Final answer:
Employers are required by law to contribute to workers' compensation funds, and failure to do so can lead to legal penalties. While the exact fines for non-compliance with workers' compensation requirements are unspecified here, OSHA fines for violations can go up to $70,000 for the most serious cases. Various forms of insurance, like pension and deposit insurance, offer similar protections in different sectors.
Step-by-step explanation:
Failing to obtain proper workers' compensation coverage is a serious matter and subject to legal penalties. Employers are mandated by law to contribute a small percentage of the salaries they pay into state-run funds. These funds are essential for providing benefits to workers who suffer injuries while on the job. When it comes to OSHA standards, if an employer is found in violation, they can face citations and fines. Although specific fines for failing to secure workers' compensation aren't detailed in the provided information, OSHA's own penalties can reach up to $7,000 for a serious violation and up to $70,000 for repeat or willful violations.
Furthermore, various forms of insurance, such as pension insurance and deposit insurance, are in place to protect employees and bank customers, ensuring some financial security in case of company bankruptcies or bank failures. In the context of workers' compensation, this financial support is crucial for injured workers and is a responsibility employers must not neglect.