What Is The Difference Between Insurance Company Vs. Self-Insurance?

1. What Is The Difference Between Insurance Company Vs. Self-Insurance?

2. 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 workers compensation defense attorney can help you ensure your business stays on the right side of the law.

3. Risk VS. Reward With Workers’ Compensation 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.

4. Using An Insurance Company VS. Self-Insurance 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.

5. 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.

6. Workers’ Compensation Counseling Pays Off By learning about the risks related to workers’ compensation and your business, you can be better prepared to face whatever comes your way. They offer workers’ compensation defense to businesses of all sizes and can help you with counseling and advice counseling and advice to make sure your risks are minimized as you move forward with your business endeavors.

7. Workers’ Compensation Defense If you are concerned about where your business stands about workers’ compensation insurance coverage, you can get advice from counsel to minimize risk in Los Angeles at Sacks & Zolonz, LLP. Contact them today for a consultation with one of their expert Los Los Angeles workers compensation defense lawyers Angeles workers compensation defense lawyers and take the first step toward getting informed about workers’ compensation risks.

8. 400 Corporate Pointe, Suite 770 Culver City, CA 90230 310-216-7778 https://www.szcomplaw.com/contact-us