Starting a business is no easy task. Scaling a business is even more challenging. In order to delegate roles & responsibilities to employees you must create the systems and processes necessary to train, develop, coach & manage new hires. Finding the right person for the right seat can be the most difficult part! Then once, you find the right person you must ensure that they can safely perform the duties they are responsible in a hazard free work environment. What do you do if your employee becomes injured on the job? How do you implement safety programs to minimize the likelihood of a work-related accident happening on your premises? How do you minimize the time that an employee is on short-term disability so they can effectively return to work as soon as possible? These and many other questions are complex subjects that many small business owners face themselves pondering when they begin hiring or begin scaling their business. Workers compensation insurance alleviates many of those concerns. Read on for a high level overview of what you need to know about workers compensation insurance.
What Is Workers Compensation Insurance?
Workers Compensation is a system of benefits created to compensate workers for injuries sustained on the job site or during the normal course of business operations. Workers compensation insurance is a form of insurance that, (is required in many localities if one owns a small business or has employees on payroll) in exchange for premium covers employees at statutory limits for bodily injury & disease occurred during their employment.
What Does Workers Compensation Cover?
It covers all work related injuries and illness. Workers Compensation insurance pays hospital and medical expenses that are necessary to diagnose and treat your injury.
Why Get Workers Compensation?
As a business owner, you have a responsibility to protect not only your customers and vendors from liability that may arise on your property but you must also provide a safe work environment for your employees to minimize the risk of injury and workers compensation is an excellent way to help employees recuperate from injury, receive fair and just compensation for their injury and assist with recovery so they can return safely to work.
Failure to carry workers compensation could result in your employee suing you for tort or negligence.
For this reason, you must operate your small business or commercial entity in accordance with your state’s employment & labor laws.
If you are a business owner in Virginia, Maryland, or DC, call us for a free workers compensation quote today at 703-430-1200 or by clicking HERE
Learn more about Workers Compensation Insurance by calling us at 703-430-1200 and speaking with an insurance expert!