WORK COMP WEDNESDAYS: Four Big Benefits of Workers Compensation Insurance

 While many employers secure workers compensation insurance to satisfy legal requirements, this important safeguard has the power to protect business interests while building a bond of trust and respect with employees.

According to the National Safety Council, accidental injury is the third highest cause of death in the United States. Based on study findings, researchers concluded that someone is injured every second and killed every three minutes. The study also found that job-site deaths increased by 10 percent in 2016.

Now more than ever, it’s important to not only have coverage, but to make sure employees know their rights and responsibilities for a safe workplace.  These are some of the biggest benefits of workers compensation insurance:

1) Comprehensive Coverage

Not having a worker’s compensation policy in place means that you lose the common law defenses available, which are: assumption of risk, contributory negligence, and negligence of a fellow employee.

This insurance provides payment of medical bills and other expenses involved when an employee is injured on the job. It also makes allowances for the collection of lost wages. In the case of fatal injury, funeral expenses and dependent financial support are covered under most policies.

It’s important to note that claims can be made whenever and wherever an employee is hurt while on the job —regardless of the proximity to your office. That includes business trips, conferences, office errands, and other job-related tasks.

Also covered are injuries that occur over time (cumulative) and diseases caused by workplace conditions. Self-inflicted injuries, illegal activity, and employee-initiated violence are not valid workers compensation claims.

2) Involvement in the Process

Ideally, no employee would ever file a false workers compensation claim. Unfortunately, it does happen. This coverage protects you against fraudulent claims and lawsuits, but also allows you to begin the process with a company-trusted physician.

Many employers exercise their right to select a physician for a one-time evaluation. After that, employees can choose to remain with that doctor or choose another specialist. While this provision is in place to discourage fraud, it also avoids the time and confusion of having to start fresh with a new physician for each claim.

Also, the injured employee, generally, cannot sue an employer, for work-related injuries if the employer has purchased workers’ compensation insurance as required by law.

3) Community Stewardship

As a business owner, you want to do right by your team members and customers. While you review the many benefits of workers compensation insurance, it’s also wise to be aware of the consequences associated with not having adequate coverage. This includes:

• non-compliance penalties
• employee lawsuits
• financial repercussions
• reduction in worker morale/increased turnover

Also, you are personally held responsible for the employee’s injuries and lost time from work if there is no workers compensation policy in place. In addition, companies who don’t protect their interests and those of employees soon get a negative reputation, which could affect customer loyalty.

4) Peace of Mind

It is the right thing to do. Having an employee injured in the workplace is a public relations nightmare. The integrity of your company, and you, are put in the spotlight anytime an accident occurs at your workplace. When a team member is hurt, it’s natural to have immediate concerns for their well-being. At the same time, there are legal considerations to protect your business assets. Workers compensation insurance also puts in place protection against fraudulent claims.

Since 1964, we’ve helped countless Florida companies secure the necessary insurance to protect business assets. From workers compensation to business and commercial, construction, risk management, and more, our qualified staff can help you find the best insurance solutions for your business. Contact us today to discuss your workers compensation program!  Just call 321-72-1620 and ask for Elaine.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

                                                     Serving Florida since 1964

 

4 Tips for First-Time Home Buyers

 Buying your first home is not only a major investment, it’s a new chapter in your life. You should be proud of yourself for making this life-changing decision. With focus and determination, your home can provide years of service and satisfaction for you and your loved ones.

Whether you’re starting a family, venturing out on your own for the first time, or any other scenario, it’s important to keep in mind valuable advice to make this transition smooth and enjoyable. Here’s how to get started:

1) Pre-Approval and Beginning Stages

You’ve likely heard about the pre-approval process. Essentially, this centers on different loans for which you qualify. Here’s also where you’ll glean details about your ideal down payment, potential credits, and more.

At this stage, you should also start or beef up savings, and/or set aside cash reserves specifically for the purchase and initial maintenance of your new home. While many lenders now require a 20 percent down payment, it’s still possible to find outlets that will accept three percent or less in some situations.

Next, determine whether or not you’ll partner with a real estate agent. This decision is entirely up to your discretion. Some people appreciate the ease and peace of mind that comes from such professionals, while others prefer to approach the home buying process on their own. 

2) Focus on the Details

Regardless of whether you’re working with a REALTOR® or purchasing your home directly from the current owner, you’ll want to be sure there are no surprises. Accomplish that goal by first scheduling a thorough home inspection. It’s also helpful to know the latest property value assessments for other similar homes in the area.

Be sure to get detailed information on any significant upgrades or maintenance made to the property. Avoid late-in-the-game surprises by ensuring you fully understand closing and other costs. Then, speak with a friendly and knowledgeable insurance agent who can help you investigate multi-policy options. You could get big savings by bundling your new homeowner’s insurance with automobile and/or other coverage.

At this point, it’s also wise to research local and state assistance programs. Many cities and states offer valuable incentives to first-time home buyers, which over the long-term could save you money.

3) Be Realistic and Open-Minded

While some people specifically search for a “forever home” they’ll enjoy for a lifetime, many first-time home buyers purchase with the idea of moving in five or ten years. It can be difficult to predict future changes in jobs, family status, and other factors. That’s why it’s important to select a property that matches your current lifestyle preferences and requirements.

In addition, it’s wise to keep in mind that minor cosmetic changes and updates to a property can be affordable and straight-forward. For example, repainting walls from an undesirable color is simple and cost-effective. By contrast, if a home you’re considering requires major upgrades to match your wants and needs, it might be better to find another property.

The bottom line is that no home is perfect. However, there are ways to enhance and protect your investment. That includes flood insurance and other considerations.

4) Get Insurance Coverage

As mentioned, securing comprehensive insurance gives you the coverage and peace of mind that you’re protected under a variety of situations. Along with homeowners insurance, other popular selections include flood insurance, bundled options, and more. Speak with a trusted and reputable agent to learn more about all the choices available to you.

Since 1964, we’ve helped countless Florida residents with all their insurance needs. Both individuals and business owners benefit from our coverage areas. That includes business and commercial, construction insurance, tree care, risk management, homeowners, automobile, insurance and more. Contact us today to learn more about how we can make your life easier, and help keep you, your loved ones, and your property consistently protected.  Just call 321-725-1620 and ask for Bryan.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

                                                     Serving Florida since 1964

WORK COMP WEDNESDAY: "Are They an Employee or an Independent Contractor?"

 If it walks like a duck and quacks like a duck, then it probably is a duck.

One of the never-ending discussions for the construction industry in Florida is whether a trade, supplier or independent contractor is an employee. Figuring the answer out will help clear it up to at least murky water.

The state of Florida holds the construction industry up to a different standard than other industries in Florida. Medical, legal, manufacturing, and hospitality businesses are required to implement a workers' compensation policy at their practice when they have four or more full-time or part-time employees, including corporate officers. However, companies in the construction industry must have workers’ compensation insurance once they employ an employee, regardless of full-time or part-time status.

Officers of Florida corporations registered with the Florida Department of State, Division of Corporations, can choose not to be covered under the workers' compensation policy. If your construction company is an LLC, you can show, as proof, a notarized statement of 10% corporate ownership.

"I know. You are a general contractor and you subcontract all your work out to subcontractors."

Are they subcontractors or independent contractors? The general rule is that an individual is considered an independent contractor if the payer has the right to control or direct the result of the work and not what will be done and how it will be done. You are not an independent contractor if you perform services that can be regulated by an employer (what will be done and how it will be done). This applies even if you are given freedom of action.

Therefore, the question to ask is, "Does the employer have the legal right to control the details of how the services are performed?" If the answer is yes, then they're not an independent contractor. 

For a simple risk management tool, make sure your subcontractor's (independent contractor) agent sends you a certificate of insurance that shows they have their own workers' compensation. If they say they are a small contractor with no employees but themselves, make sure they give you a copy of their exemption. You should require them to sign an independent contractor affidavit. But beware, carriers are now no longer considering that your subcontractor can earn more than $100,000 by himself. Workers’ compensation carriers are starting to examine those 1099's carefully and may assume there are unreported employees helping your subcontractor.

Below is an excerpt from a carrier's letter, explaining how they will decide.

"Exempt contractors with compensation over $100K during a policy period, must either furnish a WC certificate of insurance or verification of any labor materials used by the exempt contractor for consideration. Failure to provide this information could result in a portion of the contractor's distributions being included in the final audit for the general contractor."

If you have any questions, please feel free to contact us at 321-725-1620 and ask for our Work Comp expert, Elaine. We would be glad to help you review your risk management program and make suggestions!

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

                                                     Serving Florida since 1964

WORK COMP WEDNESDAY: Do You Know About the Construction Policy Tracking Database for Workers' Compensation?

 In Florida, everyone working on a construction job site is required to be covered by workers’ compensation insurance or have a valid workers’ compensation exemption issued by the state Division of Workers’ Compensation.­

 

If a contractor in the construction industry hires a subcontractor whose workers’ compensation coverage gets canceled and one of the sub’s employees gets hurt, the responsibility for that injury can fall to the contractor and their workers’ compensation insurance company.­ The contractor will also owe a premium to their insurance company for that exposure.­­

 

It’s the same situation if the construction contractor hires an exemption holder.­ If that exemption expires and the subcontractor does not renew it timely, that sub is no longer exempt.­ If he/she is hurt on the job after the exemption expires, a claim can be filed against the contractor's workers’ compensation insurance to cover the injury.­

 

How can contractors in the construction industry protect themselves?­ One way is to use the State of Florida's Construction Policy Tracking Database.­ This is a free service offered by the Division of Workers' Compensation that will notify contractors if their subcontractors’ insurance coverage or exemptions expired or are canceled.­

 

Contractors simply enter the workers’ comp policy number or exemption information for all their subcontractors, and the database will track the subs’ policies and/or exemptions and alert contractors by email if a subcontractor's policy is cancelled or if an exemption expires.­ The link to the Construction Policy Tracking Database is: www.myfloridacfo.com/WCAPPS/Contractor/logon.asp.

 

If you have any questions concerning the policy information on the website, you can contact the Division of Workers' Compensation's Customer Service at 850-413-1609 or email ContractorTracking@myfloridacfo.com.

 

If you have any questions regarding exemptions, you can email wc_exemption@myfloridacfo.com.

 

We've been helping contractors for over 55 years. Feel free to contact us today to learn more about the workers' compensation process and rules or for any other inquiries you may have.  just call our Work Comp expert, Elaine, at 321-725-1620.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

                                                     Serving Florida since 1964

4 Reasons Why You Need Homeowners Insurance

 Your home is your castle. It’s a safe and secure place where you can relax and make memories with friends and family. It’s also one of your biggest investments. That’s why it’s important to protect your property with homeowners insurance.

More than 90 percent of all property owners have safeguarded their homes with at least some insurance, according to the Insurance Information Institute. That still leaves millions of homes uninsured, and at risk of major financial losses in the event of natural disaster or other tragic events. Here’s why homeowners insurance is essential:

1) It protects your home and other property

Even the most basic homeowners insurance safeguards your property against a variety of potential hazards, including fire, vandalism, severe weather (tornadoes, hurricanes, high winds, hail), and more.

Regardless of the extent of damage or destruction, your policy can help pay for repair and replacement — saving you money in the event of unplanned circumstances.

In addition, if your home is deemed uninhabitable following a catastrophic event, additional living expense coverage (standard in most policies) can help pay for temporary living costs while your property is being repaired, or while you search for alternate means of shelter.

Some policies also offer reimbursement or defrayed replacement cost of personal belongings such as furniture, appliances, clothing, and more.

2) It protects your liability and includes essential allowances

Covering more than just structural issues, some homeowners policies can also protect you in the event of a lawsuit due to injury on your property.

For instance, if a neighborhood child decides to take an uninvited dip in your backyard pool, and then gets hurt when they accidentally slip on the deck, you could be held legally responsible. Liability insurance as part of your homeowners insurance policy can also help pay for necessary medical bills, legal fees, and even lost wages.

In addition, this option helps preserve your home’s equity. For example, when you make renovations and updates to your home, the value increases. Adequate insurance that is properly updated to reflect such improvements protects your investment.

3) Your lender may require it 

While not a state requirement, more lenders today demand that homeowners provide proof of insurance. That’s because it protects your property from damage caused by severe weather, fire, and even vandalism.

In some cases, if you don’t purchase insurance (or don’t keep adequate coverage), your lender could buy a policy in your name and add the cost to your monthly payments. Lenders don’t usually shop around for the best deals, so in this case, it’s likely you’ll be paying a premium for coverage you could be getting at a reduced price. Contrary to popular belief, homeowners insurance is affordable. There are options to satisfy most budgets.

4) It’s easy to get started

As you consider the right policy for you and your family, it’s also important to consider what could happen if you’re not insured. For most homeowners, the resulting fallout from a disastrous event would be financially devastating.  For these reasons and many more, the risk of living without homeowners insurance is simply not worth it.

Since 2002, we’ve been helping people just like you with their insurance and risk management needs. Contact us today to discuss the best options to financially protect your property.  Just call 321-725-1620 and ask for Bryan.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

                                                     Serving Florida since 1964

What You Should Know About Professional Tree Trimming

 Recent severe weather events have put a spotlight on property management. Homeowners across Florida seek safeguards against the threat of natural disaster, including tree maintenance. That makes now the best time to secure adequate insurance coverage for your tree care service.

Sometimes called arborist insurance, this coverage protects your business against on-the-job incidents such as property damage and bodily injury. Your company is about much more than mere landscaping. That’s why you need protection tailored to your specific requirements. Here’s what you need to know about professional tree trimming and tree care insurance:

Tree Care Company Basics

You may have been in the business for years, or perhaps you’ve just launched a tree care company. Regardless, you know that safety is of utmost importance. Home and business owners select tree care for a variety of reasons. Some are mostly interested in aesthetics, while others are concerned about tree health.

While tree care is a year-round endeavor, you may see increased business in the weeks leading up to severe weather, and especially following catastrophic natural events (such as hurricanes, tornadoes, and thunderstorms).

The nature of a tree care makes it one of the most dangerous jobs in the country, according to the Occupational Safety and Health Administration (OSHA). Anytime you’re working around trees, securing adequate insurance beforehand is essential. That includes a variety of specifications, including:

• tree trimmers/pruners
• tree removal experts
• municipal tree care
• landscaping
• pest control
• and more

At the least, your tree care service should have in place certain safeguards such as general liability insurance, property management coverage, and more. Speak with a friendly and knowledgeable agent to get started on an insurance plan tailored to your needs.

Consumers Do Their Homework

Your customers have likely already checked you out online before making contact. Others have asked their friends and co-workers for recommendations. That means potential clients are aware of your reputation and quality of work. They’ve checked to ensure you’re licensed and bonded. Some have even investigated your company’s safety history and employee credentials. Learning about your extensive insurance coverage provides them with further peace of mind that you’re the best company to take on their projects.

These days, reputation and reliability count more than ever. Especially in emotionally-charged scenarios (such as the weeks and months following severe weather), customers will appreciate your expertise and attention to detail. When armed with the knowledge of your company’s focus on outstanding work quality, you’ll build a strong standing in the community. That goal begins with laying a groundwork for long-term success, such as securing comprehensive tree care insurance.

Tree Care Insurance Protects Your Business

The last thing you want or need is to slow the momentum of your business. Tree care insurance provides you with valuable coverage and peace of mind against many different scenarios, including:

• property damage
• bodily injury and job-related injury or illness
• equipment/tool malfunction and theft

This coverage can also protect you from accidents/damage caused by your commercial vehicles. The first step to building a personalized plan for your company is to contact a reliable professional agent well-versed with tree care insurance.

For more than 55 years, we’ve delighted countless Florida residents and business owners with the innovative insurance solutions we provide. That includes business and commercial insurance, construction, automobile, homeowners, risk management, and more. Contact us today to get started on tree care insurance tailored to your specific business needs.  Just call Elaine at 321-725-1620.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

                                                     Serving Florida since 1964