Workers' Compensation Insurance
for Retail Businesses
Employees are the pulse of any retail business. From offering assistance to your customers to stocking your aisles, your employees keep your business running smoothly. However, no matter what measures you take to ensure a safe work environment for your workers, unpredictable accidents and injuries happen all the time.
If your business requires your employees to travel, the potential for injury and accidents increases exponentially. Auto accidents while carrying out company business are all too common. Should you rely on employees to make bank deposits, you open your business up to the added risk of an employee being robbed.
With Workers' Compensation Insurance, you ensure a safer work environment for your employees and safeguard your business against the high cost of on-the-job injuries, accidents, and unpreventable events. Keep reading to learn how Workers' Compensation Insurance protects your business and its employees from uncertainty.
Protecting Retail Employees
Workers' Compensation Insurance: Protecting Retail Employees
Your retail business's employees are the backbone of each workday, yet alongside their responsibilities come added risks. For example, while stocking your storeroom, an employee could easily throw out their back and suffer a life-long injury. Employees who ring up customers all day may face repetitive motion injuries, such as carpal tunnel syndrome. Then there are the everyday kind of risks that could happen no matter what safety precautions you take — a slip on a just-mopped floor that results in a broken ankle, or an allergic reaction to the kind of flowers your shop sells.
As part of your business's overall risk management plan, Workers' Compensation Insurance helps you prepare for some of the unavoidable risks and accidents your employees may face. For on-the-job injuries that your employees sustain, Workers' Compensation can provide the necessary funds to cover immediate medical attention, such as a visit to the ER. The coverage may also include compensation for the income your employee might have earned while they were in recovery. In the event that your injured or ill employee sues your retail business for the work-related ailment, this policy can protect your business by covering the cost of the lawsuit, including attorney's fees, settlement expenses, and other court costs, up to your policy limit.
Currently, most states require that any business with employees carry Workers' Compensation Insurance, but the exact details of the coverage vary depending on where your business is located. Our retail business insurance experts at Insureon know each state's requirements and can help you determine the amount of Workers' Compensation coverage your business needs to meet regulations.
How Retail Businesses Benefit from Workers' Compensation Insurance
Most Workers' Compensation policies include coverage for legal fees, medical expenses, and lost wages if your employee is injured on the job or suffers from a job-related illnesses. This coverage — also known as "Workman's Comp" or "Workers' Liability Insurance" — typically includes Employers' Practices Liability Insurance (EPLI) to protect your retail business from the lawsuits that can accompany job-related accidents. That means if your employee files a lawsuit against your business, this policy can help pay for legal costs associated with the claim. Even if the lawsuit is meritless, your business can be covered for the court costs and attorney fees, which are usually enough to strap any small business owner without adequate coverage.
If you are ready to incorporate Workers' Compensation coverage into your business protection strategy, get a quote from Insureon in minutes! Depending on your business, you may be able to begin your policy within 24 hours of your initial application.
Key Details About Workers' Compensation for Retail Businesses
When you're in the market for Workers' Compensation coverage for your retail business's employees, you'll soon find there's no shortage of policies available to you. As you continue your search, remember that no two policies are alike. If you need a policy customized for your specific line of business, you can trust the retail business insurance experts at Insureon to help you determine which coverages an appropriate business insurance policy might include.
In the meantime, here are a few important details to keep in mind when shopping for Workers' Compensation Insurance.
Understand Your State's Laws for Workers' Compensation.
As a general rule, most states require Workers' Compensation coverage if your retail business has employees. But before you settle on a policy, you'll want to make sure you know the specifics of your state's requirements. Some states, such as Ohio, North Dakota, Washington, and Wyoming, operate a state-administered fund of Workers' Compensation Insurance. In Texas, private employers can choose whether or not to carry Workers' Compensation Insurance coverage.
Even retail businesses that only have part-time employees can be still required by state law to carry Workers' Comp Insurance. If you're unsure what requirements your state has in place concerning this coverage, simply ask one of our agents for assistance.
Consider Excluding Yourself from Workers' Comp Coverage.
As the shop owner, you may be able to exclude yourself from Workers' Compensation coverage to save a little money on your policy. However, if you do include yourself on the policy, you may benefit from the added protection and income security should you suffer a work-related illness or injury. Talk to an Insureon agent to discuss your options and to see which path best serves your interests.
Risk Management Tips
Risk Management Tips for Retail Business Owners
Though Workers' Compensation Insurance is essential to your retail business protection plan, you can take additional steps to promote a safe work environment for your employees. Simply implement these three risk-prevention tips:
- Train your staff often on proper lifting techniques for heavy items, especially when stocking these items.
- Enforce proper attire for your employees, such as closed-toes shoes and tucked-in shirts, to minimize the risk of slips or snags on equipment.
- Invest in ergonomic office supplies, especially if your employees spend the majority of their time typing or sitting, which can lead to repetitive motion injuries and strain.
Do you have questions about Workers' Compensation coverage for your retail business? Contact an Insureon agent today!