Some jobs are more dangerous than others. Construction is more dangerous than customer service, for instance. But as an employer, you are probably well-aware of the fact that any job can present risks to employees. Office workers get carpal tunnel. Retail workers slip and fall on hard floors. The list of potential dangers and their consequences is endless. That is why every employer benefits from having workers’ compensation insurance – to protect their employees and to protect themselves.
Workers’ Compensation Insurance – Protecting Employees and Businesses
There are certain expenses that are just plain necessary in business and workers’ comp is one of those expenses. Not only do most states require you to carry workers’ comp if you are an employer, having such coverage offers multiple benefits that go far beyond just meeting your legal obligations.
Some of the ways workers’ comp insurance protects employees and employers include:
1. Paying for the cost of medical care for work-related injuries employees sustain
Employees are injured working all the time – well, maybe not all the time, but more often than either they or their employers would like. Accidents happen. From major catastrophes like employees getting run over by forklifts to slow, sneaky injuries like repetitive stress injuries from using a keyboard, doing work typically means facing the risk that you will get hurt on the job.
As an employer, you are asking your employees to perform tasks and put themselves in positions where they may get hurt serving your needs. When they do get hurt – which will happen if you are in business long enough – you need to be able to help them get medical care. But medical care is expensive. It’s extremely expensive! Trying to pay for it out of pocket could break your business, even for a single employee injury.
This is where workers’ comp coverage comes in. As long as you have coverage and pay your insurer for your policy when an employee is hurt performing on the job duties you can file a claim and get their medical treatment covered by the insurer. Instead of having to pay tens or even hundreds of thousands of dollars in medical care, your insurer foots the bill for you.
2. Helping employees get the assistance they need to recover from their injuries
Before the days of health insurance and workers’ comp insurance, getting hurt on the job could easily mean the end of a career. If you didn’t have enough money to pay for medical care you just stayed hurt – which could easily keep you from ever working again. This situation was bad for employees and it was bad for employers.
But now, your employees can go get the help they need right away. No one needs to ask themselves questions of whether or not they can afford to have the injuries treated. If an employee comes up to you or a manager and says they have been hurt doing their job, you can immediately direct them to the proper medical clinic as dictated by your policy and know that they will be able to get the medical care they need based on their circumstances.
3. Ensuring injured employees can cover their bills
One of the scariest things about getting injured for employees is wondering how they are going to pay their bills if they can’t work. Some injuries are relatively minor and employees can come back to work right away or relatively quickly. But other injuries are much more severe and it may take weeks or months to recover. For employees in such situations, going without work for so long will likely leave them without the funds they need to pay things like rent and buy food to eat.
Workers’ comp insurance not only pays for medical care, but it also helps cover lost wages for employees who are hurt on the job and unable to work in the same capacity they were before. There can be quite a bit of variation in how much someone is paid through workers’ comp since some injured employees can work part-time and some can’t work at all. However, you can rest assured that the workers’ comp insurance will help when help is most needed.
4. Helping the families of employees if the worst should happen
No one wants to think about an employee sustaining a fatal injury on the job – but it does happen. If an employee does sustain a fatal injury, workers’ comp can often assist with financial benefits for the families of the one who passed away.
It makes sense to want to help your employee’s loved ones if they are killed while working for your business. Workers’ comp insurance makes it easier to do what you already want to do and give them some help.
Check Your State Laws
It is important for every business to learn the employment laws in their state to determine what their legal obligations are for workers’ comp. You may or may not be required to carry workers’ comp insurance if you are an employer – although most states do have some sort of requirement when you have employees. Once you know what the state expects of you, then you can discuss your options with your preferred insurance provider and determine what kind of insurance coverage you want for your business.
Make Sure Your Employees and Your Business Are Protected
Whether you are the kind of employer that never misses an employee’s birthday or the kind that values personal boundaries above all others, you still know it makes business sense to protect your employees. If you don’t already have workers’ comp insurance, take the time to contact your preferred insurance company and learn about your options. The benefits far outweigh the costs.