The need for workers compensation insurance is something that is often overlooked by business owners. They believe that they are too small to be at risk of an accident or injury, and most importantly, they don’t want to spend the money on it. However, most states require employers who have one or more employees to carry workers comp insurance as a safety measure.

This article will discuss why your business needs workers compensation insurance and what you can do if you don’t currently have it.

What is workers compensation insurance?

Workers compensation insurance is a type of coverage that every business with employees should have. It protects these workers in case they get injured on the job and ensures that medical expenses will be covered, as well as offering wage replacement benefits for those who are unable to work due to an injury or disability resulting from their employment.

Why do I need it?

Workers compensation insurance is required in most states. If you are caught working without this type of coverage, your business could be subject to fines and other punishments that will cut into the profits of your company or put it at risk of being shut down altogether.

What if I don’t have any employees?

Even if you work by yourself for a small business, you should still carry workers compensation insurance. There is a chance that someone could be injured on your property or as the result of something related to your business and this type of coverage would help protect both them and your company from any financial losses resulting from such an incident.

Can my employees waive their benefits?

In some cases, employers will offer workers compensation insurance benefits to their employees and allow them the option of waiving coverage if they do not wish to participate. However, this is only possible in certain states and cannot be done without checking your local laws first.

How much does it cost?

Workers comp premiums can vary depending on several factors such as past claims, the number of employees you have, and your industry. However, most small businesses can expect to pay between $500 and $700 per year for this type of insurance coverage.

What if I don’t want to pay?

Many business owners will try to avoid paying workers compensation premiums by hiring independent contractors instead of full-time employees. However, this can be a dangerous practice as there is no way to ensure that your independent contractors are covered by workers compensation insurance.

What if I make employees sign waivers?

Using waivers and other forms of contract language to avoid paying for worker’s comp coverage will not hold up legally. If you attempt to do something like this, you could open yourself up to legal issues and be forced to pay fines for not carrying the proper insurance.

If I don’t have workers comp coverage, what are my options?

You should speak an independent insurance agent to determine how best to proceed if you currently do not carry any workers compensation insurance. There are several options available for this type of coverage that may work better with your business.

What if I change my mind after deciding not to carry it?

If you have decided against carrying workers comp insurance in the past but would now like to add it, there is nothing wrong with doing so. You can contact an agent today and begin working on a new policy that will protect your business and employees.


If you want to discuss options for workers compensation insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!

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