Insurance plays a big part in putting up and maintaining your business. If you have employees in your payroll you really need to make sure that you have business insurance to cover you for any and all eventualities. This doesn't mean that you need insurance just to protect yourself from liability or law suit. It also acts as support to your employees who may be injured while doing work for you. As a business owner, you should be aware of the insurance laws in your state. In California, there is an extensive insurance code that applies to many aspects of industries. Some state laws may apply more generally than others while there are specific federal laws that need to be reconciled with state specific regulations to make sure that you are legally compliant while operating your business.
In California, business owners are required to carry a valid workers' compensation insurance policy. The insurance protects you from exposure to high costs of compensation for accidents that happen in your work place. If your business has a net worth of at least $5,000,000.00 and an annual income of at least $500,000.00, you can, however, post a security deposit with the state to seek approval to self-insure. This aside, general rule is that businesses with one or more employees need to secure workers' insurance compensation from a reputable insurance provider.
As mentioned, there are three types of business insurance pertaining to workers' compensation and they are through commercial insurance carriers, on a self-insured basis as discussed above and through the state Workers' Compensation Insurance program.
Aside from these, businesses with employees also need to pay unemployment insurance taxes under certain conditions. If you are in a state that requires such unemployment insurance tax payments, then you need to register with you state's workforce agency.
Furthermore, there is also disability insurance even for non-work related sickness or injuries. Disability insurance should definitely be purchased if you are operating your business in California through the Employment Development Department.
As you can imagine there is different business insurance required per state and in order to be sure that your business is compliant with state and federal laws, you will need the help of top business insurance lawyers who are adept in providing top legal advice to those who would establish and operate business in the US. There are also important agreements that need to be documented in order to protect you and your business and only those who have vast experience in these matters can fully protect you and advise you on the best possible course of actions in making sure that you are able to follow all business insurance law regulations in your area.
All the above considered, if you are thinking of setting up a business or you just want to make sure that your company is compliant with business or commercial insurance laws in your area, being aware of these laws in your business of operations and seeking timely legal advice from experts will be your best course of action in protecting your business as well as your employees in case of accidents, emergencies and other eventualities.
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