Small business owners are vulnerable to a range of lawsuits; but, they can protect themselves by purchasing various types of insurance. In fact, some kinds of policies are mandatory. In the state of Georgia, for example, you must carry workers’ compensation coverage if you have at least three regular employees. A lawyer can provide detailed advice and guidance on the matter. In the meantime, here are a few facts to consider. 

You Cannot Purchase Coverage From the State  

The Georgia State Board of Workers’ Compensation regulates the coverage, but they do not sell insurance policies nor is there a State Fund. Instead, small business owners must contact an agent or broker to purchase an adequate plan. You can talk to someone at the Independent Insurance Agents Association by calling (770) 458-0093. 

Your Premium Depends on a Variety of Factors

Like any insurance, workers’ comp premiums depend on multiple factors. Influencers include the company’s industry classification and payroll, as well as their claims history relative to other businesses in the same field. Though the coverage will increase your company’s overhead, most lawyers advise that a claim from an injured employee could cost much more. 

You Can Reduce Workplace Injury Via Training 

If you want to reduce the risk of having to file a workers’ compensation claim—and facing higher premiums as a result—start by training all upper-level managers. Review industry standards set forth by the Occupational Safety and Health Administration and then implement safety requirements based on their regulations. 

If you are facing a dispute regarding workers’ compensation, turn to Sponcler & Tharpe, LLC, in Dalton. Every lawyer on their team has over three decades of experience representing clients in various practice areas, including personal injury and workers’ comp. Visit their website to learn more about each attorney at their firm, or call (706) 278-5211 to schedule an initial consultation with a seasoned lawyer today.