Part of being a business owner is making sure all of your bases are covered. Insurance can help you protect your business in the event of an unexpected occurrence. You may purchase insurance for your company’s property or work vehicles, but don’t forget to protect your employees as well. Here are three reasons why you need workers' compensation insurance for your business.
First, workers' compensation insurance is required in many states. Be sure to check your state law to see if workers' compensation insurance is required for your company. Some states allow you to purchase a policy through a local agent or carrier, but other states require businesses to get coverage through a state-operated fund. Check with local laws to find out where you can legally purchase workers’ comp insurance for your employees.
Even if you live in a state that does not require workers' comp by law, you still want to get this type of insurance to help injured workers get the help they need. Workers' compensation insurance covers medical treatment for injured employees, as well as wage replacement benefits for when your employee is going through the recovery process. Even the safest of work spaces can experience accidents. Whether your employees perform physical labor or not, think about getting workers' comp insurance because more than three million non-fatal workplace injuries and illnesses were reported in 2014, according to the Bureau of Labor Statistics.
The third reason to consider workers' comp insurance for your company is because it protects your business. Without the insurance, you have to pay out of pocket for your employee's medical expenses and lost wages following the workplace injury or illness. This can be a significant financial burden on your business and can even lead to irreparable financial harm. Workers' comp insurance protects your business from these costly expenses and helps you feel more in control in the event of a workplace injury.
These are just some of the reasons you should receive workers' compensation insurance for your company. For all of your safety management needs, get in touch with Florida Resource Management. You can connect with us by phone at 941-343-6160.