Aurora Business Liability Insurance
Aurora business liability insurance can protect your company from third-party claims related to advertising injury, personal injury and property damage. However, it does not protect your Aurora, CO company from internal claims. So, you may need Employment Practices Liability Insurance (EPLI) to protect you against claims that come from your employees. EPLI will also protect you if an employee acts dishonestly, unbeknownst to your Aurora business.
When investigating Colorado business liability insurance options, remember that if you have employees, you need CO workers compensation as well as EPLI. Workers compensation will cover medical costs if any of your employees are injured on the job. Unfortunately, you need to be aware of workers compensation fraud if you have this policy. Keeping an eye on your business and your employees, will help you avoid paying higher premiums for fraudulent claims.
Employment Practices Liability
Aurora business liability insurance covers a the majority of potential third-party claims, but it doesn't cover employee claims because they aren't consider "third-party" claims. Employees sue for all kinds of reasons. Harassment, wrongful termination, discrimination and other claims may be brought against your business. So, you need employee liability coverage.
Even if an employee brings a meritless claim against your Colorado company, you need to have Employment Practices Liability. Why? Well, a liability claim from an employee could easily put your company in debt. Even the best bosses and companies face lawsuits, due to disgruntled employees.
Like your Aurora business liability insurance, Employment Practices Liability does not insure against intentional injury. If you lie, cheat or act dishonestly, your Aurora business liability insurance is null. And, if you intentionally injure an employee, your EPLI coverage is ineffective.
However, it's a little more complicated than that. EPLI does cover for intentional injury in some cases. If an employee causes an injury without the consent or knowledge of the company, EPLI will cover your company. That being said, the policy will state that it can't insure against institutional injuries.
You may be able to get EPLI as an add-on for your Aurora business liability insurance. While a basic commercial policy doesn't include EPLI, some do offer it as part of a package deal. You may want to consult with your agent regarding the most affordable way to purchase EPLI.
Colorado Workers Compensation Fraud
If you have employees, you need Colorado workers compensation to cover your employees for medical injuries. Unfortunately, workers compensation fraud is on of the most common types of business insurance fraud. Or, at least, claimant fraud is on of the most talked about kinds of insurance fraud.
As an Aurora employer, you can watch out for claimant fraud by looking for certain warning signs. While it's hard to identify fraud without any proof, there are certain red flags you can look for. If you notice a couple of those red flags, then you should probably look into the situation. After all, if you're dealing with workers compensation claims, you'll be paying extremely high premiums to cover those employees.
If an employee makes a workers compensation claim and then becomes difficult to contact, you may want to be suspicious. Sometimes, employers will make a workers compensation claim, only to get another job so they can collect benefits and work elsewhere. Also, if your employee is disgruntled, or upset for any reason (perhaps there was no Christmas bonus last year?), then he or she may have an incentive to fabricate a claim.
Believe it or not, you have to watch out for new employees. Statistically, new employees are more likely to make fraudulent claims than employees that have been around for a while. Also, you should watch out for accidents that happen on Friday or Mondays, since, statistically, more fraudulent claims are reported on those days.
If an Aurora employee reports a claim but has no witnesses for the accident, you may want to be suspicious. Furthermore, if there are varied accounts of the accident, from the doctor, employee and other witnesses, you should be suspicious. Use your instinct to determine whether your Aurora employee is committing fraud.
Choosing an Aurora Business Insurance Agent
Your Aurora business liability insurance is only as good as the insurer you choose. So, it's absolutely essential you choose a reliable Aurora business liability insurance company to protect your business. The truth is, bad insurance is worse than no insurance at all. Why? Aurora business liability insurance is expensive!
To find a trustworthy Aurora business liability insurance agent, you need to trust your instinct. Find an agent that responds to your call efficiently, but doesn't pressure you. Interview a few agents before making your choice, and give yourself some time to consider the interviews before signing on with anyone. There are plenty of reliable agents who would be happy to work with you, so you can afford to be somewhat choosy.
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