Blue Squares background
Nickerson Insurance Services Logo

Do You Need Workers Compensation Insurance?

business-owners-looking-at-insuranceWorkers Compensation Insurance 101

If you run your own business, you may feel like you are on your way to making a mark in your industry. As you expand and hire employees, it’s a good time to look into workers compensation insurance. The laws on this type of insurance vary in different states, but if you decide to hire even one employee to help you with your tasks, you will want to get a policy. Here are some points concerning workers comp insurance and why it can be so important.

Safeguarding Your Business

When you are working on your own, you are the boss and the only employee. But as you become an employer to others, it becomes your responsibility to keep those you employ safe. People can get hurt on the job in many different ways and you want to be covered in case that happens. Workers’ compensation insurance covers wage replacement, disability, medical expenses and more. Not every state has the same laws about how many employees you need before you have to have this type of policy. You can always err on the side of caution and get a policy when you decide to hire people, even if it’s not legally required. In the end, it protects your business, which is vital to your livelihood.

Recognize Your Industry

The rules for these insurance policies often vary based on the industry you are in. It’s more dangerous to work in construction, for example, than it is to work behind a desk. You might need more coverage for certain industries because accidents and injuries are more likely to happen. Keep your industry and business practices in mind as you look for the right policy. If you have employees that are working in several different states, that can really vary what requirements you might have to meet.

Even Small Businesses Are In Need

Starting a business is tough and at first, it might just be you. But as you expand from a super small business into a small business, you need to be covered. It’s sometimes hard to imagine what type of accidents can happen in a small business, but anyone can slip and fall and get hurt at any time and if an employee does so at work, you’re responsible for it. Protecting yourself against even small, seemingly implausible accidents can see you through a rough time and protect both your business and your employees.

Getting Worker’s Compensation Insurance

Any business, large or small, that has even one employee, is wise to get workers’ comp insurance. It’s required by law in many states, but even in states like Texas where it is optional, it is still the smart way to go. You don’t want a simple accident to cause your business huge bills and cash flow problems. And you don’t want employees taking you to court when you should be covered. Get the information you need on Workers Compensation Insurance from the experts at Nickerson Insurance Services, Inc. Ask your questions and make sure you have the proper legal coverage but go beyond that and ensure you have the coverage you really need for your business.

About the Author

Leave a Reply