Workers’ Compensation is Assurance for Employer & Employee Alike
Workers' compensation insurance, also known as workman's comp, provides benefits to employees who get injured or sick from a work-related cause. It also includes disability benefits, missed wage replacement and death benefits. Workers' comp also reduces your liability for work-related injuries and illnesses. If you’re a business owner, it’s important to have the appropriate insurance protection in place if an employee is injured on the job. Trying to obtain workers’ compensation coverage after the fact simply will not work. In other words, you need to be covered in advance. That’s exactly what a proper workers’ compensation policy does: It ensures that an injured worker's medical and financial needs are taken care of when accidents happen.
Workers’ compensation insurance spreads and shifts the risk for on-the-job employee injuries from employers to insurance providers. Doing so protects your business from work-related claims and legal exposure. Business owners can breathe easier knowing employees will be properly cared for if an accident happens without posing a threat to the company’s profitability or its solvency.
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And workers’ compensation provides reimbursement regardless of who’s at fault for an on-the-job injury. If the injury occurs during the normal scope of normal job duties, workers’ compensation will pay all applicable benefits.