Why Do You Need Workers’ Compensation Coverage?

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 Coverage 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. Let us learn what types of 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

Workers’ compensation 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. Workers’ Compensation Coverage helps the employer and the employee by taking care of these expenses. 

Death Coverage

If circumstances arrive where an employee dies from an injury or an accident at work then Workers’ Compensation 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.

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