The Importance of Workers Comp Insurance

Every seven seconds, an employee gets hurt on the job. No matter how safe you think your workplace is, accidents happen. Someone can easily trip over a cord in the office or slip and fall while carrying merchandise to its designated spot.

A person’s clothes could get stuck in a machine, or a heavy object may land on their head. When these accidents occur, workers comp insurance will have the employee and your business covered.

Not only will worker’s comp protect your business and employees, but having it is a requirement in most states. Getting caught without it could end in penalties and jail time.

Not convinced that you need insurance yet? Check out this guide to learn more about it.

What Is Workers Compensation?

Worker’s compensation insurance provides wages and medical help to injured employees.

It can also distribute death benefits to families in the event an employee passes away from their wounds.

As long as you have people working for you, you’ll have to maintain insurance.

It’s a Requirement

This isn’t necessarily one of the benefits of worker’s compensation, but it is something that you’ll need to keep in mind. Having insurance is required in most states.

If you fail to purchase coverage, you could get hit with costly fees and penalties. In some circumstances, you might be imprisoned or lose your ability to run a business in your state.

It Covers Your Business

Insurance can provide employer protection, at least on a financial level. Without it, you’ll have to pay money out of your own pocket to cover a worker’s hospitable bills.

If you hire the right insurer, they’ll be able to keep your premiums within your budget. The faster your insurer can process claims, the faster your employee will be able to get proper medical attention.

That means the injured employee will get back into the office sooner, so you won’t have to spend valuable time and money hiring a temp worker.

It Protects Your Employees

It doesn’t matter how safe your workplace is, there’s always a risk of injury. If someone leaves a cord in the middle of the floor, someone could trip over it and get seriously injured.

Workers comp insurance will provide the employee with the wage replacement they need to stay on their feet until they recover. This is true even if the worker is responsible for their injury to some degree.

You can get more info here if you want to learn about who will be covered under your policy.

Invest in Workers Comp Insurance Today

Every day, thousands of people get injured while on the job. That’s why it’s so important that employers have workers comp insurance.

Having it will supply injured or sick employees with the wages they need to keep them afloat and recover faster. It’s also required in most states. If you’re caught without it, it could spell the end for your company.

For more tips that will help you take care of your workers and keep your business going, visit the News section of our blog.