As a contractor, your time, money, and reputation are on the line. Workers’ compensation costs can skyrocket due to preventable mistakes — hurting your business and your bottom line. Workers’ ...
Not collecting COIs can inflate your payroll exposure and raise red flags during audits. If a subcontractor doesn’t have their own active workers’ comp policy, your business could be ...
Yes. Audits can result in unexpected charges if your documentation is incomplete or payroll was underreported. Many contractors are caught off guard by audit bills when their paperwork doesn’t ...
MOD rate stands for Experience Modification Rate. Your MOD rate directly affects your premium—it’s essentially your safety scorecard. A high MOD means your business is viewed as riskier, resulting ...
Injured employees who remain off work longer increase claim costs, which affects your MOD. Without a formal return-to-work policy, claims can remain open longer than necessary, increasing the total ...
Yes. Late reporting increases claim costs and red flags. Report all incidents promptly, no matter how minor. Maintain open communication with injured employees. Follow up with your insurance carrier ...
Most insurance agents don’t specialize in the Construction Industry. A generalist insurance agent may miss key exposures, costing you more in the long run. A knowledgeable insurance advisor can ...
To ensure adequate coverage, regularly review your policy with your insurance provider, especially when you acquire new equipment or expand your operations. This helps keep your coverage up-to-date and ...
While a maintenance plan is beneficial for preventing equipment issues, it does not provide financial protection for unexpected breakdowns. Equipment Breakdown Insurance complements maintenance plans by covering the costs ...
Yes, Equipment Breakdown Insurance often includes coverage for business interruption losses. This means that if your equipment fails and causes a halt in your operations, the policy can help ...
