Here are good reasons to have worker’s compensation insurance.
- Most states require that you have workers’ compensation coverage. Noncompliance may result in having the doors to your business closed for good or substantial fines.
- It protects your employees. If an employee gets hurt and you have no coverage, you can face litigation and claims. You may also be responsible for legal fees and the cost of injury.
- You could be fined. Government could fine those businesses that are not providing workers comp insurance to their employees.
Employees- Workers’ compensation provides injured employees with medical treatment and time loss in the event of a serious injury.
Employers- Workers’ compensation provides employers with the security that insurance will be there to help treat and restore injured workers.
Workers’ compensation is an important part of your business insurance program. It is required by state law that your business has workers’ compensation insurance.
As a business owner, you go to great lengths to provide a safe working environment for your employees. Workers’ compensation continues to be a significant cost driver for most employers, and understanding all the factors that can drive your workers' compensation cost can often be complex and time consuming.