Workman’s Compensation Fund (COID) Letters of Good Standing are documents that assure the fund will assist you in providing compensation for any work-related injuries or harm to your employees if your payments are up to date.
Most clients require a Letter of Good Standing to ensure they are not responsible for the medical bills and life policies of anyone hired to work on their premises, in the case of accidents and illnesses.
When you do not have a Letter of Good Standing, your business probably owes Worker’s Compensation funds. This means that your employees would not be covered by COID and your clients would not be protected if there was an accident at work. Not having a Letter of Good Standing means that your business is not compliant and you will likely lose money as you’ll not be able to apply for any contracts or tenders.
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