If you run a Rock Hill, SC area business, it’s essential to know when you need workers’ compensation insurance. This type of coverage is required by law in many cases. It depends on what kind of employees you have and how many. Even if South Carolina’s rules don’t require coverage for your company, you may still benefit from insuring your staff. 

Legal Requirements

Businesses are legally obligated to sign up for workers’ compensation insurance if they have at least four employees. There are no exceptions for nonprofit workers, members of your family, or part-time staff. On the other hand, South Carolina law exempts most farming, casual, federal, and railway employees. The same goes for real estate agents who earn commissions. Likewise, a company may not need this insurance if it has a very small yearly payroll or only hires independent contractors.

Voluntary Coverage

Even when it isn’t required by law, it’s still wise to insure the business owner and/or a small number of employees. Workers’ compensation generally covers injuries and other medical problems that result from working for your company. This can protect you from employee lawsuits. Keep in mind that regular health insurance often excludes workplace injuries from coverage, so it isn’t an adequate substitute. It also provides fewer benefits. For instance, health insurance won’t compensate for income that a staff member loses due to an injury.

In some situations, it may be difficult to decide if your company truly needs workers’ compensation coverage. A knowledgeable agent at Wil Plyler Insurance Agency can help you determine if this insurance is necessary and who or what it would cover. We’ll take the time to learn about your business and evaluate your specific needs. To get started, please contact the friendly staff at Wil Plyler Insurance Agency in Rock Hill, SC, by calling 803-366-4196 today.