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Workers Compensation Insurance, It's Not Optional For MostBusinesses
According to a Consumer Reports article, in the 1970's, President Nixon createdthe National Commission on State Workmen's Compensation Laws to study theterribly-low benefits being given to disabled workers. The committeerecommended every state be required to pay 2/3 of the salary of any worker whois totally disabled. To this day, there are still 17 states who don't do this forpeople with no other options for income. Workers compensation not only protectsemployees, it protects employers in very litigious times.In many states, a majority of employers STILL operate without the requiredworkers compensation insurance. And, most of those do not plan to purchaseinsurance. But, employers MUST have workers compensation insurance if theirbusiness meets the minimum requirements in their state of operation. It shouldbe thought of as a non-negotiable business expense and not a “nice to have” lineitem.Employees must be protected on the job from workplace injuries through safework environments. When injury does occur on the job, employees must havesafeguards against personal financial hardship. It's the law for most businessesand a good idea for everyone else. And, if you're concerned about fraud from lazyor disgruntled employees, don't be. Less than 1% of workers compensation casesfiled prove to be fraudulent.If you do not yet have workers compensation insurance, there are manyresources for you to get it quickly and easily. You can shop by phone, in person oronline. The last of these is a great way to shop and buy insurance. There is noneed to leave your office and you can get all the information you needimmediately regarding your state's regulations and rates. Insurers Web sites thatspecialize in workers compensation insurance will be well equipped to help youwade through all the complexities of your state's laws to arrive at the most cost-effective plan.Several factors may affect your rates including:1.Number of employees in your business2.Level of personal risk for jobs done3.State where you conduct businessAlso good to note, if you're paying more than $5,000 annually in workerscompensation premiums, you should be getting a dividend back each year.In the end, even small businesses can benefit from workers compensationinsurance coverage. A single injured employee can lead to a multi-million dollarlawsuit and staggering legal fees, while the premiums for workers compensation
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