Do You Have the Right Coverage for Your Business?

April 16, 2020 Blog

New Territory Opens Up for Workers’ Compensation Insurance

Across the world, one word is turning up in almost everyone’s conversation: coronavirus. This tiny virus has disrupted people’s lives everywhere. It has also opened up opportunities for companies to reevaluate how they conduct their affairs. Many have been able to move employees from onsite work to working from home. Others are considering how to readjust for when the country can get back to churning out goods, and life goes back to normal. One area you should be reviewing is your insurance package.

Ensure you have the right policies in place with the appropriate coverage during these uncertain times. Besides general liability and property plans, you want to make sure your employees are covered if they become ill or are injured on the job. Workers’ compensation insurance steps in to help with medical bills and lost wages. Seek out the assistance from the brokers at the Business Insurance Center. We have over 30 years of experience in a wide range of industries, and we are ready to review your needs and assist in providing the best coverages for reasonable rates.

How Workers’ Compensation Insurance Works

If you have never purchased or needed to utilize workers’ compensation insurance, here is how it works:

  1. It gives your employees benefits for a work-related injury or illness: It helps replace their wages from lost work and provides help with medical bills.
  2. It supports many companies across various industries: This coverage is not for a select few. It can be purchased for just about every industry out there.
  3. The goal is to get your employees back to work: This may be in the same position or a transitional position. It can provide your employees with access to training for new skills in a different field.
  4. Most states require that you purchase workers’ compensation insurance: The requirement varies from state-to-state, but it is convenient when an employee becomes ill or injured while on the job.
  5. It provides coverage for the employee AND the employer. Both parties receive benefits.
    • The employee’s benefits depend on the nature of the illness or injury. There are also state requirements and the language within your policy.
    • The policy helps protect employers from being sued by the employee. If you don’t have coverage, you may have to pay out-of-pocket.
  6. As the employer, you are responsible for paying the premiums. Your employees are not required to pay for any of the premiums to receive the benefits.
  7. Employees have a limited amount of time to report their injury to you. In general, the moment they get sick or become injured, they need to let you know. If they wait too long, they may be denied benefits.
  8. Once you file the claim, your state’s workers’ compensation agency handles the rest. They will work with the insurance company to get benefits and payments to your employees.

Stay Compliant While Protecting Your Employees and Company with Workers’ Compensation Insurance

It may be easy to write off workers’ compensation as a non-necessity; however, if you cannot afford to pay an employee’s claim, then you need protection. Ensure that you and your team can handle an accident or illness by talking with a knowledgeable broker from the Business Insurance Center. We have the experience to assist you and your unique needs. Give us a call today!

Request a quote online or call and speak about workers’ compensation insurance with an experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator.

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