Workers comp insurance is both vital and necessary, because it is there to protect you if you get hurt on the job. That requires you to use it correctly, though. Workers comp mistakes are common and often stem from misunderstanding the process. Unfortunately, this can result in either the denial of a claim or the protraction of the healing process. Here are some of the most common mistakes made by employees and small companies:
- Failure to report the accident promptly
- Inadequate explanation of the injury
- Lack of completed paperwork for claims
- Failure to follow medical orders
- Returning to work too quickly
Not all of these issues affect claim payouts for medical expenses from the original injury. Instead, they increase the risk of reinjury and open the possibility of medical expenses from secondary issues that may not fall under workers comp protections.
Educate Your Employees About Workers Comp
The best way to avoid workers comp mistakes that cost your employees or your company extra money is to train your workforce. Specialized insurers who focus on serving local small businesses with the employment insurance they need often have resources of their own to help with this. If you do not know how to talk to your employees about using the claims process, look to your insurance provider for resources that can help you make an effective presentation at your next shift meeting. If your insurance provider does not have those resources, consider looking for an experienced local insurer who does.
Captive insurance companies represent an opportunity to control your costs while accessing the best and most form-fitting insurance possible. They can be used for anything from group health coverage to liability insurance, and that is why they have been popular for decades. If you are fairly certain you want to invest in captive coverage but you have yet to decide between a partnership and a single parent captive solution, the single parent option has a few advantages to recommend it.
- Complete control over costs and policy parameters
- Recapture 100% of overpayments as profits if desired
- Calibrate the captive insurer’s finances to add or remove insurance services as needed and without anyone else’s input
- No need to negotiate diplomatic management solutions with potential competitors to access coverage
All of these advantages do come with one significant challenge, however. Single parent companies require substantially more capital to start up than joint captives.
Picking Your Captive Insurance Solution
If you have the money, there are potential long-term savings to a single parent captive solution you just cannot count on if you partner up. The costs of other companies’ claims will always impact your bottom line, as will the necessities of joint management and shared profit returns from overpayment. In the end, it comes down to how much control you need. If you invest the labor, single parent solutions become more cost effective. If you want to be a little more hands-off and delegate out some responsibility, shared options favor your company.
Every industry has a unique set of risks, but working in entertainment adds several unusual professional hazards. With the addition of alcohol, flaky entertainers, and a fast-paced internet, it’s challenging to keep up with everything that can go wrong. Thankfully, entertainment risk insurance provides coverage for every potential disaster.
Unfortunately, violence is a common result of large public gatherings, especially when alcohol is involved. As a result, entertainment venues often require heightened security, bag checks, and even full-body searches to combat the increase in acts of violence.
When hiring third-party talent, you rely on their commitment to timeliness and professionalism to keep your business running smoothly. If an entertainer cancels, doesn’t show, or is otherwise unable to perform, it’s up to you to have a backup plan.
In an increasingly online world, cyber attacks threaten the security of open access to entertainment and stored personal information. When streaming hubs go down, the outage affects subscribers worldwide. Similarly, hackers can steal sensitive information from across the globe, requiring entertainment companies to keep a careful lock on their servers.
The entertainment industry provides invaluable services to the public, but its vivacity comes with a set of unique risks. Speak with an insurance specialist to determine the best risk management policies for your business.
With still competition in the rideshare industry, boosting your taxi bookings makes a difference between profit and loss. Private ridesharing services like Uber and Lyft have transformed the ways consumers view transportation, and the use of smartphones and apps has increased accessibility to these services. There several things that can be done to increase taxi bookings with your company.
1. Develop an Online Presence
Consumers rely on digital connectivity for just about everything, including how they want to research and book personal transportation. Without an attractive, functional and high-ranking website and social network accounts, you are already far behind the competition.
2. Make Use of Targeted Advertising
Let technology go to work for you. Running algorithms on data gathered from customer preferences and behaviors will bring a laser focus to your target market. Rely on a variety of advertisements across multiple platforms to get your message in front of them. Pay per Click campaigns and social media are two fantastic ways to achieve this end.
3. Increase Recruiting Efforts
Another way to increase taxi bookings for your company is by hiring drivers. The more drivers you have available on the road, the more opportunities you have for growth. Be sure your company is well-branded with a logo and slogan across your drivers and booking platforms to develop brand recognition and loyalty.
Don’t get outpaced by the competition. Take another look at your operations and strategize on how to increase your bookings and revenue.
Most life insurance policies are paid out after the insured passes away. However, there are instances where a beneficiary may be unaware of a policy’s location or that it even exists. In these instances, a policy is considered “lost.” But, it doesn’t have to stay lost. With a little detective work and a plan of action, a beneficiary or immediate family member can locate the lost life insurance policy of the deceased and make a claim.
Following the Paper Trail
Insurance policies have a paper trail. This makes the detective work a little easier. Premiums are typically paid via check or bank draft. Therefore, a solid strategy for initiating a search is to review bank statements for payments to any insurance companies. Second-tier strategies might include sorting through the mail and perusing income tax returns. This might segue smoothly into getting others involved. For example, speaking with accountants, attorneys, financial advisors and former employers could lead to discovery.
Tracking Digital Footprints
Nearly everyone has digital footprints – electronic evidence of their existence and actions. These footprints make the process of discovery much more efficient. Obvious digital footprints to look for in the search for lost life insurance policies include:
- Online banking transactions
- State insurance department databases
- State unclaimed property databases
- MIB database
The search for lost life insurance policies can be efficient and effective using these key strategies. Paper trails and digital footprints provide the evidence that leads to discovery.
Insurance is one of those necessary evils everyone deals with, even if they don’t quite fully understand it. Terms like “malicious mischief” and “named perils” can throw anyone for a loop. Most consumers simply skip over those terms, hoping someone will explain them when it is important to know.
That’s a bad strategy. If you are signing a new policy, reading the fine print is imperative. As a consumer, you need to know exactly what you are agreeing to and what items and incidents are actually covered, whether that is your car, home or health. Thankfully, an insurance glossary not only helps bridge that knowledge gap, it can make you a better consumer.
Ask Your Insurance Agent the Right Questions
Reviewing the definition of insurance terms gives a consumer a better understanding of policy requirements. Knowing that “malicious mischief” is an insurance term for vandalism could help expedite a claim or spotlight coverage you didn’t know existed. A glossary might also demonstrate how agents use the terms and show you where you might encounter those phrases.
A good insurance glossary may also encourage you to ask your agent questions about your policy or negotiate better terms. The more you know about the industry, the better off you are when it comes time to renew your coverage.
Senior care has fast become one of the biggest areas of the healthcare industry. Research suggests that the demand for experienced and licensed caregivers has gone up exponentially over the last few years to meet the rising number of citizens entering old age. However, with this influx of new workers has come a number of new and important developments. If you run a business that is associated with services of this nature, it is important for you to take time and understand the latest rules dictating your industry in order to best protect your assets.
Rights and the Workplace
One of the more important areas to focus on in your research centers on CNA laws and regulations. Understanding a CNA’s workplace rights can be very important and help you better manage the daily operations of your organization. In fact, these same rules apply to any workers, including RNs and LPNs. You must create a safe work environment, keep the workplace free of discrimination, and pay attention when your employees are mentioning problematic or violent coworkers or patients. Other steps you must take to ensure your workplace meets with workers’ rights include:
- Overtime compensation
- Appropriate insurance coverage for workers
- Competitive benefits offerings
Improve Your Business
By taking time to understand the regulations that dictate your industry, you can improve your healthcare practice to ensure it meets modern standards. Review the basics and learn how you can do your best with your senior care services.
If you’re running or managing a non-profit, chances are that you rely heavily upon help from volunteers. And since all volunteers need to be trained in order to properly perform services for your business, it makes sense to try and keep the volunteers you have instead of having to constantly train new personnel.
But how can you keep them inspired, motivated, and coming back to help again and again over time? There are many things you can do, but following is the number one thing you can do that will help you to retain existing volunteers.
Express Your Gratitude
People need to feel appreciated. And when someone is donating their time and energy to support a non-profit or special event, a little gratitude goes a long way. Volunteer retention can be as simple as saying “thank you.”
Be straightforward with your appreciation and praise, and always be genuine about it – say thank you and tell someone that they’ve done a great job. Communicating openly with your volunteers and letting them know that their work is appreciated is the number one thing you can do to keep them coming back. Make sure to create an atmosphere of appreciation right from the beginning.
Volunteers like to know that their work is meaningful, and they will be more motivated if you remind them just how meaningful their contribution is to you.
Being a fiduciary holds a lot of responsibility, as working in this role is a promise to act and make decisions that are in the best interest of a single individual or group of individuals. The more people who trust you to act on their behalf, the greater the responsibilities of your role. The liabilities you face in this role can be addressed through fiduciary insurance coverage, whether the policy is written for a particular individual or for business employees filling this role.
The Protected Services
Fiduciary liability plans are protections against administrative errors and omissions as well as the personal liabilities related to their involvement with the oversight of employment benefits and plans. Common claim allegations covered by these policies often include:
- Negligence in plan administration
- Breaching the ERISA fiduciary duties
- Poor or careless investment decisions
- Improper or misuse of retirement funds
- Improperly denying plan benefits
- Failing to maintain vigilance with third-party vendors or service providers
- Failing to meet obligations of healthcare privacy or insurance laws
Those Who Need Protection
Companies that provide employee benefits should purchase coverage for their organizations, but any individual who acts as a fiduciary should also have comprehensive coverage. Fiduciary roles include the administration of medical, disability or life insurance plans as well as retirement plans.
Part of running a company is using resources well, including available finances. For many employers, large-deductibles plans for workers compensation packages appear to be an effective way of saving money. However, such plans may not be all that they appear, because the bottom line of imagined cost savings is not the best option for every company.
Misunderstood Costs in Large-Deductibles Plans
Compensation packages for workers are complicated, with many types of possible expenses. Some employers may not understand the financial risks of choosing plans with large deductibles. Potential costs they could face include:
- Reviews of medical bills – This is perhaps one of the least understood aspects of workers compensation insurance. It is complex, and the amount employers ultimately pay can vary based on numerous factors.
- Nursing care and case management
- Investigations to insure medical claims are valid
- Digital research
- Attorney fees
Just one of these expenses could strain a company’s budget. A combination of them could be financially devastating.
Expert Insurance Advice
Insurance brokers should be able to explain the complexities of workers compensation packages to their clients as well as provide coverage options for every need. Just as insureds turn to them for advice, they likewise need to have the backing of an industry expert. Understanding how to handle workers compensation claims helps reduce the pain for everyone.