Accidents can happen to anyone and anytime. As per 2020 data, employers reported 2.7 million injury and illness cases in private industry. Therefore, worker’s compensation insurance is an important part of any business. Many companies have opted for insurance like Cerity for employees who are injured or become ill due to their job.
Here are seven benefits of choosing worker’s compensation insurance for your business.
1. Coverage for Employees
Worker’s compensation insurance provides coverage for employees who are injured or become ill due to their job. This is important as it can help protect the employees and ensure they receive the medical care they need.
Insurance such as Cerity offers various insurance products that can help cover medical care costs, lost wages, and more. The insurance policy might also provide coverage for death, permanent total disablement, permanent partial disablement, temporary disablement, and legal costs.
2. Financial Protection
It can also provide financial protection for the business if an employee is injured or ill. This can help to protect the business from potential lawsuits and other financial liabilities.
3. Protects Your Business from Lawsuits
By having worker’s compensation insurance, you, as the employer, will be held liable for any work-related injuries or illnesses that occur to your employees. In other words, your employees will not be able to sue you for their injuries. This is important as it can help to protect the business from potential lawsuits.
4. Help Retain Employee
Additionally, worker’s compensation insurance can help to attract and retain employees. This is because employees will know that they are covered in the event of a work-related injury or illness.
A company with worker’s compensation insurance shows that they care about its employees. Employees appreciate such things and will admire their company for its employee-caring nature.
Worker’s compensation insurance can help reduce the amount of time an employee takes off work. This is because the employee will be covered for their medical expenses and will not have to worry about taking time off work to recover from their injuries.
5. Mandatory by Law
Businesses are required to have worker’s compensation insurance to protect their employees. If your employees are not insured, your business might be fined heavily for non-compliance.
6. Improve Workplace Safety
Finally, worker’s compensation insurance can help to improve workplace safety. By providing coverage for employees, businesses are incentivized to create safer workplaces. It can ultimately lead to fewer accidents and injuries in the workplace.
When employers know they will be held financially responsible for workplace injuries, they are more likely to invest in safety measures such as training programs, safety equipment, and hazard prevention. As a result, workers’ compensation insurance can play an important role in improving workplace safety for all employees.
7. Create Goodwill for the Company
Today companies need to maintain a good image in the community. It is necessary for business growth. Worker’s compensation insurance can help to improve morale among employees. Employees will feel that the business cares about their safety and well-being.
Employees who feel that the business cares about their safety are more likely to be productive. This can lead to increased profits for the business. However, if the company does not have worker’s insurance and the employees are not paid adequate compensation. It can stir negativity for the company in the general public, and customers might abandon the company’s services and products and choose their competitors.
These seven benefits are just some reasons you should consider purchasing worker’s compensation insurance for your business. Besides, compensation insurance for employees will also give you peace of mind as you will have a system established to handle workplace injuries.