5 Types of Businesses That Need Workers Compensation Insurance

5 Types of Businesses That Need Workers Compensation Insurance

Did you know that your employees have the right to be compensated if they get hurt in the workplace? As their boss, you want to ensure a safe working environment. However, accidents happen, and your workers can sustain injuries or fall sick without prior signs. Suppose you’re not sure whether your business needs workers’ compensation insurance, you’re in the right place.

Here are the five types of businesses that need workers’ compensation insurance. First, let’s understand what workers’ compensation insurance is.

What is Workers Compensation Insurance? Regardless of the nature of your business, your employees can get hurt. Thankfully, workers’ insurance, or workers comp, is an arrangement that can provide your employees with benefits if they sustain work-related injuries. Workers’ compensation insurance covers things like medical expenses, missed wedges, death benefits, and vocational rehabilitation.

[1] Property Management. If you run a property management business, then you should consider getting workers’ compensation insurance to avoid crossing the legal line. Note that you will have to pay fines if the government learns that you do not have this kind of insurance for your company. You should protect your employees since the property management business involves a lot of movement. Common management injuries include slips, falls, sprains, eye strain, and carpal tunnel syndrome. Getting workers compensation for property management is important to comply with state laws, avoid fines, protect your employees, and gain protection from lawsuits. Workers’ compensation insurance covers both parties – the employer and the injured worker. If a worker is injured at work, the insurance company will cover the costs and make sure the injured worker is taken care of.

[2] Nursing and Healthcare. If you have a company that provides healthcare services, then you should understand that your workers can get injuries at any time. For instance, your workers will be rushing up and down to assist patients who need medical attention. In the process, they might slip and fall, thereby sustaining injuries. Some healthcare providers can also acquire infections from patients. You want to make sure they’re safe by getting workers’ compensation insurance. Unless you get this policy, your license might be confiscated.

[3] Manufacturing and Retail. Regardless of what your business manufacturers, at least 400,000 workers in retail and factory businesses succumb to workplace-related injuries. As the business owner or the person in charge, you want to keep your workers safe by applying for workers’ compensation insurance. That way, they’ll get the necessary medical attention if they get injured while delivering their services. It also makes sense when you don’t want to face legal charges and pay hefty fines to save your company.

[4] Food Services and Accommodation. Just like retail and healthcare employees, janitorial and service workers expose their bodies to a lot of risks. This is related to the manual labor duties that might affect some parts of their body. Also, provided a job involves a lot of movement, workers are susceptible to workplace injuries. In that case, the best you can do is to get workers’ compensation insurance so they can be sure that you care for their wellbeing.

[5] Construction. Construction workers go through a lot of tough times. They can easily sustain back, neck, joints, and back injuries. Some accidents might also claim their lives, such as when things fall on them. If you run a construction business, it is essential to get your workers covered against possible risks. The state is keen on confiscating licenses from construction businesses that are not insured. You can also get charged in a court of law. Suppose you don’t have this insurance, you must start working on one as soon as possible.

Closing Thoughts. Workers’ insurance has become a necessity in the corporate world. Regulation bodies are strict on this matter, and the best way for your company to survive is by getting workers’ compensation insurance. This applies to all sorts of companies and businesses with employees onboard. Be sure to contact the experts if you have any questions.