Being an employer means you must provide Worker's compensation insurance commonly known as work comp. If your company has decided not to engage a Professional Employer Organization - PEO then your company must make other arrangements to establish work comp coverage for your employees. Fines for failure to provide coverage can be severe. In addition small business owners can be held personally liable for the cost of injuries if they they have not secured adequate coverage for their employees. Most Professional Employer Organizations allow business owners to "pay-as-you-go" for workers' compensation coverage. This allows businesses to conserve their cash and ensures they are not overpaying for coverage. In addition many PEOs provide competitive work comp coverage pricing and will assist employers with the establishment of strong safety programs that will keep work comp claims low and the costs for coverage in check. Keeping employees healthy and keeping costs under control helps your company succeed.
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This information is a publication of StaffMarket Services, LLC. and is intended to provide general information regarding HR subjects, legal issues and developments to our clients and other friends. It should not be construed as legal advice or a legal opinion on any specific facts or situations. For further information on your own situation, we encourage you to contact the author of the article or any other member of our firm. Any tax information or written tax advice contained herein (including any attachments) is not intended to be tax advise and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer.
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