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image of hairstylist cutting hairSome small businesses believe they do not need to have workers compensation insurance. They are small. Their employees are “friends” of the company so it’s thought that they’re less likely to sue. The problem is, they could become hurt—or even worse—while on the job, and that could place a significant amount of financial risk on the organization. Keep this simple thought in mind. If your business has employees of any amount, you need workers compensation insurance to reduce financial risk.

Workers compensation for very small organizations, including those with under 10 people, may not be required under law. Your state’s laws will ultimately determine what requirements are in place for when you must provide workers compensation.

However, in every situation, this type of coverage should never be overlooked. Don’t view this type of coverage as one that relates to managing your employees, though. In small companies, mistakes and accidents can happen even when you take every step possible to prevent them and through no fault of your employee, but they can still be the responsibility of your business to pay for. View this type of business insurance as a way to protect your organization.

Let’s say within your small business of perhaps just a handful of people, someone is hurt on the job. They are hit by a piece of equipment or they fall so severely that they face medical bills for surgeries or lost time at work. It does not matter what occurred so much as to look at the financial implications. Should an employee die during the course of business, the costs may be even higher. Workers compensation is there to reduce these risks for your organization and to create a better outright level of protection for you.

If you are unsure if you need workers compensation insurance as a small business owner, talk to your insurance provider. Find out why you need it, the types of claims that are common within your sector and see just how inexpensive this coverage can be. You may find that having it in place, even as a very small organization, is affordable and the right thing to do to protect your company and employees.

Protect your staff. Call Knight-Dik Insurance Agency, Inc. at (508) 753-6353 for more information on Worcester workers compensation insurance.

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Knight-Dik Insurance Agency | Mercantile Center, 120 Front Street, First Floor, Worcester, MA 01608 | Ph: 508.753.6353 | Fx: 508.752.1764
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