When Do I Need a Worker’s Compensation Policy in GA?

A lot of people always ask me when they are required to carry worker’s compensation in Georgia.  To be compliant with the law, you are required to secure a worker’s compensation policy when you have 3 or more employees.  However, not only is worker’s compensation a policy to have to protect your worker’s, it is also there to protect you and your business against a large financial loss involving an employee injury.  With that said, you should have a worker’s compensation the day you hire your first employee.  You may not be required by law to have a policy, but if that worker is injured it is your responsibility to cover his medical expenses and lost wages.

However, I want to focus on being compliant with the law in this article.  As I mentioned before, you are required by law to have a policy when you have 3 or more employees.  Your business structure actually determines the number of employees you have.  If you are organized as an Inc. or LLC, the corporation is the employer and EVERYONE underneath the corporation, including it’s officers are employees.  That means if you have 2 company owners and 1 employee, you meet the criteria to have a worker’s compensation policy since in the eyes of the law, the 2 owners also count as employees.  However, if you are a sole proprietor you do not count in the equation since you are recognized as the employer.

If you are organized as Inc. or LLC, up to 5 officers may exclude themselves from coverage and therefore lower their premium on the worker’s comp policy as their salaries are not counted in the premium calculation.  On the flip side, if an officer of the corporation is hurt they cannot file a claim against the worker’s comp policy.  This exclusion may also affect how your health insurance responds.

If you have additional questions or now realize you may need to get worker’s compensation, please call Provident Financial Group at 770-499-2040 and we can review your current insurance program and offer a proposal to get worker’s compensation in force.

Christopher Bohus

Provident Financial Group

770-499-2040

Property & Casualty Manager

Term Life Insurance

Life insurance is an integral part of daily life.  If you or your spouse were to pass unexpectedly, are your children protected financially?  Are your other family members going to be responsible for your final expenses?  By purchasing life insurance, you can make sure that your spouse, children, and final expenses are taken care of.

Term insurance is the most cost effective way of purchasing life insurance.  In fact rates are incredibly low right now because of the competition in the market place.  Call Provident Insurance Agency today at 770-499-2040 to get a competitive rate on your life insurance!

Christopher Bohus

www.providentgroup.com

770-499-2040

GA “Move-Over” Law

Georgia’s new “Move-Over” Law

With the Holidays approaching, many of us will be traveling over the road to families and friends. Some of you may already know about the new law in Georgia created to save lives.  It’s called the “Georgia Move-Over Law”.  It was designed and implemented in order to make the roads safer for emergency road vehicles and workers. 

The law states that in the event there is an emergency vehicle on the shoulder, drivers in the adjacent lane must move over one lane. 

If changing lanes violates any other law or is not possible due to traffic conditions, the driver must reduce speed and use caution when passing theemergency vehicle.  Failure to obey the law can result in a $500 fine for Georgia drivers.  Consequences of traveling too close to parked emergency vehicles can be deadly, far exceeding the discomfort of a $500 fine.

Keep an eye open out there for our police and emergency workers who are doing their jobs to make the roads safer for us to travel! And remember, you can always reach me at 77.499.2040 for all of your personal or commercial insurance needs!

www.providentgroup.com

 

Professional Liability (E&O)…A Quick Glance

Professional Liability (E&O) insurance protects you from lawsuits that arise from actions performed as part of your professional services. Whether you are an attorney, own a technology company, a printing operation, or a barber your general liability insurance policy excludescoverage for these exposures.

Unfortunately, we live in a very litigious society. As an example, if you are a printer and you misprint something that is offensive to your client and the client sues your company, you would be liable for the costs of the lawsuit. And as a small business owner, this kind of cash outlay could be devastating.

Profession Liability insurance, also known as E&O or Errors and Omissions coverage, is a special protection, not covered under a standard general liability policy. Please call us today to discuss this important coverage and see if you need this coverage for your business!

Have You Upgraded Your? You Need To Upgrade Your Homeowner’s Coverage As Well!

Homeowner’s insurance is one of the most important insurance products you can purchase.  It may well protect your largest investment, your home – that place we all head to at the end of the day! Imagine what it would be like if you didn’t have homeowner’s insurance.

Did you know that “67% of all homeowners are under-insured?”

If a fire destroyed your home and all of your belongings, what would you do, where would you go? What if you had a small claim and your home was not insured to “full replacements value”, which is the dollar amount you purchase to cover the rebuilding of your home?  If it wasn’t insured to “full replacement value” the insurance company may penalize you in the claim settlement.

What if you made additions or upgraded aspects of your home:  did you also upgrade your insurance coverage amount?  If you bought your policy 10 years ago, do you still have the same dollar amount of coverage?

Here is a brief over view of some things you need to know: 

  • Dwelling Coverage –the portion of your homeowner’s insurance that protects your actual home.
  • Personal Property –coverage for your personal belongings such as TVs and electronics, tools, bedding, etc.
  • Loss of Use –should you become displaced from your home, coverage that will pay reasonable living expenses until your home is rebuilt or you relocate.

When was the last time your current agent reviewed your policy? Call me at Provident InsuranceCompany today, 770.499.2040 for a free checkup so we can go over your current policy and make sure you are properly protected!

 

www.providentgroup.com

Are you fully protected?

Are you fully protected by your Homeowner’s Policy?

Homeowner’s insurance is one of the most important insurance products you can purchase.  It may well protect your largest investment, your home – that place we all head to at the end of the day! Imagine what it would be like if you didn’t have homeowner’s insurance.

Did you know that “67% of all homeowners are under-insured?”

If a fire destroyed your home and all of your belongings, what would you do, where would you go? What if you had a small claim and your home was not insured to “full replacements value”, which is the dollar amount you purchase to cover the rebuilding of your home?  If it wasn’t insured to “full replacement value” the insurance company may penalize you in the claim settlement.

What if you made additions or upgraded aspects of your home:  did you also upgrade your insurance coverage amount?  If you bought your policy 10 years ago, do you still have the same dollar amount of coverage?

Here is a brief over view of some things you need to know:

–          Dwelling Coverage –the portion of your homeowner’s insurance that protects your actual home.

–          Personal Property –coverage for your personal belongings such as TVs and electronics, tools, bedding, etc.

–          Loss of Use –should you become displaced from your home, coverage that will pay reasonable living expenses until your home is rebuilt or you relocate.

When was the last time your current agent reviewed your policy? Call me at Provident Insurance Company today, 770.499.2040 for a free checkup so we can go over your current policy and make sure you are properly protected!