When it comes to spending money, let’s face it, your insured is not thrilled about paying a workers’ comp premium. Most employers are looking for ways to cut costs, not add expenses. While keeping expenses low and manageable is essential, unfortunately, most employers are not well versed in the repercussions of cutting their workers’ compensation insurance.

PEO Insurance for Companies with Lapse of Coverage

Penalties

For some, it may seem like an unnecessary expense, but penalties range from state to state by the dollar amount of the fine or even jail time. Nearly every state requires workers’ comp insurance once a company has reached a certain number of employees. A lapse in coverage is, well, not a good look. It’s difficult to find coverage once a company has forgone this expense.

Lapses

When it comes to a lapse in coverage, at PEO Insurance Brokers Network, we understand that educating the insured is vital and past actions are not an indicator of future operations. Not all lapses are created equal and our team is dedicated to helping you get proper coverage for your insured. If you have a client with a lapse in coverage, contact us, we’re here to help.

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