Workers' Compensation Coverage for Candy Stores
The confectionery industry has an estimated value of more than $30 billion in the US. This industry has been growing for years and will likely continue to grow.
Given the sheer size of the confectionary market, and the many different types of candy out there, it should come as no surprise that the industry has an enormous economic impact and supports several types of jobs.
Although accidents can happen just about anywhere, including candy stores. That's why candy companies should consider having a Workers' Compensation policy in place. We'll go into more detail about your insurance options here.
What Is Workers' Compensation Insurance?
Workers' Compensation is a type of business insurance that can cover business owners if a worker is injured on the job. The policy can cover workers' medical bills as well as paychecks should they miss work due to a work-related injury.
This policy could also cover additional training if required. The additional training applies if the worker in question is injured in a way that prevents them from continuing in their current role but does not stop them from working completely. For instance, if the employee were injured while hauling boxes and could no longer lift the boxes, they could be retrained as a cashier rather than lose their job.
Who's At Fault?
You might be worried about Workers' Compensation leading to a lawsuit, but you don't have to. In many states, Workers' Compensation works on a no-fault system. This means that blame does not need to be established for a claim to go through.
This can cut down on lawsuits because most employers offer Workers' Compensation. As a result, many injured employees can easily get coverage without having to go to court.
This may seem like a small victory, but it can be a big advantage. Injury lawsuits can be expensive, and defending yourself might cost more than what you'd end up paying by having insurance.
What Workers' Compensation Doesn't Cover
Keep in mind that Workers' Compensation doesn't cover everything. Workers' Compensation only covers incidents that occur while someone is actually working. If the injury occurs outside of the workplace and during off hours, Workers' Compensation usually won't cover it.
Finally, it won't cover anything that occurred during recreational activities or while the worker is intoxicated. If they were breaking company rules or otherwise acting reckless, the worker can't claim Workers' Compensation.
It's The Law
If you're wondering whether you need Workers' Compensation insurance, you most likely do. There are laws that require businesses to obtain coverage in almost every state.
The exception to this rule is Texas. However, even in Texas, certain industries might be required to seek coverage. Even if you aren't required to have Workers' Compensation insurance, you could be better off getting it. The total cost of a Workers' Compensation claim could be substantial and without coverage you might have to pay for the expenses out-of-pocket.
The penalties for not having Workers' Compensation insurance in a state where the law requires it vary. Many states will charge the business owner a hefty fine. A few states even consider this a felony, and the business owner could face jail time.
Determining Cost
While almost every business requires a Workers' Compensation policy, the price is different for every business as policies can vary. Several factors determine how much a business could pay for insurance coverage.
The size of your business will likely play a role in the cost of your insurance. The more employees you have, the more you can pay. More workers typically mean more risk, and therefore could be a higher insurance cost.
Other factors that might influence the cost of insurance include how much your employees make, what their job duties entail; state insurance laws, and the number of previous accidents or claims your business has had.
Workers' Compensation for Candy Stores
If you own a candy store, you might want to consider a Workers' Compensation policy. We've discussed this coverage and what it can help with, but where do you get such a policy?
You can get a Workers' Compensation policy through PolicySweet®. Our online quoting tool puts the business owner in charge of selecting the insurance, so you can decide the terms of the coverage that work best for you. We encourage you to get a quote from our site. You can also work with an agent to set up your own policy by giving us a call at 1-800-625-8257.