As a restoration contractor, you can anticipate that your insurance company will conduct an annual premium audit. Insurance companies conduct audits to ensure the premiums you’re paying are in line with the amount of coverage they’re providing. The auditor’s initial contact is either by phone or mail, and you’re generally given a week or two to prepare. The auditor will let you know in advance what records need to be examined to have those documents available. In most cases,

Cost control and injury management are the basic yet most essential management programs that impact workers’ compensation loss costs. Focusing efforts on prompt claim reporting, controlling medical costs, and having a plan to get injured employees back to work as quickly as possible can impact controlling your workers’ compensation claim costs. 1. Report claims promptly. The prompt reporting of employee injury claims can be one of the most effective tools in controlling worke

The loss of a critical person can be a significant blow to a small business if that person is the key contact for customers and suppliers and the business’s management. Loss of the key person may also make the running of the business less efficient and result in a loss of capital. Losses caused by the death of a key employee are insurable. Such policies will compensate the business against significant losses that result from that person’s death or disability. The amount and c

This insurance protects a restoration contractor from financial loss due to fraudulent activities or a group of employees. The loss can result from the employee’s theft of money, securities, or other employer property. Why do business owners need employee dishonesty insurance? Fraud and embezzlement in the workplace are on the rise. The Association of Certified Fraud Examiners (ACFE) estimates business losses $400 billion per year or about 6% of annual revenue. Small companie