As a business owner, workers compensation insurance is something you need to be thinking about. If you own a business that employs 5 or more employees, it’s a requirement. But even if you have less than 5 employees, as your business grows, you will need to have a game plan for how to properly insure your workers.
What is Workers Compensation Insurance?
Although workers comp insurance is widely talked about, many small-business owners can be unaware of when they need it, how much they need, and what it covers. At its core, workers compensation coverage is meant to protect a business and its employees in the event that somebody is injured on the job. In such an occurrence, workers compensation coverage would kick in and provide payment for a variety of expenses, including:
- Medical Care
- Lost Wages
- Legal Defense
In other words, workers compensation insurance can help give you and your employees peace of mind while also protecting your bottom line.
When Do You Need Workers Compensation Coverage?
If you run a business that employs other people, you can benefit from workers compensation coverage. It really is as simple and straight-forward as that. Although the law requires businesses with more than 5 employees to have workers comp insurance, it’s a wise move for all business owners. It is especially important for businesses in certain industries where accidents and injuries are more common. Some examples of these industries include:
Still, even if you think the risk of injury on-the-job is minimal for your employees, you never know when an accident could occur or how. As such, it’s always better to be safe than sorry when it comes to your business. Not to mention, workers compensation insurance is relatively inexpensive, when you take into consideration how much coverage it provides you.
Overall, if you’re running a business that employs people, you’ll want to look into purchasing a workers compensation policy. From there, you can put your mind at greater ease in the event that there is an on-the-job injury within your business. At Spickelmier Insurance, we offer a wide range of workers compensation insurance plans, so be sure to talk to one of our agents today at (877) 591-1525.