Protect your small business’ employees with the right workers compensation coverage.
When it comes time to insure your business, there are many types of essential coverage that you cannot afford to skip. For instance, workers compensation insurance is one of the most important commercial coverages out there. Workers comp insurance is what will cover the medical expenses and lost wages of employees that injure themselves or become ill while on the job. As most states require business owners to carry some minimum amount of this coverage, you cannot forgo this insurance protection. Even if you have a smaller business with only a few employees, it’s still important that you secure the right workers comp insurance. Here what you need to know about workers compensation insurance for small businesses.
What Workers Compensation Covers
When an employee sustains an injury or becomes ill while in the workplace, workers comp insurance is designed to cover the following:
- Immediate medical expenses
- Portion of the injured worker’s salary
- Retraining costs
- Long-term care costs for disabled workers
- Funeral and burial costs for deceased employees
- Death benefits to a deceased employee’s family
Why You Need This Coverage for Your Small Business
There are many reasons why you need to carry workers comp coverage even if you have a very small business. For starters, if your state has mandated minimums, then failing to carry workers compensation insurance is actually illegal and can result in serious fines and even jail time. Additionally, many small businesses do not have the resources to adequately take care of employee injuries on their own. While a larger corporation might have the finances to pay these sort of claims out of pocket, a single workers comp claim could mean bankruptcy for a small business. By securing workers compensation coverage, you are protecting your employees, but also your commercial assets and your business’s ability to continue operations. Finally, on a more personal note, having the right workers compensation insurance is the best way to show your employees that you care. When you only have a small group of staff members, it’s important that you make them feel like valued members of your team. By offering your employees comprehensive workers compensation insurance, you are showing your staff that you will take care of them and their loved ones when they need it most.
This is why you need to secure the right workers compensation insurance even if your business is very small. Do you have additional questions when it comes to insuring your small business? If so, then contact the experts at PMC Insurance Group. We are ready to get you the coverage that you need today.