4 Benefits of Workers’ Compensation Insurance for Employers

/ BLOG

4 Benefits of Workers’ Compensation Insurance for Employers

Apr 30, 2021 · 4 minutes to read

 

Workers’ Compensation insurance often seems like a product that is just for your employees. It’s just another expense that does nothing to help you, the business owner. However, Workers’ Compensation policies can provide important protections for employers. In fact, they can be an essential part of insuring business success.

What is Workers’ Compensation insurance?

In short, Workers’ Compensation insurance provides protection for employers if an employee suffers a work-related illness or injury.

Workers’ Compensation insurance generally covers a wide range of workplace incidents, including:

  • Injuries sustained in a car accident while visiting a client.
  • Carpel tunnel syndrome from the repetitive motion of typing.
  • Physical injuries caused by lifting and moving heavy objects.

As you can see, Workers’ Compensation coverage can be applied to a wide range of workplaces and occupations.

How Workers’ Compensation insurance benefits employers

For busy business owners, getting Workers’ Compensation insurance may feel like just another item to tick off their to-do list. However, this type of coverage is an important part of creating a safe and successful working environment.

1. It protects you from legal penalties

Having Workers’ Compensation insurance puts you on the right side of the law. Workers’ Compensation policies are mandatory in most states. Small businesses generally need to have coverage in place before hiring their first employee.

The penalty for not having Workers’ Compensation insurance where it is required varies from state to state. However, these penalties tend to be stiff. Common penalties for violating workers’ compensation laws include:

  • Stop-work orders: You may be ordered to stop working until you have a policy in place.
  • Fines: You are likely to be charged a fine. These typically start at $10,000 and increase depending on the state or if you’ve broken workers’ comp laws multiple times.
  • Jail time: Employers may be sentenced to jail time. The sentence length depends on the state and whether workers’ comp violations are considered a misdemeanor or a felony.

It’s always wise to check your local workers’ compensation requirements to make sure your business is properly covered.

2. It protects your business finances

Workers’ Compensation insurance also protects your business’ budget and savings. Sole proprietors and businesses in Texas are generally exempt from workers’ compensation laws. However, without a policy you will be financially responsible for any workplace injuries or illnesses that happen to you or your employees.

The costs associated with workers’ comp claims can be expensive. Your business finances—and possibly even your personal savings—could take a massive hit if you are left to cover these yourself. A Workers’ Compensation policy shields your money by covering:

  • Medical bills, including hospital stays and surgeries
  • Replacement wages while your employee recovers
  • Disability support if they are unable to return to work
  • Death benefits for the deceased’s family

Workers’ Compensation insurance helps keep your business running in the event of a workplace injury, illness, or death.

3. It protects you from lawsuits

A Workers’ Compensation policy also protects your finances from costly lawsuits. Employees or their families may sue your business over an injury, illness, or death in the workplace. This is sometimes referred to as employers’ liability insurance, though it is often included in Workers’ Compensation policies.

Lawsuits can be expensive, regardless of whether you are at fault. Defending your business in court can eat away your business savings, and possibly your personal savings as well. Workers’ Compensation insurance protects your finances by covering:

  • Legal fees, including hiring an attorney and court costs associated with the lawsuit
  • Settlements for lawsuits settled out of court
  • Judgements you are ordered to pay after losing a case

A Workers’ Compensation policy can help you avoid the financial impacts of a lawsuit, including bankruptcy or business closure.

4. It reassures your employees

Finally, Workers’ Compensation insurance reassures your staff. This benefit may be harder to measure, but it can be just as important for employers in the long run.

Employees want to feel valued and protected at work. Creating a workplace with a positive culture around safety can help boost employee morale and increase productivity. Your staff can do their job with less worry, knowing that a safety net is in place should things not go to plan.

Having Workers’ Compensation insurance in place communicates to your employees that their wellbeing is important to you. This in turn may create more loyal staff who want to work with you. That means less money spent on hiring and training new staff.

Workers’ Compensation insurance for small business owners

If you’re ready to find Workers’ Compensation insurance for your small business, BizInsure is ready to help. Visit our website to start receiving competitive quotes from some of the country’s top insurers. Simply ‘click or call’ to purchase a Workers’ Compensation policy to help protect your business.

Compare quotes in minutes with no obligation to buy

Get Quotes

Compare quotes in minutes with no obligation to buy

More than 6,000 customers covered by top-rated insurers.

Get instant quotes
The process was fast and easy and the professional staff was very knowledgeable with any questions that I had and ready to help
VALERIE M.
06:40 31 Mar 22
Friendly agents. Timely replies. Fair pricing. This is a good fit for my business! Thank you, Noah, for all your help.
Beth Anne V.
19:27 28 Mar 22
They are awesome
Tony H.
00:41 07 Jan 22
Noa made sure I had all the information I needed for a first time business owner . He helped me understand what I needed to secure a quality policy and he was super helpful when explaining how the policy would serve its purpose to my company. I was very satisfied and had an Awesome experience, I think people like that make the company look good!
Wayleen O.
04:36 15 Oct 21
I was in need of WC, GL and PL coverages for my business and was able to shop, discuss, confirm and purchase all the coverages in two days! This was a great experience, especially when "Time is Money". Noah Bowman was very professional and knowledgeable. Thanks!
AmeriCreed 1.
15:42 23 Sep 21
MOVING FORWARD, I WILL BE SENDING ALL OF MY BUSINESS TO THIS COMPANY !!!! Incredible customer service!!! Thanks
THEODORE W.
19:49 09 Sep 21
Their representative clearly explained different kinds of policies to help me select the one appropriate for my needs and then helped me enroll by phone painlessly. By the end of the call, I had a policy in place.
Dissent D.
22:21 02 Sep 21
Eugene was Awesome!!!!
Lakesha G
17:19 21 Jul 21
Excellent solution for writers and authors professional liability policy as well as coverage for copyright and trademark infringement. Service was prompt and excellent.
Lane
18:22 22 Jun 21
Done in less than an hour!
William O.
00:30 02 Jun 21
Efficient, and great value. The agent was able to give us a quote and a new policy in a short period of time. Thank you
Brenda J.
20:30 24 May 21
I had a great experiencing obtaining several of my insurance needs as a landscaping company here in Northern Colorado. BizInsure's team took care of my needs and was very responsive to help with paperwork needed to secure a potential client account!
Arik S.
16:34 10 May 21
Very efficient they were able to help me out with my request promptly....highly recommend this companyI am very happy to have them
Elba P.
18:50 26 Apr 21
I need a help getting errors and omissions insurance along with general liability. Jose was very friendly informative and was very patient with me during the process. He found me some of the best rates for the coverage that I needed. Highly recommend
Casper M.
19:51 20 Apr 21
I had numerous conversations with several business insurance agents over a month's time. I also had several conversations confirming the policy inclusion/exclusions and asked many questions. My BizInsure agent was professional, knowledgeable and most important—detail oriented. Even after having an initial conversation a month earlier he knew and *remembered* all my personal/professional insurance needs. When I asked for additional information on the third call he was able to provide me with details very quickly. He was also VERY patient. That is a big plus in my opinion. It illustrated a high level of respect for my needs. I also found when I called back and asked to talk with the initial agent, the person who answered the call was able to get in contact quickly and my agent responded and returned the call within 5-10 minutes. The transaction was smooth, and I think it's a good sign should I ever need to make a claim. I highly recommend BizInsure.
Poetic F.
21:00 07 Apr 21
The rep was extremely helpful actually lowered my quote and made sure I was covered to fit my needs with my growing business! 5star!!
Franklin B.
19:04 16 Mar 21
Excellent service and prices.
Cassiopée V L.
23:13 09 Mar 21
Mr. Daniel Scott was very responsive to my professional needs.
Stephanie W.
17:38 18 Feb 21
Eugene deserves a raise! First time purchasing insurance and he made the process so simple for me. His patience and attention to detail left me feeling confident in my decision to choose BizInsure. Gracias Eugene!
Esined P.
23:32 17 Feb 21
The customer service provided by Jose was outstanding. He explained everything in a very clear/logical way and answered all of my questions. After providing all the information to obtain general liability insurance, Jose sent me the declaration page of the insurance for review. All of the information matched what I provided over the phone and there were no typos. The next day I called back to purchase the insurance which was easy and fast. Overall, my experience with BizInsure including the customer service by Jose exceeded my expectations.
Joe W.
03:29 12 Dec 20
Hiscox/BizInsure made getting Liability Insurance very easy and reasonable.I expected it to be a long and complicated process and it was a nice surprise that they made it so uncomplicated. Thank you. Lisa
Lisa W.
21:51 24 Nov 20
Eugene was incredible. I called 4 other brokers before him who were impossible to get any help.
rhonda H.
23:26 12 Nov 20
Very quick to get in touch with you and good with follow up. Had some trouble retrieving my quote to log into my account initially but Daniel assisted me and the changes were made to get me into my account. Great value for the money.
Fran S.
16:34 20 Sep 20
Very happy to be insured with this company. Professional, Timely, very helpful. Thank you Juan, you made it so much easier for me to understand.
Aileen D.
19:55 15 Sep 20
This company responded when I needed them to respond while facing a deadline. They are an excellent choice for business Insurance.
Michele H.
01:52 12 Sep 20
Jose Quintero took such great care of me and was very patient explained everything I did not understand and got me set up quickly. Fabulous customer service
Christina R.
02:41 27 Aug 20
I can't say enough good things about Daniel Santos kind and effective communication skills as an insurance agent. Daniel was so pleasant, friendly and efficient with helping me obtain insurance as a teacher. If I were to give Daniel a grade, he has earned an At . He made the process easy to understand, it was far easier than what I anticipated. Nancy S.
Nancy S.
00:47 26 Aug 20
I was in need of professional liability insurance for my sole proprietorship. A friend referred me. Everythng was quick and simple and AFFORDABLE!
hope J.
20:31 25 Aug 20
If you need Private Home Care Provider insurance for your company, BizInsure, LLC can get it for you!
Pamela C.
16:45 24 Aug 20
Great and fast service!!!! The representative was very professional!!!!
Tanya S.
19:51 14 Jul 20
I was tryi9ng to find commercial liability insurance for my new comp-any and BizInsure was easy to use and very affordable which is great for me as a new business.
Jimmy S.
19:01 14 Jul 20
Great service insurance prices are great for professionals looking to get insurance for businesses....
Rhonda G.
22:34 22 Jun 20
The provided very professional service and made the process easy.
Paul R.
21:51 04 Jun 20
Bradley Hoyle from the Biz Insure team was excellent to work with. Everything was quick and smooth. Great service, much appreciated!
Kristene S.
02:03 04 Jun 20
Anthony Spencer was great!! Very quick response time!! He was very Professional! I would suggest him because he helped me find a affordable rate and explained all the technicalities..
Fre H.
16:38 28 May 20
I was referred to Bizinsure by a industry trade group that I am a member of. It was easy to get a quote online and then received excellent customer service from Bradley H. to complete my policy purchase over the phone. I have shared this company information now with other business owners for their policy needs.
Dawn T.
22:11 08 May 20
This company was very precise with explaining services and made sure I chose the right business insurance coverage, great customer service at purchasing.
Nekeisha B.
01:30 05 May 20
Amazing
Jasmine Q
14:31 02 Dec 19
Trish is the most patient, professional and understanding insurance agent I’ve ever worked with. Trish has taken care of all my business insurance needs for the last couple years. I am really happy that I found an insurance agent that I know will take care of me & all of my concerns. I feel like a valued customer & I appreciate the great customer service that I get every time!!THANK YOU!
Dr. Youssef C. A.
17:21 14 Nov 18
Tricia helped me get insurance for my business. The task of obtaining a quote was really starting to frustrate me until I was referred to BizInsure through a different agency. Tricia got me a quote fast, and even took a down payment over the phone and issued the proof of insurance the same day. a+ service, would do it again in a heartbeat!! Thank you!!
Josh M.
18:07 22 Jun 18
BizInsure was a great find! I did not have to fill out applications, and Tricia was able to quote and bind business insurance for me within half an hour.
Allison Y.
17:28 21 Jun 18
Started doing business again and needed a policy fast. Ramez was reasonable, helpful and the rates are OK. Buyer beware? Sure, for me it turned out OK this time. Worth a call.
Mark W.
23:42 13 Nov 17
Great customer service. I've been very inpressed with my dedicated representative that had helped me navegate my insurence needs. Thanks so much!
Graham B.
22:12 23 Jun 17
js_loader

Popular Searches

Google Rating
4.4
Based on 68 reviews
×
js_loader