Worker’s compensation insurance is essential for every business owner who has employees. In Virginia, it’s mandated by law that every business with three or more employees must have this commercial insurance coverage. That’s true whether the employees are full or part-time. Even if you have one or two employees, however, having this type of insurance is a good idea. It comes with several benefits that are important for everyone’s protection.
Benefits for Employees
When you have worker’s compensation insurance, it pays for the expenses related to an accident that an employee has at work or an illness that is related to their work. This can include medical bills and disability benefits for employees. With this insurance in place, employees benefit by knowing that if they do get injured, funds will be available to pay for the resulting bills. They won’t have to sue to get the bills paid or fight over each bill. The insurance company will take care of them.
Benefits for Your Business
Worker’s compensation insurance also has significant benefits for your business. Medical bills have skyrocketed, and they keep getting higher. If an employee gets sick or injured while on the job, the bills can be astronomical, even if the injury isn’t that serious. Without worker’s compensation insurance, your business would have to come up with the money for all those bills and likely legal bills. This could have a serious effect on your business. If the business is a small one, it could threaten the collapse of the business. It’s essential to have this insurance for your protection as well as the protection of your employees.
Get Worker’s Comp Insurance
When your business needs this insurance, call us at Everett Insurance in Glen Allen, VA to learn more.