If you are new to the business-owning process or are expanding your employee list, workers compensation insurance should be one of the first things on your checklist. Acquiring this coverage can help in preventing financial loss and can keep your savings intact in the event of a incident.
Overview of Workers’ Compensation
Let’s say you own a local pizza shop. One day one of your employees slips on a wet floor or gets hurt while unloading shipments. You may have to pay for that employee’s medical expenses. In another scenario, you may own a business that transports and supplies fuel to gas stations. One of your employees falls ill from work-related hazards. That employee may also be entitled to compensation.
A bad case scenario for you is that you are left without any investments and have to pay out of your pocket. This can lead to you closing your business for good.
Luckily, these situations can be handled if you have workers compensation insurance. Depending on your insurance contract, you may be able to pay employees’ medical bills, settlements and may even be able to pay a family in the case of an employee death.
If you want your business to remain open for years to come, it is worth investing in a strong coverage policy. That way you can be ready for any employee incident.