It’s surprising how many businesses don’t carry workers comp insurance on their employees. There are many reasons why employers hesitate to provide comprehensive auto body insurance. In the automotive industry, there are many myths about insurance. Even if you aren’t required to carry workers comp insurance, don’t let one of these myths keep you from protecting your business.
Some businesses think that because they only have a couple of employees, they don’t workers comp coverage. If one of your employees had an injury and sued you, could you cover the medical bills and settlement costs out of your own finances? It doesn’t matter if you have one employee or 5,000. All it takes is one person to sue you. Sure, for smaller injuries where an employee can get back to work quickly, it can be cheaper to pay out of pocket. You have to consider worst case scenarios, like losing a leg, or worse death.
Another myth that business owners tell themselves is that they have a great relationship with their staff. No matter how wonderful your employees are, if they get injured they won’t be thinking about how their situation affects your business. They want to be able to pay their bills, and they deserve to be compensated when they are injured at work. You will avoid costly litigation when you have the right auto body insurance coverage to meet your needs.