How To Deal With Workers' Compensation Insurance
If a given business had more than one employee working
, you'll need to do things such as payroll, and other administrative matters. One thing is called workers compensation insurance, which can help to safeguard your business from harm and injury liability for your employees. There are some great general tips below.
First, we should give a disclaimer: we're not giving legal advice, nor are we qualified to such things. Everybody's situation is different so check with your attorney and insurance agent before doing anything. Below are just some general ways of how workers compensation insurance would work. Workers compensation insurance is a form of liability protection in a specialized manner. It is necessary when you run a business with more than one person. It was codified in the state and federal laws to protect the rights of people who are employees. Before this was law, people could get hurt at work and not everyone would get coverage.
Most places in the United States require you to protect your workers by having workers compensation insurance should they get injured on the job. Workers compensation insurance will provide coverage for employee medical bills, as well as lost wages. This is solely for occupational problems that arise. An example is somebody who is on the ladder during work, and falls off. This constitutes an occupational injury, and his medical bill will be paid by your company's worker compensation insurance.
Can you imagine if Bob thought the ladder, and your business didn't have workers compensation insurance? It would be coming straight out of your business bank account, to be sure. Workers compensation insurance is also useful to protect your business against certain lawsuits from employees. Say for example, Bob believes he is wrongfully fired for discrimination. Well, chances are there might be a big lawsuit that ensues, but luckily your business has workers compensation insurance. Your liability issues are covered as well as legal costs to a certain extent.
Workers compensation insurance is specialized field, so you will need to find a good business insurance agent, as well as an attorney to work out the details. However, your business will have a huge protection and most cases it's required by law anyhow. But there are many ways to cut the deal per se. Every state will have different variations of workers rights, so it might get complicated. There are some ways to exempt people like yourself, "the business owner". Doing things like this can help you save on premiums, and you can instead focus on quality for your workers.
There also are other benefits your business as well. For example, if you have more than one employee, you will have group insurance. However, what happens if your business administers the group health insurance program incorrectly? Well, there's something called the employee benefit liability, which will help you run your staffing to protect you when you make errors. This is also a type of worker's compensation insurance that benefits both you do business and the employee.
by: Casey Trillbar
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