There’s Been a Workplace Injury – Now What Do We Do?

Various workplaces will have different unique work conditions. These are more noticeable as you explore the business’s tasks and the risks they impose on employees. 

Whether it’s in Construction, Healthcare, or another industry, protecting employees is necessary. The best way is to cover them with worker’s compensation insurance. It helps protect their well-being even when untoward incidents happen. 

Your employees and your business can gain much from worker’s compensation insurance. To see how it can protect your business and your staff, we will look at the various ways the worker’s comp can serve you. Read on and find out more:

What is Worker’s Compensation Insurance?

The worker’s compensation insurance is part of the company insurance policy package. It protects the workers and employees by covering expenses associated with injuries and illnesses while on the job. 

The costs depend on the size of your company and the risk factor in your industry. Despite the cost, most state laws require businesses to have it. This policy ensures your workers have the necessary contingencies when anything unexpected happens.

Experiencing work-related illnesses or injuries makes employees eligible. It won’t apply to non-employees, vendors, and customers. When they sustain injuries or illnesses while visiting your premises, general liability insurance covers your business instead.

What Does Worker’s Comp Cover?

The purpose of this insurance policy is to help the worker bounce back. It helps them return to work after suffering from injuries or illnesses.

When the worker gets hurt on the job, the worker’s comp can compensate the employee. If it renders them unable to work, the policy also covers the lost hours. The amount they receive is a percentage of lost wages. 

The policy also covers medical expenses, including physical therapy and surgeries. Medications are also part of the insurance coverage. 

These workplace injuries can come from accidents, such as falling from a ladder. In other cases, it can also be an injury due to overuse or misuse over a long time. For example, employees are eligible for worker’s comp if they develop chronic back pain. 

Psychological and mental health are also within the scope of this insurance policy. Recent expansions on the coverage ensure that employees with mental issues get the treatment they deserve.

If an employee passes, the worker’s compensation insurance gives financial benefits to the family. It helps them stay financially stable during these tragic times.

Ways a Worker’s Comp Protects Your Business

Now, let’s look at how worker’s compensation insurance helps both your business and staff. These advantages go beyond monetary savings when accidents happen in the workplace. Here are some notable benefits when insurance policies protect your employees.

Your Employees Know You Care

Having their insurance policies sorted out shows that you care for them as an employer. It also includes the worker’s comp among other benefits. It helps account for the risks and possible hazards that employees encounter, including the stress involved with and tasks.

With it, they receive the needed compensation. Lost wages and medical coverages can come up immediately without any delays. It means you do not need to worry about legal issues and court orders to coerce you into giving what they need.

It Limits Legal and Financial Liability

What happens when you don’t have the worker’s comp as part of the employee benefits? An injury can lead to lawsuits aimed at your company. It would leave you in a problematic situation, leading to a massive financial strain. 

With worker’s compensation insurance, lawsuits become the least of your worries. If you include it in their benefits, you’ll avert the legal repercussions of employee lawsuits. It means your business won’t suffer from possible media backlash that can hurt your reputation.

The policy covers the parts about work-related injuries. It also limits what employers need to pay for the compensation. It’s a great way of ensuring your business won’t pay millions in damages later on.

The only time a lawsuit comes to play despite the policy is when the incident results in a fatality. It only applies when the workplace fatality is because of the employer’s negligence.

It Prevents Business Downtime

If employees get injured at work, taking care of them is your primary priority. These employees often can’t afford medical expenses for extensive procedures. In most cases, they can’t recover their lost wages, placing them under financial stress.

The longer an employee remains hospitalized and unable to come to work, the more downtime your business experiences. Even when a single team member is out of the picture, your business suffers from lost revenue as well. These can add up as time passes.

Avoid this situation through worker’s comp insurance. It helps employees pay for good treatment, allowing them to rejoin the workforce as soon as possible.

What Worker’s Comp Does Not Cover

We mentioned that worker’s comp covers employee injuries at work. However, some injuries don’t fall under the policy. 

One of these comes in the form of self-inflicted injuries. These also include injuries due to employee fights. When an employee commits a crime and got injured, they don’t qualify for the coverage. 

Not being on the job or violating company policy can also be grounds for the employee disqualifying from their coverage. It helps your business set the limits, allowing you to draw the line and dole out compensation only when necessary.

Set Your Worker’s Compensation Insurance Today

When your business provides worker’s compensation insurance as part of the employee benefits, your staff knows that the company cares for them. At the same time, it protects your business from lawsuits and financial damages. It does so through a policy that compensates them for the trouble. 

When it comes to compensation and worker insurance, we have the means to help you out. Get an instant quote to see how we fit with your company.