Why Your Business Should Have Workers’ Compensation in Place

No matter the size of your business, no matter if your business is small, medium, or quite, quite large, workers’ compensation is not something that should ever be optional. Ever.

On the one hand, workers’ compensation protects the people giving it their all in order to make a booming success out of your business. And they deserve to have benefits when they sustain injuries on the job. 

But, also, on the other hand, having workers’ compensation in place protects your business too, and it does so in several important ways. So, let’s see how workers’ comp protects not only your dedicated workers, but also your own business. 

Workers’ compensation is the law, and that’s it!

The first, the most important, and the unavoidable reason is that work comp is required by the law in the majority of states. In some states, no matter the size of your business, workers’ compensation is a must.

In other states, whether or not you need to have work comp in place depends on the number of employees you have. However, even though the number of employees can affect the necessity for workers’ compensation, that does not mean you should avoid having it. 

This is especially true if you’re operating within a high-risk industry, where accidents, unfortunately, happen more frequently. Take care of your workers, and they’ll take care of your business.

Workers’ compensation protects you from being sued by employees

It’s been more than a hundred years since the first law that was drafted in order to protect workers who got injured on the job. Before such a law came to be, workers were forced to sue their employees in order to get their earned due. 

And that’s where the workers’ compensation of today comes into play. Nowadays, work comp is a no-fault system that allows the employee every kind of support necessary for him or her to return to a pre-injury condition. 

Plus, when you have workers’ compensation, employees can’t sue your business for workplace injuries. So, not only are you providing your employees with a safety net, your setting one up for yourself too. 

Workers’ compensation ensures there are no additional payouts

Once you have workers’ compensation in place, you are protecting your business from potentially costly payouts in case a workplace accident occurs. That means that, by receiving workers’ compensation, your employee is all set.

Furthermore, workers’ compensation does not take the person responsible for the accident into account. This means that neither you nor your employee have to climb a mountain of red tape in order to receive compensation. And that means a lot in times of need.

Workers’ compensation covers more than just medical expenses

When you mention work comp, people usually assume it’s for medical expenses and nothing more. And it’s normal to think so, as getting healthy again is the most important thing after suffering a workplace injury.

This means that, in addition to covering medical expenses, work comp also covers wages that the employee has lost due to the sustained injury. And that is why work comp is something that should never be optional – your employees deserve every single piece of protection they can get.

Workers’ compensation provides death benefits…

Sometimes, workplace accidents end up becoming tragic. As painful as it might be to discuss, we have to. Sometimes, there’s a lot of bad luck involved, and a workplace accident ends up being tragic.

That’s where work comp really shines through the moment of darkness.If the outcome is tragic, workers’ compensation insurance pays out benefits to the tragically deceased worker’s spouse or dependants. If you’ve now realized just how important having workers’ compensation is, you need to learn more about putting it in place in order to protect your workers. Click this link and learn all there is about work comp.