WORKERS COMPENSATION INSURANCE
As a business owner, you do everything you can to protect your employees from potential dangers, but do you have workers compensation protection?
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When you put employees on the floor, you have to make sure that they are protected in case of an accident or injury that occurs on the job. This is a business-paid insurance that is not only going to protect you as a business if you were ruled liable for the accident, but it will also protect your employee in terms of their wages lost and other fees that come up as a direct result of the accident. There are different expectation for this kind of insurance. Workers compensation insurance in California, for instance, has different restrictions on when it’s needed than in Rhode Island.
what is workers compensation insurance
Workers compensation insurance is a specialized kind of insurance that is put in place simply for the role of protect employees in a company if an accident should take place on the job that results in injury, sickness, or even death. The policy is used to pay out part of their wages lost if they need to recover, and it is also used to cover the medical costs that would be associated with the employee’s injury or sickness.
What if my workplace is safe, Do I need workers comp?
It’s a common thought that workers compensation insurance isn’t needed in “safe” workplaces, but the reality is that it is required in majority of workplaces because accidents happen. No matter how safe a place may be, accidents happen. Maybe there is a bit of water spilled on the floor that an employee slips on and falls down the stairs. There is no way that you can’t prevent something like a water spill over your entire business.
worker’s compensation insurance
It’s important to remember that workers compensation insurance — and your need for it — does not have any indication on the quality or safety of your workplace. It simply means that you need to have financial protection in place in case an accident ever does occur, because those sorts of things are usually outside of our control.
Workers compensation insurance cost
Workers compensation insurance cost is not a large one when you think about what it covers. The actual cost of it will be determined by the amount of risk that your business may have. For example, a construction worker is going to be more at-risk than someone who works at a computer all day. Again, both of these are reasons to have workers compensation insurance, but the actual amount of the monthly premium fees themselves does differ.
What if I don’t get workers compensation insurance?
Everyone has the moment where they think to themselves: “What if I don’t get workers compensation insurance?”. After all, you’ve only one employee and your workplace is really, really safe. The reality is that there is a lot more risk to not getting the right insurance policy in place before you get an employee, than there is in having the insurance policy in place itself.
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Workers compensation insurance
Not your favorite thing to figure out as a small business, but it is important. The comfort and safety of your employees — and their loved ones — hang in the balance. So, make sure that you go about it the right way and protect everyone — including yourself — with the right insurance policy.
- If an accident does happen — which it can no matter how safe your place may be — you will be responsible for paying any and all costs associated with it. This includes medical fees such as those in a hospital, rehabilitation fees, and a part of the wages for the employee while they take off to recover. All of these fees must be paid out of pocket and can quite often bankrupt a business simply due to the sheer size of them.
- If an accident were to occur and there was a claim filed, the state will often hand you some hefty fines because you deliberately ignored the clear, dictated need for workers compensation in place. Depending on the severity of the accident and the violation itself, the fee will differ.
- If and when you do decide to get workers compensation insurance, you’ll find that any workers compensation quote that you get is going to be higher. This is simply because, again, you didn’t get it when you were supposed to, and you are going to have to be penalized for that. This, of course, will differ with each state.
Workers compensation insurance California
Workers compensation is paid entirely by the company and does not require payments to be shared between employer and employee. It is required in most situations where the business has at least one employee — either full time or part time.
If someone spends a lot of time on the computer and starts to struggle with eye strain and finger fatigue that eventually require surgery or other treatment. There is nothing that you can do in order to prevent those risk factors, and it doesn’t mean that you offer up your employees a bad work place.
Workers compensation insurance Sacramento
Workers compensation insurance for small business is a necessity. It provides protection for you, your business and your employees. Workers comp is designed to cover your employees incase of work related injuries and illness. It allows them to get back to work sooner.
What is workers compensation insurance?
Often called workers comp, workers compensation insurance will provide your employees protection if they get injured or become ill. Some of the benefits of workers comp are as follows;
- Cover their medical care
- Replace lost wages if there is time required to recover
- Disability benefits to the employee are provided
- Funeral cost will be covered if someone passes
Workers compensation insurance Sacramento has benefits for the business owner as well. For example if your employee is injured on the job and turns around a sues you, workers comp can help to cover your legal fees.
How much does it cost to get workers compensation insurance
Workers compensation insurance cost is based off a few determining factors. And when you’re looking into a workers compensation insurance quote, you want to make sure you’re getting a good deal on your rate. That’s why our agents will get a list of workers compensation insurance companies, and see which insurance company has the best policy for your situation.
Your workers compensation insurance rate is shown as the cost per $100 of the payroll. As an example with the rate of $1.68 a small business with $100,000 in payroll will end up paying $1,680 per year for their workers compensation insurance premiums.
Do I need workers compensation insurance if I have no employees?
If you are a sole proprietor and you have zero employees, more than likely you are not required to carry workers compensation insurance. On the other hand, if you as the owner of the company are injured on the job a workers compensation insurance policy can help to pay for your medical expenses, as well as supplement or replace any lost income.
Even though you may not exactly be required workers compensation insurance, it can still be helpful and provide protect for yourself in case of injury.
Do I need workers compensation insurance
If you have employees on the work floor normally, you should defiantly carry workers compensation insurance. If you do not have any employees and carry little risk in the work environment then there’s still a possibility it would be smart to carry workers comp insurance.
It will come down to what you believe is right for your company and what level of protection gives you piece of mind. When you look at risk vs reward, you start to notice how cheap workers compensation insurance actually is.
If you need to get your company a workers compensation quote, give us a call. Our agents are experts with finding you the best policy for your situation.