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Article: Why employers need workers' compensation insurance: program benefits both businesses and employees.
- Article from:
- Alaska Business Monthly
- Article date:
- August 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 Alaska Business Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Workers' compensation premiums represent one expense employers should not forego. Except for a few employment scenarios, the law requires employers to carry workers' compensation coverage, either through a carrier or if the company qualifies, through self-insurance.
Despite this fact, Randy Weddle, an attorney for Holmes, Weddle & Barcott, PC in Anchorage, said that he's surprised to learn that a lot of employers don't have workers' compensation insurance. "You could get in a lot of trouble not having it," he said. "There are terrible penalties." These can include jail time and fines in the thousands of dollars.
In addition to having coverage, employers ...