It’s true: there are many different insurance choices available for your business. While the amount of options is advantageous in the sense you know your company can be protected from many different potential hardships in the future, it also throws a hefty dose of confusion into the mix.
You might just want the answer to one simple question: ‘What insurance options are best for my business?’ Sadly, the answer isn’t straightforward. The most applicable insurance often depends on the sector you’re operating in. However, there are certain coverage picks which should be utilized by virtually every business.
One of these is workers compensation insurance.
What is workers’ compensation insurance, you ask? Well, this protects both your business and employees if the latter suffers an accident or illness during work hours. An employee will receive coverage for medical expenses and other costs, and your business avoids a large bill that could result in bankruptcy.
As the following four points will demonstrate, this is only the start of the advantages when using workers’ compensation insurance.
Everyone is covered financially
It has already been touched upon, but the biggest advantage of this insurance is the financial coverage. As a business, you are saved from needing to cover expensive medical bills. Even if you operate as a sole trader, workers’ compensation could be beneficial. Certain personal health insurance plans exclude any accidents that happen in the workplace, so workers’ comp is vital.
For employees, they also don’t need to face the financial burden brought about by those medical bills. If it’s a serious injury that requires surgery and extensive time away from their job, workers’ comp is a lifesaver.
The offer of retraining
Sadly, an injury might be so severe that it permanently stops an employee from returning to their job. If this happens to one of your workers, this insurance can offer a helping hand in the form of retraining. They will cover the costs of any new training, giving employees the chance to gain new skills and enter a different department within your business.
A continued help
There are various industries where injury can cause an employee to stay off work for an extended period of time. Take a demanding physical job such as a steelworker for example. Just a small injury could lead to them needing to spend weeks or even months on the sidelines.
With workers’ compensation insurance, this can help make up for the loss of income brought about from missing work. The coverage will pay a portion of an employee’s full salary, which gives them the opportunity to recover at home without the fear of paying bills hanging over their head.
It builds trust
When you utilize workers’ compensation insurance, this assists with building trust between you and your employees. It demonstrates you don’t cut corners and are willing to pay extra to ensure they’re covered if any problems do occur.
With trust comes added commitment from your workforce. They will have greater focus, productivity levels, and desire to do a better job.
