An adviser once said, “You gotta crack a couple of eggs if you’re gonna make an omelet”, meaning, accidents happen. Even if you've got a team of world-class omelet makers, not every chef can cook mistake-free forever.
That being said, before a mishap leaves you and your business covered in the yoke, you ought to confirm all of your employees are protected. The Stanford Agency will walk you thru your options to seek out the proper plan which will help each side get over an egg-cracking accident.
What Is Workers’ Compensation Insurance?
Basically, it’s a contract between a business and an insurance firm, where the insurer can pay for an employee’s medical costs, lost wages, permanent disability, or death benefits that result from a workplace injury or illness. In most cases, it also protects a business against lawsuits filed by employees.
IS WORKERS’ COMP MANDATORY?
Yes. There are some exceptions, but albeit it is not mandatory, a worker’s comp policy is HEAVILY recommended. You wouldn’t want one little whoopsie to crush your business dreams, would you?
WHY DO I NEED WORKERS’ COMP?
If an employee were to injure themselves, workers compensation audit can save your company from crumbling to the bottom during a number of the way, but if you wish to live on the edge and fail to supply adequate coverage you'll face an enormous world of hurt.
Bad things which will happen if you don’t have workers’ comp insurance:
- Financial ruins: without a policy, out-of-pocket expenses for a severe injury could bankrupt your company
- Legal issues: without coverage, you lose certain sorts of common law defenses, which make it nearly impossible to win your case
- Criminal charges and fines: failure to suit state regulations could lead to hefty fines and even jail time. Jail. JAIL!
WHAT DOES WORKERS’ COMP COVER?
A workers’ comp policy will cover the bulk of injuries that arise from work-related duties, starting from simple slip-and-fall accidents to repetitive motion injuries and even an illness or disease contracted at work.
Employee coverage will usually include the following:
- Medical bills and rehabilitation costs
- Weekly payments in place of missed wages
- Compensation for past, present and future economic loss thanks to a disability
- If an employee dies, their family will usually receive the following:
- Compensation for funeral costs
- Legal fees (if the family sues)
- Death benefits
WORKERS’ COMP INSURANCE FOR A SMALL BUSINESS
Coverage is going to be determined by your corporate structure and therefore the regulations of the state’s workers' compensation rating authority, but it typically depends on the number of employees, sort of business, type of work the workers do, among other things. Even if it’s not required, it’s relatively inexpensive and well well worth the protection it provides. Protect yourself, by protecting others.
WORKERS’ COMPENSATION LAWS BY STATE
Each state has its own rules, regulations, coverage requirements, and everything in between—they pretty much run the show.
WHAT’S SO GREAT ABOUT AN INDEPENDENT INSURANCE AGENT?
It’s simple. Literally. The Stanford Agency will simplify the method by shopping and comparing insurance quotes and rates for you. Not only that, but they’ll also cut the jargon and clarify the fine print so you recognize exactly what you’re getting.
Plus, they work with multiple workers’ comp insurance carriers, which provides you more options for locating ideal coverage that complies with state regulations. Most importantly, they’ll be there to assist you when claim time comes. The outcome of insurance claims is often strongly impacted by how the method is approached and handled. They've got your back!
HOW MUCH DOES WORKERS’ COMPENSATION COST?
The cost of a workers' compensation policy depends on the coverage and variety of other factors like state regulations and industry. So, an ergonomically-conscious firm might but $1,000 a year, whereas a traveling circus could pay significantly more. Basically, the safer and smaller the corporation, the cheaper it's.
HOW CAN YOU GET LOWER WORKERS’ COMP INSURANCE RATES?
First, take steps to manage your risks, like clearing the banana peels from all major and minor walkways. This will also help the future you because the fewer claims you make the lower/same rate your premium will be.
COMPARING WORKERS’ COMPENSATION INSURANCE QUOTES
The Stanford Agency will review your needs and assist you to evaluate the coverage that creates the foremost sense. They’ll also compare policies and quotes from multiple insurance companies to form sure you've got the proper protection in situ. So, you’ll have that going for you.
0 Comments