Should My small Business Consider Self-Insurance?

small businessIt is likely that your business is required to have workers’ compensation insurance coverage to protect your employees in case of work-related injuries. It is likely that the costs for such coverage continues to rise and that your insurance plan does not reward you for having a safe workplace. Does it seem like you pay in regularly and you do not get a rebate if you have no claims? But if you have a claim, your rates quickly go up.

If this sounds like your current situation, have you considered the option of self-insurance for workers’ compensation? With self-insurance, you pay for a worker’s claim when it occurs rather than paying monthly or yearly insurance premiums. You also reap the rewards of a safe workplace and careful employees. Contact the Law Offices of Steven M. Sobo to make sure your business has the proper workers’ compensation coverage. Steven Sobo is a Ventura County worker compensation attorney who can advise you on all aspects of workers’ compensation.

There are many options for self-insurance and as experienced compensation attorneys Los Angeles CA, Steven Sobo can put your business on the right track for financial security. He will make sure that your business meets the legal requirements for self-insurance and the medical and financial requirements as well. You will need to have the cash flow and financial reserves to cover all claims. You will need to have a manager to run the program or you can hire a third party administrator (TPA) to handle that portion of the system.

Another option is to join a self-insurance group that works together to administer the insurance and shares the profits of a safe workplace. Your business can purchase excess claim insurance to cover extraordinary claims to insulate you from high and unusual claims. Olympic workers compensation attorney Sobo knows about all these options and will protect your business interests. Not all businesses can or should self-insure for workers compensation but it could be a great option for your business.

Contact the Law Offices of Steven M. Sobo today to review your workers’ compensation coverage options.

 

 

 

 

Do not be ignored, avoid lengthy or unanswered telephone calls, facsimiles, and/or electronic mail. Some attorney's offices fail to return calls or act upon any reasonable requests. Avoid being ignored by your attorney. Upon contacting The Law Offices of STEVEN M. SOBO, you will receive immediate, competent assistance and a thorough explanation of your inquiry. Feel free, at any time, to schedule a telephone or office appointment; it will be immediately scheduled upon request.