What Are the Consequences of Not Having Workers' Compensation Insurance?
Failing to carry workers' compensation insurance can have severe consequences, including:
Fines and Penalties: Governments impose substantial fines on businesses that do not comply with insurance requirements. Lawsuits: Without insurance, businesses are at risk of being sued by injured employees, leading to potentially crippling legal costs. Financial Strain: The business may have to pay out-of-pocket for medical expenses and lost wages. Reputation Damage: A lack of insurance can harm the business's reputation, making it difficult to attract and retain employees.