I was interviewing a Prospect the other day and I’m not sure that we are going to be a good fit because they asked, “What happens if I can’t pay my premium on time?”.
That could be a bit of a red-flag but I decided to give them the benefit of the doubt that this was not an indication of the success of their business.
Here are the top-3 reasons that you want to pay your premiums accurately and on time:
- Premiums that are in arrears can lead to Claim Suspensions.
- Continue to not pay Premiums and Claim Suspensions can lead to Denying Claims.
- Keep on not paying Premiums and Denying Claims can lead to increased Liability for the Employer…the Employer could face litigation from their employees.
This is not rocket surgery shtuff but some Employers want to play games with paying their Suppliers…just don’t make paying Group Insurance Premiums one of those games.
Located in Cambridge, ON Sharkey Group Insurance provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.