As an independent contractor in Morro Bay, 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 Morro Bay 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 Morro Bay CA 93442 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 Morro Bay will typically have at least a staff member or more. Hence, 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 takes place to any of your workers.
Workers’ compensation insurance coverage in Morro Bay CA is an insurance policy that provides wage replacement and medical costs to your employees in case they are hurt. This policy is in exchange for necessary relinquishment of their right to sue the company for compensation.
Why This Policy Is Practical
This policy serves to protect the employer from punitive lawsuits by their staff members. Often, the lawsuits can cause monetary damages causing the business to become insolvent when the damages granted are too expensive for the employer to afford. Hence, this system of collective liability was adopted to fix the issue.
The compensation plans in Morro Bay 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 economic loss for the hurt staff member, payment or reimbursement of medical expenses in addition to benefits awarded to the staff members’ dependents in case of death.
As an entrepreneur, you should comprehend why such an insurance coverage comes in handy. Apart from saving you from claims that can damage your credibility, it also prevents you from shutting down due to high damages awarded to the hurt staff member.
The Policy Is Not Standardized
The workers’ compensation insurance coverage are regulated by the individual states and areas the business is located. Therefore, there isn’t really a single guideline that is followed when awarding damages. Thus, when your company expands to other states, it would be prudent to learn from your lawyer how the law operates in that area, and therefore you can adjust the policy appropriately.
Generally, damages sought for pain and suffering due to the neglect of the employer in addition to compensatory damages for the employer are not covered by the workers’ compensation plan. Therefore, 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 even if such an insurance plan is in place.
Not All Businesses Apply
Not all companies have to have workers’ compensation insurance in place. For instance, small companies (particularly sole proprietorships and partnerships) won’t need the insurance coverage unless they have staff members who aren’t also owners. Sometimes, the state laws will enable the owners to get the compensation plan for themselves (as their own staff members) if they want.
Some states also don’t require the business to have compensation insurance plan in place if the workers are exclusively paid on commission. Depending on the state, the law might treat uninsured professionals as staff members in case they are injured while working for you.
Getting the Plan
As a rule, if you have workers who aren’t owners, then it is a requirement to have such compensation insurance plans in place. Most companies take measures to make sure that their work environment is safe, but accidents do happen, and livelihoods are lost as a result. Hence, getting workers’ compensation insurance will safeguard both you and your employees in the event of an accident.