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Workers’ Comp for Small Businesses: Identifying Risks

Workers’ Comp for Small Businesses: Identifying RisksAs we mentioned in our last blog, small businesses are not immune to workers’ compensation claims. In fact, the statistics show that you’re more than likely to face at least one claim in first few years of operation, and without the funds or Small Business Workers’ Compensation Insurance, your business could pay the ultimate price. In this next segment of this series, we’re going to cover the basics of who is at risk and some other pertinent information you need.

Who’s at risk?

Many business owners believe that manufacturers and construction operations are the only ones that face severe injury or death risks. However, this is simply untrue. In fact, transportation, professional services and finance sectors also face high-risk and high-cost claims. Without the right insurance, you could be liable for paying these costs out of pocket.

What are the odds of facing a claim?

According to Concentra, you may think that because your business is small, it’s very, very unlikely that you’ll ever deal with an employee injury. Not true. Hartford’s claims data analysis found there’s a 50% chance that a small business will experience a claim in the next 10 years. Even if you only have one employee, your small business could still be liable for medical bills and lost wages if they are injured while working. The financial consequences of a workplace injury are a serious matter, and accidents happen more often than you may think.

Putting it into perspective.

If your small business only employs 4 people, for example, one injured employee means 25% of the workforce is out. As all 4 people likely wear many hats, all of their specific tasks and roles will have to be put on hold, creating more of a burden for the remaining 3 employees.

What are the requirements for Workers’ Compensation Insurance?

These regulations vary by state, and depending on where your location, different laws apply. Consult with your trusted insurance agent today to ensure you have the necessary coverage and the peace of mind you deserve.

About ASIA Workers’ Compensation

Workers’ Compensation insurance is required in most states, but that doesn’t mean all coverages are created equally. An experienced carrier with aggressive claims management can reduce the overall costs to the business and get the employee back to work in a timely manner. Associated Specialty Insurance Agency, Inc. has been “The Workers’ Compensation Specialist for Brokers and Agents” for the past two decades and is committed to providing brokers and insurance agents across the East Coast with expertise and services to develop a Workers’ Compensation policy. For more information about how we can assist you with claims management, anti-fraud measures, and more, call (610) 543-5510 to speak with one of our professionals.

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