What is Workers Compensation AND HOW DOES IT WORK?
The question that we answer in this article is what is workers compensation insurance? Workers compensation insurance is a long name and is usually shortened when talked about. You may have heard it called workmen’s comp or even workers comp.
At Insurance Professionals of Arizona (IPA), we dedicate ourselves to creating an insurance package that will benefit you. We understand that since your business is different from other businesses, your insurance package is going to be different as well. Our professionals at IPA are here to understand your unique needs. They also know how to tailor your insurance package to your business.
You may be asking yourself what is workers compensation insurance? Luckily, we are here to answer your question in depth. The most basic understanding of worker’s compensation insurance is simple. Worker’s compensation insurance covers employees when they are injured or hurt at work. But what owners really need to know is that worker’s compensation insurance is there for the company. This insurance is especially there for you if the employee decides to sue or take legal action against the company.
Below is more information to help you understand what workers compensation is and what it can cover:
It can help your business in the long run
When you first think of the question, what is workers compensation insurance, you probably think of an employee getting help. You usually do not think of worker’s comp insurance as something that is helping the company or business. Workers comp is also for a company, especially your company.
Accidents are something that is going to happen at every workplace. It does not matter if you are in an office space or an industrial-sized warehouse. Eventually, someone will get hurt at some time on your company’s property. The injuries that are likely to occur are different and this is where IPA comes in to help you choose the best coverage that your company needs.
Support Your Employees
Workers compensation insurance is something that does support your employees. Building trust between an employer and an employee is extremely important. It is especially important if you want to keep your employees around and do not want a high turnover rate.
Worker’s compensation insurance is also great if you want to set your company apart from the competition. While bean bag chairs and snacks are nice, employees want to know they are secure.
Some companies offer workers comp insurance and employees do not even know about it. This is something that you will want your employees to take advantage of eventually, you are paying for it.
There are different kinds of workers comp insurance, but the most comprehensive insurance policies are going to help employees through their whole recovery process. From staying in the hospital to physical therapy and in-home help, worker’s compensation insurance can cover it all. It is especially nice for the employee. Workers comp can also cover wages for the employee and their time away from work. This can be great if they are supporting others or raising a family who depends on that income and flow of money.
Worker’s compensation insurance is going to protect your company. It will also protect your employees. This will be the best of both worlds for you as an owner and your employees.
Let us help you
Let us bring your company joy as you embark on your business journey.
Business insurance should not confuse you or stress you out. At IPA, you will have a trusted insurance professional at your side. They are committed to helping you every step of the way.
At the end of the day, you know what your company needs. Trust your gut when it comes to these decisions. Are you ready to make an appointment with one of our professionals at IPA?
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