Accidents happen. Even if you have a team of world-class employees, mistakes can and will happen during the times when you least expect it. That being said, before a mishap leaves you and your business in a financial mess, you should make sure all your employees are protected.
Basically, it’s a contract between a business and an insurance company, where the insurer will pay for an employee’s medical costs, lost wages, permanent disability or death benefits that result from a workplace injury or illness. In most cases, it also protects a business against lawsuits filed by employees.
Yes. There are some exceptions in a few states, but even if it isn’t mandatory, a worker’s comp policy is highly recommended. You wouldn’t want one little whoopsie to crush your big business dreams, would you?
If an employee were to injury themselves, workers’ comp can save your company from crumbling to the ground in a number of ways, but if you like living on the edge and fail to provide adequate coverage you could face a giant world of hurt.
Employee coverage will usually include the following:
If an employee dies (knock on wood), their family will usually receive the following: