Do I need Workers' Compensation Insurance?

For almost all businesses in the United States, yes. Workers’ compensation insurance usually isn’t optional. While workers’ comp laws vary by state, small businesses typically need a policy as soon as they hire their first employee.

Even when not required by law, this policy provides essential protection against medical expenses and employee lawsuits related to workplace injuries. For example, you can rely on workers’ comp if an employee needs medical care or time off due to a workplace injury – or if an injured employee sues you for failing to prevent an accident.

If you don’t carry workers’ comp, your business will be responsible for any medical bills and legal fees. And most states levy costly penalties for noncompliance.

Why is Workers' Compensation Insurance important?

A severe workplace injury could financially devastate your business. Unfortunately, many small businesses can’t afford to pay medical bills out of pocket, whether treating carpal tunnel syndrome or a broken leg.

Without workers’ comp coverage, you and your employees are in a difficult situation.

Why do certain clients require you to carry Workers' Compensation Insurance?

Your clients don’t want to deal with the expense and hassle of a workplace injury. That’s why they might require contractors who work for them to carry their own business insurance, including workers’ comp.

This requirement limits legal liability for the client. Independent contractors with business insurance are more likely to seek payment from their insurance companies (instead of the client) if they are injured while working on a project.

Want to learn more about this policy? Our team understands the risk associated with different industries and can help map your requirements with the right coverage. Get in touch with us today for a customized policy.

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