Almost every business needs business liability insurance. In fact, most states - though there are a few exceptions - require all businesses with employees to carry some kind of workmans comp insurance. Whether you are a small business with only a few employees or a Fortune 500 company that employs thousands, you need to have some kind of business liability insurance policy in place to protect your workers in case of an on-the- job injury or disability. Plus, it will protect your business from any possible lawsuits that may arise from an employee who is injured on the job.
The workers compensation laws in the United States provide benefits to injured employees, not just for their medical expenses, but also for any lost wages. If the employer doesn't have business liability insurance, they are expected to pay these costs out of pocket, and many states will also make uninsured businesses pay additional penalties for not having a policy in place before an accident occurs.
Workmans compensation laws vary by state and are constantly changing, so it can be difficult for businesses to stay on top of the current regulations. The agents at Stuckey & Company can work with your business to make sure you are following all state guidelines and that you have the right amount of coverage. Business liability insurance is a smart buy for all businesses. For example, many states do not require sole proprietorships to cover themselves with workmans comp insurance until they hire an employee who is not an owner. However, anyone that you hire to do work for your business, regardless of if they are an actual employee, such as the graphic designer who creates your logo, the landscaper who mows your lawn, or your electrician, contractor, painter or cleaning person can make a claim against you if they are hurt while working for your business. So while you may not be required by your state to have a workers comp insurance policy in place, most businesses should carry some level of coverage to protect their assets.