Operating a business means taking risks, but when it comes to legal matters related to workers’ compensation insurance coverage, risks need to be mitigated or else you could face financial hardship and even have your business threatened. Knowing where your company stands in terms of risk is key to planning a strategy to ensure that your business can continue to thrive for years to come, and having legal advice on risk management from an experienced workers compensation defense attorney can help you ensure your business stays on the right side of the law.
The laws governing workers’ compensation in California are strict and rigid, and disobeying them—even inadvertently—can lead to some serious, even ruinous, penalties for employers. For example, uninsured employers could face jail time and major fines if an employee goes to file a claim for workers’ compensation, and the employer could be compelled by the courts to pay all benefits to the injured employee. So while foregoing insurance could save money over the short term, it could add up in major ways over the long haul.
Insurance companies provide a benefit to both employees and employers, offering coverage in the event of an employee becoming injured and requiring workers’ compensation benefits for medical care costs and costs of living while recovering from injuries financial burden to small business owners. Some employers opt to self-insure, meaning that they take on the costs of workers’ compensation benefits themselves (or with a pool of other networked self-insured employers) whenever a claim is filed. Self-insurance can save employers the costs of annual premiums, but if multiple claims are filed by multiple employees at once, it can be very costly. Larger companies with more employees are often better off getting workers’ compensation insurance through an insurance carrier.
By learning about the risks related to workers’ compensation and your business, you can be better prepared to face whatever comes your way. We offer workers’ compensation defense to businesses of all sizes and can help you with counseling and advice to make sure your risks are minimized as you move forward with your business endeavors.
There are numerous reasons your company should take advantage of workers’ compensation counseling services, regardless of your industry. They include the following:
You may think that coordinating with a Long Beach workers’ compensation counseling specialist is an unnecessary expense. However, it’s important to understand that workers’ compensation counseling services can actually save your company a lot of money in the long run.
Again, if it’s discovered that your company isn’t meeting the workers’ compensation requirements as established under California law, you may face hefty fines that could derail your business. Additionally, if you don’t have proper workers’ compensation coverage, you could open up your business to lawsuits from injured workers.
Such financial difficulties have the potential to ruin a company. You don’t want to put in the hard work of building a business, only to see all your work undone because you didn’t fulfill your workers’ compensation responsibilities as an employer in California.
That doesn’t need to happen. At Sacks Law Group, APC, our Long Beach workers’ compensation counseling experts are on hand to ensure you’re not at risk.
Research consistently shows that employee engagement plays a critical role in the success of any company. Studies and surveys also confirm that employees are more likely to feel engaged with their work if they believe their employer is taking steps to provide for their wellbeing.
Naturally, one step you can take to ensure you’re making the right impression on your employees is to provide them with access to necessary workers’ compensation benefits. Thus, by working with workers’ compensation counseling professionals, you can boost engagement throughout your workforce. This will translate to increased productivity and greater profitability.
If you’re faced with a lawsuit, legal penalties, or similar challenges as a result of not offering proper workers’ compensation benefits, even if your company survives the financial challenges that may result from these circumstances, the damage to your reputation could be long lasting.
Engagement among your current workforce may suffer if it’s shown that you’ve failed to purchase sufficient workers’ compensation insurance or you’ve denied a claim when you should not have. Additionally, if word gets out about these matters, as it often does within any given industry, you may struggle to attract new candidates. Your business can’t thrive if you can’t find quality workers.
On the other hand, if you’ve taken the proactive step of enlisting help from our Long Beach workers’ compensation counseling team, you’ll improve your company’s reputation. This can yield a significant competitive edge. If your company develops a reputation for prioritizing employee wellness and offering necessary workers’ compensation benefits, you’ll be more likely to hold onto your existing workers while also attracting quality applicants for new positions.
The main point to understand is that working with a Long Beach workers’ compensation counseling firm isn’t a frivolous investment. On the contrary, this investment can pay off in many ways for your company.
If you are concerned about where your business stands with regard to workers’ compensation insurance coverage, you can get advice from counsel to minimize risk in Long Beach at Sacks Law Group, APC. We are workers’ compensation defense experts, and we can work with you to develop a strategy that will help you keep your business financially afloat or offer advice and information about coverage issues. Legal risks with regard to workers’ compensation can be costly if they go unmitigated for too long, potentially resulting in the dissolution of the business. Contact us today for a consultation with one of our expert attorneys and take the first step toward getting informed about workers’ compensation risks.