Will you make this common mistake when it comes to Workers Compensation Insurance?
If you own a business then listen closely…
As a business owner, you do everything you can to protect your employees from potential dangers, but do you have workers compensation protection? Most business owners understand that workers comp is important, but did you know that if you have employees, it is required by law for most businesses to have coverage?
Workers compensation is a type of insurance coverage that protects your employees in case of injury or disease during the course of employment. Policies can provide coverage for:
- Medical expenses
- Lost income/wages
- Rehabilitation costs
- Death benefits
- And more…
For anyone who is classified as an employee, it is required by law to provide them with workers compensation coverage. Employees can opt out of coverage, but if you do not offer it, you can rack up $18,250 – $36,500 in fines within a year. Termination of an employee who is injured while working and/or who files a workers compensation claim is also illegal. As a rule, a company with five or more employees is mandated to purchase workers compensation insurance to cover medical expenses, permanent disability, and a portion of the injured employee’s wages.
Having workman’s compensation coverage can save you and your business from costly lawsuits and employee issues. Workers Compensation Insurance protects your business AND your employees, who are oftentimes a huge part of the framework of a company. Prestige International Insurance Group can provide you with a coverage program that is specifically tailored to meet your needs. We can also provide you with a free workers compensation insurance quote. You’ll be surprised at how much your business can save by choosing to place your policy with Prestige International Insurance Group! Call us today or fill out our quote request form for a free, no obligation quote.