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:
Cover their medical care and medical treatment
Replace most of their lost wages if they take time off from work to recover
Provide disability benefits
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.”
One of the main benefits for a workers’ compensation audit is that it makes sure your coverage and premium match. This is important because it means you won’t be paying too much for your workers’ compensation coverage. We at www.Green60.com, gladly work with you and your agent to conduct the audit. The audit is done on an annual basis.
A 401(k) is an employer-sponsored retirement plan. Each employee may contribute to the plan. Employers may contribute based on the plan. The plan has a vested 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 is, 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, such as IRA, SEP IRA and qualified retirement plans which we recommend you talk to your accountant or financial analyst for more information.
Even though we are not licensed or authorized to provide you with any insurance or retirement products information, we can refer you to one of our vendors to provide you with such information or even a quote. We will help you with the annual workers’ compensation audit and with help from your insurance agent to finalize the audit. Employee health insurance premium, we are able to deduct the premium from the employee and transfer it to the insurance carrier.