When running a business, you can get insurance for just about any risk you might have. While we normally think of damage, fire, and vehicle insurance, the fact is that the most valuable asset you have is your people. You need to protect them as well as your equipment and property. By doing so, you will also protect your business. Here are some of the most important reasons why businesses need workers compensation insurance.
Protect Your Workers
You might have the seemingly safest workplace in the world, but there is still a chance that someone will get hurt on the job. Hundreds of millions of work hours are lost every year in the United States due to injury. When a worker gets injured on the job, they are doing so while working to build your business. You owe it to them to make sure that they are taken care of as well as possible. They should not have to worry about feeding their family or keeping a roof over their head. Workers compensation insurance will help provide them with financial benefits until they are ready to work again or be put on a more permanent disability program.
Protect Your Business
Workers compensation not only provides a safety net for your employees, but it protects your business, too. Paying for medical bills and for the wages of someone who is not working due to injury or illness can be incredibly expensive. In fact, these costs could end up completely sinking your business as they add up, even from only a single claim. Workers comp coverage is a cost-effective way to make sure that your business is protected from escalating costs due to a claim. On top of that, employees will appreciate the protection and be more likely to come back to work for you when they are ready, which means fewer costs associated with temporary staffing and training.
It’s The Law
Having workers compensation coverage for employees is the law in most states. Besides the morality and practicality of having the coverage, the fact is that you could be operating against your applicable employment laws. Do not take a chance. Make sure to check with your state to see what is required of you when it comes to workers who are injured on the job. Never cut corners when it comes to state laws, since the consequences will almost certainly outweigh any perceived benefits you think you might get.
Protection From Lawsuits
Even one lawsuit can cripple a small business. Luckily, most workers compensation plans can protect your business against lawsuits. They will make sure that the employee is taken care of, so that there is no requirement for suing you for damages, pain, or suffering. If a workers is disabled while on the job, you could end up paying for decades worth of medical bills and other expenses otherwise.
Don’t leave things to chance. You want your business to be protected, and you want your employees to be protected as well. That’s what makes workers compensation insurance so important. If someone gets injured or ill while on the job, you can make sure that everyone is covered.