Workers’ Compensation Insurance
Regardless of the industry you work in, you will likely need workers’ compensation insurance, especially if you hire employees. Workers’ compensation covers an employee’s take-home pay and medical expenses during recovery if he or she was hurt at work. Carrying this insurance according to your state law is extremely important. If you are caught without this coverage or if an employee sues you and you don’t have it, you could face thousands of dollars in fines or even criminal penalties.