Employers are wise to carry workers compensation insurance, which is issued through the state. Job-related illnesses and injuries can be expensive for the employer if adequate workers compensation insurance does not exist. Risky work will be more expensive to insure, but the benefits outweigh the annual costs.
- Death benefits – Payments are made to the family to compensate for the lost wages in a job-related death. This additional life insurance coverage is essential when families lose the primary wage earner while on the job.
- Burial costs – Funeral expenses can be partially covered when a job-related death occurs. This benefit relieves the burden from the family and the employer.
- Medical expenses – Injuries and illnesses cause employees to seek medical attention. These costs are paid from the workers compensation insurance, instead of the major medical policy.
- Income replacement – A portion of lost wages will be paid to the employee while recovering from a job-related illness or injury.
Without workers compensation insurance, the business owner will incur significant liability risks that can be mitigated through other channels. Legal protection through workers compensation protects property from litigation actions.
For all of your commercial insurance needs, contact Medwin Insurance Agency, today!