Even in the safest work conditions accidents happen. Someone trips over something, someone falls down a set of stairs, or injures their back lifting heavy boxes or equipment. So what happens next and how can an injured employee affect a business’ bottom line?
If you have Workers Compensation, you don’t have a lot to worry about. As soon the employee reports the injury, have them get the medical assistance they need. After seeing a doctor or visiting the emergency room, have them fill out the appropriate paperwork and submit it to your insurance company. If you have Workers Compensation Insurance, which is included in most General Liability Insurance policies, you’re covered. You pay the predetermined deductible, your insurance agency covers the rest and you’re back in business.
If however, you don’t have insurance or your policy has a high deductible you could be looking at thousands of dollars in medical bills, especially if your employee goes to the emergency room. Remember, however, the most important thing is to make sure your employee’s injuries are examined and treated. If not, long-term injuries, such as an injured knee leading to problems walking, can end up costing tens of thousands of dollars in medical care, physical therapy and massage down the line.
“In most jurisdictions, employers can meet their workers’ compensation obligations by purchasing an insurance policy from an insurance company. However, five states and two U.S. territories (North Dakota, Ohio, Puerto Rico, the U.S. Virgin Islands, Washington, West Virginia, or Wyoming) require employers to get coverage exclusively through state-operated funds. If you’re an employer doing business in any of these jurisdictions, you need to obtain coverage from the specified government-run fund. These are commonly called monopoly state funds. A business cannot meet its workers’ compensation obligations in these jurisdictions with private insurance.” Read more: http://www.entrepreneur.com/article/79594#ixzz2l1ruy7JA
The federal government requires businesses to carry workers compensation. If you don’t carry general liability insurance with workers compensation or if you don’t have workers compensation, not only can the employee sue for compensation, but you may also be penalized financially by the government for failure to carry this type of insurance. Lawsuits mean not only money but time.
These types of lawsuits have meant financial ruin for some smaller companies. Don’t let a lawsuit or an injured employee mean the end of your business. Call Richard Turner San Diego Insurance Agency to find out how we can help you. We work with businesses to create personalized insurance policies that fit your individual business needs. We would also be happy to review your current policy to make sure you have the coverage you need.
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