While larger companies are typically required by law to purchase workers compensation insurance, small businesses are often exempt from this requirement due to the small number of people that they employ. However, choosing to invest in this insurance coverage can prove beneficial to you and your business even if the law does not require you to have it. Continue reading to learn more about three reasons why you should strongly consider investing in workers compensation insurance for your small business.
#1: Workers Compensation Insurance Can Protect You From A Costly Lawsuit
The absence of workers compensation insurance requirements does not mean that your small business cannot still be held liable for injuries that an employee suffers on the job. If one of your employees is hurt at work, you could find yourself facing a rather significant lawsuit. If a judgment is awarded as a result of this lawsuit, the financial security of your business could be devastated. Choosing to invest in workers comp insurance coverage will ensure that you are protected against this type of financial loss. This is because in the event that an employee is injured on the job, you will be able to count on your workers comp insurance provider to take care of any legitimate claims for compensation.
#2: Offering Workers Compensation Coverage Will Help You Attract Quality Workers
Now more than ever, quality workers are in demand. With many companies facing labor shortages in the wake of the COVID-19 pandemic, it is important to ensure your company is offering an attractive work environment to the type of employees you wish to attract. This often means offering as many employee benefits as possible. Choosing to purchase workers compensation insurance for your small business will ensure that employees feel protected when on the job. Choosing to purchase this insurance coverage when you are not required to do so by law also demonstrates how much your company truly values its employees.
#3: Workers Compensation Insurance Protects Both You And Your Employees
Your employees are not the only people who are covered under your company's workers compensation insurance policy. This coverage will apply to you as well if you are still active in the company. If you were to get injured on the job, this could have a devastating effect on your personal financial health. Having workers compensation insurance coverage will ensure that you also have access to the financial benefits you require while recovering from an on-the-job injury.
To learn more, contact a workers comp insurance provider in your area today.
Share19 September 2022
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