What is workers’ compensation?
Workers’ compensation is insurance that provides cash benefits and medical care for workers who are injured or become ill as a direct result of their jobs. Workers’ comp is our country’s oldest social insurance program.
Workers’ Compensation is based on the idea that employees have a right to receive prompt, effective medical treatment for on-the-job injuries or illnesses no matter whose fault it is. In return for receiving workers’ comp, employees are prevented from suing employers over those injuries.
Workers’ comp insurance provides six basic benefits:
medical care, temporary disability benefits, permanent disability benefits, supplemental job displacement benefits or vocational rehabilitation and death benefits.
Do I need workers’ compensation?
If you have even one employee, you must have workers’ compensation insurance. California, like most states, requires employers to have workers’ compensation insurance if they have even one employee. As a business owner, you are required by law to pay for this insurance – and you’re not allowed to require your employees to contribute to the cost of workers’ compensation.
How does workers’ comp work?
If one of your employees is hurt on the job of becomes sick as a result of her job, your insurance carrier pays weekly cash benefits and medical care as required by the California Workers’ Compensation Board. The Workers’ Compensation Board is a state agency that processes the claims.
Most workers’ compensation claims are resolved without any problems. However, sometimes a disagreement can arise between you and your employee over issues such as whether the injury was sustained on the job or how much in benefits they are entitled to receive. When a dispute like that arises, the California Division of Workers’ Compensation can help determine whether that insurer will reimburse for cash benefits and/or medical care, and the amounts payable.
How much does workers’ compensation insurance cost?
California doesn’t set rates for workers’ compensation insurance, so the marketplace determines the rates. The California Department of Insurance recommends that you do your homework and shop around to find an insurance carrier that best meets your needs at a price you can afford.
Remember that the cheapest insurance might not be best for your company. Be sure to consider the services each insurance company offers, how easy it is to connect with their claims adjusters, their experience with workers’ comp and similar topics.
How do I find the right carrier for my business?
Relationships are important. You want an insurance company that will become a partner in protecting your business. Peter Green has built an excellent insurance agency on understanding what his policy holders need. We take the time to understand your concerns and risks to find the insurance protection that’s right for you. As an independent agency, we’re not bound to a specific insurance company – we have the freedom and we’ll do the legwork to find the right policy for your company.
Click here to request a quote, or call 888-725-7776 to speak with Peter Green.