The Consequences of a Lapse in Coverage
A lapse in Workers’ Compensation can have massive consequences, especially for your clients in high-risk industries like manufacturing, agriculture, and healthcare. To help your high-risk clients navigate a lapse in Workers’ Compensation coverage, here is what you need to know.
If a client experiences a lapse in coverage, it means their business is temporarily without the necessary, legally required coverage they need after a workplace accident, injury, or illness. Some of the most common causes of lapses in coverage include:
- Missed payments
- Expired policies
- Audit issues
- A high rate of workplace accidents
- Payroll and other administrative errors
If a client has a lapse in Workers’ Compensation coverage, it can lead to costly consequences. Since Workers’ Compensation is required for most businesses, a lapse in coverage can mean fines or other expensive penalties for your clients. A lack of coverage can also make your clients vulnerable to lawsuits and liability issues due to a lack of compliance, as well as increase their risk of on-the-job accidents and injuries.
If your client has a lapse in Workers’ Compensation coverage, it can be difficult to find new coverage. At PEO Insurance Brokers Network, we know the unique challenges of Workers’ Compensation coverage and are ready to help your clients find the Workers’ Compensation coverage they need. We provide Workers’ Compensation coverage to businesses in need, no matter the risk, and will help you find the best PEO coverage and savings for your high-risk clients.
To learn how we can help you find coverage for your high-risk clients, email quotes@peobrokersnetwork.com to receive a quote.
