4 Reasons Why Your Business Needs Workers Compensation Insurance

Workers’ compensation insurance is mandatory in businesses like landscaping, and most states implement this, and the benefits it provides can be invaluable to your business. For example, it pays for medical expenses, lost wages, and survivor benefits if an employee dies due to a work-related injury. But what are the other reasons you need this type of coverage? You may not realize that workers’ compensation protects your business from lawsuits and other costly legal troubles. It also allows you to pay the medical bills for people hurt on the job without putting your company finances at risk. Most states require employers to provide this type of coverage, but you should still take advantage of this valuable service even if your state doesn’t. Here are four reasons why your business needs workers’ compensation insurance.

Why You Need Workers Compensation

Workers’ compensation insurance is a specialized type of coverage that protects both your employees and your business. It provides medical, wage, and survivor benefits if an employee sustains a work-related injury. Even if you have strong liability insurance, workers’ compensation is necessary to protect your company from costly lawsuits.

In most states, employers are required to carry this type of coverage. However, companies need to take advantage of this service even if their state doesn’t need it. Workers’ compensation insurance can provide the following financial protection for you and your company:

  • Medical expenses: Workers’ compensation pays for medical bills for injuries sustained on the job without putting your company at financial risk.
  • Lost wages: This includes lost income and time off from work to recover from an injury sustained on the job.
  • Survivor benefits: If an employee dies due to a work-related injury or illness, workers’ compensation will pay benefits to their spouse and children.
  • Lawsuits: Workers’ comp insurance protection prevents lawsuits by paying any related medical bills incurred by the injured worker who has filed suit against you with no out-of-pocket costs to the employer.

How to Find the Right Policy Provider

Workers’ compensation insurance can be tricky. First, you need to know what’s covered and what’s not, and you want to make sure you’re getting the coverage you need at a price that makes sense for your budget. If you’re wondering how to get workers comp insurance, you can find all the information you need at The Hartford, which can provide expert advice so that you get the coverage your business and employees need.

Protect Employees from Financial Hardships

Protect your employees by providing them with the benefits they need. For example, if an employee is injured on the job and needs time off to recover, workers’ compensation pays for that time off. This sort of coverage can help ease the financial burden of taking time off work due to injuries related to the workplace. Workers’ compensation also covers employees who are diagnosed with occupational illnesses like mesothelioma or lung cancer.

Protect Your Business from Legal Trouble

Workers’ compensation covers medical expenses, lost wages, and survivor benefits if an employee dies due to a work-related injury. You may not realize that in most states, this type of coverage also protects your business in the event of legal action. For example, if an employee is injured on the job and decides to sue your company, workers’ compensation will cover any settlement or court costs.

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