Your business insurance package probably includes liability coverage that will pay for damages if someone is hurt on your property. However, this coverage doesn’t extend to your employees, who can file a lawsuit against you if you don’t have sufficient worker’s compensation coverage. In most states, all employers are required to participate in some sort of worker’s comp program, but purchasing coverage even if you’re exempt is always a good investment.
The Importance of Worker’s Compensation
Meeting State Requirements
Most jurisdictions dictate that most employers carry worker’s compensation of some kind. In Missouri, for instance, any company with at least five employees, or construction companies with just one employee, are required to have worker’s comp protection. If an employee is hurt and you don’t have adequate coverage, you’ll be fined by the state and exposed to an expensive, time-consuming lawsuit.
Shielding Yourself From Liability
Worker’s compensation is considered the sole remedy for injured workers, meaning they have no standing to sue if they’re injured at work. In exchange for losing their ability to file a suit, employees receive fast benefits and a no-fault system that allows them to collect benefits, even if they were partially responsible for their own injuries.
Compensation for a Variety of Conditions
Worker’s compensation offers coverage for a broad variety of conditions that go far beyond accidental injuries. For instance, the worker’s comp part of your business insurance package will pay to treat repetitive motion injuries, like tendonitis or carpal tunnel syndrome, as well as chronic disease and even mental health conditions related to stressful working conditions.
If you run a business in Mountain Grove, OH, Steven Hall with Farmers Insurance has the expertise to ensure all of your investments are protected. As a representative of one of the nation’s leading carriers, I offer a broad range of high-quality business insurance policies and the careful attention to ensure you and your employees are shielded from the unexpected. Read my reviews online or call (417) 926-7900 to request a business insurance quote today, and follow me on Twitter for more professional insight and advice.