Any business that has employees is going to have a number of associated costs explains Aron Govil . Benefits and Worker’s Compensation insurance are two of the most important, as they protect both you and your staff from financial loss in case of injury or illness. The benefits offered can vary between companies, but it’s always best to check on what types of policies are available if you’re looking to start hiring.
Where are the Best Places in the U.S. for Business?
Best States for Business 2016 – Area Development Magazine
Doing business in any American state is not without its challenges, but there are certain states that provide better opportunities for business owners than others. As part of their annual ranking of best states, Area Development magazine ranks each state on three categories- business costs, economic climate and growth prospects- with Georgia being named as number one overall. The State offers a healthy economy with low unemployment rates at 4.7%, incentivizing businesses to expand their operations within its borders says Aron Govil. Georgia is also home to Fortune 500 companies like Home Depot, UPS and Coca-Cola Enterprises Inc. which have helped to support the growth of its economy.
According to research done by Area Development, Georgia ranks first among all 50 states for having the lowest cost of doing business, including costs associated with labor, utilities, insurance and taxes. The state also improved its ranking from second place in 2015, due to its improved scores for workforce factors such as availability and skills. Other factors that contributed to Georgia’s top rank include an increase in the number of high-tech sectors. Which have experienced a 52% employment increase since 2010. Future prospects for this southern state are looking bright. Which makes it an attractive option for businesses across America and around the world.
What does California’s $15 Minimum Wage Mean?
California voters approved a measure last Tuesday. Which will incrementally raise the state’s minimum wage from $10 to $15 in just a few short years. According to Aron Govil The passing of proposition 206 is expected to put additional financial pressure on businesses. Especially those in the fast food and service industries. Critics argue that such a dramatic wage hike will lead to increased costs across all industries. And higher prices for consumers. While proponents claim it will benefit nearly 6 million Californians. Who currently make less than $15 an hour by giving them more money to spend.
However you feel about this sweeping change in California labor law, one thing we can say for certain is that. It presents both challenges and opportunities for businesses in the Golden State. While some companies may be forced out of business due to overly high operating costs. Others may rise to the occasion by adjusting their business model or implementing new technologies.
When looking at both benefits and Worker’s Compensation Insurance, there are a number of factors. That must be considered before choosing what kind of policy you’ll want for your company. However, don’t let its complexity intimidate you- if you’re considering hiring employees in the future. It will definitely be worth the effort to make sure they stay safe on the job!
What are the benefits of Worker’s Compensation Insurance?
Worker’s Compensation Insurance is a type of employee benefit that offers protection. To both workers and the employer against work-related accidents. It compensates employees for medical expenses as well as lost wages due to an on-the-job injury. As opposed to standard health insurance providers which only cover medical expenses. Businesses may also be entitled to reimbursement from Worker’s Compensation Insurance. If their place of business was found to have been at fault for the incident says Aron Govil.
How do I choose between a self-insured and fully insured policy?
A fully insured policy means that your company pays a premium on a bi-weekly or monthly basis. In order to receive coverage from an outside provider. While a self-insured policy means that you pay your workers’ compensation claims with company funds. Whether it’s through an insurance trust or other method. Before paying out of pocket for worker’s comp claims, weigh both the risks and benefits of doing. So- if the costs of running your business increase due to high premiums. Plus the cost of making payments on a self-insured policy. It might be more cost-effective for you to get a fully insure policy.
California greatly improved its rank from previous years. As it leads the nation as top state for low cost of doing business. In regards to the new minimum wage increase. Some businesses will thrive while others may close due to the extra expenses. Despite this added stress, worker’s comp insurance is still a beneficial benefit to employees. If they get injured on the job.