It is very important to have a Worker’s Compensation policy and you do not want to let it lapse. Even if you are thinking about going out of business, it is our recommendation that you pay your Workers Compensation bill. If you do go out of business you will get a refund. If you receive any letters or contact about your Worker’s Comp bill, do not ignore them. Contact your EIFS agent and we will help you work through the problem.
A REAL LIFE SCENARIO: When your Worker’s Compensation Lapses
Agent: Jason B.
This is a problem incurred by a new client at EIFS. For our EIFS clients, 99.9% of the time, this problem could not happen because of the system of ‘checks and balances’ we have in place to make sure that we, as your agents, stay on top of these type of issues for our clients.
This is a true scenario. The company name has been altered.
We had only recently started working with our new client (TGS) when I received a phone call from a Collection Agency on behalf of the Workers Compensation Board regarding a fine that TGS incurred for having a Workers Compensation policy lapse for 60 days prior to coming to our agency.
The Penalty: $12,000
The Collection Agency asked us if we knew how to get in touch with the owner of the company since they had been trying to reach them for some time but they had not responded to their calls. Rather then letting the client handle a situation that they have no experience with, I asked if I could help to remedy the situation on the client’s behalf.
I immediately contacted TGS and explained to them the urgency of the situation and advised them that by not responding to the penalty letters they had received only made matters worse. I volunteered my expertise to help them to solve their problem and they were most grateful for my assistance.
I explained that they would have to pay a fine, but that I would do my best to bring it down as much as possible. I acted quickly on behalf of our client and consulted with an attorney along the way to be sure I was dispensing the best advice I could. After negotiating with the collection agency the penalty was reduced from $12,000 to $4,500.
My client is ecstatic and the Worker’s Compensation Board is satisfied and the case is closed.
At EIFS we will work with you to ensure that you never have an issue regarding your Worker’s Compensation Policy.