Worker’s Compensation: Things to Ponder
There are things to ponder about worker’s compensation insurance. You have to check the present certifications of the third party and the job titles for your employees.
Especially, when the work is outsourced under a third party or a subcontractors, you should study the subcontractor’s profile prior to commencing work or insurance.
Any job field you have on hand, you have to make sure that the subcontractor you have assigned understands the consequences of performance. Moreover, they are insured under the same cover for each and every work during the period of insurance.
Mind you that there are few subcontractors who are actually not eligible to your work. They may ask for termination of their policy only to get some premium refunded, whereas they are bound to the terms and conditions with other parties. If worst comes to worst, there is a bodily injury claim and/or property damage on the premises, and this subcontractors have no valid insurance in existence.
Therefore, selecting an excellent reputation of subcontractor is necessary and compulsory. Not only reputation, but also you will get rebate if you can prove that you hire a subcontractor with an insurance cover.
Next, you should maintain a regular list of employees with their job titles and responsibilities. Keeping this available is absolutely clerical job, and not to mention the turn-over of employees leaving and joining the company. One way or another, you have to keep it accurately. The more accurate, the more eligible for the insurance company to indemnify against risks covered under the policy; otherwise, one of your employees claim is not claimable.
So, those are the reasons why the list is definitely indispensible, and make sure your HR manager updates it from time to time. For your concern, the risk and rate for an employee whose job deals with scaffolding is higher than that whose job does with administrative job. Imagine when you have more than 500 workers spreading out in some branches. All you need is someone as a controller both finance and personnel.
