A world without workers’ compensation insurance would be treacherous for businesses. Every injury would have the potential to lead to a financially crippling lawsuit. This is the dreaded scenario that the Gantt Agency helps businesses in and around Farmville, VA avoid.
Workers’ Compensation Insurance Helps Keep Your Company in Business
Worker injuries are an unfortunate fact of business. If your business were to proceed without workers’ compensation insurance, it would be likely to go bankrupt in due time.
The bottom line is workers’ compensation insurance greatly offsets the cost of employee injuries to keep the doors open. Otherwise, injured workers’ avenue of legal recourse would be directly suing the business for negligence. Negligence is a word used by attorneys to refer to carelessness.
It would only be a matter of time until some of those employee lawsuits resulted in a favorable verdict. The ensuing financial losses would be devastating to your company’s bottom line.
Pooling Risk for the Greater Good
The beauty of workers’ compensation insurance is that it benefits the greater good through a pooling of risk. Businesses pay workers’ compensation premiums for a financial safety net, ultimately preventing worker injuries from financially devastating enterprises.
The shared risk helps keep businesses open throughout the Farmville, VA area. Moreover, relying on insurance instead of attorneys to fight employee lawsuits also greatly reduces legal fees, for an added bonus.
The Icing on the Cake
Workers’ compensation insurance even covers a portion of employees’ lost wages in the aftermath of an injury. These payments ensure the business itself doesn’t have to pay lost wages after an injury at the workplace.
Contact the Gantt Agency for a Quote
Give us a call today for your personalized insurance quote.