Firearms Insurance Agent Blog

What Should Small Firearm Businesses Know About Workers’ Compensation Insurance?

Most small businesses have fewer than 100 employees working for them. This leads some small business owners to believe that they don’t need to worry about obtaining workers’ compensation insurance, which is better known as workers’ comp. But in reality, every small business, no matter how big or small it might be, should sign up for a workers’ comp policy. Here are some of the things that you should know about workers’ comp and how it works.

What is workers’ comp?

Workers’ comp is a type of insurance that is designed to protect small businesses from being held liable when their employees are injured on the job. If one of your employees ever gets hurt while working for you, they could turn around and file a lawsuit against your small business. Workers’ comp is designed to cover the costs of things like lost wages, medical bills, and any other expenses that might be related to an employee’s injury.

Why do small businesses need workers’ comp?

Small businesses need workers’ comp because they’re required by law to have it in most states if they have employees working for them. Even if you run a small business that doesn’t put your employees at any sort of risk on a regular basis, you could still potentially face penalties if you opt not to get workers’ comp insurance for your company.

What kind of workers’ comp coverage does your small business need?

While small businesses do need to get workers’ comp insurance to stay in accordance with the law, they don’t necessarily need to obtain the highest level of coverage for their company. They can get a basic workers’ comp plan if their employees aren’t routinely subjected to risky situations. However, those who do need higher levels of coverage, like construction companies, will often be asked to pay higher premiums to stay insured.

How can you obtain workers’ comp?

You’re free to shop around for workers’ comp insurance on your own if you’d like to do it. But your best bet is to find an independent insurance agency that can set you up with more information on workers’ comp and talk to you about which workers’ comp coverage might work best for your specific small business.

At Firearms Insurance Agent, we specialize in helping those in the firearms and ammunition industry to track down the workers’ comp insurance they need. Call us at 816-229-4450 to learn more about workers’ comp and how it can benefit your small business.