Workers comp insurance for small business

Workers compensation insurance is important for businesses of all sizes, including small businesses. However, some business owners may wonder whether they really need to purchase this type of insurance, especially if they don’t have many employees. Nonetheless, this type of insurance offers essential benefits that should not be ignored. Below is some information to help you understand how workers compensation insurance works and why you need it to protect your company.

What Is Workers Compensation Insurance?

Workers compensation insurance for small business is designed to protect your business against claims that may arise when workers are injured or sustain illnesses related to their employment. For example, if a worker falls while climbing a ladder on a construction site, your workers compensation policy will cover the associated expenses. In most cases, an employee won’t be able to sue his or her employer because of injuries or illnesses covered by workers compensation policies.

Workers comp for small business owners

When a worker suffers an injury or becomes ill because of his or her job, he or she can file a claim with the workers compensation insurer. If the claim is approved, the worker will receive compensation for their medical bills and lost wages. Small business workers comp may also provide benefits for permanent disabilities.

Why Is Workers Compensation Necessary?

Workers compensation is necessary for a number of reasons. As a small business owner, you should purchase workers compensation insurance for the following reasons.

1. It is required by law.

With the exception of Texas, all states require employers to purchase workers compensation coverage. The exact requirements vary, but most businesses must carry this type of insurance.

2. It protects you from lawsuits.

In most cases, workers compensation insurance will prevent employees from being able to file lawsuits against you after an injury or an illness. Without workers compensation coverage, you may be held liable for all of the expenses related to your employee’s injury or illness. In the worst cases, a claim from an employer that isn’t covered under a workers compensation insurance policy has the power to cripple your company.

3. It gives you peace of mind.

In addition to satisfying legal requirements and protecting you from expenses your company may not be able to afford, workers compensation for small business owners also provides you with peace of mind. As a small business owner, you already have many other issues to focus on, from completing payroll to making sure you are turning a profit. Workers compensation insurance gives you one less thing to worry about.

Small business workers comp

Purchasing Workers Compensation Insurance

When you are shopping for workers compensation insurance, you will have many different options. For this reason, it is important to review your options carefully. Be sure to work with an experienced agency that offers affordable policies and excellent customer service.

Key Takeaways

  • Workers compensation insurance is a type of insurance that protects business owners from loss in the event of an employee’s is injury or illness.
  • You need workers compensation insurance for many reasons. It is required by law in most states, and it protects you from extreme financial loss. Workers compensation insurance also provides you with peace of mind.
  • Before purchasing workers compensation insurance, you should compare your options carefully so you can be sure you are choosing the right policy.

If you are operating a small business, you need to purchase workers compensation insurance. At Marine Agency, we understand the importance of finding the right workers comp for small business owners. Please contact Marine Agency today to learn more about our services.

Our Insurance Products

Contact Us

Whitehouse Station NJ 08889

422 US Hwy 22 W, Unit 7, Whitehouse Station NJ 08889

Local: 908-838-9762

Toll-Free: 84-INSURE-NJ (844-678-7365)

Hours

9 AM - 5 PM , Monday - Thursday;

9 AM - 4 PM, Friday

Marine PO Box

PO Box 125, Whitehouse Station NJ 08889

Local: 973-763-4711

Toll-Free: 800-35-MARINE (800-356-2746)

Hours

9 AM - 5 PM , Monday - Thursday;

9 AM - 4 PM, Friday