Jan 22
Worker’s Compensation and Your Business
If you have employees, even one employee, you are required by law to also have worker’s compensation insurance. This coverage takes care of medical costs and lost wages that are incurred by employees who are hurt on the job. It also covers your liability in the event that family members of an employee who is disabled or killed on the job decides to sue you or your company.
There is another aspect of worker’s compensation insurance coverage but it is optional. This third aspect covers employment practices liability or the cost of legal bills incurred when you or your company or your employees are sued for sexual harassment or discrimination.
In this area, it is essential that you remain up to date on the state and local laws regarding worker’s compensation coverage. It is a rare insurance agent who will keep up with this for you and contact you when your policy needs updating. This doesn’t happen. It is your responsibility to make sure that you are in compliance with local business law. The department of insurance or insurance commissioner’s office in your state will have all the answers you need.
Another way to cut costs is to ensure that all jobs in your company are properly classified. Insurance agencies give jobs different classification ratings depending on the degree of risk of injury.
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