The simple answer is yes; you need it. If you own a small business, it is very important to have workers’ compensation insurance. It’s required in Massachusetts and protects you from potential accidents and fallout from those accidents. If you don’t get workers’ comp, you will face intense legal consequences.
To run a successful business, you need to set an example. Treat your employees and your business with respect by getting workers’ comp insurance. It will help your employees pay off medical bills related to injuries at work. It will also protect you from lawsuits related to accidents at your business. If you don’t have workers’ comp insurance, here are all the reasons why you need to get it as soon as possible.
It is Required in Massachusetts
It’s against the law to withhold workers’ compensation insurance in Massachusetts. By law, all employers are required to carry workers’ comp. This rule applies to employees and business owners. Choosing to deny workers’ comp insurance could result in fines up to $1,500 along with one year in prison.
It Helps Your Employees
As a business owner, the last thing you want is an accident in your workplace. Yet, even the safest places can result in unexpected injuries. By having the required insurance, your employees’ medical expenses will be covered, and in turn, they can feel better about coming into work.
It Secures Your Business
Even if your business is in a secure environment, minor injuries or illnesses can happen. For example, if you own a local coffee shop, you may not have to worry about as many accidents as a warehouse. Even so, say one of your employees experiences a second-degree burn from steamed milk. Thanks to insurance, your business will be protected from potential lawsuits.
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Having workers’ comp insurance shows respect to your employees and your customers. Safety should always be your first priority. By having insurance, you display proper leadership to your staff. It will also prevent potential lawsuits that could harm your business’s reputation and even force you to close your doors.
Avoid the consequences that come from withholding workers’ comp insurance. Don’t be an unlawful and unethical business owner. Instead, make it one of the first things you accomplish. If you have been in business for a long time and still don’t have it, make it a priority. As a business owner, you need workers’ comp insurance.
As one of the premier payroll companies for small businesses, we strive to aim all of your questions regarding workers’ comp insurance, Mass payroll, multi-state payroll, and other services.
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