As an independent contractor in Santa Fe Springs, 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 Santa Fe Springs 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 Santa Fe Springs CA 90670 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 Santa Fe Springs will normally have at least a worker or 2. Hence, 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 takes place to any of your workers.
Workers’ compensation insurance coverage in Santa Fe Springs CA is an insurance policy that supplies wage replacement and medical costs to your employees in case they are injured. This policy is in exchange for compulsory forfeiture of their right to sue the company for compensation.
Why This Policy Is Handy
This policy serves to protect the employer from punitive lawsuits by their employees. In some cases, the claims can cause financial damages causing the business to become insolvent when the damages awarded are too high for the company to manage. Therefore, this system of cumulative liability was adopted to solve the problem.
The compensation strategies in Santa Fe Springs differ among jurisdictions. However, in general terms, a type of disability insurance in the form of replacement of salaries can be adopted. There will also be compensation for the economic loss for the hurt staff member, 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 plan comes in handy. Apart from saving you from lawsuits that can damage your track record, 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 coverage are controlled by the individual states and territories the business is located. Hence, there isn’t really a single guideline that is followed when granting damages. Therefore, when your company expands to other states, it would be prudent to learn from your attorney how the law works in that location, and therefore you can adjust the policy appropriately.
Typically, damages sought for pain and suffering due to the neglect of the company as well as 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 employees at risk of injury just because such an insurance plan remains in place.
Not All Businesses Apply
Not all companies have to have workers’ compensation insurance in place. For example, small companies (specifically sole proprietorships and collaborations) will not require the insurance coverage unless they have workers who aren’t also owners. Often, the state laws will permit the owners to get the compensation plan for themselves (as their own employees) if they want.
Some states also do not require 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 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. Most employers take measures to ensure that their workplace is safe, but mishaps do happen, and incomes are lost as a result. Thus, getting workers’ compensation insurance will safeguard both you and your employees in case of a mishap.