Tag Archives: business

Employers should know about Missouri workers compensation

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When should you find out about Missouri workers compensation? The answer is that you should have all of the information you need before taking on an employee and you should have your policy in place before your new employee steps into your premises for his or her first day at work. There are several other things you should know about this type of insurance and what to do when an employee is injured on the job.
-    Keeping records of injury related incidents is vital. When an accident occurs or an injury is reported, gather as much information as you can – in writing – from those involved and those who witnessed the incident.
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-    You’re obliged to provide a safe working place for employees but you shouldn’t see this as a burden. It’s in your interests to be diligent with safety in the workplace because if your rate of claims is high, the cost of your coverage is likely to increase substantially over time.
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-    While most claims are legitimate, there are a small percentage of individuals who will try to take advantage of any system, so a system that allows people to take time off work while being paid is particularly vulnerable. Be alert to the possibility of fraudulent claims and if you suspect a claimant is overstating an injury or did not suffer the injury while at work, report your suspicions to your insurer or agent.
Is your Missouri business about to expand and take on employees? Speak to us today for assistance in getting your Missouri workers compensation policy in place.

Insuring the Key People in your Business

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When you have one or two staff members who have skills that are vital to the ongoing operations of your business, the business could suffer major losses if anything happened to those people. You can prepare yourself for the worst possibility by adding key person coverage to the best business insurance PA has to offer.

Key person cover is a form of life insurance. The policy is held by the business and your business would be the beneficiary if you had to claim on the policy. It isn’t a regular component of a business insurance package – you have to add it separately. It’s essential to speak with the staff member concerned as you cannot take out a life policy on an individual without their agreement. They also need to be aware if they feel they need life insurance to protect their family financially, then they need to take out their own life insurance and name their family as their beneficiary.

In the event that the worst happens and you do have to claim on the policy, your business can receive a lump sum that may help you continue to meet your financial obligations while productivity may be down. It can also help you keep going during the interim period until you are able to find a new person to fill the role; or (if that isn’t appropriate under the circumstances) wind up the business.,

Adding key person cover to your business insurance package won’t protect your people, but it can help protect your business if you lose someone important to ongoing operations. You cannot replace the person you lost, but you can minimize the financial losses to your company.