One of the most common reasons that many businesses cite for not having workers' compensation insurance is that they simply cannot afford it.
However, Georgia does require this insurance for businesses with 3 or more workers (including part-time).
While it can certainly be another expense, there are several good reasons why having this type of insurance is absolutely necessary for any business and can save you from multiplying expenses by not having it.
One of the most important reasons to have workers' compensation insurance is that it provides coverage for both medical expenses and lost wages in the event that you or one of your employees suffers an injury on the job.
Depending on your state's regulations, having this insurance could also help protect you from any legal penalties if your business is ever sued for an accident.
Another reason to get workers' compensation insurance is that it can help protect you in the event that one of your employees sues you over a work-related injury or illness.
This type of insurance typically covers both the employee and their dependents, meaning that they will be able to get the medical care and financial support that they need to recover.
Also, if you don't have this insurance in place and are sued, if found guilty, you may face a fine of $1-10K and may even face a prison term up to 1 year.
You'll wish you had paid the extra expense for certain.
In addition to providing necessary coverage for both your employees and your business, having workers' compensation insurance can also help you attract and retain quality employees.
This is because most people want to work for a company that is committed to their safety and well-being, meaning that offering this type of insurance can help you attract and keep the best employees.
While workers' compensation insurance can be a costly expense, it is an absolute necessity for any business that wants to protect both its employees and itself.
Whether you are just starting out or have been in business for years, investing in this type of insurance is one of the best ways to ensure the safety and well-being of everyone who works for your company.
If you're still not convinced that you need workers' compensation insurance, then consider speaking with experienced insurance agents here at Arrow. We can help you evaluate your options and decide if this type of coverage is right for your business.
By doing so, you will be able to feel confident that your business and employees are protected no matter what happens in the future.