3 Reasons Your Small Business NEEDS Worker’s Compensation Insurance

Workers Compensation Frisco TXAs a business owner, you probably already know the importance of protecting your employees, but you may not be familiar with how workers compensation insurance can protect your business’s finances. Considering an estimated 4.1 million workers become ill or are injured on the job each year in the United States, you should protect both your business and your employees. Here are 3 reasons why you should invest in insurance to cover worker’s compensation claims against your small business.

Protecting Your Company

Illnesses and injuries that occur to your employees as a result of working in your business will require a great deal of medical care. Since your business will be required to pay for all or some of the cost of care, your company will need to be prepared financially. Unfortunately, most small businesses do not have the extra funds available for these costs. This can decrease or consume all of your profits, resulting in enormous debt and even a possible bankruptcy.

The cost of purchasing workers compensation insurance may seem high for your small business. However, it can be a great investment to ensure your company is protected in case one or more employees require medical care and time off from work.

Protecting Your Employees

Your employees are an integral part of your business. In most cases, your employees will work hard to help your small business grow and thrive. Insurance to cover the cost of worker’s compensation claims will protect your business, but it is also necessary to protect your workers.

Insurance allows your employees to have access to quality medical care without any worry of the costs. Not only will this increase your worker’s ability to recover from their injury or illness in a more efficient and effective manner, but it also helps employees get back to work, which will benefit your business.

It’s Not Required, but It Should Be

Each state has different rules and regulations when it comes to business insurance. Certain states require businesses to have a certain amount of worker’s comp and liability insurance while other states allow business owners to make the decisions on their own.

In most states, businesses can purchase a policy through their local insurance agencies. Other states may need to purchase the insurance through the state. However, Texas is one state that does not require businesses to have insurance for worker’s compensation claims.

While the insurance is not legally required for everyone, it is beneficial to have.

To learn more about how workers compensation insurance can help your small business, contact the Anthony Blackmon Agency in the Frisco, TX area at (469) 291-9006.

Workers Compensation Frisco TX
Anthony Blackmon Insurance Agency
9191 Kyser Way, Suite 200
Frisco, Texas 75034
(469) 362-8484

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