The Benefits Workers’ Compensation Offers a Business
June 28, 2013
Reaching a point where your business needs to hire employees is certainly a milestone. It means operations are growing along with the profits. But when you take on employees, it is extremely important to protect them and your company with a Workers’ Compensation policy. It is an added expense, but having coverage certainly benefits you in multiple ways.
Here’s what can happen if you don’t have Workers’ Compensation:
If an employee is hurt while on the clock, he can sue you for the cost of his medical bills and lost wages. He can claim that you didn’t provide a safe working environment which, if proven, puts responsibility squarely on your shoulders. You then find yourself in the position of defending yourself, putting your business on the line for a judgment against it.
This scenario won’t happen when you have a Workers’ Compensation policy. Instead of a lawsuit, a claim gets filed and sent to the relevant entities, such as the state and insurance company, which then process the claim as directed by statute. The employee then moves forward with obtaining benefits as provided by state law versus a lawsuit against you.