As an employer, your employees are your responsibility when they are on the clock. When an employee suffers an injury at work, his or her medical bills and lost wages become your responsibility. Every industry has some level of risk. While it is a legal requirement to carry workers’ compensation insurance, it is also an investment in your employees.
Here is what you need to know about the protection of workers’ compensation insurance.
Workers’ Compensation Protects You Against Lawsuits
A lawsuit can be devastating to a business. When you carry workers’ compensation coverage, your employees cannot file a lawsuit against you for injuries suffered on the job site or while on the clock. Without it, you could have to fit the bill for legal costs and medical costs.
Workers’ Compensation Protects You Against Employee Loss
With the high cost of medical care, many people cannot afford to have their injuries treated. If you have an employee who suffers a sprain on the job, he or she can immediately seek medical attention. Your company covers the lost wages and medical costs and he or she can return to work when fully healed. Without workers’ compensation, prompt medical attention and healing may not be on the table.
Workers’ compensation is a benefit for the entire company. It protects your employees but it also protects your business against lawsuit costs. If your employees can receive medical care after an injury, they are more likely to work for your company in the future.