Most businesses that stay open long enough face an employee injury at some point. An employee could slip, fall, get into a transportation accident, or a faulty piece of equipment could cause harm. Even offices filled with cubicles and not much else can pose a threat. That’s why small business owners should talk to insurance agents for workers’ comp coverage.
Consider what your business would do if such an employee were seriously injured or even killed at work. Could you pay for medical expenses outright? What about a lawsuit? If your business, like most, doesn’t have hundreds of thousands of dollars lying around, it’s time to get workers’ comp.
Most states require some form of workers’ comp coverage, although Texas does not. However, even the minimum requirement might not be enough to cover the financial loss of an employee injury. Like with car insurance, the minimum just fulfils your legal obligation but may not provide the coverage you truly need.
Instead of relying on the legal minimum to keep your finances intact, talk to insurance agents about workers’ comp and what kind of policy is right for your business. A specialized agent can give you unique insights and show you policies that can protect your business in the case of an employee’s injury and lawsuit.