Z4S Workers Compensation

Hi, Victoria, author of Zest for Success. And my why question for today is why do I need workers compensation insurance? Short answer is it’s the law if you employ an employee or a contractor who is deemed to be an employee, meaning that you control what he does, he doesn’t work for anyone else and he’s effectively or she is effectively working for labor, then you need to register them for workers compensation insurance. That rule is exactly the same in all states, different states have different bodies that you need to register with, depending on where your employees are based. But what that means is that your employees are covered if they insure themselves, generally on the way to or at work. So if you have a an employee who’s a truck driver, and he slips on his sidestep, getting into his truck and breaks his leg, he’s covered for his medical bills, also potentially cover for him for loss of income as well. So it’s an important thing that we do cover our employees, because for one thing, if they’re getting loss of income insurance, it means that we’re not paying out those wages while they’re off. They don’t have to go into their sick leave, you don’t have to feel bad about it. And you’ve got the money to employ someone else in the short term while they’re off getting whatever it is that’s fixed. So that is why we have workers compensation insurance. It’s just a simple thing that needs to be factored in to the cost when you’re employing somebody. Different industries have different rates. It’s not published, I can’t tell you what they are. But if you’ve got any questions, contact the Workers Compensation Board in your state. I’ll see you on the other side.

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