You’ve probably heard of workers’ compensation insurance (or ‘workers comp’) if you’re a business owner.
But what exactly is it? And why do you need it?
This article will explore the basics of workers comp and how having it can help protect your business, then you can learn more here.
What Is Workers Comp?
Workers comp is an insurance policy that covers medical expenses and other losses, including wages, for employees who are injured or become sick on the job.
It also provides financial protection to employers in the event of legal action from an employee stemming from a workplace injury or illness. The specifics vary by state, but generally speaking, you must have workers’ comp insurance if your business has three or more employees in most states.
Top 5 Reasons Every Business Owner Needs Workers Comp Insurance
#1. It’s A Requirement in Most States
Employers in most states must purchase workers’ compensation insurance if they employ one or more full-time employees. The same case is with part-time employees who work more than 30 hours a week. That means if you aren’t already insured, it’s time to start shopping around.
#2 – It Protects Your Employees
Protecting your employees is the most important reason to get workers comp insurance. If an employee gets injured on the job, workers comp will provide them with essential financial support while recovering from their injury. This includes medical bills, lost wages, and any other expenses related to the injury.
Without this essential protection, your employees may be forced to bear all these costs, which can be a huge burden in an already difficult situation.
#3 – It Safeguards Your Business
When it comes to protecting your business, there is no substitute for having adequate workers comp coverage. Without this coverage, you could face hefty fines or even lawsuits if one of your employees gets injured on the job.
In addition, workers comp insurance can also help protect your business from potential legal liability. How? By providing coverage for negligence or wrongful death claims in a workplace tragedy.
#4 – You Get To Save Money on Taxes
Having adequate workers comp insurance can save you money on taxes by providing tax deductions for yearly premiums. So, you’ll be able to protect yourself from potential legal liabilities and safeguard your employees’ well-being. You’ll also be able to save some money in the process.
#5. Workers Comp Gives You Peace of Mind
No one likes worrying about what would happen if one of their employees got injured. With the right coverage in place, you can rest easy knowing that your employees will be taken care of and your business will remain protected from potential lawsuits related to employee injuries or illnesses.
Get a Workers Comp Cover Today
A valid workers’ compensation policy can provide invaluable protection against unexpected costs related to workplace injuries or illnesses. It keeps employers covered financially if something happens. It also ensures that employees get the care they need should they suffer an on-the-job injury. If you’re seeking peace of mind as a business owner, investing in a good quality workers comp policy is definitely worth it. Get workers comp cover today and secure your business.