Insuring Your Employees
If you are fortunate enough to employ other trainers, then you will need to make sure they are covered under your professional liability insurance policy. Your employees are providing services and products under your company name. Therefore, you are liable for their actions. You need to protect both the clients and trainers by providing adequate coverage. If the actions of you or one of your employees results in injury to a client, your policy will ensure that he will be adequately compensated.
Worker's Compensation Insurance
The government requires that you carry Worker's Comp insurance for all employees. This type of insurance covers your employees for injuries sustained on the job. If the government finds you are not carrying this insurance or not carrying the right amount, you will be assessed a hefty fine. The amount you will pay is based on a number of factors, including your employees' job descriptions and the work they perform. It will also depend on your company's history of claims. If the company's claims are low, meaning few if any accidents have been reported, the worker's compensation rate will be low. The greater the number of claims that are filed, the higher the insurance rate will be.
Paying your employees' medical expenses is not required by law. However, you will increase employee satisfaction by offering this benefit. You will also be more likely to keep your employees for longer periods of time. If you cannot afford to insure everyone, consider insuring one or two key employees. If they are that important to your business, they are worth spending a little money to keep them around. Another option is having your employees pay a portion of their own insurance. Again, this is not a requirement, but is certainly a nice perk.