How much workers compensation insurance do I need?

In the world of business, protecting your employees is a top priority. Workers’ compensation insurance can help cover medical expenses and lost wages for employees who are injured on the job in the Youngsville, NC area. It’s important for businesses to know how much workers’ compensation coverage they need in order to protect themselves from potential liability. At Holmes Insurance Services, we can help.

The amount of workers’ compensation insurance that a business needs depends on the type of industry and the number of employees. Generally, employers must carry at least the minimum state-required amount of workers’ compensation insurance as prescribed by each state’s laws. This will ensure that all employees are protected if an injury or illness occurs on the job.

Business owners should also consider purchasing additional coverage above the state-required limits for certain types of injuries or illnesses that may not be covered by the minimum state-mandated coverage. For example, some states require employers to provide temporary disability benefits to employees who experience a long-term illness or injury while working, which may not be covered under standard workers’ compensation policies. Businesses may also want to purchase uninsured employer protection in case an employee files a lawsuit against them for an injury or illness caused on the job that is not covered by their insurance policy.

Overall, it is important for businesses to make sure they have enough workers’ compensation coverage to fully protect their employees and their business from potential liabilities and losses due to injuries or illnesses experienced while on the clock. Doing your research and purchasing adequate coverage allows businesses peace of mind knowing they are doing what is best for both their employees and their company.

Reach Out To Us

For more information, call us at Holmes Insurance Services today. We proudly serve the Youngsville, NC area.