If you’re a small business owner, you may wonder if worker’s compensation insurance is necessary.
Unfortunately, accidents happen, and even the most responsible employees can find themselves out of work and need financial assistance if injured.
Worker’s compensation insurance from Cerity is an essential type of insurance coverage for small businesses.
Here are 8 reasons worker’s compensation insurance is essential for any small business.
1. It is required by law.
In most states, businesses with more than a certain number of employees must have worker’s compensation insurance. You could face hefty fines if you don’t have insurance when an employee is injured.
2. It protects your employees.
Your employees are your most valuable asset, and worker’s compensation insurance helps ensure they are taken care of if they’re injured on the job. Without indemnification, your employees could struggle to pay medical bills or make ends meet if unable to work.
If an employee is injured while working, their medical expenses will be covered by the workers’ compensation policy. It can help to ensure that your employee receives the care they need and that you are not left with a hefty bill to pay.
3. It protects your business.
If an employee sues you for damages after being injured on the job, worker’s compensation insurance can help cover the cost of your legal defense. Even if you win the case, the cost of defending yourself can be high.
For instance, if an employee slips and falls at your business, you could be sued for negligence. If you have worker’s compensation insurance, your insurer will help to pay for your legal defense.
4. It can help you attract and retain good employees.
Good employees know that companies with worker’s compensation insurance are concerned about workers’ best interests. It shows that you’re willing to invest in your employees’ safety and that you’re a responsible business owner. It gives you a leg up when competing for top talent against businesses that don’t have insurance.
5. It can help you avoid costly lawsuits.
If an employee is injured on the job and doesn’t have worker’s compensation insurance, they may be tempted to sue your company for damages. It can cost you a lot of money, even if the lawsuit is unfounded. With employee compensation insurance, your employees will have the cover they need and won’t require legal action.
6. It can help you keep your business running during tough times.
Losing productivity is one of the many challenges you may face when a key employee is injured and out of work. With worker’s compensation insurance from Cerity, you can replace that employee with a temporary worker. It will cover some of the cost of hiring a temporary worker before your employee returns.
It’s a lifesaver for businesses that rely heavily on a few key employees.
7. It provides peace of mind for everyone involved.
If you have insurance for your business, you can operate with peace of mind, knowing that you and your employees are covered in case of an accident.
8. Worker’s compensation insurance rates are tax-deductible.
This means you can deduct the cost of your workers’ compensation policy from your taxes. It helps offset some of the costs of the policy.
Get Worker’s Compensation Insurance Today!
As a small business owner, it’s important to consider all your options when insuring your business. If you’re considering purchasing worker’s compensation insurance for your small business, contact Cerity Insurance today for more information. Don’t wait until it’s too late − ensure your business is protected appropriately.