Charles Spinelli: Why Businesses Need Workers' Comp
istockphoto.com Charles Spinelli on the Importance of Workers' Compensation According to Charles Spinelli, businesses are legally required to have workers' compensation (workers' comp) coverage from the moment they hire their first employee. In most states, businesses are required by law to carry workers' comp insurance, regardless of the number of employees or their industry. You may be required to carry workers' comp coverage even if you're a sole proprietor. Small businesses, or companies whose employees mainly work desk jobs, tend to skip coverage because they assume that accidents are not likely to occur. Doing so, however, may result in fines and legal penalties. It could also mean that an injury or accident at the workplace involves you in a lawsuit and drains your budget. Carrying workers' comp protects you and your business, says Charles Spinelli. What coverage do you need? Numerous factors affect the coverage your business needs, including the h