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Finding Enough Insurance Coverage

When it comes to making sure that your home and family are safe and sound, few things are as important as choosing the right insurance plan. About six months ago, my home burned to the ground, and without the right insurance plan, we would have been toast financially. Fortunately, because we had prepared properly, we didn't have any problems when it came to making sure that we could rebuild our place. This website is here to help anyone who might be struggling with which insurance policy to choose. Check out this blog for great information on finding the perfect policy.


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Finding Enough Insurance Coverage

5 Things Every Small Business Owner Needs To Know About Workers' Compensation Insurance

by Jason Prescott

As a small business owner, you have a lot on your plate. In addition to running your business, you also have to think about things like marketing and accounting. Another important thing to add to your list is workers' compensation insurance. Workers' compensation insurance is vital for protecting your employees and your business if an employee is injured on the job. Here are five things you need to know about workers' compensation insurance.

1. What Is Workers' Compensation Insurance?

Small business owners purchase workers' compensation insurance to provide financial protection for their employees in the event of an injury on the job. Workers' compensation insurance can help cover medical expenses, lost wages, and more. 

2. Do You Need Workers' Compensation Insurance For Your Small Business?

In most states, employers must have workers' compensation insurance if they have employees. Even if your state doesn't require it, it's still a good idea to have workers' compensation insurance. After all, no one knows when an accident might happen, and it's better to be safe than sorry. 

You can, however, exempt certain employees from your workers' compensation insurance policy to reduce your overall cost. Depending on your state, these may include independent contractors, certain types of seasonal workers, office staff, your spouse, and even yourself.

3. How Much Does Workers' Compensation Insurance Cost?

The cost of workers' compensation insurance varies from state to state, depending on the size of your business and the industry you're in. However, no matter how much it costs, workers' compensation insurance is always worth the investment because it can save you a lot of money in the long run if an employee is injured on the job. 

4. What Does Workers' Compensation Insurance Cover? 

Workers' compensation insurance can cover a variety of things, including:

  • Medical expenses
  • Lost wages
  • Rehabilitation costs

It can also cover death benefits if an employee dies due to a work-related accident or injury. 

5. How Do You Get Workers' Compensation Insurance?

Getting workers' compensation insurance is a straightforward procedure. Your insurance agent or broker needs to know how many employees you need to cover, how many you need to exempt, what type of work everyone does, and what your gross receipts were for the previous year. Once you have workers' compensation insurance in place, you can rest assured that your business is protected if an employee is injured on the job site or during work hours.

Talk to your insurance agent today if you have any further questions about workers' compensation insurance or want a quote for your business.