The Importance of Workers' Compensation:
I am often asked “How many Employees do I have to have before I am required to have Work Comp Coverage?” This is a very good question. The answer in the State of MO is 5 (including Owners/Officers) and only 1 Employee for certain Construction Employers. However, the best answer, for all Employers, is just one Employee. This is why:
Even if not required by law, if an Employee is injured on the job, the Employer can still easily be taken to Court where they will face:
- Hours of time away from their business
- And a potentially huge Judgment with no Insurance Coverage for Protection
The benefit for the Employer
- Protection from Civil Suits. Monetary Exposure to Civil Suits can be significant.
- Provides a Competitive Advantage when competing for business (Contractors in particular) – Client will feel comfortable choosing you, since they are protected if your employee is injured while working at their property.
- Protection from Fines levied by the State for not having Workers’ Compensation Coverage (In MO the fine is substantial).
- Retention of Key Employees since they will not suffer financially due to a work related injury.
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Posted by Dan Hebbeln: firstname.lastname@example.org