What Does Workers’ Comp Cover?
Businesses should have workers’ comp policies in place before hiring their first employee. Without it, your business will be responsible for paying any medical bills or legal fees, in addition to costly penalties for not complying with state laws.
Here’s a look at what workers’ compensation insurance can help cover.
Medical Expenses
For employees who experience work-related illness or injury, this insurance can cover medical expenses such as exams, treatments, operations and rehabilitation.
Lost Wages
One of the most important benefits of workers’ comp is its ability to pay a portion of employees’ lost wages, allowing them to recover fully before returning to work while still bringing in part of their income.
Retraining
It can help employees who need to learn new skills and work in a new field following an on-the-job illness or injury.
Permanent Injury
This insurance can help take care of employees who find themselves unable to continue working because of their injury.
Survivor Benefits
Workers’ comp can help support families when an employee dies from a work-related injury by covering their funeral costs and providing some income replacement.
Employers Liability
This type of policy can also protect your business from financial losses should an employee choose to file a lawsuit against you related to a workplace illness or injury.
Why Does Your Organization Need Workers’ Compensation Insurance?
Every business that has at least one employee needs this type of insurance to protect their finances. Even if it is not a legal requirement where your business operates, it simply makes good business sense.
It’s not just high-risk roles like construction work that can benefit from workers’ compensation insurance. Even at desk jobs that seem safe overall, repetitive motion injuries such as carpal tunnel and slip-and-fall accidents are fairly common.
Here is a look at the biggest reasons you need this valuable type of insurance coverage.
Most States Require It
You need to meet the legal obligations in your state, or you could face fines or even criminal charges in extreme cases.
It Helps You Attract High-Quality Employees
Demonstrating that you take care of your workers can help you attract and retain top talent.
It Protects You And Your Employees
Workers’ compensation coverage is worth it for the value and protection it provides employees alone, but it’s also beneficial to businesses as it could save you from having to pay for steep medical expenses for an employee out of pocket.
Get In Touch With Burton & Company
Make sure your employees are taken care of if they get hurt while working for you while protecting your business from significant financial losses following an accident with Workers’ Compensation Insurance from Burton & Company. Get in touch today by phone at (888) 652-1325 or request a quote online to learn more about how we can help you ensure everyone is protected.
