Like property and liability insurance, workers compensation coverage is an essential part of the commercial insurance equation that all business owners need to have in their commercial insurance portfolio. TransGlobal P&C Insurance Agency will work with you to find insurance solutions tailored to your needs.
Most states require a business to carry workers compensation insurance even if there is only 1 full time worker, even if they are only temporary or seasonal workers. But the minimum number of employees required to purchase workers compensation insurance varies by state.
For the employer, workers compensation insurance provides a sole remedy avoiding expensive civil litigation. It also gives peace of mind to the employer, knowing that the workers compensation insurance carrier will be the one who is taking care of the medical bills and loss of wages for the employee from work-related injury or illness.
For the employee, workers compensation insurance provides coverage to employees for work-related injuries or illnesses. Medical treatments are provided to the injured employee which gives them a peace of mind knowing that their medical bills and any portion of lost wages are being taking care by the workers compensation benefit until they have recovered and can return to work.
Workers compensation coverage is a state-mandated insurance program. Not carrying adequate workers compensation insurance can result in hefty fines and penalties. For example, in California, a minimum fine of $10,000 and up to $100,0000 maximum and/or even jail time for business owners. Fines and penalties vary by state.
Workers compensation insurance rates may vary based on factors such as a company's state, payroll and claim history.
Call us today, our insurance experts are ready to help you determine the best method for obtaining proper workers compensation insurance for your business.
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