Does Your Business Need Workers’ Compensation?

Workers’ compensation insurance is a crucial aspect of employee protection in South Carolina. This insurance is mandated for most businesses that employ four or more individuals, including part-time workers and family members. Understanding workers’ compensation insurance is critical for both employers and employees to manage their rights and obligations effectively.

Why Your Business Needs Workers’ Compensation

Businesses typically need workers’ compensation for the following reasons:

• Legal requirements—South Carolina law mandates that most businesses with four or more employees, including part-time and family members, must carry workers’ compensation insurance.

• Benefits for employees—Workers’ compensation can assist with covering medical expenses, rehabilitation costs and a percentage of lost wages. It may also provide benefits for permanent disabilities and, in the unfortunate event of a work-related death, offer death benefits to the employee’s dependents.

• Benefits for employers— Workers’ compensation insurance can help businesses mitigate the risk of costly lawsuits. It can offer a structured system for handling workplace injuries, which can help maintain a positive work environment and employee morale.

• Compliance and penalties—Noncompliance with workers’ compensation laws in South Carolina can result in significant penalties, including fines and potential criminal charges. Moreover, employers may be liable for the full cost of an employee’s injury-related expenses if they do not have the required insurance.

Learn More

Workers’ compensation is essential for businesses in South Carolina. It not only fulfills legal obligations but may protect employees and employers from the financial and legal repercussions of workplace injuries. For workers’ compensation near you, contact B & A Insurance LLC.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.