Businesses have a legal obligation to protect their workers from hazards that may occur at work. In addition to taking steps to ensure the safety of all workers, they're also required to have a workers' compensation scheme to compensate workers that may get injured in the line of duty.
Workers' compensation insurance is a form of business insurance that businesses take to provide financial compensation to their injured employees. When an employee suffers an injury at work, they can file a compensation claim with their employer's insurer rather than file a lawsuit.
Running a business can be a tricky job. At all times, you will be expected to pursue strategies that can propel the business towards increased profitability and growth. This may mean increasing sales volume, keeping operational costs down or both. Even though cutting down on costs as much as you possibly can is a good way to give your business the chance to grow, not all costs are unnecessary. In fact, some operating costs, such as the cost of business insurance, are the engines you will need to drive your business to greater heights of success.