Have you been wondering whether or not you need workers compensation insurance? If you own a business, especially a brick and mortar one, you need this type of insurance.
According to the statistics, 50 percent of small businesses will need this type of insurance sometime within their first ten years of operation. Depending on the nature of your claim you could end up paying out millions which may send your company into bankruptcy.
Still on the fence? Here are some of the best reasons to make sure you have workers compensation insurance.
1. No Hassle Payouts
There are several different types of insurance for your business. However, workers compensation is a must have if you want to save your company from having to finance a costly payout in the event an accident occurs.
Workers compensation insurance does not take into account who is responsible for the accident before paying out. This is a great benefit because you won’t need to go through a lot of red tape to get compensation. Once an accident occurs on the job compensation is given to the employee without much hassle.
Workers compensation covers the time that may be lost from work and medical expenses. Often rehabilitation through physiotherapy will be needed when an injury occurs. Workers compensation insurance will cover this as well.
2. Coverage for Accidents Outside of the Business Premises
If the accident occurs while the worker was transporting goods for your company then this will also be covered by workers compensation.
As long as the employee was carrying out company business even if it was off the premises you will still get a payout.
3. Death Benefits
Sometimes accidents can become tragic and cause the death of an employee. When this happens workers compensation insurance will pay out benefits.
These benefits will be given to the deceased worker’s spouse and their dependents.
4. Required by Law in Most States
Most states will make it a requirement that you have workers compensation insurance for your business. Some states require it even if you are a sole proprietor who employs family members that already have personal insurance.
If you are in a high-risk industry that is prone to accidents such as the construction industry then you will find that most states require that you have insurance for your workers.
The cost for workers compensation insurance can vary based on your industry and your location.
Final Thoughts on Workers Compensation Insurance
Workers compensation insurance is a must-have for your business. It not only protects your business it also protects you as well. Unforeseen events can happen at any time and it is best that you prepare for them so that you don’t end up having to pay out of pocket.
A serious accident can wipe out your business capital and send you into bankruptcy quickly. You can avoid all of this by being prepared with workers compensation insurance.
If you would like more information about protecting your business then do not hesitate to contact us. Our experts will give you the advice you need.