WORKERS’ COMPENSATION

Workers’ Compensation Insurance

By law, you should have workers’ compensation insurance when you have employees. Workers’ compensation is an insurance policy purchased by the employer to provide cash benefits and/or medical care for workers who are injured or become ill as a direct result of their job, no matter who is at fault. Employers pay for this insurance and shall not require the employee to contribute to the cost of compensation.

Workers’ compensation insurance provides four basic benefits:

1. Coverage of medical care and treatment
2. Replace most of their lost wages if they take time off from work to recover
3. Provide disability benefits
4. Give death benefits, like helping pay for a funeral if they lose their life in a work accident or from a job-related illness

According to OSHA Standard 1904.5, “an injury is defined as work-related if an event or exposure in the work environment either caused or contributed to the injury or significantly aggravated a pre-existing injury or illness.

WORKERS’ COMPENSATION AUDIT

One of the key benefits of a workers’ compensation audit is that it ensures your coverage and premium match. This is important because it means you won’t be paying more than you need to for your workers’ compensation coverage. At Green60.com, we gladly work with you and your agent to conduct the audit. The audit is done annually.

401k Benefits

A 401(k) is an employer-sponsored retirement plan. Each employee may contribute to the plan, and employers may also contribute based on the plan. The plan has a vesting period. After a certain time, both the employee and employer-contributed shares will be available for withdrawal. Before withdrawing, you may need to consult with your accountant for the tax implications. The major benefit of the 401k plan is that you save taxes during the time you have higher income, and you can push some of your income to the future. You may pay a very low tax rate or not even pay any taxes at all. There are other products like IRA, SEP IRA and qualified retirement plans, which we suggest you discuss with your accountant or financial analyst for more information.

Although we are not licensed or authorized to provide insurance or retirement product information, we can refer you to one of our vendors to request a quote or obtain such information. We can assist you with the annual workers’ compensation audit and, with the help of your insurance agent, finalize the audit. For employee health insurance premiums, we are able to deduct the premium from the employee’s account and transfer it to the insurance carrier.
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LAST UPDATED MAY 15, 2024 9:14 AM-c

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