Workers compensation insurance is a must-have for contractors in Arizona. This type of insurance covers medical bills, lost wages, and legal fees for injured employees. If an accident occurs on your job site, workers compensation insurance will cover the costs. It also protects your business. Workers compensation insurance also protects you from any liability lawsuits.
If you operate a business in Arizona, you should be sure that you are carrying Workers’ Compensation Insurance. Without this coverage, you could face a lot of trouble if an employee is injured on the job. If this occurs, they can sue you in state court or file a claim with the ICA. If they win, they will receive a payment from a special fund, which is paid by the state. However, if you do not carry this insurance, the state will require that you reimburse them, and you can be hit with a fine of up to $1,000 or 10% of the benefits paid.
Although Arizona contractors are required by law to carry workers’ compensation insurance, sole proprietors are not required by law to purchase this coverage. However, they can still purchase workers’ compensation coverage to reduce potential risk. If you own your own business and only hire occasional workers, you should consider getting a policy. The Industrial Commission of Arizona has more information about Arizona’s laws regarding workers’ compensation insurance.
Worker’s compensation insurance is required by law in Arizona and is available from a variety of sources. A private insurance carrier can offer the coverage or a state fund can provide it. Both options are competitive and require working with a trusted agent. Self-insurance is another option for businesses in Arizona that meets certain payroll requirements.
While there are few requirements for self-insuring a business in Arizona, it’s a good idea to have a workers’ compensation insurance policy in case an employee gets injured or ill. The law covers accidents caused by work-related conditions, regardless of who is to blame. In addition, it’s a good idea to post a notice stating that your company has workers’ compensation insurance.
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