Owning a small business can be overwhelming at times. You have many complex issues to navigate. Workers comp insurance is one of those ever-shifting issues that you must deal with if you have even one employee. It is a requirement of most but not all states. Legislation and related laws change often. Here are some facts about workers’ compensation that will hopefully make navigating the murky waters a little easier.
- It is a necessary expense. Even if your state does not require you to provide this type of insurance, you still need it. If an employee is injured on the job, you are accountable to your state’s workers’ compensation laws. Workers comp insurance provides injured staff with medical coverage, rehabilitation coverage and lost wages while they are recovering. It also protects your business from negligence lawsuits.
- The benefits outweigh the costs. Not having workman’s compensation insurance can cost your business a lot of money. States level stiff fines on noncompliant businesses. The cost of medical bills, lost wages, lawsuits or potential death benefits could put you out of business.
- It helps you attract and retain the best employees. Benefits and coverage for employees are one of the top things talented individuals look for when considering a position. The risk of being injured on the job and having to shoulder the overwhelming cost of medical care is a fear many individuals face.
Give your employees and yourself the peace of mind that workers comp insurance provides.