As an independent contractor in Lake Elsinore, 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 Specialists Near Me In Lake Elsinore 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 Elsinore CA 92530 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
Many mid-sized businesses in Lake Elsinore will generally have at least an employee or two. Therefore, as a company 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 occurs to any of your workers.
Workers’ compensation insurance coverage in Lake Elsinore CA is an insurance policy that provides wage replacement and medical expenditures to your staff members in case they are hurt. This policy is in exchange for obligatory relinquishment of their right to sue the company for compensation.
Why This Policy Is Practical
This policy serves to protect the company from punitive lawsuits by their employees. Often, the lawsuits can cause financial damages leading to the business to become insolvent when the damages granted are too high for the employer to afford. Therefore, this system of cumulative liability was adopted to solve the concern.
The compensation strategies in Lake Elsinore differ among jurisdictions. Nevertheless, in general terms, a kind of disability insurance through replacement of earnings can be adopted. There will also be compensation for the financial loss for the injured worker, payment or reimbursement of medical costs as well as benefits granted to the workers’ dependents in case of death.
As a company owner, you should understand why such an insurance policy comes in handy. Apart from saving you from claims that can damage your reputation, it also prevents you from closing down due to high damages awarded to the injured staff member.
The Policy Is Not Standardized
The workers’ compensation insurance plans are regulated by the individual states and territories the business is located. Therefore, there isn’t really a single rule that is followed when granting damages. Therefore, when your company expands to other states, it would be prudent to discover from your attorney how the law operates in that area, and therefore you can change the policy accordingly.
Generally, damages sought for pain and suffering due to the negligence of the employer as well as compensatory 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 workers 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 instance, small companies (especially sole proprietorships and collaborations) won’t need the insurance coverage unless they have workers who aren’t also owners. Sometimes, the state laws will allow the owners to get the compensation plan for themselves (as their own workers) if they wish.
Some states also don’t need the business to have compensation insurance plan in place if the employees are exclusively paid on commission. Depending on the state, the law might deal with uninsured specialists as workers in case they are injured while working for you.
Getting the Plan
As a rule, if you have staff members who aren’t owners, then it is a requirement to have such compensation insurance plans in place. Many employers take measures to make sure that their work environment is safe, but accidents do happen, and incomes are lost as a result. Thus, getting workers’ compensation insurance will protect both you and your staff members in the event of an accident.