Effective March 20th, 2019, Conifer has suspended cancellation of policies due to non-payment of premium for clients who indicate financial impact by the recent COVID-19 outbreak and are experiencing trouble making a payment. Additionally, late pay fees have been waived at this time.
X[vc_row][vc_column][vc_column_text]Much like liquor liability, Workers’ Compensation Insurance is required by most states, but each state is in charge of their own workers’ compensation program regulations. Generally speaking, an employer’s responsibility to provide coverage may depend on the number of employees at the business, the type of business, and the type of work they are doing. In 2015, American employers paid out $61.9 billion in workers’ compensation benefits; let’s hope they all had coverage so that didn’t come out of their pockets.
Workers’ Compensation Insurance protects a business and its employees by providing the employees’ benefits if they get a work-related injury or illness. These benefits can cover missed wages, medical expenses, vocational rehabilitation, and death benefits. For the employer, it helps cover legal costs if an injured employee or their family sues the business. Workers’ compensation is applied regardless of who is at fault, whether it’s an employee, the employer, co-workers, or even customers. Although it is not required by some states it is highly recommended to have coverage and plan for what could happen, instead of having to do damage control when the unplanned does happen. [/vc_column_text][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”756″ img_size=”full” alignment=”center” css_animation=”slideInLeft” css=”.vc_custom_1588346779804{margin-bottom: 0px !important;}”][/vc_column_inner][vc_column_inner width=”1/2″][vc_single_image image=”757″ img_size=”full” alignment=”center” css_animation=”slideInRight” css=”.vc_custom_1588346788362{margin-bottom: 0px !important;}”][/vc_column_inner][/vc_row_inner][vc_column_text]
First, check what your state requirements are for workers’ compensation are, but coverage is required by nearly every state in the U.S. If an employer chooses to ignore the requirement for insurance, the state can fine them which can be very expensive and in many cases even include jail time. Here in Michigan, the fine can be up to $1,000 per day without coverage and possible jail time. At the end of the day workers’ compensation is a mandatory safeguard for businesses and their employees.
Businesses operating inside Michigan that meet the following criteria must have workers’ compensation insurance:
If your business falls under these categories or if you have other questions regarding workers’ compensation in your state we are always here to help. Our Workers’ Compensation Insurance program is a stand-alone and added-on product focused on well-managed small to mid-sized main street risks.
The loss control suggestions and information contained on this blog is being provided on an advisory basis only. Conifer Insurance Company and its employees make no warranties, expressed or implied, and assume no liability whatsoever for services, products, or loss control measures provided by any service providers. Contact your local, independent insurance agent for insurance coverage advice and policy service.[/vc_column_text][/vc_column][/vc_row]