Your Guide To Workers’ Compensation Insurance
As a business owner, you are familiar with workers’ compensation coverage. Whether you carry it or not, you know that this type of protection can step in if an employee is injured on the job, covering the ensuing medical bills and lost wages. In short, it can protect your employee and your business, but it comes at a cost. Is it worth it?
To help you decide if your business needs this type of insurance policy, here is a brief guide to workers’ compensation insurance.
When you buy a workers’ compensation policy, you have to pay for it. Thinking about factoring those monthly premiums into your budget might sound a little challenging, but there are a few reasons why you should consider paying them anyway.
- Protect Your Workforce: If you do not have workers’ compensation insurance, it could take time to come up with the money to get your injured employee the right care. That means he or she will spend more time than necessary away from work, leaving your team shorthanded.
- Protect Your Bottom Line: You will want to take care of your employee after an injury, but do you have the funds in your budget to compensate your employee in addition to the medical bills? With workers’ compensation insurance, you never have to answer this question.
- Protect Your Business: If an employee is disgruntled about the injury they have sustained, he or she could take you to court for the medical bills or lost wages. With workers’ compensation insurance, those are automatically paid and you could potentially avoid a lawsuit.
- Workers’ compensation is required for all employers in the state of California, even if you have just one employee!
While you are an expert on your business, you may not be an expert on insurance – nor should you have to be. To get a partner on your side who will take the time to understand your business and tailor a workers’ compensation policy to it, contact Hoffman Brown Company. Located in Sherman Oaks, we serve businesses in our city and the surrounding area and are here to help you get the right coverage for your California business. Call us today!