Owning a business comes with numerous responsibilities, including keeping your workspace and employees safe. However, even if you're a diligent boss, accidents happen. In these situations, workers' compensation supports those affected by a job-related injury or illness, ensuring they receive medical treatment and wages while they can't work. Learn more about this type of insurance and why it's necessary below.

Why Do You Need Workers’ Compensation Insurance?

Workers' compensation is legally mandated in many states, so if you fail to meet requirements, you might have to pay penalties or employees' benefits out of pocket.

In North Carolina, employers with over three employees usually have to provide worker's compensation. However, requirements will also vary based on your industry. For example, if you're an agricultural employer in the same state, you don't have to provide insurance unless you have over 10 full-time, non-seasonal workers. Other factors that vary include how an employee is defined, and whether or not the policy covers out-of-state work.

How Do You Get It?

Your methods for getting workers' compensation insurance will depend on whether the state or private insurers provide it. Some states have a fund that competes with the private market and steps in when you have trouble finding a policy.

If your state has a private market, you can purchase insurance through a private carrier or agency by shopping around to find the best price and coverage.

Be a responsible business owner and protect your employees with the help of IGO Insurance in Raleigh, NC. For five decades, they’ve been committed to providing the best customer service, working with over 15 insurance carriers to find you exceptional coverage. Once they find your policy, they’ll also work with you to ensure you understand how it works, so there won't be any surprises ahead. Call (919) 782-1560 for insurance coverage catered to you, or get a quick quote online.