Understanding Insurance Policies

Posted on: 18 January 2022

As a company owner, it's your responsibility to look out for your employees' well-being. Knowing that you've invested in their welfare gives your staff the confidence to report to work and go the extra mile to grow your business.

No matter how many employees you have, it's crucial to have workers comp insurance that covers your staff for work-related injuries and losses. This gives you peace of mind knowing that your employees can quickly bounce back after an unforeseen accident. Continue reading to find out what workers' compensation insurance covers.

Medical Expenses

In every industry, employees are bound to encounter some level of occupational hazards. So rather than hoping your employees never get injured at work, it's best to take out workers' compensation insurance to ensure they have medical coverage if they ever sustain injuries. Workers' compensation also covers medical expenses when an employee comes down with an illness because they were exposed to toxins or disease-causing organisms at your company.

Ensuring your employees have financial support when they get admitted allows them to quickly recuperate because they won't be weighed down by unexpected medical bills. And when one of your workers needs ongoing care, should be rushed to the emergency room, is due for necessary surgery, or needs to renew a medical prescription, workers' compensation insurance will ensure the process is prompt and seamless.

Missed Wages 

When an employee sustains a serious injury, they'll obviously need some time off to recover. As such, they will likely miss their monthly wages through no fault of their own. If your company has workers' compensation insurance, you can ensure that despite not getting a monthly salary, your employees receive a reasonable stipend to keep them financially stable as they recuperate.

Compensating an employee's missed wages allows them to focus on their recovery and ensure they don't feel pressured to return to work before they're fully well. And once they recover, they can confidently report back to work knowing that you have mechanisms in place to take care of them in whatever circumstance.

Funeral Costs

Employers' worst fear is losing an employee to a work-related accident. But when it happens, it's crucial to remember that fatal accidents are unfortunate events and no one is to blame for them. It's also crucial to approach the situation with a solution mindset that ensures the family of the deceased employee doesn't suffer more agony if you can help it.

And if you have workers' compensation insurance, your company is able to step up financially and ensure one of your own gets a proper send-off. You should also ensure the employee's death benefits are promptly channeled to their beneficiaries to avoid any friction between the family and your company.

If you want to be more involved in your employees' wellbeing, this is your cue to get workers' compensation insurance.