track. One that is pretty universal, however, is the need for workers comp insurance. Much like a standard liability policy, it is a critical component of your business’ risk management plan. Here are just a few of the key benefits provided by comprehensive workers compensation policies.
Workers Comp Covers Medical Bills
Would your company be able to pay for extensive medical care if a worker is seriously injured on the job? Workers comp will pay for the costs associated with that injury, including diagnosis, treatment, medications and rehabilitation or physical therapy. With the rising costs of healthcare, that can be a substantial benefit.
It Replaces Lost Wages
One of the most widely known benefits of workers’ compensation policies is that they help make up lost wages for employees who are injured in a covered event. For individuals living paycheck to paycheck, this is an irreplaceable benefit. It encourages people to take the time needed to heal properly so they can return to work as soon as possible.
The Right Policy Creates a Safer Workplace
The right insurance policy encourages workplace safety by promoting safety policies and risk mitigation strategies. Over time, that translates to fewer injuries and lower insurance premiums, saving you even more.
Workers’ compensation coverage is not an area you want to skimp. Work with your agent to find a policy that complements the rest of your company’s risk management program.