You’re the fearless leader of your business. But with the title of Fearless Leader comes a lot of responsibility that gets heaped on your plate. One of those things is business insurance. There are a lot of possible risks that could befall your business, and among those is the possibility that an employee could get hurt. That’s what workers’ compensation insurance is for. We’ll explain what workers’ comp is and how it can help you provide for your employees if they get hurt on the job.
What is workers’ compensation insurance?
Workers’ comp insurance will help your employees if they’re injured on the job. Accidents happen, much as we try to prevent them.
Here’s the deal:
Workers’ comp helps your employees by providing benefits for them if they’re injured in a work-related accident. By that, we mean that it can cover the employee’s medical bills so that they can get the care they need. In addition to paying the medical bills, it can give them a portion of their lost wages so they don’t have to worry about cash flow while they’re taking time off to recover. (We’ll explain more about this in a bit.) No one wants to see their employee get hurt, but workers’ comp allows them to get the medical care they need.
Workers’ comp also protects the employer from being sued by the employee in the event of a work-related injury (It’s kind of a trade – the employer provides workers’ comp and the employee gives up the ability to sue over work-related injuries. They get the care they need, you avoid a lawsuit.)
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What does workers’ comp cover?
Here are the benefits that workers’ comp provides:
Medical bills:
Workers’ comp can cover the medical bills for injuries that your employees sustain on your premises while they’re working – for example, if an employee slips, has a bad fall, and breaks a leg. Workers’ comp can also cover medical bills that result from certain work-related illnesses.
(And it’s not just the immediate medical bills from the hospital that are covered, either – any bills from rehabilitation can be covered, too. )
The point is that your employee isn’t on their own to cover their medical bills if they get hurt or become ill because of their job.
Lost wages:
If an employee is unable to work due to a work-related injury, workers’ comp can give them a portion of their lost wages. So, if your employee’s doctor recommends that they take some time off work while they heal, they wouldn’t have to worry about the income they’re losing by not being able to work.
Compensation for injuries resulting in disability:
Some injuries might just require a few days off work, but others that are more severe could mean that your employee is out of action for quite a while. In the event of a work-related injury that results in a disability, the permanence and extent of the injuries determine the benefits the employee receives.
Death benefits:
It’s terrifying to think about, but what if an employee died on the job because of a horrible accident? Workers’ comp can provide death benefits to the employee’s family or dependents. So, if something awful happens and an employee dies, insurance can help the family cover funeral expenses.
Am I required to buy workers’ comp insurance?
Each state sets their own requirements for workers’ comp insurance, so you need to make sure that you’re meeting your state’s requirements and going by the book. The states play a big part in determining how workers’ comp is handled, so keep that in mind. You could be required to have workers’ comp insurance if you have a certain number of employees. Check out what your state says about the matter.
So, that’s the deal about workers’ compensation insurance. Workers’ comp provides benefits to employees if they’re injured on the job or because of their job. (It can pay for their medical bills and rehabilitation as well as provide a portion of their lost income if they have to take time off work to get better.) In return, employees don’t have to sue employers over work-related injuries. Make sure that you have the workers’ compensation insurance you need to protect your business.
And if you’re wondering how to go about getting workers’ comp insurance, we can help. Our team can help you get the workers’ compensation insurance you need to protect your employees – your most valuable asset. Get started with some quotes by filling out our quote form or giving us a call today.