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Startups: Does My Business Have To Register For Workers Compensation?

startups                                                                                                                                        Starting a new business can be a daunting process. In many cases, new business owners must not only deal with the task of getting the organization off the ground, but also establishing proper insurance requirements. But what exactly are the insurance needs for a start-up company—for example, is workman’s compensation a must? Those who are establishing a new organization should familiarize themselves with the basics of workman’s compensation, when it is needed, and how it can be beneficial.

What is Workman’s Compensation? 

As suggested by the name, workman’s compensation is a type of insurance policy that pays the wages for men and women who are injured while performing the tasks required by their job. In addition to covering weekly wages, workman’s compensation may also cover medical bills and other similar expenses that occur as a result of an injury on the job. Finally, general damages for pain, suffering, and employer negligence may also be included in a workman’s compensation package. Depending on the severity of the injury and the specific insurance plan, these payouts may vary quite a bit.

Who Needs Workman’s Compensation?

Obviously, workman’s compensation packages are a must for large corporations who employ hundreds, or even thousands, of workers. But what about a relatively small start-up company that is just getting its feet off the ground? According to Entrepreneur, nearly any company that has at least one employee is required by US regulation to provide workman’s compensation insurance. Of course, there are always exceptions—for example, businesses in Texas and New Jersey are not, at least in theory, required to have a compensation policy. In addition, start-ups that are owned by sole proprietors or are filed as partnerships may not need to possess a workman’s compensation insurance plan.

Benefits of Workman’s Compensation

Though there is a small group of start-ups that are not required by law to have workman’s compensation, there is no question that they can still benefit from the insurance plan. In fact, there are a number of perks associated with having a workman’s compensation policy—including the protection that it offers in the event that an accident does occur. Similarly, employers that possess workman’s compensation plans are often more attractive to potential workers, as they may be used as part of the benefit package. It may also be useful as a basic insurance plan for sole proprietors who cannot afford medical insurance for themselves.

Establishing Workman’s Compensation

In most cases, start-up business owners who are interested in purchasing a workman’s compensation insurance plan can do so by consulting with any professional insurance agent. Some states, however, do require employers to work with specified state-run grants when applying for workman’s compensation insurance. Those who are unfamiliar with these types of insurance plans should be sure to speak with an expert in the field of workers compensation. In most cases, these professionals can provide assistance when it comes to choosing the best plan for the company.

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About the Author:
Andrew Miller is a passionate member of the End Ecocide movement, an avid legal blogger and Environmental Law Student. He has worked in marketing for over a decade and finds his passion in bringing concepts to life. As a Socialpreneur, he is an agent for positive social change through both his writing and business endeavors.

 

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When Should You Hire A Keynote Speaker When Planning An Event?

orator in public

Did you know that if you are having a meeting, event, or convention, that having a great keynote speaker is a critical part of making your gathering a success? Whether you are looking to have a light-hearted even, or a serious conference, it is critical to hire the right keynote speaker.

When Is the Right Time to Look Into a Keynote Speaker for a Big Conference?

But when should you hire your keynote speaker? In some cases, the sooner, the better. If you have  a big budget for your event, and it is a high-profile gathering in which you want a speaker at the level of former president Bill Clinton, who generally gets six figures for each speech, you may need to hire a speaker a year ahead of time, or even longer. After all, the most expensive speakers are in big demand, which means that they are hard to book.

On the other hand, keynote speakers for, say, political conventions pick their keynote speakers pretty late in the process. Instead of a year or two ahead of time, it could be only a month or two ahead of time. That is because such speakers are based on timeliness, and political victories.

For example, if there is a state political convention, and there was a big battle to get the nomination for the U.S. Senate, the keynote speaker could potentially be the politician who won the battle for the nomination. On the national level, the keynote speaker could be an ally of the person who got the presidential nomination. For example, Chris Christie, governor of New Jersey, was a longtime ally of Mitt Romney and one of the first major politicians to endorse Romney. He was rewarded for that role with the honor of being the keynote speaker at the 2012 Republican National Convention. Of course, his speech was overshadowed by Clint Eastwood and a chair, but still, Christie was given the honor.

Maybe your company is somewhere in the middle, where you need to spend some time looking for a keynote speaker, but you only need to get the speaker a few months in advance. It really depends upon your individual situation.

How Do You Get Everyone on Board for Agreeing to a Keynote Speaker?

Whether you are a business or an organization, it is important to have a policy in place in which you can decide on a keynote speaker. You do not want to have petty squabbles that prevent you from agreeing on a keynote speaker, and that could mean that you get either a lackluster speaker – or no speaker at all.

So depending upon your company or organization, you should have some sort of policy in place for picking a keynote speaker. Perhaps you have one person hiring the speaker. Perhaps it is a committee. At any rate, it is important to have some guidelines at selecting a keynote speaker. Are you looking for a motivator, a trainer, or somebody who simply puts everyone in a good mood? Deciding what type of keynote speaker you want can go a long way to finding the right keynote speaker for you. To learn more, click here.

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Lisa Swan writes for a variety of business and technology sites. She lives in New York City.

 

 

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