Cornerstone Insurance Agency Blog
While the thought of having workers' compensation coverage may seem like an expense that you can't afford, it could end up saving your business money in the long run.
Workers' compensation insurance covers your business if one of your employees gets injured while on the job and requires medical attention.
What Injuries Are Covered?
Compensation for job-related injuries under workers' compensation programs is intended to help employees and their families when they experience a loss due to a workplace injury.
It typically covers medical costs, rehabilitation, temporary disability, and sometimes lost wages resulting from an injury caused by a work-related accident or exposure to hazardous substances.
Each State Is Different
There are 50 states in America, and each state has different laws regarding workers' compensation accounts.
You must do your research to know whether or not your business needs an account.
The easiest way to get started is by contacting an insurance agent who can help you find out what your state requires and if it applies to your type of business.
Private Workers’ Compensation
If you are a small business owner with no employees other than yourself, you are not required to carry workers' compensation insurance.
Although it is possible that your state still requires you to have some coverage in case an employee or customer is injured while on your property.
Benefits of Workers' Compensation
However, something may happen to one of your employees, even if workers' compensation is not required in your state.
It's important to have a good policy in place (your premiums will be higher, but that's because it covers different things.
If you're self-employed or work for a company that doesn't offer workers' compensation insurance, it might be in your best interest to look into purchasing your policy. These policies cover medical expenses related to job-related injuries and accidents, as well as lost wages. Many business owners find it beneficial to purchase a policy to reduce their financial risk.
At Cornerstone Insurance Agency, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 661-8831 or Click Here to request a free quote. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!