At times, business owners must deal not only with customers, but with various employee issues. Workers compensation is one of those situations. California law requires employers to carry workers compensation insurance, if you have even one employee (and roofers are required to purchase this insurance even if they don’t employ anyone). Shopping for workers compensation insurance can feel like a daunting task, but these five tips should help you sort through your options.
Understand you will be audited at the end of that period.
Job descriptions are important. Your business might include multiple job classifications, and that you feel comfortable with the final results before purchasing the policy.
Project your payroll as accurately as possible. As we stated earlier, your payroll will be audited at the end of the policy period, and it is possible that you will owe more if your initial payroll projections were not accurate. Take care when calculating your projected payroll for the year. If you realize halfway through the policy that your projections might not be accurate, call your insurance representative so that they can adjust your premium.
You can review your final audit. Insurance companies can make mistakes, too. You have the right to review your final policy audit and challenge any discrepancies that you find.
Choose an experienced agent. You should feel comfortable with your insurance agent, because this person will be working closely with you for the duration of your workers compensation insurance policy. Choose someone who is experienced in this field, and who takes the time to explain your options to you.
On that note, give us a call if you have questions about workers compensation insurance. We will be happy to explain the process to you, and help you protect your employees as well as your business.