As a business owner, you will find your attention is pulled in many different directions. Not only do you worry about your customers, your products and your finances, you are also tasked with ensuring the safety of your employees. Federal and state regulations have something to say about the reasonable expectation of safety and care, but workers compensation insurance companies hold the real information that you need.
Why You Need Workers Comp
In spite of your best efforts at minimizing risks, accidents can happen at the worksite or while on the job.
For those who are injured during one of these incidents, medical attention, physical healing and job security become primary concerns. As a company, you may face a lawsuit and a damaged reputation. A workman’s comp policy is the best defense in case this occurs.
What It Covers
These policies cover the cost of either occupational disease or work-related injuries, whether or not it was caused by employee negligence. The extent of your coverage will depend on the actual policy, but typically a comprehensive plan will address:
- A portion of lost wages
- Medical expenses for immediate care
- Rehabilitative services
- Death benefits
You will find many local and national workers compensation insurance companies to help advise you of the best policy for your business. Be sure your selection complies with local requirements.