As a business owner, you rely on your employees to keep your company running smoothly. The more you can protect your team and keep them safe on the job, the easier it will be for them to thrive at work. Accidents happen and when your employees get injured in the course of their duties, you’re required to have workers compensation coverage in place.
What Workers Compensation Insurance Covers
Anytime your employees get injured at work, you’re responsible for the cost of their medical treatments and ongoing care. If you don’t have comprehensive workers’ compensation insurance coverages in place, you’ll have to pay for those costs out of your company’s savings. Standard policies provide you with the following types of coverage:
- Liability protection
- Medical treatment expenses
- Employees’ lost wages during recovery
To qualify for insurance coverage and to make a successful workers compensation claim, employees must have been injured on the job while performing work-related duties. If they’re injured as a result of horseplay, they may not be able to file a claim.
Workers Compensation Coverage Is Required by Law
Every business with two or more employees is required to invest in workers’ compensation insurance. If you don’t, you could end up facing costly fines and have to pay your employees’ expenses completely out-of-pocket.
Being proactive about hazards and training your employees in the right way to perform their duties is the key to preventing injuries. When accidents happen, make sure you have the right worker’s compensation insurance in place.