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The short answer is that purchasing workers’ compensation insurance is a really good idea.
If your business has non-family member employees (even 1), most states will require that you carry workers’ compensation coverage. Even if workers’ comp isn’t a requirement in your sate, it’s still a good business decision for you and your employees. Workers’ compensation coverage is designed to protect you and your employees in the event of a workplace illness or injury. Benefits include:
- Employees can recover most of their lost wages
- Employees medical expenses will be covered
- In the event of an employee lawsuit, workers’ comp will help cover legal fees
- In a worst-case scenario, workers’ comp will provide death benefits for the employees’ family
Another thing to remember is, even if you offer health insurance to your employees, this coverage doesn’t cover a work-related injury or illness. You’ll need worker’s compensation insurance to protect you and your employees.
What if I don’t buy workers’ compensation insurance?
If you’re state requires workers’ compensation and you don’t carry it, you open yourself up penalties, fines and stop-work orders. In addition, whether or not your state requires that you have worker’s compensation coverage, if you don’t have it, in the event of an accident, you will be required to pay. You will be required to pay medical expenses, lost wages, legal expenses and other benefits, these costs can quickly spiral out of control.
What else do I need to know?
There are many state by state differences in worker’s compensation requirements. It’s important to find a partner that knows the laws in your state. It’s also important that you find an agent that is focused on your industry. Agri-Services Agency has been insuring the agriculture industry across the country for over 50 years. You should look for an agent that will work to help you keep costs down by providing risk analysis and loss control, safety training, and claims assistance. You need someone that will explain how dividends and deductibles will affect your overall cost. You’ll also want someone that will make sure you remain compliant with ever changing government regulations and provide 24/7 live customer service. Agri-Services Agency will provide all these services – free of charge – to our customers.
When your business is covered correctly, you and your employees will have the peace of mind you deserve. To find out more, give us a call today at 877-466-9089 or visit agri-servicesagency.com
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