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Is worker's compensation necessary for your business?

If you are a business owner in Kentucky, you will be well aware that operating a successful company requires dedicated time and industry knowledge. One of the most critical components of your company is the group of people you have hired to facilitate and execute important organizational activities. These people, your employees, must be carefully trained and educated to understand your expectations and overall vision for your company's growth. Caring for your employees is essential to effectively retain top talent and maintain a competitive edge. Worker's compensation is a valuable investment to make, but it does far more than protect and help your employees. In fact, it can be equally as beneficial for you, especially if you are dealing with an accident or injury that occurred on your job site. 

According to Employers.com, many states have requirements in place regarding an employer's inclusion of a worker's compensation policy. If you fail to implement some type of program, you could be left footing the entire bill, out of pocket, if a worker's compensation claim is filed by an injured employee. Coverage types vary depending on your line of work, but premiums are determined by a number of different things including the following:

  • The history of any accidents that have occurred in your workplace.
  • The total number of employees you have, and the number listed on your payroll.
  • The type of business you are running taking into account any unique risks your workers may face. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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Gatlin Voelker,PLLC

Gatlin Voelker, PLLC
2500 Chamber Center Dr. Ste. 203
Fort Mitchell, KY 41017

Phone: 859-781-9100
Fax: 888-456-9179
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Call : 859-781-9100