Workers’ Compensation Insurance
Regardless of the industry or location of your business, you must account for risks and perils that could endanger its employees. Accidents, injuries and illnesses may inevitably occur within your workplace, often necessitating that affected workers seek medical attention. Additionally, if employees need to take time off work to recover, they may require financial aid. Fortunately, the right workers’ compensation coverage can address your business’s needs.
What Is Workers’ Compensation Insurance?
Workers’ compensation insurance can play a critical role in helping your business and its employees successfully navigate the aftermath of on-the-job injuries and illnesses. These policies are among the most important and frequent fixtures of business insurance, often even required by law. This means that if you fail to secure compliant coverage, you could face significant fines and legal penalties.
What Does a Policy Cover?
The right workers’ compensation coverage can offer financial assistance for various losses and expenses arising from workplace injuries and illnesses. This may include, but not always be limited to, the following:
- Medical bills
- Wage replacement
- Vocational rehabilitation
- Disability benefits
- Death benefits
- Employer legal costs (e.g., attorney fees, settlements and judgments)
Who Needs Workers’ Compensation Coverage?
Most states legally require employers to carry workers’ compensation coverage. This is to ensure that employees are able to access the care and resources needed to manage ailments they may suffer while working for your business. An adequate policy should also be a top priority to limit potential legal expenses; injured workers may sue your business, potentially incurring significant financial and reputational ramifications.
We’re Here to Help
Contact Davis Insurance Group today to learn more about your coverage options or get a tailored workers’ compensation insurance quote.