Home-based businesses have gained prominence over the years for being high on flexibility and comfort. There are many advantages of running a business from home – you can care for your family, maintain adaptive schedules, and, most importantly, avoid the commute. Running a business from home also helps in minimizing operational costs.
However, all these good things about home-based businesses might get a severe jolt if there is an accident on the premises. Workplace injury is not uncommon, and if your house is on the spot, it can be a negative thing for your home and business. The best way to keep your home-based business and your employees protected is a workers’ compensation insurance policy. Even for home-based business owners, workers’ compensation keeps you and your business protected.
Whether your business has employees in the office or home-based staff, having workers’ compensation insurance is a must. Why do you need it? Suppose an employee is injured while working from home; the insurance policy can help pay for the recovery and medical expenses of the worker.
The design of a home is not structured for business purposes. Therefore, the chances of accidents are high in home-based businesses in the form of cuts, burns, breaks, slip and fall, and so on. Potential hazard areas include stairs, slippery tiles, wet bathrooms, sharp edges on counters, etc.
With workers’ compensation insurance, you can pay for the medical expenses, emergency room care and ambulance charges, and the wage loss for the recovery time. Your employees remain protected post-injury with this insurance policy.
Do not make the mistake of believing that having a homeowners' policy will be enough for your home-based business. The homeowners' insurance coverage will be nullified if you operate a business from home and if an employee gets injured at the place.
As there are different kinds of business insurance in the market, evaluate your home-based business to see that you are duly covered. Without proper coverage, a costly lawsuit will break your business.
Workers’ compensation insurance help in covering settlement payments, court costs, attorney charges, and other kinds of legal fees.
Reduce hazards proactively in your home-based business to prevent workplace injuries. Installing fire alarms, slip protectors, and handrails can increase safety. Take necessary precautions to avoid injuries and accidents and educate employees regarding this.
There are many factors that decide the cost of workers’ compensation insurance. The nature and work of the business, business location, number of employees, history of the business’s workplace accidents, etc., are some things that decide the cost of the insurance policy and the premium amount.
Even if you see that the amount and the premium of your workers’ compensation insurance are high, go for it. In the event of an accident, this insurance policy coverage would be invaluable.
Spotlight Insurance Agency can be your one-stop destination for purchasing workers’ compensation insurance and other different kinds of insurance policies. We offer cost-effective coverages as per your need and budget. Contact us today to get a quote!
