Accidents can happen despite your best efforts to prevent workplace injuries. This is where workers' compensation insurance is necessary. It protects your employees if they are injured at work and also your business from associated claims and lawsuits. Without workers' compensation insurance, you are liable for workplace accidents and related losses, which could financially ruin your business.
Read on to learn how workers' compensation insurance can help your small business stay afloat.
Workers' compensation insurance is required in several states although they are governed by varied laws and regulations. For example, in Alabama, you are required to buy the policy if you have 5 or more employees, whereas, in Arkansas, you need it if you have more than 3 employees.
Having workers' compensation insurance is helpful to protect your business, notwithstanding your state's regulations. For instance, if an employee becomes ill or injured at work, they may sue you, seeking compensation for their medical expenses or lost wages. Unless you have workers' compensation insurance, you will have to cover these expenses out of your pocket.
Purchasing a workers' compensation policy is essential because you are responsible for protecting your employees, whether they work at the office, at home, full time or even, part-time.
Like in-office workers, remote workers should be covered by workers' compensation insurance, since they are also susceptible to slips, accidents, and ergonomic injuries caused by poor workstations. If you buy a policy for them, ensure your remote workers' work environment is safe and ergonomically correct to avoid frequently filing claims. An insurance provider may also consider your remote workers' working environment and possible risk factors before providing coverage.
The cost of worker's compensation insurance varies depending on the size and location of your business, nature of work, employees' payroll, and claims history. You can get quotes from different insurance providers and settle with the one that provides comprehensive coverage at an affordable cost.
If you are looking for all-inclusive workers' compensation insurance in New York, contact us today at Abatelli Insurance Group. We provide coverage tailored to unique risk exposures and needs of your business, ensuring extensive protection at all times.