3 Reasons To Consider Buying Workers Compensation Insurance Even If The Law Does Not Require You To
Some companies are required by law to carry workers compensation insurance. While workers compensation requirements can vary from one state to the next, these requirements are often based on the number of employees that a business has. Consequently, small businesses with only a few employees and self-employed individuals are not typically required to carry workers comp insurance. If you fall into this category, you should know that just because the law does not require you to carry workers compensation insurance does not mean that you will not benefit from purchasing this insurance anyway. Read on to learn more about a few of the reasons you will want to consider purchasing this insurance coverage even if you are not mandated to carry it.
Protect Your Own Livelihood
Workers compensation benefits are designed to cover the cost of medical expenses and provide you with an income in the event that you are injured at work and are unable to work. No matter how big or small your company is, having access to these benefits can be a very important part of maintaining your financial stability until you are able to return to work full-time. This is one very important reason that all business owners and self-employed individuals should consider purchasing a workers compensation insurance policy even if they are not required by law to purchase this coverage.
Avoid Expensive Lawsuits
A lack of workers compensation insurance does not eliminate your legal liability in the event that one of your employees is injured on the job. If you do not have adequate insurance coverage, you will likely find yourself facing a lawsuit that will require you to cover the cost of your injured employee's medical bills and lost wages. This type of lawsuit can easily put a small company out of business. Choosing to purchase a workers comp policy will help you to avoid these types of lawsuits and prevent your company from falling victim to a financial disaster.
Attract Quality Employees
It is quite common for individuals to be a bit hesitant to take a job with a very small business because these businesses often are unable to provide the same benefits that larger businesses are able to offer. If you are finding it difficult to attract qualified candidates for job openings in your company, expanding your available benefits may help you to attract the quality employees that you are looking for. Choosing to purchase a workers compensation policy is one way in which you can do this by assuring workers that they will be taken care of if they are ever injured on the job.