Workers compensation insurance is what a firm get from an insurance company to cover their staff in the event of an accident. The staff injuries that come you are catered for by this insurance. Things like death, permanent disability, medical bills, lost wedges, and improvement. The board that is responsible for setting up employees compensation benefits is the regulatory compensation commission.
The way the insurance company determines the compensation premium is very simple. They often a portion of your expected pay. The injuries that employees would get when they are working vary depending on where they are working. The type of work being done in a company and the risks that are involved are the ones that determine the kind of policy that you get.
There is possibility that you are not sure if you should get an insurance policy for your business. The truth of the matter is if you have staff in your business then you must get one. The type of companies that do not need this kind of coverage are companies that do not have employees and are run by individuals. Authorities could easily close down your business and fine you if your company has employees and no insurance for the workers. The insurance policy should be obtained even if it’s your family working in the company even if you are not paying them any wages. A works insurance policy will prevent your company from losing money when you need to pay an employee who has been injured.
Sometimes business owners wonder if they are covered by the worker’s compensation insurance. They can be added but only if they want to be part of it. If the owner is part of it then it says that in case they are injured they can be paid. If you are included in the policy then you will also have to be part of the payroll.
The insurance company has factors that they look at when one says they are the owner when they are setting up a compensation policy. The things that describe property are three, and we shall look at them. The first one is the person who is the sole owner of business including their spouse and children. There is also partnership in this case only the partners are excluded and not the spouses and other relatives. A person with hundred percent stake is not involved in the business is owned by cooperation. You now have a clear understanding of what is workers compensation insurance and what makes you qualify to have it.