Can Your Business Get By Without Workers Comp? Workers compensation is an absolute necessity to businesses of any kind. Asking people to come into your office and work in your environment opens you up to liability issues should anything happen to them on your property or while on the clock.
What is Your Responsibility An employee standing on a swivel chair to put up decorations in their office is still your responsibility, even if decorating the office is expressly against the rules. The individual usually wins out in these cases, leaving you to cover personal hospital or health care bills that could follow. Workers compensation insurance helps cover the bills that could ensue from an injury on your property. This includes the bill for immediate, emergency care (if that is needed), the cost of continued recovery, and even a portion of their salary to cover them while they recover. The bills can really start adding up. Consider the following example to get an idea of the gravity a situation can escalate to. An employee walks into the office and slips on a bit of water on the floor. Upon landing on his back, he displaces a disk and pinches a nerve. He reports the situation and goes to get his back checked out. Doctor says they will need to operate soon to fix the damage. After the operation is complete, your worker is expected to rest for three weeks to recover. During that time, you are expected to give him some money to continue paying his bills. Once the three weeks are up, he is freed to come back to work, but must perform minimal physical work for two months. By this point, the company will have been responsible for the doctor’s visit, surgery, recovery medicine, salary, and now they will receive less productive work for a further two months. Although the company is glad to have their employee back, the financial toll that puddle of water caused is devastating to any bank account. Workers Compensation covers that.
Is Insurance Worth the Cost This insurance is especially necessary when working with a large construction crew over the space of a couple of years. Construction can be riddled with little dangers on a day-to-day basis. An employee walking across a narrow beam, working in a wet environment, or dropping a tool from four stories up has the potential for serious injury. Consequently, hundreds of thousands of construction workers are injured every year across the U.S.
Considering the amount of construction projects going on, that can be seen as a limited amount. Assuming that each injury cost $1,000 each to fix, shooting extremely low, overall medical bills cost the construction world tens of millions of dollars every year. That is not including the cases where surgeries and salary compensation is needed. As you can imagine, paying the monthly premium can seem a small price to pay when these larger financial dangers could seriously cripple the company at any moment. The cherry on top of getting workers comp for your employees is that in exchange for paying for this insurance plan, they waive the right to sue you for anything that would relate to injury on the job. That’s a nice safety blanket to hide under. Insure Wise Insurance offers workers compensation in Thousand Oaks to companies that need it. Every company in the area protects themselves from liability lawsuits when they purchase workers compensation in Thousand Oaks.