If you run a small business, you might wonder if you need workers’ compensation insurance coverage. Many small business owners have a few employees that help them with business operations. While there is a smaller risk for injuries at the workplace, especially given the limited scale of operations, injuries do occur.
Worker’s compensation insurance helps small business owners in such circumstances. If you have heard about worker’s comp insurance for the first time, this guide will enlighten you about it and what it covers.
Read on to learn more and visit https://cerity.com/small-business/!
What Is Workers Comp for Small Businesses?
Worker’s compensation, commonly referred to as worker’s comp is a type of insurance designed to protect business owners from liability if their employees sustain injuries in the work environment. Thanks to workers comp for small businesses, employers will have a limited risk of loss due to injuries sustained at work. Whether your employee gets sick due to work conditions or sprains their ankle in a slip and fall accident, worker’s comp for small businesses will help cover liabilities.
Any business, whether small or big, needs comprehensive worker’s compensation insurance. While large businesses already know the importance of this insurance cover, some small business owners are skeptical, given the frequency of work-related accidents. This costs them more than they can imagine as employee injuries and accidents occur.
Therefore, getting worker’s comp for small businesses is crucial, especially if you have a team of employees on your hands. Getting this insurance is helpful, legally required in most states, and can help small businesses save money through small employers relief. This underlines the importance of getting worker’s comp for small businesses.
What Does Workers Comp for Small Businesses Cover?
Workers comp for small businesses covers a wide range of liabilities. If you are planning to get this insurance policy, here are some of the things it covers.
- Medical expenses: Workers comp for small businesses covers all medical expenses for workplace accidents, such as emergency room visits, ambulance rides, surgical procedures, and other medical bills. If one of your employees sustains workplace injuries, this policy also pays for ongoing care, such as physical rehabilitation and post-recovery treatment.
- Disability benefits: When employees sustain serious injuries at work, they might not be able to work for weeks, months, or even years. Workers comp for small businesses covers part of the wages they have lost while recovering from the injury. Any losses they incur while on occupational illness are also covered under this policy.
- Fatal injuries compensation: Employees might lose their lives when fatal accidents happen at work. When that happens, workers comp for small businesses pays death benefits that cover funeral expenses and other costs. The benefits also support the individual’s family as they will have lost a source of income.
Consider Workers Compensation Insurance For Your Small Business
It is crucial for small businesses to get workers’ compensation insurance, given the risks employees face while working. Accidents are bound to happen even if a business has minimal operations. Besides, it is a legal requirement for small businesses to have this type of insurance. Work on getting this insurance today!
