Are you looking for a Yuba City Workers’ Compensation Insurance quote for your business? Oakview Insurance Services, Inc. has multiple carriers that offer workers’ compensation insurance for your business or farm.
Workers’ Compensation Insurance, also sometimes know as Workman’s Comp or Work Comp Insurance provides your employees certain benefits in the event they get a work-related injury or illness. Work Comp benefits can assist with things like covering medical care and expenses, replacing lost wages, and providing disability benefits. If you’re a local business looking for a Yuba City Workers’ Compensation Insurance quote, we can help.
A key part of running your business is keeping employees safe at work. However, if one of your employees does suffer an injury, workers’ compensation coverage provides you and your employees with important protections.
You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness still happen.
A slip and fall at a restaurant resulting in broken bones, an equipment malfunction at a construction site causing eye injury—it could be any number of things.
As a business owner workers’ comp also has benefits for you. If your injured employee or their family sues your business, it can help cover your legal costs. Remember, when your employees are taken care of, your business is taken care of.
So, who’s required to purchase work comp insurance?
According to the State of California, “All California employers must provide workers’ compensation benefits to their employees under California Labor Code Section 3700. If a business employs one or more employees, then it must satisfy the requirement of the law.”
This state-mandated insurance program covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.
Penalties for not having Work Comp Insurance can be severe. Per the California Department of Insurance “Failing to have workers’ compensation coverage is a criminal offense. Section 3700.5 of the California Labor Code makes it a misdemeanor punishable by either a fine of not less than $10,000 or imprisonment in the county jail for up to one year or both. Additionally, the state issues penalties of up to $100,000 against illegally uninsured employers.”
How Much Does Workers Compensation Insurance Cost?
Because coverage requirements vary by state, the cost of Workers Compensation depends on where your business operates. Other factors that affect your rates include:
- The number of employees you have.
- The type of work your employees do.
- Your claims history.
- Your industry.
Like all insurance, Work Comp is priced based on risk.
Riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they’re determined by classification codes. Each type of work or industry has a unique code that classifies the industry and risk and helps the insurance carrier determine a suitable rate.
One way to save money on your Workers Comp policy is to make sure you’ve classified every employee correctly. The secretary for a construction firm, for example, will have lower rates than the bricklayers.
At Oakview Insurance Services, Inc., we understand the importance of keeping your employees safe and sound. After all, they are the foundation of your business.
If you’re a new business obtaining Work Comp Insurance can be a challenge, certain companies require you to be in business a few years before you might qualify for their programs. But rest assure Oakview has a great relation with State Fund Insurance (State Compensation Insurance Fund), so we can always get you covered.