Workers Compensation
Sarah Stein
? I Help Service Based Businesses Leverage People, Systems and Technology to Pave the Path to Financial Freedom by Eradicating Financial Stress.
Let's talk workers compensation insurance.
Each state has its own set of rules, so it's crucial to understand the specific regulations in your state. With the rise of remote working, especially across multiple states, it's essential to have policies in place for each state.
Monitoring your workers compensation throughout the year is imperative. If your actual wages significantly surpass the estimated amount, your insurer might reject your claim. This oversight can lead to severe consequences.
Recently, I encountered a situation where a claim was denied because the wages estimate hadn't been updated despite substantial payroll growth. As a result, the employer had to cover the medical costs, leading to financial strain and ultimately the closure of the business.
Don't let this happen to you.
Stay informed and proactive about your workers compensation to safeguard your business and employees.
PS. Whenever you’re ready, here are 3 ways we can help you eradicate financial stress in your accounting firm or professional services business – faster …