Workers’ compensation insurance covers medical costs and lost wages for work-related injuries and illnesses. This policy is required in almost every state for businesses that have employees. Does your small business need workers’ compensation insurance? For almost all businesses in the United States, yes. Workers’ compensation insurance usually isn’t optional. While workers’ comp laws vary by state, small businesses typically need a policy in place as soon as they hire their first employee.
Even when not required by law, this policy provides important protection against medical expenses and employee lawsuits related to workplace injuries. You can rely on workers’ comp if you or an employee needs medical care or time off due to a workplace injury – or if an injured employee sues you for failing to prevent an accident. If you don’t carry workers’ comp, your business will be responsible for any medical bills and legal fees. And most states levy costly penalties for noncompliance.
Small businesses find workers’ comp essential for three reasons:
1. Most states require workers’ comp coverage.
2. It covers medical expenses and partial lost wages due to a work injury.
3. Most policies also cover the cost of employee lawsuits related to a work injury.
A serious workplace injury could financially devastate your business. Many small businesses can’t afford to pay medical bills out of pocket, whether it’s treatment for carpal tunnel syndrome or a broken leg. Without workers’ comp coverage, both you and your employees are left in a difficult situation. Workers’ compensation insurance helps businesses avoid the real cost of an employee’s medical expenses and lost wages following a workplace injury or illness. Without workers’ compensation coverage, the medical expenses associated with even one major workers’ compensation claim could cause irreparable financial harm.
Having proper workers’ compensation insurance coverage is a smart investment that protects your business and employees. Contact us at Doren Insurance at (781)326-9900 or Contact us to discuss your business’ needs and budget.
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