Anyone doing business in California who has employees needs to apply for and carry coverage for workers compensation. WorkersCompensation-California.com can provide you with the information you need to take advantage of this insurance. It is important for companies to grasp the laws that pertain to workers compensation los angeles for their own protection. Even if a single employee is all a business has, whether they are temporary or permanent, they must have worker?s comp insurance.
A sole proprietor of a company working alone is the one exception where the requirement for carrying workers compensation coverage may be waived. The company owners, in this circumstance under California regulations, are allowed to make the personal choice of whether or not they want to enroll to receive workers compensation coverage.
You can obtain estimates for coverage from insurance plan representatives on the web. The rates are calculated by the WCIRB, a state rating bureau, but these rates are not subject to regulation. Quite a number of criteria affect the price of coverage premiums. The most prolific factor in rate setting is what the market is bearing out at that moment, but the industry you work in also plays a role. In a workplace setting that is associated with a high accident rate, it is likely that the rates will be higher. For industries or job sites with minimal accident occurrences, rates ought to be correspondingly low.
You need to have earnings over half a million per year, plus be worth more than $5 million if you wish to self insure. Group plans for like-minded individuals help everyone reduce the costs of their premiums. Group self insurance has become a widely accepted strategy.
Source: http://www.washlanginst.com/2012/07/self-workers-compensation-insurance-in-los-angeles/
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