For small businesses in Cullman, AL and elsewhere, getting started may seem like the majority of work, time and energy. However, what is really the highest risk and area where a small business can be wiped out is the sudden financial hit. And the most common way that can occur is not a failed contract or lost sales, it’s with a lawsuit for an injured employee, according to the experts at Insurance Solutions Inc.
Businesses are already required by law in Cullman, AL and elsewhere to provide workers compensation coverage for their employees. This is to ensure that a worker who gets injured in the course of doing his or her duties can be immediately addressed and medically helped without worrying about the cost of the related healthcare. However, many small businesses start off with only a few staff, oftentimes part-time employees, and assume that the cost of a workers compensation plan is a waste of money. While it is an expense, it really should be seen as a critical safety net. All it takes is one mistake and a physical injury, and the small business is then walloped with a million-dollar lawsuit. Remember, there is no real cap on the cost an injury lawsuit in many jurisdictions. So, an injury that may only cost $100,000 in medical bills may cost another $900,000 in pain and suffering without limitations except from the court. Most small businesses would break under such a sudden cost, and the demand for payment after judgment is immediate. There is no payment plan approach to rely on for a break.
The staff at Insurance Solutions Inc. are ready to help. Their expertise is particularly applicable for small businesses and matching policies available to the size, scope, industry and budget of a client. Give them a call today for more help. Don’t wait for an accident to happen; it’s too late then.