Most small businesses are legally required to carry workers’ comp insurance coverage. Workers’ comp helps protect businesses and employees from the costs associated with work-related injuries. Workers’ comp provides wage replacement and medical benefits to workers who experience job-related illnesses or injuries.
If your small business operates in a state that legally requires workers’ comp insurance, you risk fines, felony charges, or even jail time for not having the right coverage.
If you live in a state where workers’ compensation insurance is not legally required, you should still consider having appropriate coverage so your business and team members are not left vulnerable to financial risks.