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Workers Comp Insurance for Small Businesses

If you own a small business and are thinking about the type of insurance coverage that you need, one that you should not forget is workers compensation insurance. You may wonder if this is really necessary to include in your Santa Clarita business insurance plan. While the specific requirements for workers compensation coverage can vary based on the nature and size of the business, this is a type of coverage that you have to carry. In fact, being improperly insured or under-insured can be quite devastating.

What is Workers Comp Insurance?

Workers compensation insurance (which is often referred to as workers comp) is a benefit for both employers and employees, which will compensate employees when they are injured while on the job. This type of insurance will cover things such as medical expenses, the costs of rehabilitation as well as a certain percentage of the employees’ wages while they are not able to work. In exchange for making these types of claims, employees will relinquish the right that they have to sue their employer for any negligence, which makes this a win-win situation. If a business does not carry workers compensation insurance, then a lawsuit may cause financial ruin for small businesses.

How to Get Workers Comp Insurance for Your Small Business

There are three primary ways that a small business can acquire workers compensation insurance, which include:
- Through a type of insurance pool that is formed with a group of other small businesses.
- Purchasing it through the company on your own.
- Purchasing it through the state of California.

Cost of Workers Compensation

Good insurance coverage is worth the investment. This is due to the fact that it protects everyone who is involved. The amount that you will have to pay will be dependent on the amount of coverage that you want to purchase, your small business risk classification and which of the following options you decide to include:
- Coverage for any employee that is injured while working outside of the state of California.
- Reimbursement for any funeral expenses or financial assistance for an employee’s dependents if an employee dies due to an accident in the workplace.
- Illness and injury coverage.
- A certain percentage of reimbursement for any lost wages.
- “Part two” coverage that offers money for employers to cover legal costs if an employee ever makes inappropriate or false statements regarding a workplace injury or illness.

The fact is that if you have even one employee, you need workers compensation coverage. This will ensure you are protected in the instance that an accident does take place. If you need assistance acquiring the insurance coverage that you need, contact JSG Insurance in Santa Clarita today. Call our office or visit our website for a free quote and a free coverage review for your business.

JSG Insurance Services
27433 Tourney Rd, Suite 280
Santa Clarita, CA 91355

Posted 6:00 AM

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