I'm working for a transportation solutions company which has a lot of workers, drivers, labors etc.
My question is what if my company does not declare the wages to the insurance company, for the Workmens Compensation policy, at the end of every year. here, even the insurance company is deliberately overlooking this omission.
It seems this is an easy way to retain our business for the insurance company & suits my company fine as our premium doesnt increase
Do let me know if there can be any negative consequences of this practice for my company except that the insurance company can refuse to honor a claim (p.s. the insurer here always honors our claims due to the years old relationship)