In the following video, Agency Owner Christopher Cook helps us understand just how important it is to know the truth about Workers’ Comp.
Let’s talk about the truth of Workers’ Comp Insurance.
When you run a business, you get pretty good at juggling. From sales reports to taxes to employees to whether or not to buy that must-have gadget your competition just bought, you’ve got more things up in the air than you have arms. But no matter how much you have to keep moving from one hand to the other, the last thing you can afford to drop is Workers’ Compensation Insurance.
I know, you really want to drop it. It’s heavy, uncomfortable, and takes up space for the maybe-I-can-afford-that-Hawaii-trip ball you’d rather juggle. But ignoring it and assuming that the basic policy you have (with an agent who’s name you’ve probably forgotten) is good enough isn’t an option. A simple quote with an agent familiar with Workers’ Compensation and the companies that specialize in this risk can save you a lot of time, trouble, and probably a decent amount of money.
Even worse, some business owners think that Workers’ Comp is a risk that they don’t have to cover. This can be a business-ending mistake. Federal and State agencies are combing through records in a renewed effort to find serial offenders when it comes to dodging Workers’ Comp, and the fines that result can be massive. In North Carolina, the NC Industrial Commission states that penalties can be “up to $100 per day for the time period” without Workers’ Comp coverage. For those businesses that have gone years without WC, that could be the difference between staying afloat or sinking. Here is an article from the Raleigh News & Observer that discusses this very issue, including the tragic story of a young man who passed away on the job while working for a company that did not have Workers’ Comp.
Contact us today to see how we can help protect you, and your employees, from this cumbersome risk.