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Top 10 Features of Workers Compensation Insurance

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Whether your business is an air-conditioned office setting or a construction site, having workers compensation insurance is critical to protecting your company from employee lawsuits. Every business owner with employers should understand how the policy works and what it covers so they can educate employees and safety and benefits. To learn more about this important business coverage, review the top 10 features of workers compensation insurance.

  1. Providing workers compensation to employees can insulate a business owner from lawsuits arising from the injury.
  2. Employees can receive medical treatment and monetary payments regardless of their fault in the accident.
  3. Failure to obtain workers compensation insurance for your business can expose your personal assets to risk.
  4. Business owners can reduce their workers compensation loss exposure by following safety programs.
  5. OSHA approved safety programs at your business may lower your workers compensation insurance premiums.
  6. To take full advantage of workers compensation insurance benefits, it’s important to encourage injured employees to seek prompt and thorough medical attention.
  7. Although the nature of the accident may not be critical to the workers compensation insurance claim, the negligence of third parties is something to report.
  8. During ongoing workers compensation investigations, employers can be held liable for damages if they destroy material evidence to the claim or refuse cooperation.
  9. Employers can further reduce their liability by rehiring or offering light duty to workers compensation covered employees after the physician allows them to return to work.
  10. Your workers compensation insurance policy may not cover injury to contractors who are not deemed regular employees of your company.

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