Things To Know About Protecting Yourself And Your Employees With Worker's Compensation Insurance
When a workplace injury occurs at your business, your employee could require serious and immediate medical attention. The costs of providing this type of care can be extremely high, and worker's compensation insurance will help to reduce your liability for these damages. However, worker's compensation insurance is a complicated form of protection that is plagued by misinformation that can cause you to expose yourself to more risk than necessary.
Myth: The Government Will Provide The Worker's Compensation Coverage For Your Employees
New business owners will frequently assume that worker's compensation insurance is a type of benefit that is provided by the government. However, this is incorrect as this type of protection is obtained by purchasing an insurance policy that specifically covers worker injuries. Luckily, there are many different providers of this type of insurance, and this will help you to find a policy that best suits your protection and budget needs.
Myth: There Are No Enforceable Penalties For Failing To Have Worker's Compensation Coverage
While it can be easy to see the benefits of having this type of coverage, individuals will often assume that they can not afford it. This can be an easy mistake to rationalize if you assume that there will be no penalties for being without this coverage. However, you can be personally liable for the damages that your worker suffered. Furthermore, you may face the loss of your business license as well as government penalties for failing to comply with this requirement.
Myth: You Will Have To Be Proven At Fault To Have Your Worker's Compensation Insurance Cover You
It is often assumed that filing a worker's compensation claim will involve contentious legal proceedings. This can lead to some business leaders aggressively working to limit these claims from their workers, but this can lead to legal action from employees. Luckily, you should be aware that fault is usually not a consideration when it comes to these policies. Rather, the insurer will simply seek to verify that the injury occurred on business property and that the worker was not intoxicated at the tie of the incident.
Having an active worker's compensation insurance policy can be an indispensable type of protection for anyone that has employees working for them. Once you are aware of the need to buy this insurance, the risks of not having one of these policies and what to expect when a claim is filed, you can better protect your business and livelihood against these routine incidents.
Contact a company like Brown & Brown of Prescott for more information and assistance.
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