The Must-Have Insurance Policy Your Business Needs

When an employee is injured on the job, workers compensation is the one insurance policy you want to make sure you have. The policy protects your business and, more importantly, ensures your employee’s medical expenses are paid and lost wages recovered. Not only that, but from California to Maryland workers compensation may be required by law.

For unsalaried employees, workers compensation is a lifeline after the unexpected happens. Most workplace accidents do not occur due to employer negligence, but from happenstance during the course of normal physical activity. An employee may awkwardly lift something heavy or an office worker might trip on a step.

When that happens, knowing the company will protect them through its workers compensation policy relieves stress and anxiety. It also helps the worker return to the job sooner.

Don’t Neglect Workers Comp Coverage

At times, it is necessary to streamline the budget. When that happens, do not strip out your workers compensation policy. While you may be tempted, the result could be disastrous.

Remember, your state may require you to carry a workers comp policy. You may incur a fine if you neglect to carry a policy. Moreover, if an employee is injured and you do not have workers comp, you may open yourself to a lawsuit, which could be even more expensive.