Worker’s compensation is something that many small and medium-sized businesses are still confused by. There are numerous laws on the books in every state, each with its stipulations and requirements for business owners regarding how they protect themselves and their employees in the case of a workplace accident or injury.
Wondering what types of industries need workers’ comp insurance the most?
Here are ten where it is essential, or you can click to learn more:
1. Contracting and Building Industry
It is impossible to work in this industry without some type of coverage for laborers. Businesses like HVAC, plumbing, electrical, lawn care and maintenance, remodeling/renovation, and many others must have workers’ compensation.
2. Medical and Healthcare Industry
It is either required or in your best interests to have workers’ comp insurance if you own or operate any of the following businesses (as well as many others) within the health and medical industry:
- Dental laboratories
- Blood banks
- Testing and diagnostics centers
- Dialysis providers
- Vet clinics
3. Food and Beverage Industry
The food industry is a wide-ranging field that includes not only the customer service aspect of the business but also the manufacturing and delivery side. Companies that need employee coverage in this industry include restaurants, bars, caterers, coffee shops, and many others.
4. Educational Service Industry
Companies that offer educational services consist of these and several others:
- Computer training
- Management training
- Language schools
- Fine-arts academies
5. Hospitality Service Industry
The hospitality area of business employs many people, many of whom often work by themselves or in small groups (maids, maintenance people, courtesy drivers, etc.). It also has large buildings with many workers going up and down floors all day performing myriad tasks. Coverage in this industry is essential.
6. Personal Service Industry
The personal service industry consists of the following types of businesses, as well as many others:
- Barber shops/beauty salons
- Funeral homes
- Tanning salons
- Pet grooming
7. General Retail Industry
This is another all-inclusive industry that covers a large span of businesses. Examples of retail providers that should have workers’ compensation plans are grocery stores, convenience stores/gas stations, laundromats, liquor stores, pet stores, pharmacies, and much more.
8. IT and Tech Industry
The IT field covers data processing, network installation/repair, graphic design, office machine installation/repair, and several others.
9. Financial Service Industry
Financial services are an ever-growing field, especially in the digital age, with all companies offering their services online. Businesses in this area include:
- Banks/credit unions
- Mortgage lenders
- Payroll services
- Collection agencies
10. Clothing Retail Industry
Similar to the general retail industry, the clothing retail industry encompasses a large, specialized field all its own. Businesses such as clothing stores, dry cleaners, bridal shops, shoe stores, tailors, and many others all need workers’ compensation coverage.
Workers’ Comp Insurance Isn’t Something You Can Wait Until You Need to Get
Even if you already know that you need workers’ comp, you probably still have a lot of questions about it. The best thing you can do for yourself and your employees is to get in touch with experts who know exactly what you need and can answer all your questions.