Why Columbus Business Owners Should Reassess Their Workers’ Compensation Insurance Policy Before the New Year

As the year draws to a close, it’s an ideal time for business owners in and around Columbus, GA to take a closer look at various parts of their operations, including their workers’ compensation insurance. These policies can play pivotal roles in employee health and well-being, as well as legal compliance, and should be regularly reassessed for optimal coverage. The year’s end is as good a time as any for this task.

Why a Year-end Workers’ Comp Review Matters

Georgia law requires most businesses with three or more employees to carry workers’ compensation insurance. However, simply having a legally compliant policy in place isn’t always enough. Over the course of a year, your business may have experienced changes that could impact your coverage needs.

Key Areas to Evaluate

At Accentor Accounting & Insurance Services, we pride ourselves on helping Columbus businesses understand and address their workers’ compensation coverage needs. Our team can help provide an exhaustive policy review, specifically focusing on the following key areas:

• Workforce changes—Have you added or lost employees? Are there new job duties or higher-risk roles?
• Payroll adjustments—Since premiums are often based on your business’s total payroll, accurate reporting can make sure you’re getting sufficient coverage without overpaying.
• Claims history—Reviewing past claims can reveal trends and help you implement safety improvements and reduce future risk levels.
• Regulatory updates—Workers’ compensation insurance laws can change, so it’s important to remain apprised of Georgia’s requirements and confirm that your policy reflects them.

The Value of Proactive Planning

Taking the time to review your workers’ compensation policy before the new year can help you avoid gaps in coverage, unexpected costs and compliance issues. Our team is here to guide you through this important process.

Contact us today to schedule a policy review or compare available workers’ compensation insurance options.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.