5 Reasons to Have a Worker’s Compensation Insurance Policy

5 Reasons to Have a Worker’s Compensation InsurancePolicy

Whether big or small, majority States require a business owner to carry worker’s compensation insurance, as soon as s/he starts hiring employees.

Introduced for offering critical financial support, the policy provides all the essential coverage to help employees who are either injured or made sick due to the nature of the work.

Although most employers know the basic benefits of a worker’s compensation insurance, not many are aware of the extended advantages it offers.

Thus, we are going to discuss the top reasons to have a worker’s compensation insurance policy.

1. Legal Liability Coverage: Initially when this insurance policy was introduced, it was meant to serve as a bargaining position between an employer and an employee,

where an employer was responsible for bearing all the cost of legal suits if an employee was injured in workplace.

But now, it has become more astronomical and provides all legal liability coverage for a business if any unfortunate happens with a worker.

2. Lost Wages Compensation: In certain cases, injuries are not that serious and the worker needs to be out of work only for a short period of time, until s/he recovers completely.

In that situation, since the employer is only responsible for the lost pay, this insurance policy will cover half of the employee’s annual wage.

3. Occupational Illnesses and Conditions: Sometimes, an employee can be a patient of respiratory illness such as asthma or chronic bronchitis.

The sickness will not only hamper work quality but will as well worsen physical condition. Thus, with worker’s compensation insurance,

the worker can not only easily save his/her medical expenditures but can also continue to provide quality output without risking health.

4. Vocational Rehabilitation Expenses: Since accidents are uncertain in nature, one mishap is enough to make an employee disabled for lifetime and out of work forever.

When such misfortune takes place, worker’s compensation insurance will either provide

the cost of training a new employee to replace the previous one or the expenditure of obtaining future employment somewhere else.

5. Coverage for Long-Term and Permanent Injuries: Worker’s compensation insurance policy not only covers up injuries from sudden accidents but as well those problems and sicknesses that

develop due to long period of work with injurious activities or under compromised environment.

For example: suffering from back pain and carpal tunnel syndrome due to some sort of repetitious movement.

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Bonano Insurance Agency Phone: +1985-893-9393 Website: www.bonanoinsurance.com Address: 1109 US-190 BUS, Covington, Louisiana 70433, USA

5 Reasons to Have a Worker’s Compensation Insurance Policy