If you own a small business, you will have insurance needs that go beyond your personal policies. Running a business opens you up to a wide range of different liabilities, including the possibility of your employees sustaining injuries or illnesses on the job. Workers’ compensation insurance is designed to provide coverage for an employee’s medical treatment for work-related injuries and illnesses. It is required by law in most states, and it can provide peace of mind for both you and your staff.
As you assess your commercial insurance needs for your small business, it’s worth learning a little more about how workers’ compensation insurance works and why you need it. Continue reading for a closer look at how this type of insurance will protect your business and its most valuable asset, your employees.
No job is without its risks. Even in office environments, employees are susceptible to injuries at work. Workers’ comp coverage is intended to cover medical expenses, lost wages, and disability payments.
In addition to providing coverage for these costs, workers’ compensation insurance also protects your business from legal liabilities. In most cases, employees cannot sue their employers for work-related injuries. One exception, however, is when employers do not have the workers’ compensation insurance mandated by state law.
Workers’ compensation insurance provides coverage for most injuries at work or illnesses directly related to workplace conditions. It typically will not cover stress or psychiatric illnesses, self-inflicted injuries, injuries that occur during a commute to or from work, or injuries sustained while violating company policies.
In most states, small businesses must attain workers’ compensation insurance as soon as they hire their first employee, regardless of the industry your business is in. Still, every state’s laws are slightly different. Hull Maynard Hersey Insurance serves clients throughout Vermont, New Hampshire, Maine, New York, and Massachusetts. If you do business in any of these states, we can walk you through your coverage requirements and pair you with a policy that’s right for your business.
When an employee does sustain an injury at work, you’ll want to be prepared to handle the workers’ comp claim efficiently and accurately. You should provide your employees with training on what to do in the event of an injury and clearly post contact information for the person responsible for handling workers’ compensation claims. Typically this will be a manager or member of your HR team.
Hull Maynard Hersey Insurance can assess your small business’s insurance needs and help you select the right coverage to protect your business. We are an independent insurance agency offering policies from many trusted carriers, so you always get the right coverage for your business' needs. Contact us today to get a free quote.