Regardless of the kind of business you operate, you need to make sure it's protected with sufficient insurance coverage. Employees are constantly at risk of being injured or falling ill due to conditions at their job. Workers’ compensation is designed to provide for injured or sick employees while preserving the financial wellbeing of the business owner. North American Underwriters offers Farmington, CT residents a wide selection of personal and business insurance options, and it’s their goal to make sure their clients have the information they need to make an educated decision on coverage.
If you’re a business owner, review these tips before shopping for workers’ compensation insurance:
- Coverage Is Not An Option: The most important thing to know about workers’ compensation is that carrying coverage is not an option. Business owners must pay into a policy that provides their employees with benefits in the case of a work-related injury or illness.
- Insurance Helps Pay For A Variety Of Situations: Workers’ compensation covers the financial responsibility of a business to pay for an employee’s medical bills, wage loss, rehabilitation, and death expenses. As a stipulation of accepting a workers’ compensation payout, an employee gives up their right to sue the company.
- Lawsuits Can Affect Your Personal Life: Lawsuits resulting from a workplace injury can bankrupt a business and disrupt your personal life should you not have the insurance to help pay for a settlement. Without adequate coverage, you would likely be held accountable for any damages yourself.
Workers’ compensation insurance is a fundamental requirement for both business security and personal protection. Contact North American Underwriters at (860) 674-4000 to discuss your options, or visit them online to request a free quote.