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Key Things Small Businesses Should Know About Workers’ Compensation

Being a business owner can be exhausting and challenging, regardless of the company’s size and industry type. While you may assume it is best to prioritize the interior design of the office, ensuring plenty of safety protocols is more important. It can prevent employees from getting injured due to unforeseen accidents.

Besides installing wider walkways and eliminating tripping hazards, an additional step is to invest in workers’ compensation from reputable sources like Cerity to ensure you are protected from workplace liability. Also, it is an effective way to deal with work-related injuries and fatalities, allowing victims and their loved ones to recover in peace.

Browse through the following information to learn more about how this coverage can protect employees, your position as an employer, and your business.

What is it?

It is a type of business insurance often referred to as workman’s or workers’ comp, among other names, requiring employers to pay for the insurance without asking the workforce to contribute. The coverage protects employees in the event of workplace-related injuries, illnesses, and fatalities and is a must-have under the law.

That being said, different states have different requirements for coverage, and almost every type of employee is qualified to have the compensation unless expressly excluded. For instance, it includes part-time workers, contractors, leased employees, public school teachers, corporate officers, domestic workers, etc.

The cost of the coverage depends on the specific plan and business requirements, as each company has varied risks. It also depends on the number of employees, claims history, location, and industry type.

What does it cover?

Although there are several things insurance can protect you from, listed below are some of the critical aspects it covers.

  • Medical expenses that a worker might incur from work-related injuries are taken care of under the coverage.
  • Fatal injuries are more common than one would like to admit, with over four thousand seven hundred occupational injury deaths in 2020. The insurance provides death benefits to the surviving families and funeral expenses, among other things.
  • Lost wages are also provided to those who require extended time off to recover from injuries or illnesses sustained at the workplace.
  • Disability or impairment benefits can help people who sustain grievous injuries that leave them partially or wholly disabled.
  • Employer’s liability insurance is typically covered by the insurance, protecting business owners in the event of a lawsuit wherein a worker might claim safety protocol neglect at the workplace led to the accident. Generally, it covers attorney fees, judgments, and court costs.

Where to buy the insurance

The workers’ compensation market is worth over forty-eight billion dollars, proving how safety-conscious business owners have become in recent years. However, choosing the right insurance provider is key to enjoying premium policies at affordable costs. Ideally, you should select someone with considerable industry experience providing coverage for all kinds of businesses, from retailers and contractors to hospitality and architecture companies.

You can ask for a free quote and sign up in less than five minutes with a trustworthy professional like Cerity without any long-term commitments. It allows you to change or modify the plans later, ensuring no financial strain on your business.

So, find a respected provider and sign up with them to protect your employees as your company progresses quickly.