Understanding workers’ compensation insurance helps you protect your business.
Workers’ compensation insurance is a significant safety measure for businesses and employees, making the workplace a more stable and productive environment. If you’re a business owner who’s curious about the need for this type of insurance, give us a call at Legacy Insurance Partners to determine your options.
- Legal Requirement. Most businesses in North Carolina with three or more employees are required by law to have workers’ compensation insurance. Without it, you could face fines, fees, and legal repercussions. By following the law, you can escape these consequences and show that you care about the health and safety of your employees.
- Financial Protection. Employees who get hurt or sick at work may have to pay for medical bills, recovery costs, and lost wages. Workers’ compensation insurance pays for these costs, making it easier for both the individual and the company. This helps maintain a good bond between you and your employees and protects your business from financial burdens.
- Reduced Lawsuit Risk: In most cases, having workers’ compensation insurance makes it illegal for employees to sue your business for losses caused by accidents or injuries at work. If you don’t have the proper coverage, however, you could subject yourself to lawsuits.
- Employee Morale and Loyalty. Providing workers’ compensation insurance shows that you care about your employees’ health. This commitment gives workers a sense of loyalty and boosts their mood, making them happier and more productive at work. In addition, when employees know their health and safety are top priorities, they are more likely to feel valued and inspired.
Workers’ compensation insurance is an important aspect of owning your own business. To learn more about your responsibilities and what options you have for this type of insurance, contact our team at Thacker & Brooks Insurance, a Legacy partner, in Greensboro, North Carolina today.
With workers’ compensation insurance representatives serving the communities of Asheville, Davidson, Greensboro, Hickory, North Wilkesboro, Albemarle, and Raleigh, North Carolina, our team at Legacy Insurance Partners is available to partner as your trusted business insurance advisor utilizing a consultative approach.