What is Workers Compensation AND HOW DOES IT WORK?
If you find yourself injured from work and unable to earn a paycheck due to that injury, you may find yourself wondering about workers compensation. There are numerous benefits that come with being educated about workers compensation. Among the biggest is the fact that workers compensation could enable workers who have suffered workplace injuries to continue to earn a paycheck until the injury heals. Taking that into consideration, workplace compensation is essential to providing workers with a safe, fair working environment.
You know that 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. Workers compensation insurance is especially there for you if the employee decides to sue or take legal action against the company.
At Insurance Professionals of Arizona (IPA), we dedicate ourselves to crafting 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. The professionals at IPA are more than capable of understanding your unique needs. The staff at IPA also knows how to tailor a workplace compensation insurance package specifically to your business.
For more insights about workplace compensation insurance, along with details about what it covers, continue reading below:
It can help your business in the long run
Initially, most people’s first thoughts about workplace compensation revolve around financial assistance for injured employees. It’s not commonplace for most people to think of worker’s compensation insurance as something that is helping the company or business. Regardless, workers compensation is also for a company, especially when it could be held responsible for an accident leaving an employee unable to work. From that aspect, workplace compensation is a necessity for responsible business owners.
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 point on your company’s property. It’s how you choose to respond to the situation that matters most. Since the injuries that are likely to occur are different, this is where IPA comes in to help you choose the best coverage that your company needs. Allowing IPA to assist during this process allows you to benefit from having access to a policy that provides you with the coverage you need at a price that you can afford.
Support Your Employees
Workers compensation insurance is something that does provide substantial levels of support for your employees. Developing 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 by knowing that they’ll be protected if they’re injured on the job.
Some companies offer workers comp insurance while their employees do not even know about it. This is something that you will want your employees to take advantage of eventually, since you are paying for it. There are numerous ways employers can go about informing their staff about their workers compensation insurance policy, too. One way is to post a copy of the policy on a bulletin board in a common area or break room that is frequented by employees. Another way that could be helpful for employees is to address the policy in the employee handbook that is received upon hiring.
Ultimately however an employer chooses to communicate information regarding its workers compensation insurance policy, it’s up to employees to use it when applicable. There are several different kinds of workers compensation 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 because workers compensation insurance 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 be instrumental in protecting your company from legal action. It will also protect your employees. This will be the best of both worlds for you as an owner and your employees.
Now It’s Your Turn
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