As an independent contractor in Los Olivos, 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 Los Olivos 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 Los Olivos CA 93441 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.
Understanding Workers’ Compensation Insurance and More
Many mid-sized businesses in Los Olivos will normally have at least a staff member or two. Therefore, as an entrepreneur, 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 employees.
Workers’ compensation insurance coverage in Los Olivos CA is an insurance policy that offers wage replacement and medical costs to your staff members in case they are injured. This policy is in exchange for necessary forfeiture of their right to take legal action against the employer for compensation.
Why This Policy Is Practical
This policy serves to safeguard the employer from punitive suits by their employees. In some cases, the lawsuits can cause financial damages causing the business to become insolvent when the damages awarded are too high for the employer to manage. Thus, this system of collective liability was adopted to solve the concern.
The compensation plans in Los Olivos differ amongst jurisdictions. However, in general terms, a kind of disability insurance through replacement of incomes can be adopted. There will also be compensation for the economic loss for the injured staff member, payment or repayment of medical expenditures along with benefits granted to the workers’ dependents in case of death.
As an entrepreneur, you should comprehend why such an insurance plan comes in handy. Apart from saving you from claims that can damage your reputation, it also prevents you from shutting down due to high damages granted to the injured worker.
The Policy Is Not Standardized
The workers’ compensation insurance plans are regulated by the individual states and areas the business is located. Thus, there isn’t really a single guideline that is followed when granting damages. Hence, when your company expands to other states, it would be prudent to discover from your lawyer how the law operates in that area, and therefore you can change the policy appropriately.
Typically, damages sought for pain and suffering due to the neglect of the company along with punitive damages for the company are not covered by the workers’ compensation plan. Hence, it would be prudent for the employer to make sure that none of their policies or operations directly put the workers at risk of injury just because such an insurance plan is in place.
Not All Businesses Apply
Not all companies need to have workers’ compensation insurance in place. For example, small businesses (particularly sole proprietorships and partnerships) won’t need the insurance coverage unless they have staff members who aren’t also owners. Often, the state laws will enable the owners to get the compensation plan for themselves (as their own staff members) if they wish.
Some states also don’t require the business to have compensation insurance plan in place if the workers are exclusively paid on commission. Depending upon the state, the law may deal with uninsured professionals as staff members in case they are hurt 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 ensure that their workplace is safe, but mishaps do happen, and livelihoods are lost as a result. Therefore, getting workers’ compensation insurance will protect both you and your workers in case of a mishap.