Do Employee Bonus' Effect Insurance?

By Buddy Whitaker 

Published December 6, 2013

  

The short answer: no.  However, I think a bonus could go a long way for morale and could indirectly improve your insurance or maintain a clean claim record.

 

A bonus means a lot to an employee that has put in a great deal of time and effort.  Hopefully this will have a positive impact on their morale and show them that their hard work has not gone unnoticed.

 

A positive employee will take extra time to make sure the job is done properly.  Safety precautions are adhered to and overall attitude is improved.

 

Just make sure the bonus is something that can be replicated year in and out for good performance.  You don't want to get into a situation where you can't give your employee their bonus.  This will create a large swing in the opposite direction.

 

Review your reports.  Make sure your employee(s) deserves your gift and that they are not being rewarded for mediocrity.  If you don't have any reports, maybe it's time to sit down and conduct a review.  See how valuable he/she has been to the daily functions of the association.

 

Reward good performance and not mediocre or poor performance.  Does it have any impact on your insurance?  Not directly but in the long run, your workers comp policy may stay claim free.  This most certainly is a benefit to any company, especially a residential association.

   

Make a great day.


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Buddy Whitaker truly enjoys being an insurance professional. His condominium association client's appreciate his attention to detail. The fact that he has practically

committed the Georgia Condominium Act to memory helps. 

In his words, "My objective is to be the resource and trusted advisor that my clients want to turn to for guidance. I strive to either know the answer or know where to find it."

Creative Solutions: As a student of condo association (COA) insurance, Buddy has forged specialized programs that address the unique exposures of multi-family residential structures.

His solutions juggle the need to keep overall costs down, both for the unit owner and the association, while making sure that coverage remains as broad as possible.

COA Focused: He's leveraged his 6 years in the insurance industry; as the director of continuing education for Metro Alliance of Independent Insurance Agents, board position on his own condo association, and study of the Georgia Condo Act and condo declarations.  This transitioned into understanding of the COA sector, the nature of the claims,  methods of managing the risk, and the complex relationships among board members, unit owners, and property managers.

Insurance isn't just a job for Buddy, it is a passion.  That said, he also enjoys a round of golf, experimenting in the kitchen, and DIY projects around his home. He's also a loving husband and a proud father of a brand new baby girl.

Contact Buddy via email or visit Hamby & Aloisio's website.