Did you know that business owners can lose their business from a single employee injury?
In 5 minutes we’ll explain how businessowners can protect their business using a Workers’ Compensation policy.
What is Workers’ Compensation (WC) Insurance?
Workers’ Compensation Insurance is the intermediary between employer and employee. It is no-fault insurance, so if an employee gets injured on the job, they no longer need to sue their employer to collect benefits for rehabilitation. In the old days, employers and employees would often get into legal battles over injuries; however, as the insurance industry has become more specialized, Workers’ Compensation Insurance has reduced this friction by allowing insurance carriers to act as a middleman between employers and employees in these situations.
Is Workers’ Compensation insurance mandatory for me to have?
Workers’ Compensation Insurance is not mandatory but here are a few things to note:
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In some states, officers with sufficient equity can voluntarily exclude themselves from coverage with a legal waiver.
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WC is generally voluntary for sole practitioners but are highly suggested for high-risk roles such as machine shop owners that operate dangerous equipment.
Should I have Workers’ Compensation Insurance for my business?
Although Workers’ Compensation insurance is not always mandatory, it plays a very important role that saves business owners a lot of money. Having Workers’ Compensation insurance not only protects employees from not being able to pay medical bills, but it also protects employers from getting sued.
Is Workers’ Compensation right for my business?
Workers’ Compensation may be right for your business if:
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You want a layer protection against lawsuits from employee injuries
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Your business has in person staff
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Your business has any workplace hazards
Summary:
Workers’ compensation is a type of insurance policy that adds a layer of protection for employers. WC policies may be an effective way to give business owners the confidence to hire employees without stressing out about potential costs that may arise from employee injuries incurred on the job.
If you have any questions feel free to contact us directly. We are more than happy to help!
