Personal Injury Lawyer
As a business owner, you invest a great deal of time and money into finding, training and paying your employees. They are your most valuable asset contributing to your business’s value. Workers’ compensation is vital to your business because it protects you as well as your employees, as a workers compensation lawyer, like from The Law Offices of Mark T. Hurt, can explain to you.
Coverage for Employees
When employees become injured while on the job, it may be impossible for them to continue working while they heal. When employees can not return to work for a significant period, the financial burdens they and their families experience may be due to:
- Medical expenses
- Income interruption
- Permanent disability
- Rehabilitation requirements
- Funeral expenses
Workers’ compensation insurance can cover these expenses as long as injuries are not related to intoxication, personal quarrels or off-site injuries during work hours. If work-related disagreements or work-place sanctioned activities lead to any employees’ injuries, workers’ compensation benefits will apply.
Protection for Business Owners
Workers’ compensation is not only necessary to protect employees; it provides significant benefits for employers and their businesses. In exchange for the monetary benefits they receive following a work-place injury, employees waive their rights to sue employers, except in circumstances that involve negligence or harassment.
Sometimes it is no longer possible for injured employees to resume their pre-injury jobs. Workers’ compensation can help employers retain valuable staff members by covering the costs to train them for different company roles. This benefit reduces the need to recruit and onboard replacement staff and helps to maintain overall employee morale.
Workers Compensation Is Necessary
With few exceptions, every state mandates small and large businesses with employees to have workers’ compensation insurance; however, the specific requirements vary by state. For example, some states do not require coverage until a business has a minimum number of employees. Independent contractors do not qualify for coverage and some states do not require employers to cover certain employees, including real estate agents or livery drivers.
When employers do not adhere to their states’ specific guidelines, they risk sanctions, penalties, and even jail time. They also become vulnerable to costly employee lawsuits. When injured employees or their family members sue for damages, employers must pay out-of-pocket to defend themselves and often risk financial ruin if they must pay damages. Although lawsuits can still occur, workers’ compensation insurance reduces their frequency.
Maintaining safe conditions is critical for your employees’ well-being, but sometimes accidents beyond your control happen. Contact a workers’ compensation lawyer to discuss what you need to protect yourself and your employees.