Whether you call it workers’ compensation insurance or workmans’ comp, affordable workers’ compensation insurance is an essential reality for your company. It is a necessity to protect your employees from unexpected injuries or problems at work. Even a small business needs workers’ compensation insurance once they start hiring employees. A major advantage of working with a PEO is access to quality workers’ compensation insurance plans.
Affordable Workers’ Compensation Insurance = Protecting Employees
The best argument for workman’s compensation insurance is the coverage. Even in a low-risk job in a low-risk industry, employees still experience work-related injuries. Slip and fall accidents, physical health problems in work environments, or accidents caused by professional equipment can lead to high-cost medical bills. As an employer, it is important to protect your employees and your bottom line. When injuries occur, workman’s comp insurance helps pay for the cost of medical bills and lost work related to the accident.
By purchasing workers’ compensation insurance to help pay for the costs associated with workplace injuries, your company’s employees will have protection against financial difficulties moving forward. By working with a professional employer organization like Total HR Management, you can access affordable workers’ compensation insurance that makes sense to your company’s bottom line.
State Laws and Affordable Workers’ Compensation Insurance
Many states, including California, now have legal standards associated with worker’s compensation coverage. Your small to mid-sized business must review the state standards and comply with any legal requirements. A professional employer organization can help make this happen. If your company hires an employee, you need coverage. Some exceptions may exist for specific types of positions and the number of employees, but most states require coverage even if there is only a single employee.
Although most state laws provide incentives to purchase affordable workers’ compensation insurance for most small to mid-sized businesses, the primary benefit of coverage can be limited. By working with a PEO, your company can access affordable workers’ compensation insurance that provides the coverage that your business needs. Beyond the minimum, we also make sure that your company and your company’s employees are safe and protected moving forward. The cost of workplace injuries adds up quickly, especially if an individual was injured on the job.
Affordable workers’ compensation insurance helps pay for any costs associated with an injury and prevents individuals from going to a court when injuries occur. Moreover, affordable workers’ compensation insurance pays for the medical bills, death benefits or lost wages associated with the injury. It also prevents a lawsuit because an employee cannot ask for further compensation. It is up to the insurance company to determine whether or not additional compensation is appropriate for the specific injuries of an employee.
Finding Affordable Workers’ Compensation Insurance
A high-risk business like construction will have a much higher cost for workers’ compensation insurance when compared to an office job. A high level of risk combined with a low number of employees only adds to the cost. However, Total HR Management has experience helping companies from a wide range of industries and risk levels access affordable workers’ compensation insurance.
For a small to mid-sized business, a professional employer organization helps to reduce the cost associated with insurance coverage. The affordable workers’ compensation insurance package provided by a PEO offers access to more comprehensive benefits programs and insurance plans. By working with a PEO, an employer also can ensure that the company is complying with any state and federal regulations.
Since PEOs assist with risk management and compliance, a small business is able to identify policies that are appropriate based on the risk level and the type of services that the business provides. Furthermore, PEOs help manage workman’s comp insurance concerns so that a business can focus on growth while still maintaining an appropriate level of coverage.
Total HR Management Can Help
Total HR Management offers the assistance and tools that a company needs to find an affordable workers’ compensation insurance plan. Based on the goals and concerns associated with your unique company and your specific industry, we can help.
If you want to learn more about affordable workers’ compensation insurance plans, please contact Total HR Management today. Please call (800) 975-5128 today to speak with an HR professional.
No Legal Advice Intended: This blog includes information about legal issues and legal questions. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You must not rely on the information on this website as an alternative to legal advice from your attorney or another professional legal services provider.