Risk management is about identifying and reducing risks within your business. In addition to making the workplace safer and enhancing your business performance, a good risk management strategy can also save you money. Insurance premiums for workers’ compensation, liability and other specialist business insurance are directly related to a company’s record and strategy when it comes to their risk management. New York employers are wise to examine all their insurance policies and see if there are steps they can take to reduce risks within the business.
Your workers’ compensation premiums are determined by your history of workers’ compensation claims, the safety features you have in place for your business and the outcome of your workers’ compensation audits. Many businesses are losing money with incorrect payroll audits. This may be from incorrect classifications, your business not being properly charged for sub-contractors or simply that you have not taken all of your eligible deductions such as tips or overtime wages.
Risk management in New York, employers often discover, can be a complicated area. Many businesses choose to use professional risk management services. To see how effectively managing your level of risk could affect your current insurance packages, seek the advice of your insurance agent.
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