The health and wellness of employees should be a top priority for all organizations. Still, even businesses that implement proper precautions and maintain a safe workplace may not always be able to prevent work-related illnesses and injuries completely. In the aftermath of harm befalling one of your employees, it’s crucial to have adequate workers’ compensation insurance.
The insurance experts at I&E Insurance Agency have over 80 years of experience helping employers in the Point Pleasant area understand the importance of workers’ compensation insurance and acquire suitable coverage.
What Does Workers’ Compensation Insurance Cover?
Workers’ compensation insurance is required by law for most employers. Regardless of legal obligation, this type of coverage is a critical necessity for all businesses to fiscally manage workplace injuries and illnesses while providing affected employees with the means to recover.
In most cases, workplace compensation insurance policies can provide financial assistance for the following expenses: n
Medical care—Your insurance can help pay for medical treatment made necessary by a workplace injury or illness.
Lost wages—Workers’ compensation coverage can help employees recoup lost income if an injury or illness hinders their ability to work.
Disability benefits—If a work-related illness or injury results in an employee developing a disability, your policy may be able to help cover disability benefits and settlements.
Death/dependent benefits—If an employee dies due to a workplace injury or illness, workers’ compensation insurance can provide death benefits to their family, including helping to pay for burial costs and lost income.
Legal costs—This coverage can provide crucial financial aid for various legal expenses, such as representation and court fees.
How Much Does Workers’ Compensation Cost?
Your business’s workers’ compensation premiums may vary significantly based on various criteria. Insurance providers must carefully analyze your circumstances before being able to provide you with an accurate quote. In general, the following factors are considered:
Workers’ compensation class code
Experience modification rates
Workforce size and total payroll
Get the Right Coverage
In the wake of an employee being injured on the job or developing a work-related illness, there may be challenges for your business to overcome. Such incidents can have not only serious health consequences for the affected workers, but there may also be morale issues among colleagues and financial ramifications for your business. Fortunately, a suitable workers’ compensation insurance policy can help employees recover, provide others with peace of mind and insulate your company from financial repercussions that might otherwise have irreparable ramifications.
I&E Insurance Agency is dedicated to helping your business protect its employees and finances with optimal workers’ compensation coverage. Contact us today to learn more. n