Let’s be honest – we all make mistakes. However, depending on your responsibilities, some mistakes are more costly than others. If you are the human resource manager for your company (or even just acting as such, as many companies do not have dedicated HR managers), an honest mistake can become an unbearable financial burden for your company.
The challenges of running a business are plentiful, and with the government changing regulations at a challenging pace, keeping up with employee benefits is a difficult task. How can your business cover itself from the risks associated with an everyday mistake? You can hedge your bets with employee benefits liability insurance.
For example, say you forget to add an employee to your company’s group health insurance plan in a timely fashion. It isn’t a huge blunder, but what if that employee gets into a car accident during the morning commute to the office and then finds out that he or she is not covered by the company health insurance plan? That employee is within his or her rights to turn around and sue the company for coverage of their medical bills.
While the cost of covering medical bills for an uninsured employee can be astronomical, the cost of adding employee benefits liability insurance to your existing plan is really quite low. Contact your insurance agent today to make sure you are covered from an honest mistake.
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