Workers’ Compensation or workers’ comp – As explained by wikipedia is a form of insurance. It provides pay substitution and medical assistance to workers / employees who suffered any injury while on job.
This is whatever your size of business may be if you have workers then this coverage comes as a blessing in difficult times. The primary benefit of Workers’ Compensation Insurance is to secure your employees, hence making you a responsible employer.
Moreover, most states require all businesses to offer workers’ compensation policies to both, full-time and part-time employees. As is also explained by Investopedia, there are 2 types of Workers’ Compensation – Part A & Part B.
Let us learn what types of basic benefits this coverage offers and why is it important for businesses to have it.
Legal Liability Coverage
Workers’ compensation offers legal liability coverage for a business if an employee is involved in an incident or accident on the job. This saves your business from astronomical legal costs.
Lost Wages Compensation
It helps provide employee’s lost wages for a duration when they are recovering from a work-related injury or illness. So, if your janitor slips off a wet floor and gets injured and can’t come to work for 2-3 weeks, workers’ compensation coverage can help replace some of his lost income.
Coverage for Ongoing Care Expenses
There are times where severe work-related injuries or illnesses need post hospitalization care like physiotherapy, trauma counselling, etc. This Coverage helps the employer and the employee by taking care of these expenses.
If circumstances arrive where an employee dies from an injury or an accident at work then this Coverage provides weekly cash benefits to the surviving dependants defined by law. It also covers funeral expenses of the deceased.
Workers’ Compensation Coverage works in favor of both the employee and the employer hence keeping both of them financially secure. When you buy an insurance policy for your business ensure to add this coverage too. For more details contact Exceed Insurance online or call 855-5EXCEED.