Workers’ comp insurance is an insurance policy that covers medical expenses and a portion of lost wages for employees who have become ill or injured while on the job. Workers’ comp insurance can also be used to cover employee rehabilitation and recovery, as well as death benefits.
Workers’ comp insurance is required by law in most states but should be considered by all businesses whether they are required to have a policy or not. Not only does the policy cover your employee expenses, but it also protects you from lawsuits should you be sued as a result of a workplace injury. Get a free workers’ compensation quote today from Powell Insurance Group.
Having workers’ comp insurance is mandatory in most states. That said, there are some expectations and state laws that may not require a business to have a workers’ compensation insurance policy. At The Powell Insurance Group, we believe that regardless of your local and state laws, it is an employer’s responsibility to have a workers’ comp plan — protecting your employees whether they are negligent in their injury or not.
As a business, you may be liable if your employee becomes injured while at work — whether it is their fault or not. In addition to protecting the employee, workers comp insurance also protects businesses from liabilities and lawsuits after an injury occurs. So who needs workers’ compensation insurance? In short, every business does.
Each state has different regulations and guidelines for workers’ compensation insurance policies. These regulations are in place to ensure that the employer or business is prepared to provide coverage for the cost of injuries, occupational diseases, or employee death. An employee is only entitled to benefits from a workers’ compensation policy if their injury, illness, or death is directly associated with their job.
If an employee is working within the scope of their position and becomes injured, the employee is entitled to benefits such as medical expenses, partial lost wages, and more. If an employer or business does not have a workers’ compensation policy, they will be liable to cover these expenses — and potentially even more — should the employee decide to file a lawsuit.
At Powell Insurance Group, we are dedicated to helping our clients protect their best interests. When an employee becomes injured and a business does not have insurance, they may be liable to a lawsuit to cover damages. Workers’ compensation insurance protects your business while also protecting your injured employee’s interests.
If your business needs protection from the fallout of employee injury, we urge you to contact us today to speak with a member of our team. We would love to discuss how workers’ comp insurance can benefit your business.