Workers’ Compensation for Interior Designers
Running a business typically comes with a certain level of risk but getting insurance coverage can help you rest easy. Insurance can help cover your company and shield you from some of the unpredictable events that can happen. Interior design businesses come with their own unique challenges and needs, which is why Workers’ Compensation insurance can be important. Read on to learn more about what Workers’ Compensation insurance is and how to get started with your own policy.
What is Workers’ Compensation Insurance?
Workers’ Compensation insurance provides coverage for the costs associated with workplace accidents or injuries. While your employees typically aren’t using oil fryers or ovens, accidents in the office or from their work can still create risk. Without insurance, your company could be responsible for paying the expenses out-of-pocket, including hospital bills, doctors’ visits, and partial pay for the injured employee. If something should happen, this type of coverage can help take care of the expenses, freeing your business from the financial burden.
Do Interior Design Companies Need Workers’ Compensation?
Interior design companies should strongly consider getting Workers’ Compensation coverage. Consider checking your state regulations to see if you’re legally mandated to have a certain amount of coverage.
On top of the legal requirements, Workers’ Compensation can also serve a valuable purpose in protecting your company from financial crises and lawsuits. The average workplace accident leads to workers missing around 72 work days, which can add up quickly. Slips and falls can also lead to severe claims. If you’re paying out-of-pocket, a single injury can cause extreme financial problems for your organization or even cause your business to fail. That’s why you should consider Workers’ Compensation insurance as an interior design company. It can be a way to help protect your employees, your business, and your future.
How Much Does Workers’ Compensation Insurance for Interior Designers Cost?
There’s no definitive answer for how much a Workers’ Compensation policy can cost for an interior design company because so many factors go into determining premiums. Your unique price will depend on where your business is located, how many employees you have, the services you offer, whether or not you have an office space, and more. To learn what Workers’ Compensation for interior designers can cost, get a quote from PolicySweet®.
Other Important Interior Design Insurance Policies
Workers’ Compensation insurance is only one important type of coverage to consider when running a business. These are some other types of policies to consider for your interior design company:
General Liability
General liability insurance can cover bodily injury, property damage, and lawsuits filed by a third-party. This insurance can help protect you from libel, defamation, advertising injury, or client injuries that happen in-office. For example, it can protect you if a client trips while visiting your office or if there’s a copyright infringement issue.
Business Property
Business property insurance helps to protect your property, from the furniture in your offices to the computers you use to design, if it’s stolen, lost, or damaged. This can be especially important for interior design businesses because your work relies on expensive equipment, like high-quality tools. Losing or damaging any of these could be financially straining, and this policy can help you continue to operate so you can provide great work for your customers.
Cyber Risk
Cyber risk insurance can cover the financial cost of being impacted by a cyber-attack or breach, which can be crucial for almost any company with a website or that stores customer information online. If you’re collecting data from your clients, you could be at risk for a cyber-attack that can be costly. This protection can help cover those expenses and help you continue to operate.
PolicySweet® offers a Business Owners Policy that includes commercial liability, business property, and cyber insurance, making it a convenient way to get a comprehensive package.
HomeHQ
A HomeHQSM insurance plan from PolicySweet® is designed for companies that operate out of a home. If your business is in your home, this insurance can provide you with liability, business property, and business stock insurance. You can rest easy while working from your house and know your business can be protected.
Get Protection for Your Business
Having Workers’ Compensation insurance helps to protect your employees and your business when the unthinkable happens. This type of coverage keeps you compliant with legal requirements and helps you avoid financial strain. If you’re ready to find Workers’ Compensation coverage, start a quote with PolicySweet® today to begin protecting your company!