I get this question a lot. I have a small real estate company with 2 employees; do I need to carry workers compensation?
No matter what industry your business is in and what your employees do as part of your business, there is always an opportunity for a work-related injury to occur.
Employees who are onsite can trip and fall on the way to the restroom. Remote employees can get carpal tunnel syndrome. No matter what they do, or where they do it, your employees can be injured while on the clock.
If you have an employee who is injured while working, you are responsible for paying for their medical treatment, supplementing their lost income while they are unable to work, and helping them get assistance in becoming re-employed.
Workers compensation insurance not only takes that heavy responsibility off your shoulders and caps the amount of out-of-pocket expense you’ll encounter when faced with an injured employee, it also ensures that the employee gets the benefits and treatment they deserve no matter the financial situation of your company.
Each state handles their workers compensation requirements differently. Many states require businesses to carry the coverage even if they only have one employee, while other states require coverage when you have a certain number—such as Florida, a state that requires workers compensation insurance for employers with four or more employees.
If you don’t get coverage when required you could be facing expensive daily fines until you do.
If your business is located in a state that requires coverage only for multiple employees, and your current number falls below their requirements, you may not have to concern yourself with potential fines but you are at risk of something much, much worse: the responsibility to pay for all an injured employee’s treatment and lost wage expenses without the benefit of an insurance policy to assist you.
Workers compensation insurance offers you an affordable way to meet your legal and moral obligations without bankrupting your company.
If you have one or more employees, give your agent a call and discuss how affordable and helpful workers compensation insurance can be.