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If you have a small business in California and has employees, you need to have workers’ compensation insurance. According to the California Division of Workers ‘Compensation, which are required to have workers’ compensation, even if you have only one employee.

If you are a roofer, who are required to have workers’ compensation insurance in California, even if they have no employees. If your business is located outside California, but you have employees who regularly work in California, or enter into an employment contract in California, which are also required to have workers compensation insurance.
According to the Workers ‘Compensation Institute California, some of the only exceptions to the requirement to have workers’ compensation insurance are people who are in business for themselves and unpaid volunteers.

Workers’ compensation insurance provides coverage for any lack of employees from accidents. In return, as the employer are protected from lawsuits filed by employees who are injured or ill as a result of the work.

Employees are covered by workers compensation as soon as start work, no waiting period, without having to work a certain number of days or weeks, and there is no need to earn a minimum amount.

Compensation insurance coverage provides medical care in case of injury or illness, temporary disability benefits, permanent disability, supplemental benefits for work or vocational rehabilitation and death benefits.

You can buy a policy of workers’ compensation insurance through any insurance company or broker licensed in California. Or you can buy a policy through delFondo California State Compensation Insurance, which is the largest provider of workers’ compensation insurance in California.

If you meet certain financial requirements can apply to become self-insured, approved by the Department of Industrial Relations. It could also resources with other small businesses meet the financial requirements for group self-insurance. The financial requirements for auto insurance is $ 5.0 million in assets, the net average earnings of $ 500,000 per year for the past five years, and certified, independently audited financial statements.

Office worker explained the Compensation Insurance Rating California, the rate paid compensation insurance depends on the standard classification system. This system of groups of companies based on the types of operations. A pure premium rate is calculated for each clasificación.Esta rate is expressed in terms of a certain dollar amount per $ 100 of payroll.

Each insurance company can set their own rates of workers’ compensation insurance. The insurance company can take the pure premium rate established by the Office of Workers Compensation and Evaluation adding factors to cover its administrative costs. Or the insurance company can develop its own fee structure.

California has a system of experience rating is to provide employers an economic incentive to reduce accidents. To be eligible for this qualification experience, the total payroll for a period of three years of experience, multiplied by the risk premium for each classification, must exceed a certain threshold. You can find more information in determining eligibility on the website of the Workers’ Compensation Insurance Rating Bureau.