Workers' Comp insurance is the best way to protect your small business from financial loss if an employee is injured on the job! Many small business owners don't think they need Workers' comp insurance if they only have one or two employees. In most cases, they may not. It will depend on the type of business they have. Having a good policy in place, however, will give you peace of mind in case an unexpected accident should ever occur.
Workers' Compensation insurance offers financial benefits to employees who have been injured while they were on the job. It's up to the small business owner to pay the premiums, but if an employee is injured while they are working, the insurance will pay for their medical expenses and a percentage of their lost wages. Workers' Comp insurance is your safeguard against having to pay for any damages out-of-pocket. Every state has its own laws pertaining to the amount of coverage and state minimums that may be required.
Each state has different Workers' Compensation laws in place, and they can vary in terms of the minimum number of employees and how much is required for each one. Almost every state requires some type of Workers' Comp coverage. If a small business owner does not have any employees, they can sign a waiver stating that they have alternative healthcare coverage that will protect them in case an accident should ever occur. It's important to work with a reputable insurance agent to ensure you have the right amount of coverage in place.
Workers' Compensation covers a percentage of an employee's lost wages and the medical expenses associated with their work-related injuries. It will also cover the cost of retraining an employee if they can no longer work at their previous position. There are a few things that will not be covered by a Workers' Comp policy. If an injury is self-inflicted or occurs while the employee is under the influence of alcohol or drugs, your insurance carrier will deny the claim. Any injuries received during the commission of a criminal act will also be excluded.
Owning a business will require more than one type of insurance. Your first step is to check on what Workers' Comp coverage is needed in your state. Call your insurance agent and have them determine what your needs are. They will be able to create a policy based on the state minimums and how many employees you have. Getting good Worker’s Comp insurance in place as soon as possible will protect your business from financial loss.
If you own a small business and need information about a quality Workers' Compensation policy, you need to contact an insurance agent who understands commercial insurance and what a small business needs. At Humble Insurance Group, we have the answers to your questions and the solutions you are looking for. So, contact us today to get started!