Workers’ compensation insurance is a mandatory policy that protects your employees in the event of job-related illnesses or injuries. In our freshest blog post, we’ll give you the 411 on the value of worker’s compensation insurance to help your business thrive. Here’s the scoop:
Workers’ Compensation 101
Every employer needs to ensure that the workplace is safe for all employees. However, accidents happen. Compensation insurance provides financial benefits for employees who experience job-related injuries or illness to reimburse medical expenses and lost wages. The policy is no-fault, so it will provide benefits whether the fault is the employer’s, the employee’s, a co-worker’s or a customer’s. By taking advantage of a workers’ compensation policy, an employee will have a limited ability to sue for additional damages.
Providing Benefits to Employees and Families
Aside from being the law, having a workers’ compensation policy is an additional benefit for your employees and their families. If an employee is unable to work after a work-related injury, your insurance will cover the cost of wages while the employee is recovering. Medical care is also covered underneath the policy. The potential cost of both of these expenses is astronomical, so a single workers’ compensation policy could save you tens of thousands of dollars if a single employee is hurt.
Protecting Your Business
A workers’ compensation policy also protects your business. In most policies, taking advantage of the benefits means that employees agree to forfeit the right to sue your business for additional financial benefits post-accident. The policy will also prevent you from the serious financial burden that paying for an employees’ medical care can be. If you have workers who travel across state lines as part of the job, make sure that your policy is written to reflect that. Every state has different insurance policy requirements, and your coverage could be declined if the policy is not adequate for your workplace.
Bottom line? whether you are in an industry that has a high risk of workplace injuries or an office filled with cubicles, it’s important to work with an insurance broker who knows how to assess and meet your workers’ compensation needs. We’d love to help. To learn more about insurance solutions from Roper Insurance, including a deep dive when it comes to worker’s compensation insurance, we’d love to connect. Give us a call today at 303.721.1145.