Worker’s Compensation 101
The thing about accidents is that it happens even to the most careful and skilled. Workplace incidents may be unfortunate, but figures show it is not uncommon.
In fact, even with a global pandemic that prompted us all to stay and work from home, over 2.7 million nonfatal workplace injuries were reported by private companies in 2020. If you’re wondering about the fields of these companies, most of them are indeed in the construction industry.
Heavy equipment operators, laborers, maintenance, and service providers are more inclined to meet incidents at work. After all, they are maneuvering machinery, lifting heavy loads, and handling technical and electrical tasks that may malfunction or short circuit.
But untoward incidents are not isolated cases.
During the height of the pandemic, healthcare specialists and practitioners were our lifelines as we grappled with an unknown disease. And their sacrifice was evident; nurses, nursing assistants, and other medical practitioners top the list when it comes to most workplace-related accidents.
To drive the point home that workplace accidents happen to everyone, retail salespersons, stockers, and other administrative employees report such incidents, too.
It has already been established that workplace accidents are untoward but common—so what happens now? Are there any safety measures or workers’ compensation that companies should be putting in place?
What is Worker’s Compensation?
A good employer will constantly be on the lookout for the best interests of their employees. Most states enforce this by requiring firms to purchase worker’s compensation insurance for their employees.
In a nutshell, a worker’s compensation insurance is for the employees’ benefit.
If an employee falls ill or is hurt while at work (or even while working offshore on the company’s behalf), the compensation covers their medical expenses. If the employee is in need of rehabilitation, charges may also be deducted from the insurance.
Due to a workplace-related incident, an out-of-commission employee will, of course, worry about wages. Even if their medical bills are already paid for, they have daily expenses they usually charge to their salaries. What happens now?
Worker’s compensation will cover lost wages, too.
Also, Check – What Happens in a Wrongful Death Claim?
3 Reasons Why Worker’s Compensation is Important
We’ve already talked about what a worker’s compensation means, but why is it important? Isn’t it an added expense you can opt not to get?
Here are three reasons why you must avail it:
1. Top talents need top care
There’s a very high possibility that the team you have at the moment is a strong one—they are the reason why your business is profitable.
If one gets injured in a workplace accident, your team’s efficiency suffers. Your top talent needs to heal entirely and speedily if you wish to maintain this high-level effectiveness. A worker’s compensation insurance ensures your top talent gets required medical attention immediately.
2. No-fault coverage
The compensation covers all accidents—even if, technically, your employee played a role in how it happened. Plus, there is no need to determine liability to claim insurance which means you, as the employer, are also protected from any possible litigation.
3. A wise move
As mentioned earlier, most states make it mandatory for companies to have worker’s compensation insurance in place. Therefore, availing of one is a wise move because you follow regulations.
Also, you can pay to be part of the compensation yourself. This way, you also gain access to statutory benefits your employees enjoy.
To Wrap It Up
We live in uncertain times, so it’s always best to be prepared. Workplace accidents are incidents we pray never happen to us. But, in the unfortunate event that it does, a worker’s compensation insurance is a lifesaver—literally.
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