Happy new year! Hoping 2022 will be a wonderful year for all!
The new year is the perfect time to remind everyone about updating salaries for your insurance companies. If you provide your staff with life insurance that is tied to annual earnings, if you provide (or offer) short or long term disability, all of those benefits are tied to earnings. If the earnings that the insurance carrier has on file are incorrect because they don’t reflect salary increases and promotions, you are underpaying your premium and the carrier may underpay benefits when they are due.
Most insurance carriers send out annual reminders, but not all do and you could easily dismiss the reminder as yet another advertisement for insurance.
If you have salary-based life insurance, short and/or long term disability, please provide BMC with an updated spreadsheet of earnings for those insurance and we’ll gladly update the insurance carrier records.
As always, if you have any questions, be sure to reach out to BMC!
