Santa-barbara-workers-comp-insurance

Worker’s Compensation: The First 5 Things Every Business Needs to Know

One of the necessary costs of doing business is providing worker’s compensation insurance to your employees. For a small business, this can be overwhelming. We’ve compiled a list of the first 5 things you need to know to get you started.

  1. Under California Law, EVERY employer of 1 or more employees is required to provide worker’s compensation benefits to their employees.

  2. Worker’s Compensation coverage must be purchased either through a licensed insurance company, or through the State Compensation Insurance Fund (State Fund). In addition, under certain circumstances, employers may be eligible to self-insure for workers’ compensation.

  3. The following factors should be considered when choosing a particular worker’s compensation policy: services provided, ease of access to claims adjuster, knowledge of your industry, network providers, and rates.

  4. Premium rates are determined by industry, history of claims, and payroll.

  5. Benefits provided include: medical care, temporary and permanent disability benefits, supplemental job misplacement benefits, and death benefits.

We can guide you through the process and will provide you with the information you need to be compliant with California Law. More information can be found at http://www.dir.ca.gov/dwc/dwc_home_page.htm.