Understanding How Workers Compensation Insurance Works
There are many types of Princeton NJ small business insurance that your business needs. However, one type of insurance that your business is legally required to have is workers compensation insurance. These policies protect your business finances in case one of your employees is ever injured on the job.
What These Policies Cover
Typically, an employee can receive workers compensation for their injuries regardless of if it was their fault or the fault of your business. In exchange for accepting these benefits, the employee loses their right to sue your business for fault. If you obtain this type of Princeton NJ small business insurance, your policy will likely cover:
- Any medical expenses incurred by injured employees
- Disability payments for injured workers
- Lost wages for those who are involved in a workplace accident
If one of your employees were to become injured while your business was lacking a workers compensation policy, you could be held financially liable for all of these expenses, which could end up harming the profitability of your operations and your long-term success.
If you do not currently have a workers compensation policy, reach out to your insurance provider as soon as possible. They will help you acquire a policy that is able to meet the specific needs of your business.