Why You Need Workers’ Compensation Insurance for Your Business

The Catawba River Insurance Group • September 16, 2024

Starting a business involves some inherent risks, and it’s important to do everything you can to reduce those risks. Business insurance exists to provide a safety net for you and your business if something goes wrong.

However, there are many types of business insurance, such as commercial property insurance to cover the cost of repairs to your building, and general liability insurance to cover legal costs if someone decides to sue your company. In this article, our team at The Catawba River Insurance Group will focus on workers’ compensation insurance , which exists to cover medical bills and lost wages of injured workers, and we’ll explain why you need it.

  • Legal Requirement – In many states, businesses are legally required to carry workers’ compensation insurance. Here in North Carolina, a business is required to carry this insurance if it employs three or more people. Failing to carry workers’ compensation insurance could land your business in serious legal trouble, so we encourage you to contact our team to invest in a policy if you don’t have one already.
  • Safety Net – Workers’ compensation insurance also provides an important safety net for both your business and its employees. If one of your workers gets injured on the job or gets sick due to workplace conditions, then your insurance will pay out to cover their medical expenses. Similarly, workers’ compensation insurance can also help replace an injured employee’s lost wages if they are unable to return to work. Workers’ compensation insurance also places limits on the rights of employees to sue your company for damages—since they get guaranteed benefits, they will be less likely to sue.

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