If you have a small business with very few employees, you might not think that you need to get workers' compensation insurance. After all, if you work in a relatively tiny facility, you and your team have likely developed a family-like atmosphere because you all know each other so well. Taking out a workers' compensation insurance policy may seem like an unnecessary expense. However, neglecting the need for workers' compensation coverage could come back to bite you in a very vicious way. Keep reading to see why it is critical for you to get workers' compensation insurance as soon as possible.
The Penalties Could Be Stiff
You may not know it, but it might be mandatory for you to carry workers' compensation insurance. Your state may have laws in place stating that certain businesses must carry workers' compensation coverage at all times. Not being aware of the rules won't be a sufficient excuse if you ever happen to be caught without the coverage!
It is very important for you to become familiar with the laws governing businesses in your state. It may seem like you don't need the protection because you only employ a couple of people. The problem is that if you work in certain industries, workers' compensation insurance coverage is a requirement.
You can take a look at this site to gain a better understanding of whether or not workers' compensation is mandatory for your business. Find the home state of your business and read the information that is listed there. If the protection is required, you should get it immediately so you can avoid fines and even a possible prison sentence.
Accidents Can Happen At Any Time
There's no way to tell when an accident will occur. It could be something as simple as an employee missing a step as they go upstairs to the breakroom. An incident that appears so minute on the surface can have devastating consequences. Your teammate could be injured so severely that they are unable to perform their job duties for a very long time. If you've never purchased workers' compensation insurance, you might find yourself left holding extremely high medical and legal bills.
Don't risk being without coverage when you need it most. Have your workers' compensation policy in place so if anyone hurts themselves on the job, the financial backing will be there.
Workers' compensation insurance is some of the most important protection you could ever have. Contact an insurance company to learn more about your options for workers' compensation insurance.