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Workers Comp and the legalities of not having it.
Carrying a good workers comp policy is a smart choice for your business. An injury to an employee on your
premises can hurt both of you financially if you fail to carry the right coverage. Your employee will miss work and struggle to pay medical bills. You will be on the hook for those bills and could face a lawsuit from the employee. But that’s not the only legal trouble you could be facing.
Worker’s Comp And The Law
In many cases, it is not just recommended that you carry a workers’ comp policy; it is actually required by law. In order to protect employees from the life altering possibility of an injury on the job, many states require that businesses carry a certain level of workers’ comp coverage. Should you fail to comply with this requirement, you may find yourself in a wide variety of legal troubles.
First of all, if workers’ comp is a legal requirement, you will probably be required to present proof of your policy to your state licensing board for your license to do business. Failure to do so can result in the revocation or non-renewal of your license.
Lawsuits From Injured Employees
If you fail to carry workers’ comp and an employee is injured on your premises, you will very likely find yourself in court facing a lawsuit. You could be forced to cover all of the medical bills and missed wages for that employee out of your own pocket. Furthermore, the judge will not look kindly on you for failing to follow the law regarding your workers’ comp policy. You could face penalties that are far more expensive than simply paying for the policy in the first place.
Workers’ comp is one of those insurance policies that are simply a must for any responsible business. The fact that it is required by law is only one side of the coin; you are responsible for what happens to your employees when they are in your place of business and on the clock. Providing an insurance policy for potential injuries protects them, and it also protects you. Be certain that you are meeting all of the legal requirements to do business in your state by discussing your workers’ comp coverage with your insurance agent and checking regularly to ensure everything is up to date.
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Protecting Yourself And Your Employees With Workers’ Compensation
No matter what your industry, injuries at work can happen. If one of your employees is hurt at work, you can be held responsible for the medical bills. Workers’ compensation insurance provides a safety net for both you and your employees, ensuring that if an injury should occur neither of you will have to bear the financial burden.
What It Does
Workers’ comp insurance is designed to provide financial assistance to employees who are injured in the course of their workday. Every business should have it, even though you may believe your employees are not at a high risk of injury. The injury doesn’t have to be the kind of workplace mishap we commonly think of, such as being injured by manufacturing machinery or in the course of dangerous jobs.
If there is a wet spot on the floor of your office break room and one of your employees slips on it, that too can be a workers’ comp claim. Any injury that happens at your place of business during business hours, no matter what that injury is or how it happened, is a matter for workers’ comp.
Carrying workers’ comp insurance protects you from having to personally pay out for medical bills and lost wages when an employee is injured on your premises. Whether or not you feel the injury is your fault or that your company is responsible, the fact is that if it happened to an employee who is there to work for you, you can be the responsible party. Failure to carry workers’ comp means that you could face a lawsuit and wind up paying out of pocket on the claim.
Protect Yourself, Protect Your People
Carrying workers’ comp not only protects you, it also protects your employees. They will not have to deal with the financial burden of having to miss work and pay medical bills due to an injury. And they will feel confident working for you, knowing that if something happens they will be taken care of.
In many cases, carrying workers’ comp is not merely a good idea, it is the law. Make sure that you are carrying
DW 9/22/2014 4:37:00 PM
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