Workers Comp For Subcontractors

​The assets that carry an important role in a business are its people. Specifically, service-based businesses run entirely because of their human resource. While in the workplace, there is a possibility of unwanted accidents that might happen. 

The risk from equipment, disasters, environment, and more may cause them injuries or a need for medical attention. That's why states require providing Worker Compensation Insurance for your people.

What is Worker Compensation Insurance?
This coverage may provide wage and medical benefits to employees for injuries and illnesses or even death caused by the job. These may protect business owners against lawsuits whenever an employee files one injured on the job. It is a very important part of employment that an owner can give to its workforce. The workers may receive reimbursement of expenses from medical bills or wages while they can attend to work. 

Why is it Important?
First, it is a law-mandated policy that protects your employees caused by accidents that happen on the job. These may also protect you if some files a lawsuit against your business. Severe injuries or illnesses sometimes require funds and even make you get money out of pocket. Choosing the best policies to provide for your employee may eventually help get trust and long-term service from your employees.

How Much Does it Cost?
Every state requires different policies as well as prices for business insurance. The coverage typically includes Wage Benefits, Survivor Benefits, Healthcare Expenses Reimbursement, or Receipt Waiving the Right to sue. Around $45 per month is a common range of prices. But many factors affect the price depending on the following:

• Your State's Law
• Company Payroll
• Industry of the business
• Claim history
• Location
• Number of Employees
• Coverage Limits

Conclusion
While your business is small or trying to scale, it is important to provide welfare and security to your employees. Protecting the welfare and well-being of the employees is a business owner's responsibility. Business Insurance can also help keep your business running during challenges like finances and operations. Every business should also focus on giving value and empowering people.

At Cornerstone Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 661-8831. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!