Buying workers compensation insurance is a must for most New Jersey, Florida, and Pennsylvania business owners. Whether it is legally required or not, it is good business practice as it can help to protect your business from many lawsuits when on the job accidents occur and can help you build good will with your employees. These are just a few things you need to know about workers compensation insurance.

How Does Workers Comp Coverage Benefit Employees?

Workers comp insurance offers protection to employees who are injured, become ill, or are killed performing their jobs. It helps to pay for their medical expenses and a portion of their lost wages while they are in treatment and recovery from their injuries or illness. It provides for their families if they die as a result of the injuries or illnesses sustained while working. It’s a huge source of comfort to employees to know they have this coverage and helps to boost their morale, which is good for your business.

What Does Workers Compensation Insurance Mean for Your Business?

Other than being one of the legal requirements for doing business in New Jersey for most businesses, workers compensation means a lot more to employers than simply avoiding fines and penalties. It can improve morale in the workplace, which helps to boost productivity. It encourages loyalty among employees and can help to reduce turnover.

As an added, and often unexpected benefit, the act of having workers compensation insurances helps businesses to create a culture of safety within the workplace. This is often in an attempt to help reduce the cost of WCI, but it is a benefit worth mentioning.

Additionally, you can be comfortable knowing that if employees are injured while working for you, that you have a plan in place to provide for their medical care and to help provide for employees and their families as your employees recover.

While most people consider workers compensation insurance for companies that have many employees, the truth is that it is a good investment for independent contractors and for self-employed professionals in any industry. You don’t have to operate a larger organization to benefit from this type of insurance coverage. As a smaller operation you may find that you need this type of protection even more.

Frank P. Licato Agency LLC has been serving the insurance needs of New Jersey, Florida, and Pennsylvania businesses since 1957. From the beginning, service has been the primary focus of the company. They still believe in providing outstanding customer service today when it comes to all your personal, commercial, auto, and life insurance needs.

Let Frank P. Licato Agency LLC help you meet the workers compensation needs of your business, whether it is a large or small operation. Experience for yourself the difference it makes when you have an agency dedicated to service working to find you the right workers comp coverage at prices you can afford.

Call us today at 908-757-5500 with any questions you may have about WCI, for a quote, and how it can benefit your business.