When should you purchase workers compensation insurance?
If you run a business, then one of the essential forms of commercial coverage that you need is workers compensation insurance. But many business owners do not know much about this type of insurance. Here’s what you need to know about securing workers compensation coverage.
- Know State Insurance Laws
Workers compensation insurance is a mandatory coverage in most states. However, every state has its own requirements that business owners must adhere to. To ensure that you are not subject to costly fees and insurance penalties, it’s important that you review your state’s workers compensation laws and ensure that your coverage meets the necessary requirements.
- Secure Insurance Before Hiring a New Employee
If you are planning to hire a new staff member, you should add them to your workers compensation insurance policy before officially completing the hire. Not only is this a necessary legal step in several states, but securing workers comp coverage ahead of the hire ensures that your new employee has the protection they need as soon as they walk through your doors.
- Make Sure You Have Enough Coverage to Address Your Risks
Certain industries are inherently more dangerous than others. For instance, those working in the construction industry face way more risks than an office worker. When securing workers compensation insurance, it’s important that you consider your risks and choose a policy that offers adequate coverage to protect against your industry’s dangers.
These are some of the things that you need to consider when securing workers compensation insurance. Do you need help with your commercial coverage needs? If so, then contact the experts at PMC Insurance Group today.