Are you a small business with several employees? Are you looking for ways to protect your company from a workplace injury? If so, then you need to look into investing in workers’ compensation for your staff. All it takes is one error or slip-up on the work floor to cause a workplace injury. When that happens, the employee is forced to look for someone to cover their medical expenses to protect their livelihood. See below for several different reasons why your small business needs workers comp insurance. Be sure to consider all of these factors while you search for the right fit.
1. It’s the Law
Every state in the country has a law that prevents employers from conducting business without workers’ compensation.
If you have any workers on your team, you’re legally required to provide workers’ compensation through a workers’ comp provider.
Many companies make the mistake of going without workers’ compensation. But as soon as a worker gets injured, you’ll be on the hook for any injuries that they’ve sustained.
As soon as it’s revealed that you don’t have workers’ compensation, your company will be subject to hefty fines and penalties. These fines and fees might be too substantial for your company to ever financially recover from.
Be sure to reach out to a trusted workers’ compensation provider today in order to get your company set up with proper insurance needs.
2. It Protects Your Staff
Imagine, for a moment, being in the shoes of a worker that has just sustained an injury on your work floor. Not only are they in severe pain and worried about their long-term health, but they’re also worried about how they’ll afford the expensive medical bills.
They’re then faced with a choice: either seek medical help and deal with the expensive medical bills or deal with the pain in order to avoid medical expenses. Many choose the latter and suffer life-altering injuries that never heal properly as a result.
When you provide workers’ compensation for your staff, it protects the livelihood of all of your workers and their families. They can seek out proper medical treatment without worrying about the financial aspect of it.
They can even apply for pre-settlement financing in order to cover those costly medical bills while they reach an agreement with your workers’ comp provider.
This will get your injured worker back on the work floor as soon as possible, helping them fully recover from the injury in the process!
3. It Secures Your Company’s Future
As previously mentioned, without workers’ compensation in place, your company will be the one footing the bill for all injuries that occur on your work floor.
Seeing as how medical bills can quickly add up to thousands of dollars, your company won’t be able to financially recover from paying such an enormous price out of its own pocket.
Having workers’ compensation in place helps provide your company with financial relief in the case of an emergency.
When an injury occurs, your employee will file a claim with your workers’ comp provider in order to receive compensation. Your company will no longer be in charge of covering the expenses, your provider will.
The workers’ compensation provider that you invest in will take the financial stress of your company. You can also limit the risk of workplace injuries by training your staff on best practices in the workplace.
4. It Saves You and Your Worker’s Relationship
Nothing harshens an employer/employee relationship faster than a workplace-related injury. If your company doesn’t have workers’ compensation, your employee will view your negligence as a complication to their future health.
You don’t want a workplace injury to cause your best in-house talent to jump ship for another company. You want to do all that you can to help them recover quickly and seek the best medical help that money can buy.
Having workers’ compensation helps remove the employer (you) from the equation. When a workplace injury occurs, the employee will come to you or an HR rep to file a claim with your worker’s comp insurance company.
Once they request it, you’ll give them the proper paperwork that they need (which is given by your workers’ comp provider) to file a claim.
After they file the claim, you’re removed from the equation. The employee and their attorney (if applicable) will be negotiating with your provider on compensation. You won’t have to be involved whatsoever.
5. One Less Thing to Worry About
Unforeseen emergencies are a threat to any business. However, if you put protection from those emergencies in place, you won’t have to worry about them as much.
Once you invest in workers’ compensation, you’ll have more peace of mind knowing that your company and your workers are financially protected in case of an injury.
If a workplace injury were to occur, you can focus on helping the employee recover as quickly as possible. It gives you one less thing to worry about if an emergency were to ever happen.
Be sure to equip yourself with the workers’ compensation package you need for your specific injury today.
Invest in Workers’ Comp Insurance Today
Now that you’ve seen several different factors of why it’s important to have workers’ comp insurance for your business, be sure to invest in it right away.
Read this article for more information on several eye-opening workers’ compensation facts that every employer must know.
For more inquiries, please begin by filling out this online form to request a quote and we will be happy to assist you further!