Does Your Small Business Need Workers’ Compensation Insurance?

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Does Your Small Business Need Workers
Compensation Insurance?
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• Owning a small business means that you have a lot
  to protect, and choosing the right insurance
  coverage can be the difference between your
  business succeeding, or failing. It can often be
  hard to determine exactly what kind of insurance
  coverage your business actually needs, and when
  it comes to workers compensation insurance, many
  small business owners dont even fully understand
  what it is, let alone know whether they need it
  or not.

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• What is workers compensation?
• In simple terms, workers compensation is a form
  of insurance designed to cover the medical and
  rehabilitation expenses of any one of your
  employees, should they happen to injure
  themselves while working for you, and it can also
  cover a loss of earnings.

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• If you purchase insurance to cover these costs,
  it usually means that your staff no longer have
  the right to sue you or your business for any
  form of negligence in the workplace they are
  then given the assurance that they will not need
  to become embroiled in a complicated and costly
  lawsuit if they do happen to injure themselves
  while at work.

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• Does my small business need workers
  compensation?
• All small business owners know that accidents can
  easily happen at work, no matter how clear your
  health and safety policies are, or how much you
  trust your staff. Employees are also becoming
  more and more aware of their rights, with many
  being quick to sue companies if they are not
  provided with some sort of financial assistance
  in the event of an accident at work.

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• Its also worth bearing in mind that almost every
  state in America requires businesses to carry
  this kind of insurance as soon as they have one
  or more employees (this number can vary according
  to the state you are in), and penalties issued,
  can often be severe.
• Even if the state in which your business exists
  does not require your small business to have
  workers compensation insurance, you still may
  find that potential clients avoid doing business
  with you if you dont carry it.

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• How do I choose the right policy for my business?
• With such a difference in the requirements of
  each state regarding this kind of policy, perhaps
  the best way of ensuring that you get the right
  coverage, is to hire a professional insurance
  broker not only are they experts in this field,
  but their services could actually end up saving
  you money by helping you to avoid costly lawsuits
  from injured employees.

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• Apollo Payroll offers premier small business
  payroll services in Miami and Coral Gables.
  Apollo Payroll is dedicated to delivering expert
  advice, responsive service, and highly accurate
  payroll processing and reporting. Their services
  include comprehensive online payroll services,
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  timekeeping services in Miami.