The more employees you have, the higher your premium will be. If your organisation is scaling quickly, then you may find that you end up in a bad situation if something happens and you don’t have insurance.
By law, you have to make sure that you provide some degree of financial assistance to your workers if they are ever injured on the job. If you don’t do this then you may find that you open yourself up to a lawsuit and this is the last thing that you need. At the end of the day, you need to make sure that you are accountable for your team and you also need to show them that you stand by them as well. Getting a quality insurance policy is the best way for you to do this. If you aren’t sure how to take out a policy then check out worker’s comp insurance by Next.
Out of Pocket Injury Costs
At first, you may feel as though paying out for the occasional out-of-pocket injury is a far better option when compared to paying for workers compensation insurance. This is not the case at all, and sometimes those minor out of pocket expenses can really add up. If your team know that you don’t have any kind of policy then this may breed distrust and if something major happens then you may find that you lose out on your entire business as a result.
Low Employee Morale
If you don’t provide your team with worker’s compensation insurance, then this can really cause you problems at a later date. Your team may not think that their safety is valued and they may leave your business to seek out other opportunities. This is the last thing that you need, but there are things that you can do to put their mind at ease. You could take out a policy, this would then give them the satisfaction they need.
No Peace of Mind
In the long run, not having worker’s compensation insurance will cause you a ton of stress that you don’t actually need. Having to face a huge unforeseen cost is much worse when compared to having to pay small fees every month to protect your company.
You may also have to pay a penalty if you do not have the right level of insurance too, and this is the last thing that you need when you already have so many things to think about. If you are concerned about the cost of your policy, then the only thing that you need to do is go with a reliable insurance provider. When you do, you can then count on them to give you the support you need, and they can also offer you additional incentives that may benefit your business as a whole.
So, having worker’s compensation insurance is so important. If you don’t then you may be putting your business at risk as well as your workers. It’s a shame to do this when you have worked so hard to build what you have.