No matter your industry, no business is complete without risk. While more “dangerous” professions like construction, factory work, or similar are well-known to have risks, those working in offices, shops, or other “safe” environments aren’t immune to a work-related accident, injury, or illness. While workers’ compensation is required for most businesses with at least 1 non-owner employee, most business owners don’t realize just how these insurance policies protect them just as they protect their employees.
Some businesses may price out workers’ compensation policies and find that anything above the bare minimum is too expensive, so they shop around to find what they believe is the most cost-effective solution in their eyes. It’s only when they need to use that insurance do they realize that the quality of the insurance is the most important factor.
What Is Workers’ Compensation Insurance And How Does It Help My Business?
Workers' compensation insurance is a type of liability policy that covers employees in the event that they’re injured or fall ill while on the job. A construction worker that falls through a roof, a store worker who slips on a wet floor, or an office worker who trips over a server cable may all utilize workers’ compensation insurance to cover the cost of their injuries and subsequently missed work.
Workers’ compensation insurance helps employees, but how does it help businesses? A few ways include:
- Saving businesses from paying out of pocket – Without workers’ compensation insurance an employee that is injured on the job may pursue a lawsuit against their employer for their work-related injuries. For businesses, this could mean having to deal with payouts in the tens of thousands in the event one of their employees is in an occupational accident or falls ill due to their job requirements. With workers’ compensation insurance, their employees are covered without having to pay expenses out of pocket.
- Shows care for employees – Finding the best talent in your industry is competitive, and these individuals with outstanding talent know that their skills are in demand. Having a thorough and quality workers’ compensation policy lets these employees know that their potential employer is looking out for them and is willing to take care of them while they bring their best.
- Keeps your business legal – In most states, workers’ compensation insurance is a necessity as long as your business employs at least 1 non-owner employee. In order to avoid legal ramifications for not carrying this type of commercial insurance, it's important to speak to a professional insurance agent to make sure you have the right policy for your business.
The Right Commercial Insurance Policies For Any Business
No matter what industry your business is in, it’s important to carry the right insurance policies to keep your investment protected. In most instances, an individual’s business is their single biggest investment, and it’s these policies that make sure your investment has the protection it deserves. To learn more about commercial insurance or workers’ compensation policies, contact us at Panorama today.