WHAT ARE WORKERS? INSURANCE COMPENSATION?
This is a policy issued by the business owner that provides them with insurance coverage for work related injuries to their employees. This type of insurance pays all expenses related to employees. injuries such as medical bills, lost wages, rehabilitation, permanent disability or death. The benefits of a working remuneration policy are set by state employees. compensation regulatory commission.
HOW WORKERS? PRIME PAYMENT DEFINED?
It is quite simple. The premium is the interest rate on the estimated salary for the term of the policy. Since the risk of injury for workers depends on the type of work they do, each business is assigned a certain classification, which represents the degree of danger in their industry. For example, if you have a store that opens after 23:00, your employees will have a compensation classification code of 8061 - Store-Convenience-retail. Please note that both the classification number and the description are set by the state in accordance with section 11658 of the California Code of Insurance. There are about 500 classifications that are published by the state to cover every industry and business in California. The premium rate for each classification is determined by the degree of risk of injury in the industry it represents. those. the premium rate is lower than the building contractor and higher than the telemarketing firm.
I have WORKERS? INSURANCE COMPENSATION?
If you operate a business in the state of California and work with any employees, you need a labor commission to have workers, compensation insurance. The only enterprises that are exempted from this rule are those that are managed only by owners without employees. In other words, if you have employees, including temporary or seasonal part-time assistance, you should get employees. compensation. If you work without it, you run the risk of heavy fines and the possible closure of your business. An employee is anyone who works for a business and is not the legal owner. Relatives, including the owner’s children, who do any work for the business, are also considered employees, even if such relatives or children donate
time without payment.
There is another reason you have workers. compensation insurance, and this should protect yourself from a financial catastrophe. Medical expenses for treating the wounded, lost wages, and other related expenses can be extremely burdensome for any small or large business and can put their assets at risk.
OWNERS COVERED BY WORKERS 'COMPENSATION POLICY?
They are covered only if they want to be. In other words, owners have the ability to include or exclude from coverage. This will mean that if they are included in the coverage, then they are also entitled to receive benefits in the case of their injured. If you decide to include you, your settlement shaft will also be included in the calculation of your employees. compensation premium. You can also exclude from coverage; in this case you will not be charged for your winnings.
WHO IS CONSIDERED BY THE OWNER?
Who can be excluded is determined on the basis of the legal form of ownership of your business. The three most common legal units used by the business are as follows:
1. Individual ownership or individual ownership — in this case, the individual, their spouse, and their resident relatives can be excluded from coverage.
2. Partnership. All partners can be excluded, spouses and relatives cannot be excluded.
3. Corporation. All shareholders who are also employees may be excluded only if employees own 100% of the shares of the corporation. Officials who do not have shares or shareholders who are not officials may not be excluded. Spouses and relatives can not be excluded ...
Hope this was helpful in shedding light on workers-workers-compensators? compensation coverage for your business. Please feel free to contact us for any question you may have. We would also like you to know that we offer some of the cheapest employees & # 39; compensation policies for your business. We can provide you with a quote very quickly without any cost or obligation to you.
