One of the primary concerns for new business owners is what type of insurance or bonding they may need before beginning operations. This is always largely determined by the industry and type of work they will be performing. Of course, the number of people employed by the business will matter as well. All of these questions will have an impact on the necessary operational expenses for all new business owners.
Workers’ compensation is assuredly one of those major concerns because it is often a legal requirement and a significant component of the business operating budget. Here are a few mistakes to avoid when setting up your business, and evaluating the workers’ compensation insurance needs.
1. Failure to Maintain Coverage.
The first mistake many business owners make is not providing any coverage for workers. Not only is it required by law for most employers, but it can leave the owner vulnerable … Read the rest