Is Workers’ Comp Insurance Necessary for All Businesses?

If you own or operate a business in Omaha, NE, you may wonder if you need workers’ comp insurance. Workers’ comp insurance is a type of insurance that covers medical expenses and lost wages for employees who become injured or ill while on the job. It also protects employers from lawsuits by injured workers or their families.

When you consider the scope of all that workers’ comp covers, it would make sense that every business in Nebraska should consider it. At the Ed Thompson Insurance Agency, we want you to understand if this type of commercial insurance is a necessity so that you can make an informed business insurance decision.

What Does the Law Say about Workers’ Compensation Insurance in Nebraska?

The state of Nebraska does require businesses to have workers’ compensation insurance. This law applies no matter the size of your business, its location, or the nature of the work facilitated by your business.

Some independent contractors may not need this type of insurance, and there are some other caveats for very specific types of industries, however, you should assume that if you have employees, then you need also to have workers’ compensation insurance.

What If You Don’t Have Workers’ Compensation Insurance?

A failure to provide workers’ comp insurance can come with noncompliance fines. More importantly, not having this type of insurance can lead to much larger issues for a business, especially if an employee decides to sue the company because of work-related injuries or illnesses. You could lose your ability to operate as a business or even face criminal charges.

Schedule A Consultation Today

If you’re unsure if you need workers’ compensation insurance, you should speak with a professional commercial insurance agency about it. Our team at Ed Thompson Insurance Agency can help you figure out if your Omaha, NE business requires this or any other type of commercial coverage.