Workers compensation is an essential insurance for companies that employ people that work in higher-risk fields. It covers employees who become sick or injured when they are at work. Some states require that you have workers compensation, but even if your state doesn’t, it’s not a bad idea to invest in it. Here’s a guide to what workers comp can do for you and how to invest.
Workers Comp Defined
You can get workers compensation insurance if you have a number of employees under you whom you want to protect from injuries. The insurance takes care of an employee’s medical expenses, salary during recovery and other losses. Check with your state laws to see if you must have workers comp.
Aside from insuring your employees if they fall sick or injured, workers comp is a great way to make sure your company is following state regulations in your workspace. Workers comp isn’t just something that benefits the employees. It also prevents employees from suing you for an accident that causes injuries or death. This mutualistic relationship watches out for your employees while also protecting you from a lawsuit. If you encounter problems with an employee during the claims process, you can always contact an attorney for help; just google Iowa workers compensation attorney, or wherever you are located.
If an Employee Gets Injured
If an accident occurs, check for injuries and call emergency services if necessary. Have the employee tell you the details of the accident, including the time, date and what transpired. Provide the employee with a workers comp form to fill out to start the claims process. When it’s ready, you’ll send it to your insurance as a notification of the events. There may be a time limit on how long you have to submit a claim, so you should do so as quickly as possible.