Your Workers Compensation Insurance Queries Answered

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Your Workers Compensation Insurance Queries
Answered
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• If youre new to the world of business, or have
  recently begun taking on employees, you may have
  some questions surrounding workers compensation
  insurance, here are a few of them along with
  their answers
• Does the law state that all employers must
  provide workers comp insurance?
• Every state has its own set of rules and
  regulations surrounding this type of insurance,
  and in most cases, states have made it mandatory
  as soon as you officially hire your first
  employee. Currently, Texas is the only state in
  which its optional to purchase workers comp
  insurance. Its also worth noting that the
  construction industry often has its own rules
  about insurance that vary from other industries.

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• For more detailed advice on your specific
  industry, reach out to a trusted payroll provider
  who can give you all the answers you need.
• What does this insurance pay for?
• Workers compensation insurance helps pay for
  medical expenses and partial loss of wages that
  have resulted from a work-related injury or
  illness. In the tragic event of a fatality, it
  also pays death benefits.

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• If workers are self-employed or independent
  contractors, do they need insurance?
• Generally, this type of insurance is not
  mandatory for these workers, but there may be
  circumstances in which independent contractors or
  the self-employed may be advised to purchase a
  policy.
• Why is worker classification so important?
• How much workers compensation insurance costs
  depends upon the type of work that your employees
  are doing, so classifying them correctly is
  extremely important if youre to avoid incurring
  costly lawsuits and/or penalties.

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• Each employee must be assigned a class code that
  is an accurate reflection of the type of work
  theyre performing, and the level of risk
  involved.
• What happens if a company hires more employees?
• When a business takes on more employees, the
  insurance premium rates will be adjusted
  accordingly, and its easy to add extra insurance
  later. Speak to your existing insurance provider
  if your own businesss policy circumstances
  change for any reason.

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• What is the difference between workers
  compensation and general liability insurance?
• Both types of insurance can pay for medical
  expenses in relation to an accident at a place of
  work, but general liability does not cover
  injuries to employees. So, it may be that you
  choose to purchase both types of insurance, but
  as workers comp is legally required by most
  states, you would need to at least purchase this
  one.

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• Workers compensation insurance is a simple
  premise, but it can get complicated depending
  upon the size of your company and the type of
  industry that youre involved in. For the most up
  to date information about insurance for your
  business, speak to a professional payroll advisor
  today.
• Apollo Payroll is one of the premier small
  business payroll companies in Miami Beach and
  Coral Gables. Apollo Payroll is dedicated to
  delivering expert advice, responsive service, and
  highly accurate payroll processing and reporting
  to ensure the success and growth of the business
  that we serve. Our services include comprehensive
  payroll service in Miami and other cities in
  Miami-Dade County, employee background check and
  group health insurance in Coral Gables Miami.