The importance of workers' compensation

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Information about The importance of workers' compensation
Business & Mgmt

Published on March 11, 2014

Author: RichardThompson.lgx

Source: slideshare.net

Description

Each year, thousands are unable to work because of injuries they sustain while employed. To make is possible for these unfortunate individuals to survive extended periods of unemployment, states have mandated workers’ compensation insurance.

The Importance of Workers’ Compensation On the job injuries happen more often than you might think. Each year, thousands are unable to work because of injuries they sustain while employed. To make is possible for these unfortunate individuals to survive extended periods of unemployment, states have mandated workers’ compensation insurance. Injured employees have the right to monetary funds through this insurance in order to weather the storm of their injury. Employers are responsible for providing this insurance for their employees. The problem is that workers’ compensation insurance can be very pricey. During these difficult financial times, some companies have decided to roll the dice and go without this insurance. This is a bad idea for a number of reasons. Employers are Liable If an employee is injured on the job, the employer will be held responsible for the injuries. This means that the employer will have to pay medical bills and sustain them during the period which they are unable to work. This would be too costly for any company to manage. Providing workers’ compensation insurance is required by law to help protect employees that receive injuries. As an employer, you must provide this insurance even though it may cost you. Trying to find a way around providing this insurance would inevitably turn out more costly. Caring for Your Employees The professional machine usually runs better and more efficiently when there is a relationship of trust fostered between employer and employee. Employees who trust their boss and know that he or she is looking after their best interests will work harder. Not only will they work harder, but they will want to improve and progress within the company. One way you can show your employees that you care about them is by providing them with workers’ compensation insurance. Although this will cost you some money, it will actually save you in the long-run when you have better employees and you aren’t paying for their medical expenses out of pocket. Minimizing Costs The best way that you can minimize the costs of workers’ compensation insurance is by providing a safe work environment for your employees. As with any type of insurance, premiums go up when you have more incidents. If employees keep getting injured, you may need to step back and re-think the safety protocols you company has in place. If nobody is getting injured, then your insurance provider won’t consider you a risky client and your premiums will be low. Spend a little bit of time and money to make your work environment safe for everybody.

It is Worth It Providing workers’ compensation insurance to your employees will always be worth it. Not only is it the ethical thing to do, it will also help you save money in the event of an unfortunate accident. To find a provider of workers’ compensation insurance near you, simply go online and search for it. You can find it under any company’s business insurance from Henderson to Leesburg. Once you have a list of providers, figure out which one best fits your needs and contact them. Don’t hesitate either, because accidents can happen before you know it! Photo Credit: John Lillis, Yaniv Golan

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