Can you imagine how your Glen Allen, VA business would operate without employees? It would be impossible. Your employees are the most critical component for the survival of your business. As an employer, you are responsible for your workers’ security and safety. While you have put measures to avoid work-related injuries, you can’t eliminate mishaps in the workplace 100 percent. For this reason, you need workers’ comp insurance from Everett Insurance to safeguard your most prized asset. 

 Here are reasons why every business in Glen Allen, VA, should have workers’ comp insurance.

To comply with the law

Virginia requires businesses with two or more employees to maintain workers’ comp insurance. This policy assists workers to recover from work-related injuries or illnesses. It also shields employers against civil suits filed by injured or sick employees. Non-compliance to workers’ comp insurance may result in civil fines and misdemeanor charges. 

 

Protects against lawsuits

Business owners are aware that any litigation can have negative impacts on their businesses. It can drain business finances, time, and energy. Litigation can also affect the business relationship with the employees, vendors, investors and clients. Workers’ comp insurance is a paramount safety net when it comes to lawsuits.

Preserves your business finances

Not many business ventures can survive the blunt of work-related injury costs. In fact, one substantial work-related injury can lead to unbearable financial ruin to your business. However, investing in workers’ comp insurance cushions your business against the financial burden of financing your employees’ medical care and meeting settlement claims. 

Protects your employees

Workers’ comp insurance pays for your employees’ medical expenses when your employee sustains work-related injuries. Besides, this coverage covers employees’ partial loss of income and can meet the employee’s funeral expenses.  

Procuring a salient workers’ comp insurance in Glen Allen, VA, is a prudent move to safeguard your employees and business entity. If you need workers’ comp insurance for your business, call or visit Everett Insurance to partner with us on your insurance journey.