Workers’ compensation for small businesses can be a tricky thing, especially when attempting to figure out the logistics. When an employee is hurts themselves on the job, it can be easy to focus on the financial implications. Likewise, it is true for small businesses that have limited resources. How will this affect your bottom line? Will you be able to cover the costs of the employee’s medical care? Questions like these may emerge. However, they distract from the most important responsibility you have. The most essential thing you must do is help your employee heal. Then, you can help them get back to work as soon as possible.
Workers’ Compensation for Small Businesses
If you’re a small business owner wondering why you need workers’ compensation insurance, consider the following advantages it can offer.
Workers’ Comp Covers Medical Expenses
According to the National Academy of Social Insurance, costs for workers’ compensation surpassed $100 billion in one year alone. This figure may sound surprising, but given the exorbitant costs of medical care, it makes sense that it would be so high. One of the greatest advantages of workers’ comp, in fact, is the coverage it extends for medical bills. Small businesses that cannot afford the cost of an injured employee can enjoy the security of an insurance policy that will cover the costs for them.
Workers’ Comp Minimizes Liability
Another major concern for small businesses is the liability that’s associated with a workers’ comp claim. Some of the most common injuries that lead to a workers’ comp claims include slips, falls, and overexertion. If a worker sustains any of these injuries, you could find your company facing thousands of dollars in medical bills — and legal liability, too. In addition to covering medical costs, most workers’’ comp policies also protect insureds from the expenses associated with a potential court case.
Workers’ Comp Is Usually Required
If you’re still on the fence about whether workers’’ comp insurance is a worthwhile investment, consider the fact that in most cases, it’s a requirement. This is a lesser known fact amongst small businesses, but it’s an important fact nonetheless. Failure to buy workers’ comp insurance doesn’t just leave you vulnerable to the cost of an injury. It also means you may be in violation of your state’s labor laws. If you meet your state’s criteria for required coverage — which most small businesses do — you need to invest in a policy.
You Need to Find the Right Coverage
Of course, not all workers’ comp coverage fits every size. You don’t want to buy the first policy you see. On the contrary, you want to shop around and find the coverage that’s best suited to your business’s unique needs. The right coverage will depend on what industry your business is in, how many employees you have, and a range of other important factors. Look for the right coverage to ensure that you’re protected against the costs of a claim.
About InsureMyWorkComp
InsureMyWorkComp is a digital brokerage that helps clients find the right workers’’ compensation solution for their business needs. Unlike other online platforms, we will help you to work with an agent who can provide you the right solution for your risk profile. Our staff has over 50 years of workers’’ compensation underwriting and sales experience, and we are confident that we will provide you the support that you need. For more information or to get a quote, contact us today at (855) 340-9138.