Carrying a good workers’ comp policy is a smart choice for your business. An injury to an employee on your premises can hurt both of you financially if you fail to carry the right coverage. Your employee will miss work and struggle to pay medical bills. You will be on the hook for those bills and could face a lawsuit from the employee. But that’s not the only legal trouble you could be facing.
Worker’s Comp And The Law
In many cases, it is not just recommended that you carry a workers’ comp policy; it is actually required by law. In order to protect employees from the life altering possibility of an injury on the job, many states require that businesses carry a certain level of workers’ comp coverage. Should you fail to comply with this requirement, you may find yourself in a wide variety of legal troubles.
First of all, if workers’ comp is a legal requirement, you will probably be required to present proof of your policy to your state licensing board for your license to do business. Failure to do so can result in the revocation or non-renewal of your license.
Lawsuits From Injured Employees
If you fail to carry workers’ comp and an employee is injured on your premises, you will very likely find yourself in court facing a lawsuit. You could be forced to cover all of the medical bills and missed wages for that employee out of your own pocket. Furthermore, the judge will not look kindly on you for failing to follow the law regarding your workers’ comp policy. You could face penalties that are far more expensive than simply paying for the policy in the first place.
Workers’ comp is one of those insurance policies that are simply a must for any responsible business. The fact that it is required by law is only one side of the coin; you are responsible for what happens to your employees when they are in your place of business and on the clock. Providing an insurance policy for potential injuries protects them, and it also protects you. Be certain that you are meeting all of the legal requirements to do business in your state by discussing your workers’ comp coverage with your insurance agent and checking regularly to ensure everything is up to date.
Most people simply select a policy for homeowner’s insurance quickly when they are in the process of buying a home. With everything else that is going on at the time, homeowner’s insurance seems like just one more thing to sign off on and move on. Whether you are buying a home or simply looking for a new policy, it’s a good idea to slow down and take a look at your policy before you accept it. Plenty of errors can slip through the cracks if you don’t take your time when shopping for homeowner’s insurance.
A Trusted Agent
A lot of people simply allow the real estate agent or mortgage broker to handle finding the insurance policy. Usually they do know some good people, but do you really want someone you have never even spoken to insuring your biggest investment? If you already have an insurance agent for your auto coverage, give them a call and find out if they can quote your homeowner’s. This way you will have someone you know and trust handling it for you. If you don’t have an agent, ask for referrals and then make a few phone calls. It’s best to actually speak to the agent yourself before you hand over your business.
Look At The Replacement Cost Calculations
No, it’s not going to be what you paid for the house or even what it’s worth. The replacement cost is simply how much it would cost to rebuild your home from the ground up. And an accurate replacement cost calculation depends on accurate information about your home. Most companies will use information from the most recent appraisal of the home to gather this information. It’s still a good idea to ensure that it’s all accurate. Look for errors like listing the wrong type of flooring (is it hardwood or laminate?), errors in the number of bathrooms, and missing special items such as a wet bar or Jacuzzi tub.
Cover Your Property
What the agent can’t get from an appraisal is the value of the things you will be putting into the home. Be sure there is enough coverage for everything you own, including high value items like jewelry. This is something that is often overlooked when shopping for homeowner’s insurance because the focus is on the house and not the things inside it.
Accuracy is the key to a homeowner’s policy that covers everything you own properly, along with valuing your house appropriately. Take the time to shop around, look at the policy, and talk to people you trust. If you ever have a claim, you will be glad you did.