As a business owner, protecting your company is always a priority. While a good umbrella commercial insurance policy will help protect you from theft, liability, and damage, it’s not the only type of coverage you need. For many businesses, workers’ compensation coverage is just as important as a standard policy. But how do you decide if the coverage is necessary? Here’s what you need to know.

Workers’ Comp Is Only Needed if You Have Employees

Workers’ compensation is a type of commercial insurance that protects your business from liability if an employee is injured on the job. For businesses with multiple employees on payroll, workers’ compensation coverage is legally required. If you’re a sole proprietor or have fewer than three employees, the coverage is still beneficial, but it’s not required by law. Ideally, business owners should purchase coverage as soon as they start interviewing candidates. This way, the policy will be in place the moment those new hires start their first shift.

The Coverage Shows You Care

Even if you don’t have three or more employees at your business, the policy may still be a good idea. Workers’ compensation coverage provides injured employees with money to cover their medical treatments relating to the injury as well as a portion of their income while they’re unable to work. This shows employees that you’re invested in their well-being, especially if you’re running a small operation.

How Workers’ Compensation Supplements Business Insurance

Think of workers’ compensation coverage as a supplement to your commercial insurance policy. It won’t replace the standard liability coverage and will not provide funds to cover structural repairs or replacements of stolen property. It only looks out for your employees, as standard business insurance does not protect the well-being of your workers.

Ready to purchase a workers’ compensation policy to round out your commercial insurance coverage? Contact the team at Tammy Ross Insurance in Monroe, NC. As an independent insurance agency, they work with multiple providers to help you find the best coverage for your business at a price you can afford. Their agents work with businesses of all sizes, so you’ll never have to worry about going without coverage. Learn more about their services online and call (704) 233-4981 for a free quote.