The Dangers of Not Having Workers’ Comp Insurance

When it comes to running a business, there are a lot of important things to keep in mind. From stocking the shelves to keeping the books in order, it can be easy to forget about some of the less exciting aspects of running a company.

However, one thing that should always be at the top of your list is ensuring that your employees are properly protected. One way to do this is by carrying workers’ comp insurance. North Coast Insurance Services in Lexington, MI can provide you with expert insurance advice.

Failing to get workers’ comp insurance so can lead to several problems, including:

1. You Could Be Held Liable for Your Employees’ Injuries

If one of your employees is injured on the job and you don’t have workers’ comp insurance, you could be held liable for their medical bills and other expenses. This is because, in most states, employers are required to provide workers’ comp coverage for their employees. If you don’t have this coverage and an employee is injured, you could be facing a lawsuit.

2. You Could Be Fined

In addition to being held liable for your employees’ injuries, you could also be fined by the state if you’re caught operating without workers’ comp insurance. The amount of the fine will vary from state to state, but it could end up costing you a lot of money.

3. Your Business Could Suffer

If one of your employees is injured and you don’t have workers’ comp insurance, it could have a negative effect on your business. This is because your employees may not want to work for a company that doesn’t have this coverage. As a result, you could have trouble finding and keeping good employees.

4. You Could Go Out of Business

Never underestimate the power of a lawsuit. If you’re sued by an employee who was injured on the job, and you don’t have workers’ comp insurance, you could be forced to close your business. This is because the costs of defending yourself in court and paying any damages that are awarded can quickly add up.

Give Us A Call

As you can see, many risks are associated with not having workers’ comp insurance. If you’re running a business, North Coast Insurance Services in Lexington, MI can help you get the coverage you need to protect your employees. Contact us today to learn more about our workers’ comp insurance policies. We’re here to help you keep your business running smoothly.

Do You Need Workers’ Compensation Insurance?

Workers’ compensation insurance is an important type of policy that can help both your employees and your business. It’s a smart move to have this insurance in place, as it may come in handy after an employee accident. If you need workers’ comp coverage, call us at North Coast insurance Services in Lexington, MI to find out more.

Requirements for Michigan Businesses

In Michigan, many businesses are required to have this insurance for their employees. Each state has its own number of employees that require businesses to get workers’ compensation insurance. In Michigan, it’s required for a business that has three employees or more, with at least one of them working more than 35 hours a week for at least 13 weeks. The other two employees can be part-time or full-time. 

How Businesses Benefit 

Having to keep another type of insurance may seem like a hassle at first, but it is incredibly valuable for employers. Accidents at work can and do happen, and they can be expensive to pay for later. A business that has one of these policies has protection against lawsuits that employees can file against them for accidents. And because it pays for the medical bills and certain other costs, it saves your company from having to pay today’s high prices for medical bills. 

Employee Rights

Workers’ comp isn’t just helpful to the employer- it also benefits an employee who has an accident. In Michigan, employees in this instance have the right to get medical care after an accident and to choose their own doctor. They also are entitled to lost wages and getting vocational rehabilitation when needed. They also have a right to benefits from the Family Medical Leave Act. 

Get Workers’ Compensation Coverage

If your company needs workers’ comp insurance, give us a call now at North Coast insurance Services in Lexington, MI.