Every Small Business Needs Workers’ Compensation Insurance
By Kimberly Daise
Getting workers’ compensation insurance might not seem like a big deal until one government official walks through the front door of your business.
Many businesses go under, because of a poor business model which usually includes skipping a federal regulation. It is conceivable that the number of employers violating workers’ compensation insurance requirements is higher than that of employees who bring bogus workers’ compensation claims against their bosses. That’s a worrying trend, easily reversible by alerting employers to the many business benefits of getting workers’ comp insurance.
Herein are a couple of reasons to get workers’ compensation insurance
1. The Insurance Protects You from Legal Liability
Taking out workers’ insurance compensation insurance makes your business immune, from most claims with few exceptions, to any legal liability when one of your employees gets injured at the job.
The law states that if a worker gets injured at their place of work, their employer must pay the expenses related to the accident. If you have insurance, though, the insurance company will cover you should a worker get injured.
2. The Insurance Company Pays for Retraining
If you lose one of your workers to an injury, the insurance company pays for a portion of the new workers’ training. That’s good news for a small business owner.
You don’t have to pay for all the training expenses associated with hiring a new employee.
Workers’ compensation insurance saves you a lot of money. If you don’t have it already, your risking your business.