As an independent contractor in San Luis Obispo, 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 San Luis Obispo 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 San Luis Obispo CA 93401 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 San Luis Obispo will usually have at least a worker or 2. Therefore, 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 workers.
Workers’ compensation insurance coverage in San Luis Obispo CA is an insurance policy that provides wage replacement and medical expenses to your staff members in case they are injured. This policy is in exchange for necessary forfeiture of their right to sue the employer for compensation.
Why This Policy Is Handy
This policy serves to protect the employer from punitive suits by their employees. In some cases, the lawsuits can cause financial damages resulting in the business to become insolvent when the damages granted are too high for the company to afford. Hence, this system of cumulative liability was adopted to resolve the issue.
The compensation strategies in San Luis Obispo 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 injured worker, payment or repayment of medical expenditures in addition to benefits granted to the employees’ dependents in case of death.
As an entrepreneur, you should comprehend why such an insurance coverage comes in handy. Apart from saving you from suits 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 controlled by the individual states and areas the business is located. Therefore, there isn’t really a single rule that is followed when granting damages. Thus, 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 adjust the policy appropriately.
Typically, damages sought for pain and suffering due to the negligence of the company in addition to punitive damages for the company 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 staff members 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 instance, small companies (specifically sole proprietorships and partnerships) won’t need the insurance coverage unless they have employees who aren’t also owners. Often, the state laws will allow the owners to get the compensation plan for themselves (as their own employees) if they wish.
Some states also do not need the business to have compensation insurance plan in place if the staff members are solely paid on commission. Depending on the state, the law may treat uninsured professionals as employees 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. A lot of employers take measures to guarantee that their workplace is safe, but mishaps do occur, and incomes are lost as a result. Thus, getting workers’ compensation insurance will safeguard both you and your staff members in case of a mishap.