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.
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.
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.
Workers compensation is necessary for a number of reasons. As a small business owner, you should purchase workers compensation insurance for the following reasons.
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.
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.
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.
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.
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.
422 US Hwy 22 W, Unit 7
Whitehouse Station NJ 08889
Toll-Free: 84-INSURE-NJ (844-678-7365)
9 AM - 5 PM , Monday - Thursday;
9 AM - 4 PM, Friday
PO Box 125
Whitehouse Station NJ 08889
Toll-Free: 800-35-MARINE (800-356-2746)