It’s Back-to-School time again, and while it’s the perfect time for students to pick up their learning, it’s also a great time for businesses to refresh their knowledge on their insurance coverage. If you’re a business owner, Worker’s Compensation Insurance is an area you may want to brush up on. We’ve put together a checklist of what you need to know and are here to help you make sure that each item is being taken care of for your business.
Worker’s Compensation Insurance 101 for Businesses
Worker’s Compensation insurance became mandatory for California employers in 1913.
California Labor Code requires all employers (with at least one employee) to carry workers’ compensation insurance.
The Worker’s Compensation System is a no-fault program. This eliminates litigation over whether employers were negligent in causing workers’ injuries.
Your employees, by law, may not help with the cost of Workers' compensation insurance. It is part of the cost of doing business. An employer cannot ask employees to help pay the insurance premium.
Upon state approval you are able to purchase self-insurance if your company meets requirements outlined here.
There are three parts to the worker’s compensation system:
Benefit structure - Defines what injured workers are entitled to receive
Benefit delivery - Benefits are primarily distributed through authorized insurance companies
Benefit financing - Employers may finance their liability for worker’s compensation benefits through one of three methods (a) Self-Insurance, (b) Private Insurance or (c) State Insurance.
We encourage employers to take a few minutes to read the Division of Workers' Compensation (DWC) fact sheets and guides for injured workers by clicking here.
Kearby Insurance is here to help employers ensure they have proper Worker’s Compensation Insurance for their employees. We will go over your existing policy and update as needed and explain the finer points of the coverage. If you’re just opening your business, please make an appointment to sit down with us and we’ll help ease your mind by getting you into the proper Worker’s Compensation Insurance policy.
There are a lot more details to cover when it comes to refreshing your business's insurance needs, so we invite you to participate in a free, no-obligation consultation call to make sure you are properly covered.
Please call us at: 1-800-251-0762. You can also make an appointment by clicking here.
We look forward to helping you!