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The process of starting a small business involves a lot of details. Overlooking insurance may be tempting, but protecting your investment will keep it safe. The answer to the question, “Do I need Workers’ Compensation Insurance?” is “yes”, by law. Workers’ Compensation Insurance provides you with peace of mind. As a responsible business owner, you know you are meeting state requirements, and your employees are protected in case they get sick or injured at work.

Let’s look at the details.

What Is Workers' Comp Insurance?

Workers Compensation Insurance helps small business employers protect their employees and businesses from the costs associated with work-related accidents, injuries, and illnesses. 

If an employee is injured on the job, if your company has workers’ compensation coverage, they will be able to file a claim. Your workers’ compensation policy will compensate your injured employees for their medical expenses, necessary rehabilitation, and lost wages while they are recuperating if the claim is approved. 

If you want to make sure that you and your employees have coverage in case of work-related injuries, you will need workers’ compensation insurance.

Workers' Comp Insurance For Small Business

In most states across the country, workers’ compensation insurance isn’t optional. While state laws vary, small businesses typically need one in place as soon as they hire their first employee. In addition to covering medical expenses, the coverage also protects against lawsuits stemming from workplace injuries. Your business would be responsible for any medical bills and legal fees if you don’t carry workers’ compensation. Most states levy costly penalties for noncompliance.

These are 3 reasons why you should get Workers’ Compensation Insurance for your small business:

  1. Workers’ compensation is required in most states. 
  2. The insurance covers medical expenses and partial lost wages caused by work injuries. 
  3. In addition, most policies will cover employee lawsuits related to work-related injuries.
Workers’ compensation coverage does not require an injury to be caused by an accident. As defined by the state, workers’ compensation insurance also covers illnesses related to employment, for example, a lung disease that is scientifically linked to exposure to chemicals used in certain jobs.
A great number of employees also receive workers’ compensation benefits as a result of an injury sustained from prolonged overuse or misuse, such as chronic back pain

Why Workers' Comp Is Important For Small Businesses?

An injury at the workplace could have devastating financial consequences for your business. The owner of a small business may not be able to afford to pay medical expenses out of pocket, such as treatment for carpal tunnel syndrome.

If you don’t have workers’ compensation coverage, your business and employees are both in a difficult position.

The best advice for a business owner is in order to protect your business and employees, you should get workers’ compensation insurance in case any of your employees get injured at work. Otherwise, if you don’t get your workers’ comp policy you could get sued by the injured employee and could lose a lot of money out of pocket.

PEOPAYGO Is Here To Help You!

As a Professional Employee Organization (PEO), P.E.O.PayGo can help you get workers comp, bundle payroll, HR, and perform all the headache functions of a small business, all while saving you time and money. Let our Instaquote do all the work, we don’t need much information and it takes 2 minutes. Our software does all the work for you. 

Get Ready, Set, and Covered Now!

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