Orange County Workers Compensation Insurance
One of the most important factors when running a successful business if ensuring your employees safety and protection while on the job. But despite how carefully you may plan, and how many safety precautions you have taken, accidents can still happen. And when they do, it is your ethical and legal responsibility as the business owner to make sure that all of your employees medical bills and expenses are paid if they are to injure themselves while working for you.
If one of your employees has an accident or injury while working, your Orange County workers compensations policy will provide you and your employee with the necessary protection that will make sure everyone is cared for at the end of the day.
Although accidents are often few and far between, a single mishap can lean can leave on of your employees unable to work for months, and depending on the size of your business, the result of their injury can lead to serious financial difficulties for both you and your employee. These unexpected issues can have long term, debilitating effects, so make sure both you and your employees are properly covered in the event of an injury.
Covering All Parties
The purpose of your businesses coverage is to protect both you and your employees in the event of an emergency or injury. If anyone is injured while working for you, your policy will cover the expenses of you employees’ injury. If, on the other hand, and employee attempts to sue you for an injury or disease that they contract while on the job, your policy will protect you from any financial losses.
Protecting Your Employees
Despite all of the precautions every business owner takes to ensure that they are providing a safe work environment for their employees, accidents are still prone to occurring. Your policy is in place to ensure that when accidents do happen, your employees are completely taken care of, and do not suffer any financial losses in addition to their injury.
If your employee were to contract any sort of illness or disease while on the job, or to injure themselves while working, they are completely covered by this section of your policy. As these may seem like extreme examples, the most common, practical application of this coverage results from more common bodily injury, such as employees slipping and falling on wet floors. Your coverage will assist your employees in the following ways:
Your coverage pays for all of you employees medical treatment up to the set amount of your policy. This includes any doctors bills, hospital bills, surgery, medications, physical therapy, or follow up care that they receive as a result of an accident while working for you.
Any permanent or temporary disability is also provided for in the form of financial allocation. This means that the your employees are compensated for the time they are unable to work as a result of their injury.
If they accident your employee has is fatal, their family will be provided with death benefits. The amount their loved ones receive is dependent on the limit of your policy, but is in place to replace the amount of money they would have been earning and providing their family with had they not passed away while on the job.
In addition to providing the necessary coverage for your employees in the event that someone were to injure themselves while working for you, your policy is designed to protect you from the potential consequences of an employee injury. California is known to be a state that awards employees with high settlements as the results of on the job injury suits, so even though these lawsuits can be extremely few and far between, they have the potential to financially ruin you as the business owner. If you were to be on the receiving end of a workers compensation lawsuit, your policy would offer you the necessary protection.
Additionally, if you were found to be liable for any injury that took place while an employee was working for you, your policy would keep you protected. By taking out an Orange County workers compensation policy with Security Professional Insurance Service, you will be protected in the following ways:
- Care and Loss of Service
- Third Party Claims (in certain areas)
- Death Benefits
Who Must I Provide Workers Comp Insurance For?
Yes, although laws vary from state to state about how much and what type of insurance you are required to provide for your employees, if you own a business in California you are required to provide those who work for you with coverage. Even if your business only employs one employee, you are still mandated to provide insurance for that one person.
If you are the sole owner of a business, however, then you are not required to provide insurance for yourself. Additionally, if your spouse is your only employee, that providing coverage for him or her is optional in the state of California.
Self- insurance is an optional decision. This concept was most commonly used among owners of extremely large, lucrative organizations, but is now increasing in popularity in recent years. In order to self-insure, you must receive approval from the state, and provide proof of meeting requirements of having a net worth of a minimum of $5 million, and a minimum annual net income of $500,000. The state of California also requires a security deposit for.
Some business owners who all work together in similar, intertwined industries are pooling their resources in order to meet these requirements because they would fall short when applying as individuals. If you’re interested in seeing if you and your business meet the requirements for self- insurance, or if you have any other questions about who must be insured under California law, please contact one of our Security Professional Insurance Service professionals and we will be happy to assist you.
Protection for Your Business and Employees
Providing coverage for yourself and your employees is not just an ethical consideration, it the state law in California. But choosing the proper policy for your business is much more than just complying with the law, its about making a smart, well researched decision that keeps you, your family, your business, and your employees protected in the event of an accident or an emergency
Security Professional Insurance Service has been working with business owners just like yourself for over a decade to help them find the coverage that best matches their business and their needs. We have a large staff of trained, experienced professionals, and a thorough network of carries all with the purpose of helping you to make the best choice for your insurance needs. Please contact us today at (714) 408-7406 so we can help keep you and your employees safe.