Many people think of the need for workers compensation insurance as an issue that impacts only medium and large companies. However, the truth is that the need for workers comp insurance effects even the smallest of businesses. This is because in many states, you will be required by law to purchase workers compensation insurance if you have any employees on your payroll. Yes, this means that even if you simply have a family member who works for your business a few hours a week, you could be required by law to carry workers compensation insurance. 

It Is More Than Just The Law, It Is Good Business

While it is true that the law in many states requires any business with employees on the payroll to carry workers comp insurance, some states do limit this requirement to businesses with a certain number of employees. However, even if your state does not require you to purchase this insurance, it is still in your best interest to consider purchasing a workers compensation policy. Without a valid insurance policy in place, you could find that your business or even you can be held personally liable for any medical costs or lost wages that are suffered as the result of a workplace injury. Covering these costs out of your own pocket will certainly be far more expensive than taking a proactive approach to this issue by purchasing a workers compensation insurance policy to protect both your business and your employees. 

Don't Forget About Yourself

You may wish to consider purchasing a workers compensation policy even if you do not currently have any employees on your payroll. This is because even if you have private medical insurance for yourself, this insurance policy will likely not pay for medical costs associated with injuries you suffer on the job. Furthermore, private medical insurance will do nothing to help compensate you for the time you have spent out of work as a result of your injuries. This applies to sole proprietors, independent contractors, and other self-employed individuals as well. 

All Professions Can Result In Injuries

If you think that you don't need to purchase workers compensation insurance because the type of work you do is not likely to result in injury, you could not be more wrong. While it's true that you are not nearly as likely to suffer a traumatic injury working behind a desk each day, workers compensation benefits are not just limited to individuals who suffer an injury as the result of an accident at work. These benefits will also protect you and your employees if you suffer from injuries known as repetitive motion injuries. This category of injuries covers things such as an employee who develops carpel tunnel syndrome after years of performing data entry tasks each day. When you take this type of injury into consideration, it is easy to see how all professions can result in injuries and therefore require the peace of mind that comes along with a workers compensation insurance policy. 

Contact a workers compensation insurance provider to learn more.