Owning a business comes with a great deal of responsibility. Accidents can happen at any time to you or someone else on the job. That’s why you should look into workers’ compensation to protect yourself and your company. Read on to see why this type of insurance is necessary for any organization.
The Work Environment Is Dangerous
Does your business involve dangerous work, such as construction, manufacturing, driving, or chemicals? If so, that’s even more reason to ensure that anyone in your space has the necessary insurance coverage. When glass shatters, sharp edges can cut or lacerate someone who steps on it. According to Scientific American, tempered glass has four times the strength of regular glass, but it’s still capable of causing harm. Painters and construction workers often work from heights that can prove fatal in the event of a fall.
Workers Can Suffer Injury
Slips and falls are some of the most common workplace accidents and can lead to strains, sprains, and broken bones. Employees can also easily suffer injury when making repairs, such as trying to unclog a French drain, something first discussed by author Henry French in his 1857 book. Kitchen workers handle hot liquids and food that can result in slippery floors or burns. When such injuries happen, expect workers to be out of work for a long time, and in worst-case scenarios, fatalities can also occur. Seeking legal guidance from a skilled workers compensation attorney becomes crucial to navigate the complexities of the legal process, secure fair compensation, and ensure the protection of the injured worker’s rights.
Medical Care Is Expensive
It’s no secret that medical care is expensive, especially in the United States. Medical care is already expensive enough when you’re just paying for yourself. Imagine having to pay when one, two, or more workers suffer injury or worse at your job. Having worker’s compensation can save you from paying for all those medical bills out of your pocket. On average, you may pay about $50 monthly for workers’ compensation insurance which covers all medical costs a worker would need. That’s way less expensive than what you would have to pay for surgery or ongoing liability claims.
Your Liability Is Protected
This insurance protects your personal liability. Once the compensation claim has been settled, you’re no longer liable for more payments. In other words, they can’t make a workers’ compensation claim and then sue the company for additional money.
Worker Recovery May Be Extensive
A work-related injury may result in an employee being off work for a few days, weeks, or months. Unfortunately, injuries can be bad enough to cause temporary or personal disability. According to Finity Group, the average long-term disability claim lasts almost three years. If you had to pay for that out of your pocket, it would be expensive, especially if you had to make several payments to many workers. Luckily, workers’ compensation handles payment for disability coverage, surgery, medical bills, and more.
You Hire Contractors as a Sole Proprietor
It’s easy to believe you won’t need workers’ comp when you own a sole proprietorship. That’s understandable since you normally work on your own. However, workers’ compensation insurance can protect you can contractors that come into your work area. For example, if you own an office and hire contractors for utility work and other updates, you may be liable for their medical coverage if they have an accident.
You can never do too much to protect your business. After putting time and energy into creating a company, you want to ensure you don’t lose everything you own due to workplace accidents and mishaps. Workers’ compensation is worth the monthly fee you’ll pay as it can easily save you thousands and more to cover the cost of medical bills of contractors and employees.