If you are unsure as to why you need it you must read this entire post. We have listed all the most important reasons why you need workers’ compensation insurance below…
Let’s say one of your employees suffers an injury or illness at work because of someone else’s carelessness. Now they need to take a month off work to spend time at the hospital. You can’t say no to it and you still have to pay them wages because it is your fault. Wouldn’t this be a huge loss for your company?
You can actually prevent this loss if you have workers’ compensation insurance. This insurance will cover all or at least a percentage of the wages (depending upon the package you have chosen). This can save your company a lot of money.
If your employee gets injured at work, only covering their wages will not be sufficient. You will need to pay for their medical care too. As you know this can quite a lot. Therefore if you have workers’ compensation insurance it will come to your rescue here too.
It will also provide compensation to any of your employees who have suffered permanent injuries.
If your employee dies, workers’ compensation insurance will provide coverage for the funeral expenses too. All or at least some of the money will be paid to the person who paid for the funeral.
Some packages will offer even more benefits to the relatives of the victim. This can prevent lawsuits.
Costs of retraining:
Sometimes workers might require retraining or rehabilitation to return to their current job or to find a new job. Workers’ compensation insurance can help with this too. It will ensure that the employee finds a new job he or she is happy with.
These are all the main reasons why you need workers’ compensation insurance. Contact us at Bosworth & Associates today if you need help finding a good package.