FRIDAY, MARCH 15, 2019
Workers' compensation provides financial protection to businesses. If an employee suffers an injury resulting from the work they do, this policy covers some or all of their losses. This minimizes the financial loss your business may suffer. Some states require businesses to maintain this insurance. If so, it is important to have proper protection. Here is where to start.
What Factors Apply to Your Requirements?
States have different laws regarding workers' compensation insurance. In some states, the requirement is clear - all employers need to maintain a policy. In others, there are limitations. Your first step should be to determine the requirements in your state. Your business insurance company can provide very specific information here.
Keep in mind that even if not required, workers' comp can still be a valuable asset for you. It offers protection from financial loss that can amount to thousands of dollars.
What Some States Require
The rules to remain in compliance vary from one state to the next. If you fail to maintain coverage, you may face a fine. Here are a few things to think about:
As you can see, maintaining proper workers' compensation insurance is critical. It safeguards your company financially and ensures you meet compliance requirements.
- Some states require workers' comp if the company has more than five, 10, or another set number of employees. Failure to maintain this insurance results in fines. For example, in New York, all companies with at least five employees must maintain coverage.
- In some states, such as Pennsylvania, if you don't carry coverage, it can result in a felony charge. This includes if you fail to disclose the true number of employees you have.
- In California, Illinois, Massachusetts, Michigan, and Pennsylvania, failure to carry proper workers' compensation insurance can result in criminal charges. This may mean fines and jail time.
- Texas is one of the only states that does not require employers to maintain this coverage. However, it does still hold employers liable for employee injuries in most circumstances. Employers therefore should carry coverage.
How to Ensure You Don't Make a Mistake
If you are unsure if you need workers' comp, call your business insurance agent. Discuss the type of business you run. Talk about the number of employees you have.
Think about the risks. Can employees suffer injuries? Could someone get sick? Chances are, the can at any time. Proper insurance is not just about compliance.
It is also about keeping your company safe.
It does not have to be hard to get this coverage. Most states offer competitive insurance policies. You can find affordable policies that fit your needs. Then, you do not have to worry about an employee injury on the job.
If you need workers' compensation insurance coverage, contact Insurance Planning Service today at 734-421-9900.
Also Read: Reducing Worker Falls on Icy Outside Surfaces
MONDAY, OCTOBER 8, 2018
We don’t think of small amounts of water as particularly threatening. However, in the right situations, even puddles might prove dangerous. What if you slip in one at work and fall? Qualifying injuries might qualify you for workers’ compensation coverage. How do water risks fall into this coverage? What can you do to prevent water-borne threats in the business?
Why Water Poses a Workers’ Compensation Risk
Workers’ comp helps employees who have suffered injuries or illnesses during their duties. They can get money to aid them in their recovery and supplement lost income.
If an injury comes about because of standing water or water damage, then the affected party often has recourse. Workers' comp claims from water risks might include slip-and-falls and mold exposure.
Why do Slip and Fall Risks Exist?
Anywhere water puddles, there’s a fall risk. Even a small puddle could cause someone to slip. The resulting injuries might range from a bruised shin to a severe head injury. Standing water and fall risks might originate from:
- Leaking pipes and ceiling leaks
- Spills from coffee pots, sinks or water fountains
- Wet floors following cleaning
- Puddles in entryways or on sidewalks on rainy days
In most of these cases, if a fall occurs, you can qualify for a workers’ compensation claim. For example, if you slip while in the bathroom, you’ll often have protection. Nevertheless, not all falls will equal a claim. If you fall while out of the office to eat lunch, you might not be able to file.
Mold Risks and Coverage?
Anytime you have standing water, you have a mold risk. If mold develops, it might cause breathing problems and other extensive injuries.
Let's look at an example. Mold might grow undiscovered behind a business’s walls. Over the years, you might become ill because of this exposure. As a result, you might be able to file a successful workers’ compensation claim.
Nevertheless, mold is a tricky subject. It’s sometimes hard to pinpoint if your particular illness came from the mold in your workplace. Even so, if you can prove this fact, then your employer’s workers’ comp policy could cover you.
Employers have an obligation to provide a safe workplace and prevent mold growth. If you are in charge of this, consider a few different precautions. These might include:
- Keeping humidity and temperature low and dry
- Having regular mold tests as needed.
- Looking out for any leaks, including hidden leaks. Have these fixed immediately.
- Cleaning up any standing water immediately. Use cleaning supplies that will combat mold risks.
If you have questions about slip-and-fall or mold coverage, contact your workers’ comp insurer. Ask what your policy will cover, and how they cover it. In the meantime, do what you can to prevent workplace accidents.
Also Read: Expanding Your Employee Benefits Package
TUESDAY, MARCH 13, 2018
Your employees do a lot for your business. You want to show them that you have their best interests at heart. Offering benefits is one way to do so.
Not only do you recognize the importance of protecting employees, so does the law. Some benefits are not options, but requirements. Businesses often have to provide certain perks to their employees. These particular benefits often act as valuable personal protection for your workforce.
Required Employee Benefits
Employee benefits usually involve various forms of insurance. Therefore, multiple laws cover whether certain businesses must offer certain benefits. As a business owner, always make sure you provide the benefits required of you. These might include
- Health Insurance: Many employers have to offer some or all employees health packages. The employer usually shares the cost of the policy with the employee. These packages usually must meet standards set forth in health insurance law. Whether the employee takes this coverage is up to them. However, the employer usually must at least offer it.
- Workers’ Compensation: If an employee gets hurt on the job, they might have to miss work to recover. This means they might not be able to receive income because they cannot work. Most businesses have to provide workers’ comp as a result. It serves as a way to help an employee receive income while recovering from an injury.
- Overtime Pay: When certain employees work past their required time, they qualify for more pay.
- Minimum Wage: Federal and state law require some or all employees to receive pay at a minimum level. The minimum wage is one way of making sure that employees can pay their own bills.
A variety of laws might govern how businesses must compensate their employees. Check your local statutes for more information on the benefits you must offer.
Optional, Additional Benefits
Good perks often provide incentives for your employees to stay with your company. So, most businesses provide a wide range of benefits. Beyond required benefits, additional perks you might offer include
- Dental insurance for adults (many health insurance plans come with pediatric dental insurance)
- Paid maternity or paternity leave
- Paid holidays
- Club memberships such as gyms or health spas
- Life insurance and retirement accounts (some states might require this coverage)
And everything from pay raises to severance pay.
When it comes time to setting up your company's benefits plan, talk to your commercial insurance agent at 734-421-9900. They can help you enroll in benefits in compliance with the law. You can then work on offering extra benefits that provide workers with more comfort.
Also Read: Reducing Worker Falls on Icy Outside Surfaces and What to Consider When Launching a New Business
WEDNESDAY, OCTOBER 16, 2013
For just about every threat your business encounters, there's an insurance policy that will cover it. But what's necessary and what isn't? In terms of business insurance, it is important to cover all potential liabilities. Your business must adhere to all employer insurance requirements that the state requires, but that doesn't imply policies that are not required are any less significant; nor does the state minimum necessary guarantee that your business is fully covered. Read these quick tips and hints for a better understanding of business insurance requirements.
Workers' Compensation Insurance covers the medical costs, rehabilitation costs, and lost pay of any employee hurt on the job. Workers' compensation insurance also handles employer liability in the event of legal action. If perhaps an employee or even an employee's family sues your business as a result of a physical injury to one of your employees, this type of insurance will cover your business and any responsibility you have.
Workers Compensation Insurance is required by law in all 50 states, U.S. territories, and the District of Columbia. However, each state sets their minimum amount of coverage required for each type of business. In Michigan specifically, the Workers' Disability Compensation Act provides workers compensation for injured employees and covers their employers. The Michigan Workers Compensation Agency can answer all questions regarding workers compensation requirements for a business in Michigan. This state minimum is purely a starting point for your insurance. Make sure you talk with an independent insurance agent about your business assets, risks, and needs to insure that your business is fully covered. Your business may require more than the state minimum in order to be fully protected.
One way to help insure safety in your workplace is to provide a safety training workshop for employees and create employee handbooks on workplace safety. A workshop can help raise awareness to the importance of safety around dangerous equipment, give tips for safe work procedures, and show the importance of risk management. An employee handbook is a way to make sure these guidelines are followed throughout the year.
Other types of liability insurance may also be required, or strongly recommended, for your business. Talk with an independent insurance agent about your business to help determine the risks you need to be protected against. Don't let a fire, theft or storm come before you are protected.
Once your business has complied with all the insurance requirements for your state, you may opt for additional coverage that covers your business in other ways. Extra insurance coverage can fill in any gaps in your policy and protect your business against a disaster that could otherwise prove detrimental in the event of a disaster. Give IPS Insurance Agency a call at 800-220-5582 to discuss your business needs and set up Michigan business insurance to protect your business against risks in the workplace.
FRIDAY, JULY 5, 2013
The State of Michigan has a new FORM 100 for filing workers' compensation claims that is intended to help streamline the claims process. Already, many insurance companies are beginning to require this new form. It can be found directly on the State of Michigan's website at http://michigan.gov/documents/wca_WC-100__fillin_121830_7.pdf. The form is a PDF that can be completed online and then printed to submit to your insurance company. Using this form will enable insurance companies and the State of Michigan to handle your claim more efficiently since it is now a standardized font and will allow them to use Optical Character Recognition (OCR) to obtain data from the forms.
INSURANCE PLANNING SERVICE can assist with workers' compensation, liability, property and all other lines of insurance that your business may need. Call us at 800-220-5582 or contact us at Contact Us the web today!