workers comp insurance

If you have just on employee working for your company, you are legally required to hold workers comp insurance to cover the medical and legal expenses associated with an accident that occurs on the job or an illness contracted because of working conditions.

Medical Care Coverage

Workers comp insurance is required by law because it eliminates many costly legal fees that may arise if an employee sues an employer over a work injury or illness. With this insurance, you will be able to cover the medical expenses for a worker who is injured at your place of business or on a job site. Coverage includes a variety of costs such as transportation to an emergency room, doctor visits, medications, rehabilitation, and physical therapy. Additionally, if that employee cannot immediately return to work, your insurance should cover the lost wages.

Temporary or Permanent Disability Coverage

Sometimes injuries on the job are severe enough that your worker cannot return to the job for an extended period of time. In this instance, your workers comp insurance covers not only the medical bills, but also the lost wages for the injured or sick employee. If a physician declares your worker unable to work for a short period of time, your insurance covers their expenses for temporary disability. If the worker is permanently disabled, the coverage will extend to a certain maximum period of time. Current workers compensation laws set the limits on temporary and permanent disability.

Other Benefits and Coverage

Temporary and permanent disability means that your employee can no longer work at their previous job. They may, however, be capable of doing another job. If so, your workers comp insurance will help to pay for that employee's retraining or rehabilitation in preparation for a new career. Any costs associated with finding a new job for the injured worker are covered by your policy. In the extreme event that one of your employees is killed as a result of working for you, your insurance pays standard death benefits to the surviving family members.

Employer Regulations

Having workers comp insurance to cover even just a single employee is mandated by law. There are legal repercussions if you do not hold this coverage for your company. These may include very stiff fines as well as a prison sentence. The penalties for not having the proper insurance vary depending upon the stat in which you do business.

Employer Benefits

Besides the legal requirement, there are many good reasons for you to have workers comp insurance for your business. Any accident that occurs on the job, regardless of how minor it may seem, can result in exorbitant costs. Without insurance coverage, you could be facing steep medical bills. In addition to medical expenses, accidents can also lead to law suits. If your employee believes you were at fault for the accident, they may choose to sue you for damages. Without adequate insurance, the associated costs can quickly overwhelm you and even lead to bankruptcy or the loss of your business.

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