Even though workers’ compensation insurance can protect businesses from lawsuits and provides payouts for employees injured on the job, many small businesses in Cincinnati, OH go without it.
Many small business owners go without workers’ compensation coverage because they are owned by the sole proprietor and aren’t required to purchase the policy. Additionally, some believe that their risk is small based on the size of their businesses. However, even if you think the risk is small, there is still a chance that your business will deal with any injury claim in the next 10 years, even if you only have one employee.
It doesn’t matter what industry your business is in. Some people think workers’ compensation is only necessary for jobs where physical labor is required, but even if employees are sitting at a desk all day, you still need to protect them.
Workers’ compensation covers injuries, illness, medical treatments, rehabilitation so that employees can return to work, lost wages, and death. It may be an added business expense, but it can protect you from expensive litigation should an employee be injured or worse on the job.
Workers’ compensation is required in Idaho except in a few instances, depending on the industry. It’s important to note that businesses that operate in multiple states have different requirements, and it’s a good idea to speak with your agent at Advantage Insurance Network.
OSHA affects small businesses as well, even though workers’ compensation insurance is regulated by states. Businesses with less than 10 employees don’t have to keep records for OSHA, but they do have to report any employee fatalities or any hospitalizations.
Looking at the safety of the work environment can help reduce claims and may lower premiums. Speak with an agent at Advantage Insurance Network serving Cincinnati, OH for information regarding your specific needs for workers’ compensation.