Protecting Your Business from Employee-Related Claims

A Workers’ Compensation Insurance policy pays essential benefits to employees who become or sick while performing their work-related duties. It covers their medical treatment and ongoing care, and compensates them for a portion of their lost wages. The policy may also pay death benefits to the employee’s family if the injury or illness leads to their eventual death. Read on to learn more about the ins and outs of Worker’s Compensation.

What Does It Cover?

Worker’s Compensation provides the following benefits:

• Medical Coverage
• Lost Wages
• Disability Benefits
• Ongoing Care
• Death Benefits

How Much Does Coverage Cost?

The premiums to be paid will vary depending on the type of industry that you operate in. For example, high-risk industries such as construction involve higher chances of accidents and injuries. As such, businesses operating in such sectors are expected to pay higher Workers’ Compensation premiums.

Similarly, past recorded Workers’ Compensation claims can also affect your premiums. The higher the frequency of claims filed, the higher the premium because of the greater risk perceived.

How Do You File a Claim?

As soon as the employee reports the injury/illness, the employer needs to notify the insurance company. Also, in case of severe injuries, the employer needs to report such injuries to the Occupational Safety and Health Administration (OSHA). The employer has the right to dispute the claim if they believe that the injury/illness wasn’t caused by work, and the employee will have to prove their case before the Workers’ Compensation board.

Risk Control to Avert Claims

Proactively managing your business risks can help avert costly employee-related lawsuits and claims. You can take certain steps as a business owner to prevent accidents and injuries at the workplace. These include:

• Setting up safety protocols and procedures to be followed by all employees
• Training your employees regularly on workplace safety
• Conducting periodic safety inspections to detect and correct any potential hazards
• Keeping a first aid kit handy at all times

What If You Have No Employees?

As a business owner with no employees, you are not required to carry any Workers’ Compensation policy. Instead, you can invest in your own health insurance plan to cover yourself in the event of illness/ injury. Nevertheless, if you have even one employee working for your business, you will have to carry a Workers’ Compensation plan for that employee unless you live in an exempt state.

Prioritizing Your Employees’ Safety

A safe worker is a happy worker. Even so, accidents are inevitable, and despite all the precautionary measures that you take, a single unfortunate incident can cause life-long disabilities. When your employees know that they are adequately covered against uncertainties, they can work with greater peace of mind. Meanwhile, you can also rest assured knowing that no sudden employee-related claim will threaten your business or cause you to pay hefty sums out of pocket. Thus, a Workers’ Compensation policy protects you as well as your employees, ensuring a conducive work environment for all.

Kish Insurance values the amount of effort and investment you put into building up your business, and we’re committed to protecting it from future uncertainties. Contact us today to learn how we can help you get the right Workers’ Compensation Insurance coverage for your business, tailored to your unique needs.