Workers’ compensation may not be the first thing that comes to our minds while looking for business insurance, but it should not be overlooked as it is an important part of any business insurance policy. Through this program, employees are provided with benefits and medical care. Also, the business owners have the assurance that their employees will not sue them in case of any discrepancy. Although the reasons why Workers’ Compensation insurance is vital for your business are plenty, this blog highlights four of the most critical causes.
- Legal Compliance – Most states require Workers’ Compensation insurance by law and not having it could put your business at risk of getting fined or even shut down for non-compliance. The policy makes your business legally compliant with state regulations.
- Business Loans – Business lenders and foreign investors are much more likely to approve your loan applications when you have Workers Compensation insurance. These types of policies prove to lenders that you are a responsible employer.
- Financial Stability – Business owners often default on payments due to a costly Workers’ Compensation claim. These claims by employees can bring financial instability in your business. The insurance coverage could help you safeguard yourself from lawsuits and save millions of dollars.
- Tax Benefits – Workers Compensation policy payments are tax-deductible. So, you can always use additional business tax credits to reduce your year-end tax burden.
Though some states operate state funds to provide Worker’s Compensation coverage, most states allow you to purchase your Workers’ Compensation policy through an agent or insurance broker. Since each state’s Worker’s Comp laws are different, it is important to acquaint yourself with the laws of your particular state and those pertaining to your business specifically.
Need Insurance For Workers Compensation in Jackson Heights Queens, NY? Contact Linx Insurance Agency today!