If you are starting a small business, you are probably wondering what you need to know about workers’ comp. In Louisiana, workers’ compensation is a requirement for all companies, and not having it can result in some pretty substantial consequences. Workers’ comp is not just in place to protect the employee. A fundamental part of keeping a company safe is having a robust workers’ compensation insurance policy in place. Here is what you need to know about workers’ comp in Louisiana.

What is Workers’ Comp Insurance?

Workers’ compensation, also known as workers’ comp, is a type of insurance provided by employers to cover the costs associated with illnesses, injuries, and deaths in the workplace. Workers’ compensation laws vary from state to state. For example, in some states, the number of employees necessary for an employer to be legally required to supply workers’ comp insurance varies. This rule is not the case in Louisiana, however. All businesses, big or small, new and old, must have workers’ comp insurance even if they employ only one person.

What Does Workers Comp Insurance Do for Employees?

Workers’ compensation offers employees assistance to help them through their recovery following an accident on the job. When hurt on the job, there is the potential for wage loss that many employees cannot afford. Workers’ comp insurance helps workers recoup the pay they lost while unable to perform their usual duties. Additionally, workers’ compensation insurance will handle all medical bills associated with the incident. Finally, an efficient workers’ compensation program prepares employees for returning to work once they are up and moving again. This process prevents the employer from being liable in many ways. The method also protects the business from litigation in the event of an accident on its premises.

Who does Workers’ Comp Cover?

As stated, hiring even one employee requires that you provide workers’ compensation coverage in case of injury. There are caveats, however. For instance, workers’ compensation coverage is not necessary for hired contractors. In addition, it is essential to note that there are strict definitions for who qualifies as a contractor and who does not. Employees that must be covered under their employers’ workers’ compensation insurance include full-time, part-time, temporary, and seasonal employees. A few other specific scenarios under which employees are not required to be covered by a company’s workers’ comp insurance do exist. Under most usual circumstances, however, you will need to factor in the cost of workers’ compensation if you plan to hire any employees.

How does a PEO Help with Workers’ Comp in Louisiana?

There are plenty of benefits to having quality workers’ compensation coverage, the most glaring of which being that you will avoid the fines and sanctions handed down to those who lack it. For example, in Louisiana, employers who are not satisfactorily compliant with workers’ compensation laws are charged $250 per employee for the first offense and $500 per employee up to $10,000 for each subsequent violation. Additionally, there is the potential for criminal charges for underinsured business owners.

Let Canal HR help you avoid those pitfalls. Meeting your workers’ comp needs with Canal HR is a lot simpler than going it alone. Canal HR offers a host of benefits, including keeping costs for getting workers’ comp low. We remove the down payments that come along with procuring workers’ compensation insurance for a business. At Canal HR, we also work to negotiate the lowest prices for the best coverage for your business. This relationship saves business owners time, money, and effort, and as a PEO, Canal HR will obtain rates that business owners cannot access when approaching providers on their own. When it comes to workers’ comp, Canal HR also:

• Eliminates workers’ comp audits and associated premiums
• Thoroughly investigates potentially fraudulent claims
• Maintains all workers’ comp insurance records, including OSHA logs
• Performs safety inspections and provides safety training
• Manages workers’ compensations claims and hearings
• Assists workers in return-to-work transition

Create the Perfect Comp Coverage with Canal HR

Navigating the realm of workers’ compensation in a cost-efficient manner is no simple matter, but it is essential to any new company and the benefits are numerous. Need to get workers’ compensation insurance for your business? No matter if you are just starting your company or looking to change your current workers’ compensation provisions for an existing business, CanalHR has you covered. We even have programs to assess and manage potential risks, curbing the likelihood of unfortunate workplace incidents from the start. We provide businesses with many of the resources they need to craft personalized in-house personnel solutions. Don’t get caught in a crisis without workers’ comp insurance. CanalHR makes it easy to cover your employees and protect your business from the ills that workplace accidents can present. Mark one more thing off your to-do list; call or click to connect with CanalHR today to get the workers’ comp insurance policy you and your team need.