No matter how small your business may be, you need workers’ compensation insurance to protect your employees and your business. Most states require businesses with employees to carry it, but even without this legal obligation, it is a necessary product for your business.
Workers’ compensation protects your business in the event of a claim by an employee who has been injured at work and who is left with medical bills they are unable pay due in an inability to continue to work. This is a benefit that is provided by the employer and not something that employees can help to fund.
A lot of small business owners do not think workers compensation insurance is necessary for their business. After all, if they only have 1 employee and are an internet based company, who could be injured? Even so, injuries are not reserved for large companies; they can even occur in a home business. Falling while carrying a package, tripping over a computer cord, or other various injuries can still occur. Along with covering medical payments for injured employees, workers’ compensation insurance can offer other that may save your small business from a financial loss if an employee is injured. These protections include,
- Covers legal expenses if an employee files a claim for their injury.
- Financial support for dependents that lose a provider as the result of a work-related injury.
- Funeral expense coverage for employees who are killed as a result of a workplace accident or injury.
Workers Compensation policies can be formatted to cover specific liabilities and risks in your specific job. Also, know that workers compensation not only covers the employees for risks, but also the business owner as well. Your policy can be formatted to cover whomever and whatever you want to include. Talk to your insurance agent about your business so the policy can best fit your needs.
All in all, workers compensation insurance is an important asset for even the smallest of companies. Even if your state does not require workers compensation insurance, we hope you will understand how important it is for your small business. As an independent agency, Smith Davidson Agency wants to work with you to set up a workers compensation policy and Houston Business Insurance that fits your specific company’s needs and budget. Call us at 713-771-3973 to get started today!