When you hire employees to work for your business, you have a legal liability to keep them safe while on the job. You must provide them with protections to ensure that they are covered if or when they get hurt or sick.
Along with making available health insurance that they can purchase while working for you, you also need to invest in coverage that can pay them if or when they suffer an injury or illness while working for you. You can provide this protection for your employees by purchasing a reliable and high-quality workers' compensation insurance policy for your business.
Providing Coverage for Medical Care
When your workers are hurt while on your time clock, they have the legal right to seek treatment for their work-related injuries or illnesses. In fact, the state where your business is located may allow them up to 72 hours, if not more, to see a doctor and get the appropriate medical care.
When you have a workers' compensation insurance policy in place at your company, you can increase the chances of your injured workers getting the prompt treatment that they need. They know that they can have their medical expenses billed to this policy and avoid having to pay for these costs themselves. They avoid hesitating out of fear of having to pay for their medical bills themselves.
Lowering Personal Liability
If you did not have this coverage in place, you could easily open yourself to expensive personal liability for your injured or ill workers. The laws in your state might allow them to sue you and force you to pay for their medical bills and lost income out of your own pocket.
Despite owning your own business, you may not be the richest person in the world. You may not be able to afford to pay for tens or hundreds of thousands in injured workers' medical bills and make up for their lost income. Instead of paying for your workers' damages out of your own bank accounts, you can buy a workers compensation insurance policy and have your employees make claims against it to get their expenses paid in full.
A workers' compensation insurance policy can protect your business from significant liability and monetary losses. It provides a way for your injured workers to seek medical care for their injuries or sicknesses. It also spares you from paying these expenses from your own pocket.
Do you remember the last time you experienced an accident or an injury? Life can surprise you sometimes, which is why it is always smart to have a few life insurance policies in place. I used to think about everything that I had and everything that I could lose, and it occurred to me that I couldn't risk taking any chances. I wanted to begin this blog to share my perspective with other people, so that you don't have to worry about finding the right insurance company. Read more here to figure out what you need to do to choose a better plan.