Workers Compensation Debunked
Workers compensation gives you the ability to pay your bills and medical costs in the event you get injured while you are working.
It was created because a little over a hounded years ago people were getting hurt and not being able to provide for themselves or their family.
This added a huge burden on the state who then had to step in.
The majority of US businesses are obligated to carry this type of insurance if they have more than three or four employees.
If you get caught by OSHA not carrying workers' compensation insurance the fines can be really steep.
The fines are made high so that legitimate companies who are following the law are not competing against companies who are not and can therefore seriously undercut their competition.
Each state has their own minimum coverage amounts so you want to make sure you check with the local agency to get that.
Workers compensation is not priced on a fixed amount.
Its based on the salary you pay out every single month.
Its split into a set dollar amount per $100.
Roofing companies have one of the highest premiums.
The typical cost of worker compensation insurance for a roofing company is $30 per $100 in wages it pays out.
Its not common to see small businesses in this field pay out over $50,000 a year just in workers comp.
When you get injured this insurance will pay you money for time lost and your medical bills.
If the injury is serious the state has a guide for the amount each injury is worth.
You can ask for the spreadsheet at any workers compensation agency.
The amount an injury is worth can be from a couple thousand to almost a million.
All hospital visits, chiropractic care, massages, and physical therapy should be covered 100%.
You cannot sue a company with workers' comp for punitive damages including pain and suffering.
If there is a third party you can however go after them if the case warrants it.
But this type of insurance is really purely set up so that a man, woman, and their families can still live somewhat decently in the unlikely event he or she is injured while on the job.
It was created because a little over a hounded years ago people were getting hurt and not being able to provide for themselves or their family.
This added a huge burden on the state who then had to step in.
The majority of US businesses are obligated to carry this type of insurance if they have more than three or four employees.
If you get caught by OSHA not carrying workers' compensation insurance the fines can be really steep.
The fines are made high so that legitimate companies who are following the law are not competing against companies who are not and can therefore seriously undercut their competition.
Each state has their own minimum coverage amounts so you want to make sure you check with the local agency to get that.
Workers compensation is not priced on a fixed amount.
Its based on the salary you pay out every single month.
Its split into a set dollar amount per $100.
Roofing companies have one of the highest premiums.
The typical cost of worker compensation insurance for a roofing company is $30 per $100 in wages it pays out.
Its not common to see small businesses in this field pay out over $50,000 a year just in workers comp.
When you get injured this insurance will pay you money for time lost and your medical bills.
If the injury is serious the state has a guide for the amount each injury is worth.
You can ask for the spreadsheet at any workers compensation agency.
The amount an injury is worth can be from a couple thousand to almost a million.
All hospital visits, chiropractic care, massages, and physical therapy should be covered 100%.
You cannot sue a company with workers' comp for punitive damages including pain and suffering.
If there is a third party you can however go after them if the case warrants it.
But this type of insurance is really purely set up so that a man, woman, and their families can still live somewhat decently in the unlikely event he or she is injured while on the job.