Workers compensation insurance is essential for most businesses, legally mandated in many states, and safeguards against financial risks from employee injuries. It covers medical bills, provides swift benefits, protects against lawsuits, and offers stability against unforeseen incidents, making it a crucial investment for business owners to consider.
Workers’ compensation insurance is similar to car insurance in that without it when an accident happens it can spell disaster.
Drivers who get into a fender bender without insurance run the risk of being taken to court and being forced to pay the other driver’s medical or property damage.
Ultimately, this can lead to financial ruin. The same can happen to an employer who isn’t properly insured.
With that in mind, here are 10 reasons worker’s compensation insurance is a good idea.
|Reason #1 - Why Your Business Needs Workers Comp
|Workers Comp Is Required By Law For Some Businesses
|Reason #2 - Why Your Business Needs Workers Comp
|State Law Exceptions Are Hard To Come By
|Reason #3 - Why Your Business Needs Workers Comp
|Employers Are Liable For Employee Medical Bills And Injuries
|Reason #4 - Why Your Business Needs Workers Comp
|Employees are cared for and heal faster
|Reason #5 - Why Your Business Needs Workers Comp
|Employees receive benefits quickly
|Reason #6 - Why Your Business Needs Workers Comp
|Your Business Is Protected Is Protected From Employee Injury Lawsuits
|Reason #7 - Why Your Business Needs Workers Comp
|Workers Comp Claims And Disputes are handled by a third party
|Reason #8 - Why Your Business Needs Workers Comp
|Your Business Is protected from the unexpected
|Reason #9 - Why Your Business Needs Workers Comp
|A good reputation can mean savings
|Reason #10 - Why Your Business Needs Workers Comp
|Workers Compensation Insurance Is Easy To Buy
While it varies from state to state, most businesses are required to have some sort of worker’s compensation. Larger businesses sometimes have policies that protect workers using company profits, but smaller ones may not have that option.
Companies that refuse to get worker’s compensation insurance or set up an internal policy run the risk of getting hit with penalties that far exceed the cost of insurance.
Exceptions vary drastically depending on which state you’re in. For states that do offer exceptions, they can be difficult to come across.
For example, in Florida a business with fewer than four employees is exempt, but in Massachusetts, nearly every employer is required to have a policy.
In the past before worker’s compensation policies were mandated, before a worker could receive assistance they had to prove their employee was at fault. Today that is no longer true, an employer is liable even if an employee contributed to their injury.
Most employers are not Ebenezer Scrooge. The vast majority of them want to do right by their workers as best they can. Worker’s compensation insurance can help get employees the care they need, including upfront medical expenses, loss of wages, and rehabilitation.
No one wants to deal with going to court, but if there is an employee who decides to sue after receiving compensation, the insurance company will cover it.
If an employee is unsatisfied with the compensation they have received, you won’t be drug into the controversy. By having a mediator handle any disputes it’s more likely that everyone will walk away satisfied.
No matter how well you think an internal policy may have you covered, there’s always an accident that can come along to test it. These types of situations can ruin a business, especially if it comes during hard times. With worker’s compensation insurance you know what your premiums cost and can plan ahead of time, even if they increase after an accident.
Good drivers very often see their rates decrease for good driving. It can work for businesses, too. Employers that operate a safe workplace often find that their premiums decrease, due to insurance companies acknowledging them being a lower risk.
While some people believe in an internal policy and others try and exploit exemption loopholes in state laws, both will require you to hire legal counsel. And that doesn’t guarantee success or that you will save money. In addition, whatever policy you put in place may have to change if your business grows or there are changes to legislation.
Understanding the importance of workers’ compensation insurance is vital for business owners.
It not only meets legal obligations but also provides a critical safety net against the financial and legal repercussions of workplace injuries.
Choosing the right workers’ compensation insurance is key to ensuring both compliance and protection.
To navigate this complex decision with confidence, reach out to an ALLCHOICE Insurance Advisor. Our expertise can guide you to a policy that best suits your business’s unique needs, ensuring you are well-prepared for any eventuality.
Contact an ALLCHOICE Insurance Advisor today to secure your business’s future.
Give us a call at 1-844-540-0463 or Get Your Workers Compensation Insurance Quote Online NOW .