Category: Commercial Insurance

Employee or Independent Contractor? Avoid Misclassification

Worker misclassification can be a costly mistake. As a result of misclassification of those doing work for you, not only could there be federal ramifications but in some cases, state too. The IRS goes into great detail on how to classify your workers. While the information is out there, it often is confusing. Because of the amount of information it can be overwhelming.

This video helps explain the difference between an independent contractor and an employee.

http://https://www.youtube.com/watch?v=ERMY3ZxMsTc

Also, the IRS has a general rule –  an individual is an independent contractor if the payer has the right to control or direct only the result of the work, not what will be done and how it will be done.

In addition, here are two key points to keep in mind when it comes to classifying workers:

  1. Control. Most important, the relationship between a worker and a business. If the business controls what work is accomplished and directs how it is done, it exerts behavioral control. In addition, if the business directs or controls financial and certain relevant aspects of a worker’s job, it exercises financial control. This includes:
    • The extent of the worker’s investment in the facilities or tools used in performing services
    • The extent to which the worker makes his or her services available to the relevant market
    • How the business pays the worker, and
    • The extent to which the worker can realize a profit or incur a loss
  2. Relationship. Equally as important is how the employer and worker perceive their relationship is also important for determining worker status.  Key topics to think about include:
    • Written contracts describing the relationship the parties intended to create
    • Whether the business provides the worker with employee-type benefits, such as insurance, a pension plan, vacation or sick pay
    • The permanency of the relationship, and
    • The extent to which services performed by the worker are a key aspect of the regular business of the company
    • And the extent to which the worker has unreimbursed business expenses

 

At Anastasi Insurance Agency, we can help you avoid the consequences of misclassification and help you determine if your workers are employees or independent contractors.

Only 50% of small business owners are completing this important yearly task….

The 2018 Small Business Risk Report by The Hanover Insurance Group found that only half of all small business owners are reviewing their commercial insurance policies each year. 
“With risks evolving and becoming more complex, it’s more important than ever for small business owners to evaluate their insurance needs to help ensure they are properly protected,” said Michael R. Keane, president of core commercial at The Hanover. 

The three biggest concerns for small business owners are data breaches, loss of employees and business interruption. but only 21% made adjustments to their policy if advised by their agent. As risks like cyber, employment practices liability and crime exposures, increase, it is important for you to make sure you and your agent discuss your policy every year and increase/change your coverage as needed. At Anastasi Insurance Agency, we provide expert counsel to help assess small business owners’ risks, identify solutions and guide them through the insurance buying process. We make sure that our insured’s are not apart of the 67% who don’t feel that they have adequate coverage..

6 Ways to Prevent Cargo Theft

Unfortunately, Cargo Theft presents a considerable problem in the shipping industry. Goods are the most vulnerable when in transit. Next to having the correct coverages for your drivers and loads, following these 6 tips, can help ensure that your driver and load will be delivered safely.

    1. Planning your Routes: If you transporting to the same location and take the same route regularly – you are a target for thieves. Make sure to switch up your routes every now and then.
    2. Keep eyes on the goods at all times: If you are driving alone, always make sure you are close to your truck at all times.
    3. Add extra security: There is no better deterrent for thieves then anti-theft devices. Invest in items such as locking bars and king pin locks.
    4. Secrets: It is proven that thieves target certain loads over others, so the golden rule is don’t discuss what you are hauling.
    5. Constant Contact: The dispatcher and driver should remain in constant contact throughout the trip. In addition to dispatch, keep in contact with friends and family so they know you are safe.
    6. Know what to do if you are targeted: If you are targeted by thieves, always remember your safety comes first. Try to remember as much detail as you can in order to give the authorities the best chance at catching the criminals.
At Anastasi Insurance, we take safety beyond just providing you with the correct coverages for the right price. We can help you develop safety talking points and documents to use with your employees and more. Contact us today.

Regain Confidence In Your Audits

The mere sound of having an audit done sends shivers up the spine of most business owners, especially those in the construction and transportation industries.  Knowing that it has the likelihood of increased insurance costs, some business owners avoid the audit like the plague. However, dealing with the audit aggressively from a position of knowledge and understanding can temper the effects of any audit

I recently had the opportunity of discussing this very subject with Jon Coppleman. Jon is a leading authority on classifying payrolls for the construction and transportation businesses. For more than 20 years Jon has been drafting and delivering user friendly training in all aspects of workers compensation nationally. He has worked with Fortune 500 companies and Main Street businesses across the country. We are fortunate to have Jon available for our most complex comp issues.

There are many moving parts to making sure that you are in compliance and that you are taking advantage of appropriate classifications and discounts available including…

  •  The wise use of deductibles
  • Proper record keeping when an employee has multiple duties
  • Transfer of risk strategies with temp labor forces, independent contractors and sub-contractors
  • Confirming the proper calculation of your experience mod
  • Analyzing the application of the Construction Classification Credit
  • Effects of operating in multiple states

…..just to name a few

Make sure that your agent is closely involved in this process. We will routinely require that the audit takes place in our office after compiling the information necessary for its completion. This allows complete control over the process and affords thoughtful response to the questions posed by the insurance company representative.

Check out my complete interview with Jon to get a more comprehensive look into how you can get the best results from your audit.

If you feel that you have been overcharged on your current or a previous audit please contact us for a consultation.

I sat down with Jon Coppleman from Renaissance Alliance, to discuss a frequently asked question…

Should you pay your Workers’ Compensation claim?

Jon Copplemen, for more than 20 years has been drafting and delivering user friendly training in all aspects of workers compensation nationally. He has worked with Fortune 500 companies and Main Street businesses across the country. We are fortunate to have Jon available for our most complex comp issues.

As a nationally recognized expert in Workers Compensation, Jon gives good advice to any business owner on the question whether an employer should file a claim or not.

Many times when an employee suffers a minor injury the employer may often elect to pay this claim out of pocket and not to notify the insurance company.

As you will learn,  this is a risk not worth taking for most, if any, employee injuries.

For more information please do not hesitate to contact me at panastasi@anastasiinsurance.com

We are looking to expand our Commercial Lines Team! 

Commercial Lines Insurance Account Representative

The ideal Insurance candidate will have:

·   Experience in rating and underwriting all lines commercial lines insurance
·   Licensed in Property and Casualty
·   Familiar with multiple insurance company rating platforms
·   Knowledge of FMCSA Safety Measurement System (SMS)
·   Experienced with IRP registration and processing 2290 returns
·   Able to rate multi state with AIPSO
·   Communicating effectively with business owners
·   Work effectively in a team environment
·   Willing to engage in continuing education

Job Type: Full-time

To learn more about our agency visit www.anastasiinsurance.com

Anastasi Insurance Agency, Inc. is always encouraging innovation and embracing change, you will find this a challenging environment. We support & encourage career advancement in our rapidly growing agency.

Apply via LinkedIn:  https://www.linkedin.com/jobs/view/586843383/

Or send resume to panastasi@anastasiinsurance.com

All nominations, expressions of interest, and discussions will be treated with strict confidence