Why You Should Cover All Your Employees with Workers Comp Insurance
If you’re the owner of a business, anyone working for you should be covered by workers compensation insurance, whether they’re only part-time, employed on a seasonal basis, or even a family member, and it’s important to remember that whenever your business is open, you must have insurance in place. What about contractors and subcontractors? If you regularly, or even occasionally use contractors and subcontractors, you should encourage them to carry proof of their workers comp insurance with them at all times, if only to help protect your business from any risk. Remember that your organization could also be held responsible for other businesses workplace injuries incurred during the course of business if engaged on their behalf.
While the cost of any subsequent payouts may vary according to the type and severity of the injury, such an unknown financial burden is risky for any business. And remote workers? Any employees working from home such as is currently happening due to the ongoing pandemic, should also be covered, although some small business owners disagree with this. Maintaining that they aren’t able to control the environment in which the remote employee is working in, some state that they shouldn’t be held responsible for any compensation claims made by their remote workers.
While it does depend upon the state and individuals claims coverage determination, some injuries incurred by a remote employee could fall under the umbrella of workers compensation. What about the pay-as-you-go workers compensation insurance model? Becoming increasingly popular, a pay-as-you-go insurance policy reflects the changes from one billing cycle to the next, so as a business owner, you only ever pay for what you owe. This is in contrast to traditional models in which the premium increases as payroll increases, and up-front fees and year-end audits are included; the pay-as-you-go model adjusts to business dynamics through real-time calculations.
For any business seeking to better manage their expenses and be more flexible, this model could have its advantages. Running a business can be tough, particularly in these challenging economic times, but why make it tougher by not covering your employees with workers compensation insurance? So, to discuss whether pay-as-you-go workers compensation insurance could be an option for your organization and its employees, or to discuss getting all your workers covered, talk to an insurance professional today, and start reducing the risk for your business.
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.