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Workers’ compensation insurance is essential for any business with employees. Unfortunately, myths about workers’ compensation coverage abound. These misconceptions can have an impact on the overall success of your business. The following are some of the most common myths among business owners concerning workers’ compensation insurance:
My Business Is Small with Low Risk of Injury, So I Don’t Need Workers’ Compensation Insurance.
Regardless of the size of your business or the type of industry, you need workers’ comp insurance. It is required by law in many states, even if you only have a single employee. Workplace accidents and injuries can happen, even in a low-risk work environment. No matter how hard you work to create a safe workplace, you cannot control everything your workers do. For example, an office worker could trip over a temporary extension cord and fracture a wrist in the fall. It is wise to be covered, just in case. Even if you only hire independent contractors, a serious work-related injury could have a major impact on your business.
My Employees Are Like Family – They Would Never Sue Me.
Medical expenses for work-related injuries can amount up to many thousands of dollars. Employees seriously injured on the job may feel they have no choice but to seek compensation, no matter how fond they are of their employers. It can be a matter of survival for employees and their families, particularly when a worker suffers a serious, disabling injury. With a workers’ compensation policy in force, employees injured in workplace accidents will have their medical expenses related to the injury covered, plus reimbursement for a portion of their lost wages.
Workers’ Compensation Insurance Is Too Expensive. I’ll Just Pay Out of Pocket If One of My Employees Is Injured.
As previously mentioned, employers are required by law to carry workers’ compensation insurance in most states. In addition to the legal requirement, when you compare the cost of a lawsuit with the cost of a workers’ compensation policy, it makes sense to have the proper coverage. Damages in an injury lawsuit often include pain and suffering and emotional distress, in addition to medical expenses, lost wages, loss of earning capacity, and other out-of-pocket expenses. Workers’ comp is designed to protect employees who are injured on the job AND to protect employers from liability for work-related employee injuries.
What If My Business Is Seasonal?
If your business is seasonal, you need workers’ compensation coverage during the times when your business is in operation. Most insurance carriers will write seasonal policies, provided the open and closed periods are defined. For example, if your business is geared toward the Holidays and only operational in November and December, your workers’ comp policy would become effective at the beginning of November and would no longer be in effect after December 31.
A workers’ compensation policy is an important part of your business insurance package. Our agents can help ensure you have workers’ compensation insurance and other essential coverage for your business.