• Small and home-based businesses may find purchasing workers compensation insurance policy an extra business cost.    There are many ways for it to be an affordable business decision.  In most cases it is mandatory.  It protects your business from liability if an employee sues you.  Also, it can protect your company from many extra costs a medical emergency.  Moreover, it is necessary to build a ‘trust’ relationship between the employee and the employer.   Trust is essential for a healthy work environment.  It gives motivation to the employees to work even under stressful and harder conditions if their job calls for it.

    Every state provides an employee the right to sue the employer.  The employee can sue if injured or falls ill due to job requirements.  In such a case, the employer is liable to provide medical expenditures and replacement of wages.  Every state has a different policy regarding such a right.  Additionally,  the employer may have to pay the costs of hiring a lawyer and other expenses of the lawsuit.  Fines imposed and paying extra medical coverage to the employee cause the business to incur a greater cost.  Some state policy may also stop the business from operating in such a case which would be a blow to the survival of the business. Hence, proper coverage saves costs.  Additionally, it gives an employee a mental satisfaction from his employer.

    Having workers’ compensation insurance builds a good reputation.  This is a business strategy which wins the trust of its employees.  Employees are more eager to work for a company that provides coverage to protect them from unseen medical situations.  Also, some even cover the expenses of the family of employees to some extent in the case of death of an employee.  It will save time and money for the employee and employer.

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