As an independent contractor in Lake City, there are times when the folks working for you fall into gray areas where you may or may not need workers compensation insurance coverage. Do you fully understand the laws and obligations? We do, and it’s still hard to explain or just depends upon your individual situation. Don’t presume or take the word of someone who “may” know. Protect yourself, your interests and your workers and call the experts at California Contractors Insurance. We’ll give it to you straight and tell you exactly the type of workers compensation insurance you need.
Workers Compensation Insurance Agency Near Me In Lake City California
The worker’s compensation insurance experts at California Contractors Insurance have years of experience in the field of contractors insurance. Each of our highly skilled and certified agents is adept at designing workers compensation insurance policies that will meet the Lake City CA 96115 legal requirements and the comprehensive coverage you and your workers need. Do you know what your obligations are when it comes to workers compensation insurance? Don’t guess and hope, find out and get covered. Trust us, you’ll sleep better knowing you have the coverage you need and require. As an independent contractor, you have enough to worry about, let us help provide you with the peace of mind you need.
Free Workers Compensation Insurance Quote – (888) 728-4034
Workers compensation insurance and health insurance are not the same things. Know the difference? We do, so call California Contractors Insurance at (888) 728-4034 and we’ll provide you with the right coverage your business needs. Request a free, no-obligation quote today and protect your business and your workers today. You’ll be glad you did.
More About Workers Compensation Insurance
Comprehending Workers’ Compensation Insurance and More
A lot of mid-sized businesses in Lake City will normally have at least a staff member or two. Thus, as a business owner, having some knowledge on how workers’ compensation insurance works will go a long way in saving you a grand headache and financial damages in case something happens to any of your staff members.
Workers’ compensation insurance coverage in Lake City CA is an insurance policy that offers wage replacement and medical expenses to your employees in case they are injured. This policy is in exchange for mandatory forfeiture of their right to sue the employer for compensation.
Why This Policy Is Valuable
This policy serves to safeguard the company from punitive suits by their staff members. Sometimes, the suits can cause financial damages leading to the business to become insolvent when the damages awarded are too expensive for the employer to pay for. Hence, this system of cumulative liability was adopted to resolve the problem.
The compensation plans in Lake City differ amongst jurisdictions. However, in general terms, a type of disability insurance through replacement of earnings can be adopted. There will also be compensation for the financial loss for the injured employee, payment or compensation of medical expenses in addition to benefits granted to the workers’ dependents in case of death.
As an entrepreneur, you should understand why such an insurance plan comes in handy. Apart from saving you from lawsuits that can damage your track record, it also prevents you from shutting down due to high damages granted to the injured staff member.
The Policy Is Not Standardized
The workers’ compensation insurance policies are managed by the individual states and territories the business is located. Hence, there isn’t a single rule that is followed when granting damages. Hence, when your company expands to other states, it would be prudent to find out from your lawyer how the law works in that area, and therefore you can change the policy accordingly.
Usually, damages sought for pain and suffering due to the neglect of the company along with punitive damages for the employer are not covered by the workers’ compensation plan. Hence, it would be prudent for the company to make sure that none of their policies or operations directly put the employees at risk of injury just because such an insurance plan remains in place.
Not All Businesses Apply
Not all companies need to have workers’ compensation insurance in place. For example, small companies (especially sole proprietorships and collaborations) will not need the insurance coverage unless they have employees who aren’t also owners. Sometimes, the state laws will allow the owners to get the compensation plan for themselves (as their own staff members) if they wish.
Some states also do not need the business to have compensation insurance plan in place if the workers are entirely paid on commission. Depending on the state, the law might treat uninsured contractors as staff members in case they are injured while working for you.
Getting the Plan
As a rule, if you have employees who aren’t owners, then it is a requirement to have such compensation insurance plans in place. The majority of employers take measures to guarantee that their work environment is safe, but accidents do occur, and livelihoods are lost as a result. Hence, getting workers’ compensation insurance will safeguard both you and your workers in case of a mishap.