Laws vary across the country, but most states require businesses with a specific number of employees to provide workers’ compensation insurance. These benefits were established to provide medical care reimbursement, wage replacement, and more to staff members who experience work-related injuries or illnesses. Below are some of the reasons why, in addition to commercial insurance, San Diego businesses should have workers’ compensation insurance.
When applicants know they can rely on you for protection and a safe working environment, they’re more likely to take a position with your company. Detailing the steps you take to keep them safe, such as having workers’ compensation insurance, also lets applicants and employees know you’ll provide them with the assistance they need if they experience an injury or illness while at work or completing work-related duties in other locations. With this type of insurance, you can boost your employees’ confidence, leading to higher morale and better job performance.
Liability for Medical Expenses
In the past, employers were only required to pay the medical bills of a worker who was injured on the job if it was proven the business was at fault. This was often difficult to prove, and companies could often bypass the insurance costs and medical expenses. However, today, an employer must pay those costs, whether or not the company is at fault. To help with the expenses, it’s best to take out workers’ compensation insurance. This can save you money and prevent you from incurring unexpected costs in the future. Even if you rarely use the insurance for work-related accidents or illnesses, it could be beneficial by saving you more in the long run than what you would spend on medical bills for multiple employees who are injured or otherwise harmed at work.
Suppose your state requires you to have workers’ compensation insurance. In that case, that’s the law, and failing to abide by the requirement could lead to various consequences, including fines, temporary shutdowns, or lawsuits. You can speak with state and local officials to learn if your business can opt out. However, keeping employees safe and reducing your risk of costly lawsuits and other issues make purchasing workers’ compensation insurance an excellent idea.
Faster Healing Time
When employees are unable to work because they’re healing from accidents or illnesses, this loss of staff can make it difficult for employers to meet production deadlines or clients’ needs. However, with workers’ compensation insurance, your employees could receive up-front assistance when it comes to paying for medical expenses and rehabilitation, which may help them heal faster. You may need to spend more money to hire a temporary employee to fill in, but having workers’ compensation insurance can lead to faster healing time and get the right person back on the job sooner.
Business owners need workers’ comp because operating a business means assuming certain kinds of risk, including the possibility of employee injuries. For affordable, reliable commercial insurance as well as homeowners, renters, motorcycle, and auto insurance, San Diego residents call on the trustworthy professionals at Altra Insurance Services. Reach out to us today at (800) 719-9972 to learn how we can satisfy all your insurance needs.