Workers comp insurance may seem like a hassle; it’s another bill you have to pay, and yet another insurance package that you have to buy. But, in all likelihood, your workers comp insurance will be your ‘get out of jail free’ card, and will save you plenty of headaches in the future.
The United States requires that all employers (working within its borders) must have workers comp insurance. Employers and employees alike are protected by the law; employers cannot be sued by employees when they are injured on the job, and it keeps employees financially afloat while they recover from their injuries.
The insurance covers a wide-array of bills that can emerge when an employee injures him or herself on the job or if the work they are doing can result in illness due to their duties. It covers all workers and jobs while also ensuring that employees are protected regardless of where they are working at the time of injury.
In construction work, workers com insurance is vital. The jobs that they do can often be considered high risk and dangerous. When you surround yourself with a multitude of sharp objects and electrical equipment, or place yourself on a roof, you are more at risk than the average American. Whether a worker chops off his thumb, passes out from sawdust inhalation, or falls off a roof, workers comp insurance covers them.
It will also pay for a variety of medical related expenses: immediate first aid care, emergency medical treatment, prescription medications, physical therapy, and rehabilitation. Employees that are seriously injured while on the job can receive coverage for temporary disability as well. Through this coverage, the worker can receive payments that will replace the wages they have lost due to time off, which can be imperative for a family that is dependent on that person’s wage.
If an employer chooses not to purchase workers comp insurance, there are quite a few penalties for noncompliance. The fines can range from $1,000 to $50,000 on top of any medical expenses the employee requires. With a seriously injured employee, each injury could cost hundreds of thousands of dollars. By purchasing workers compensation insurance, you protect not only your business from outrageous medical expenses, but your employees and their families as well.