What Are The Consequences Of Not Having Workers Compensation?

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What Are The Consequences Of Not Having Workers
Compensation?
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• If youre the owner of a business large, medium
  or small and you havent purchased workers
  compensation insurance, you could get into some
  real hot water. While you might think that you
  can save money by not buying it, chances are you
  could end up incurring some hefty penalties or
  even be looking at jail time depending upon which
  state your business operates in, if youre found
  to be without it a pretty big price to pay for
  trying to cut costs.
• So, lets look in more detail at the consequences
  of not having workers compensation

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• Workers compensation insurance is mandatory for
  most businesses
• It doesnt really matter whether, as a business
  owner, you believe it to be an unnecessary
  expense to purchase workers comp, since almost
  every state in the country requires businesses to
  carry it by law, once they reach a certain number
  of employees. This threshold varies from state to
  state, but even if your business is small and you
  only have one employee, youll probably still be
  required to purchase it. Companies with fewer
  than 5 workers may escape the mandatory insurance
  requirement, but if in doubt, its best to check
  with a business insurance specialist before you
  get yourself into trouble.

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• Complying with state labor laws as an employer
  and business owner is always advisable, as not
  only could you face stiff penalties and/or jail
  time if found to be noncompliant, but you could
  face criminal charges of fraud as well.
• What are the penalties for not having workers
  comp?
• Again, penalties vary from state to state, but
  some examples of fines are as follows
• New Jersey failure to carry workers comp
  insurance is an offence punishable by law and can
  lead to huge fines of up to 10,000 and even
  imprisonment for a term of up to 18 months.

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• Illinois in Illinois, failing to comply carries
  a misdemeanour charge, but if youre found to
  have wilfully and actively failed to purchase
  this type of insurance as a business owner, then
  youll likely be charged with a felony.
• Pennsylvania if youre found to intentionally
  be noncompliant with the law regarding workers
  insurance, then you could face a whopping 7 years
  in jail, or a hefty fine of 15,000.
• Who enforces workers compensation insurance laws?
• It usually falls to local law enforcement,
  business regulatory bodies and the insurance
  fraud department of the government, to ensure
  that businesses possess workers compensation
  insurance.

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• To find out whether you need workers compensation
  insurance as an employer and/or owner of a small
  business, schedule an appointment with a local,
  trusted insurance firm.
• 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.