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CSIS Insurance Services, Inc. Blog

3 Contractors Worker’s Myths Debunked

12/7/2019

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​Do you need to buy workers’ compensation insurance if your business is comprised of no more than five employees? Business laws depend on the state where you operate your commerce. There are things to realize for you to avoid expenses that would break the bank. Now, here are the three ‘workers’ compensation insurance for contractors’ myths to discredit.
The Employer Has No More Accountability After Paying Workers’ Comp
Employers purchase workers’ comp to guarantee that they will not be sued by their employees when they acquire work-related injury and illness. But, the accountability of the employer doesn’t stop there. The monitoring of employees getting sick is still a responsibility that must be undertaken by the employer to ensure that there is no fraud will happen. 

Good to know: With constant communication with your sick employees, like having a return-to-work program, you will have a better understanding of the issue. This helps your business to avoid the problem from happening again in the future. 

Workers’ Compensation is Not for Small Business
It’s a wrong notion that worker’s compensation is for large businesses only. In fact, almost all states in the US require companies to carry it. Business owners who don’t take workers’ comp coverage risk can face fines that can cost between $15,000 and $100,000, or even jail period of between 18 months and 7 years. So, you really need to be aware of what your state dictates when establishing a business to dodge these predicaments.

Good to know: Other business owners don’t opt to buy workers’ comp when their business is comprised of less than five employees. They think purchasing insurance for their workers is just a waste of money. However, think about this. Having to pay $100,000 can lead you to shut down your business because you’re not following the state laws.

Workers’ Comp Deception is Prevalent
Fraudulent claims happen if you don’t stay vigilant. In fact, the percentage of workers’ comp fraudulent claims is just between 1 to 2 percent compared with other types of insurance claims.

Good to know: A worker must meet specific requirements to be regarded as an independent contractor. Talk to your lawyer and insurance agent to understand this matter better so that you can dodge facing fines or misdemeanor.

Find a reliable insurance provider near you. Get the necessary ‘contractors workers’ comp’ plan now for your convenience.  

At CSIS Insurance Services, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.
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