California requires employers to carry worker’s compensation insurance for all employees, both full-time and part-time, and for many employees and employers, this is coverage brings a great sense of relief, especially when a work-related injury does occur. Depending on the type of work being performed, it can often require workers to perform strenuous tasks, but regardless there is always the risk of some type of job-related injuries occurring.
Employees appreciate knowing that any medical expenses and time missed from work will be duly compensated. The employer has the relief of knowing that they are in compliance with the law and not likely to become embroiled in a ugly lawsuit, plus they’re doing their part to create a safer work environment and helping their injured workers to payment for time lost and hopefully a quicker recovery through workers comp coverage from their OC insurance company.
A coverage lapse can be a serious issue
It is rather important for business owners to always ensure that their coverage remains in force, never allowing their worker’s compensation insurance to lapse for any reason, as this could bring about serious financial consequences greatly affecting their ability to continue to do business. Aside from the legal implications, it’s likely clients will also wind up with considerably higher premiums when reapplying for coverage. One way to avoid this from occurring is to always pay premiums on time as late payments could also cause carriers to write off a client with a non-renewal notice.
This is the type of insurance for which many insurance companies compete due to the fact that it is essential and a service that many carriers provide. The insurance market for worker’s compensation insurance is very competitive and insurance companies are even willing to offer discounts in order to attract new customers.
Factors that may drive up worker’s compensation costs
Things that improve our way of life can also have a financial impact. New technologies and new drugs, while helping with the care and treatment of patients in new and exciting ways also contribute to the rise in medical costs. These advances, made available to hospitals and physicians to treat injuries, can be costly, especially in the early stages while patents are in effect.
This is why operating a safe workplace, implementing safety procedures, a safety manual, and regular safety meetings can all contribute to a reduction of accidents and injuries in the workplace. Speak to an agent who can help determine the best available rates from an OC insurance company.