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Every Business Needs To Take Out Workers’ Compensation Insurance In Traverse City, MI

It does not really matter where a business is located but, let’s use Traverse City as a typical example. If a business has grown in size so as to no longer be a “one man band”; they are going to have employees and, at any time, any one of those employees might find cause to claim compensation from the business. If awarded, some of these claims can involve really large amounts of money so, regardless of whether local laws demand insurance or not, it would be a foolish company that does not have some form of workers’ compensation insurance in Traverse City, MI.

What Is It?

It is a form of insurance taken out by an employing company to cover the costs of providing medical benefits and continuation of wages to employees unable to work following a work related injury during the course of employment with that company. Generally the employee claiming such compensation is governed by law neither to sue his or her employer for negligence nor for increases in the mandatory compensation amounts. Note: – compensation rules do vary from state to state and workers’ compensation insurance should not be confused with the similar but different policies available to companies under names like disability insurance, employee health insurance or company provided employee life insurance. Compensation to workers laid off for reasons unrelated to workplace injury is not covered by workers’ compensation insurance in Traverse City, MI (nor elsewhere in the nation); companies wishing to insure against liability in this respect should take out unemployment policies for their workers.

Legal Obligations And Ramifications Make This Sound Complicated

The above is certainly true but it need not be a problem if you own a large corporation and can afford to hire plenty of legal and financial experts. But, what about the small and medium sized business who are genuinely trying to both meet all of their legal requirements and to fulfill their sense of obligation to the welfare on their workforce? Of course, this is all on top of a business’s duty to make profit for its owners and shareholders.

In some states, the legal requirements of compensation insurance have to be met through a mandatory, monopoly provider but, in the case of workers’ compensation insurance for Traverse City, MI the smaller businesses would be well advised to contact brokers and independent insurance agencies that will be on their side rather than simply “plugging” the insurance products of one particular provider. Such independent advice can lead to financial benefits for employer and employee alike.

It is a good business plan to have an independent insurance agency such as the firm of Johnson & Associates Insurance assess your needs for workers’ compensation insurance in Traverse City, MI.

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