim.

Here are some of the things that you can do to help.

  • If your adjuster suspects that a product defect or machine malfunction has something to do with the employee’s injury, you should make an effort to preserve the scene of the incident. This means removing the suspected machine from production to allow for further investigation.
  • You can also play an important role in preserving the scene by taking pictures immediately after the incident takes place. This will allow you to capture details that your adjuster might not be able to recreate.
  • Finally, sharing police reports, contracts, and other documents with your adjuster can be important in helping them determine third-party involvement.

These are some of the ways in which you can cooperate during a workers compensation insurance claims investigation.  Do you have further questions regarding your business’s insurance needs?  Then contact the experts at Contractors Insurance Agency.  Our dedicated team is ready to get you the coverage that you need today.

learn how to lift safely

Learn this Safe Lifting Technique

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Lifting and carrying materials is a common occurrence in the workplace, however, many business owners fail to teach their employees the proper technique for handling this task. While this may not seem like a serious issue, more that 700 back injuries occur every day as a result of unsafe lifting practices.

While having the right workers compensation insurance will assist any employees that injure themselves in a workplace accident, you can prevent these incidents from happening in the first place. The best way to accomplish this is by teaching your employees how they can safely lift and carry loads.

Here’s what a safe lifting technique entails.

1) Planning

During the planning stage, you should assess the size of the load and ensure that you can safely carry it by yourself. If the load is too large or cumbersome, you should seek assistance. You should also scan the load for any hazards such as protruding nails, splinters, or rough edges. Next, you should ensure that your route is clear of any walking hazards or obstacles. Finally, you should don the appropriate safety gear such as gloves, safety shoes, a back belt, and so on.

2) Lifting

After the planning stage, it’s time to execute the lift. Start by getting as close to the load as possible. Then firmly plant your feet shoulder-width apart so you can maintain your balance. Keep your back straight and your stomach muscles taunt as you bend at your knees and lift with your legs. Lift the load in a smooth motion, making sure not to twist your body. If you need to turn, use your feet to shift your body.

3) Carrying

As you carry the load, hold it as close to your body as possible. Watch where you’re walking; you should never carry something so large that it obstructs your vision. As you carry your load, keep your back straight and your stomach muscles tensed. Take extra caution as you move up and down the stairs.

4) Lowering

When lowering the load, it is again important that you keep your back straight and the load close to your body. You should squat, bending at your knees to bring the load down. Do not stretch or overreach when trying to set the load in position; simply set it down and then maneuver.

You should teach your employees to follow this technique to reduce the chances of someone suffering a serious back injury.  Remember, having the right workers compensation insurance is always a good precaution to take.  For assistance with your business’s insurance needs, contact the experts at Contractors Insurance Agency.  Our dedicated team is ready to get you the coverage that you need today.

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