Workers compensation cover can help protect both you and your employees after a work-related injury or illness. For the injured employee, workers compensation provides medical care, lost wages and more. For the employer, workers compensation provides a sole remedy, avoiding expensive civil litigation, plus peace of mind knowing your employees will get the help they need to recover and return to work.
By law, most employers are required to provide coverage for lost wages and medical bills incurred as a result of on-the-job accidents or illnesses. Owners of sole proprietorship and other businesses without employees are not required to have workers’ compensation insurance. However, they may choose to purchase it to cover their own medical expenses if they are injured on the job. For many businesses, workers compensation coverage is the largest part of its insurance expense.
Utilizing high deductibles on the physical damage coverages can help reduce premiums. If you carry umbrella insurance, you must be sure that you carry the required amount of basic liability insurance to avoid a gap in coverage for a serious accident.
Workers’ compensation functions in many ways. It can act as a form of disability insurance, compensation for economic loss, reimbursement of medical expenses, benefits payable to dependents of someone who may have been killed and more.
General damages such as pain and suffering and punitive damages for negligence are generally not covered by workers compensation.
Alliance West Insurance can help your business customize solutions to fit your unique workers compensation insurance needs. We’ll find solutions that create safer and more productive workplaces, more confident and secure workers and overall savings to you, the employer.