How Can Workers Compensation Help Me?
December 6, 2022 | Workers' compensation
Employers are required by law to provide work environments that are reasonably safe for their employees. Unfortunately, accidents still do occur. Data shows that employees are injured every 7 seconds globally. When an accident occurs at work, there is a good chance that the employer can be held liable for the damages that the employee suffers as a result of the injuries. Depending on the severity of the injuries and the magnitude of their damages, employers can be held liable for tens of thousands of dollars’ worth of damages.
What is Worker’s Compensation Insurance?
Most states require employers to take out workers’ compensation insurance. This insurance provides financial compensation that covers the wages and medical care of workers injured while on the job. It also covers medical expenses and wages for those that develop a health condition such as an illness as a result of their working conditions.
Employers are required to pay the premiums to the insurance company that offers the cover. The cost workers’ compensation insurance will depend on the size of your company and the nature of the tasks your employees are involved in. For example, an employer that only has office workers is more likely to pay less in insurance compared to an employer whose employees work on a building site. This is because the builders are at higher risk of injury than the office workers.
Workers compensation insurance covers the injured workers’:
- Medical expenses – these include the cost of medical visits, emergency surgeries and medication.
- Lost wages – part of the lost wages for the period that the worker is unable to work are covered by workers compensation.
- Disability benefits – these are available if the worker has suffered an injury that has caused permanent or partial disability.
- Ongoing care – this covers the cost of physical therapy and other expenses for medical and personal care of the injured worker
- Death benefits – this is available if the worker dies as a result of their work-related injuries. It is available to the survivors of the worker.
Why Employers Should Invest in Workers’ Compensation
Many employers would prefer to do without the expense of workers’ compensation insurance. However, there are many benefits to investing in workers’ compensation insurance for employers.
- You will avoid personal injury lawsuits
Investing in workers’ compensation insurance isn’t just for protecting employees from financial ruin but also their employers. When a worker is injured on the job, the party that is most likely to be held liable is the employer. Your worker can file a personal injury lawsuit against you. You may end up paying up thousands or even hundreds of thousands of dollars in compensation to your worker.
Workers’ compensation insurance ensures that you avoid all that. It provides financial compensation to the injured workers and prevents them from filing lawsuits against you for compensation. You will ensure your employee’s financial needs are taken care of while avoiding financial ruin yourself.
- You will ensure you’re compliant with the law
Most states require employers to carry workers’ compensation insurance. The requirements for this insurance vary from state to state. However, if you fail to provide workers’ compensation coverage, you could face repercussions from the state. You may face fines or even have your business licenses and other privileges revoked.
It is important to find out about the requirements for workers’ compensation insurance in your state and ensure that you are in compliance. You should invest in this coverage even if it is not mandatory in your state for your peace of mind and the security of your business.
- It will help promote good health in the workplace
Accidents and injuries are inevitable. They can occur at any time and affect anyone. Workers can also suffer illnesses or develop health conditions as a result of the conditions at work. For example, a worker can develop back problems from repeated lifting. Dealing with the expenses associated with these unexpected health problems can be difficult for employees. They may not be able to access the treatment they need because of the expenses. They may also feel obliged to return to work in order not to lose their wages.
Workers’ compensation insurance ensures that workers are able to access the treatment they need. It also provides a replacement for their wages for the period of their recovery. This ensures that they can take the time they need to fully recover before returning to work.
Conclusion
Workers’ compensation insurance can seem like an expense. However, it is actually one of the best investments you can make to protect your business. Workers’ compensation insurance is designed to protect both the employer and their workers in the event of an accident at work or a work-related illness. Contact us to learn more about workers’ compensation and its benefits.
How Can Workers Compensation Help Me