As an independent contractor in Newport Beach, 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 Company Near Me In Newport Beach 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 Newport Beach CA 92658 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
Understanding Workers’ Compensation Insurance and More
Most mid-sized businesses in Newport Beach will typically have at least an employee 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 Newport Beach CA is an insurance policy that provides wage replacement and medical expenses to your employees in case they are injured. This policy is in exchange for compulsory forfeiture of their right to take legal action against the company for compensation.
Why This Policy Is Useful
This policy serves to protect the employer from punitive lawsuits by their staff members. Sometimes, the claims can cause financial damages resulting in the business to become insolvent when the damages granted are too high for the company to manage. Thus, this system of collective liability was adopted to solve the concern.
The compensation strategies in Newport Beach vary amongst jurisdictions. However, in general terms, a type of disability insurance in the form of replacement of incomes can be adopted. There will also be compensation for the financial loss for the hurt staff member, payment or repayment of medical expenses as well as benefits granted to the staff members’ dependents in case of death.
As a business owner, you should understand why such an insurance policy is handy. Apart from saving you from lawsuits that can damage your reputation, it also prevents you from shutting down due to high damages granted to the hurt staff member.
The Policy Is Not Standardized
The workers’ compensation insurance policies are managed by the individual states and areas the business is located. Thus, 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 lawyer how the law operates in that location, and therefore you can change the policy accordingly.
Usually, damages sought for pain and suffering due to the carelessness of the employer as well as compensatory damages for the employer are not covered by the workers’ compensation plan. Thus, 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 is in place.
Not All Businesses Apply
Not all companies have to have workers’ compensation insurance in place. For example, small companies (especially sole proprietorships and partnerships) will not need the insurance coverage unless they have employees who aren’t also owners. Often, the state laws will enable the owners to get the compensation plan for themselves (as their own employees) 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 upon the state, the law may treat uninsured specialists as workers in case they are hurt 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 guarantee that their workplace is safe, but accidents do happen, and livelihoods are lost as a result. Hence, getting workers’ compensation insurance will safeguard both you and your staff members in the event of an accident.