This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/11/29/4-workers-comp-mistakes-new-business-owners-make/
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One of the primary concerns for new business owners is what type of insurance or bonding they may need before beginning operations. This is always largely determined by the industry and type of work they will be performing. Of course, the number of people employed by the business will matter as well. All of these questions will have an impact on the necessary operational expenses for all new business owners.
Workers’ compensation is assuredly one of those major concerns because it is often a legal requirement and a significant component of the business operating budget. Here are a few mistakes to avoid when setting up your business, and evaluating the workers’ compensation insurance needs.
1. Failure to Maintain Coverage.
The first mistake many business owners make is not providing any coverage for workers. Not only is it required by law for most employers, but it can leave the owner vulnerable to an expensive general damages lawsuit if a worker is injured. In addition, when someone is injured, fines can be imposed, along with still being potentially liable for the injury claim.
While the premium can put a financial strain on small businesses, a lawsuit can be the end of the entire operation while also leaving personal assets exposed in certain situations.
2. Choosing Minimum Liability Coverage.
Another problem that can occur when an employee is injured is not having enough insurance to cover all damages. Workers’ compensation is a no-fault system, which means workers have a right to seek compensation for their injuries. Employers can only deny a workplace injury claim when they can prove it is fraudulent in some manner.
Additionally, employees can still sue employers in a general liability claim when the employer has been neglig… Read More
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