Workers Compensation Information
A workers’ compensation insurance policy is essential to most organizations’ risk management and loss control practices. This type of coverage provides critical assistance for employers and employees following a workplace incident resulting in bodily harm. Whether a worker was injured on the job or developed a work-related illness, the financial resources available through workers’ compensation coverage may make it an invaluable investment for your business.
Who Needs Workers’ Compensation Insurance?
In general, most U.S. employers benefit from carrying workers’ compensation insurance. Some states require certain employers to carry workers’ compensation, but laws and requirements may vary depending on the state in which you operate or other specific circumstances of your business. Click here for up-to-date information about workers’ compensation requirements in the state of New Jersey.
What Does Workers’ Compensation Cover?
The financial protection provided by workers’ compensation insurance can prove to be necessary for employees affected by illnesses and injuries and employers responsible for the incident. In most cases, a sufficient policy can provide financial assistance for the following:
- Medical treatment—If an employee requires medical services due to a work-related illness or injury, workers’ compensation can help pay the bills.
- Lost earnings—If an employee’s ability to perform their regular job responsibilities leads to missed or reduced wages, your coverage may be able to help recoup their losses.
- Disability benefits—If an employee develops a disability due to a workplace incident, your insurance can provide financial aid for disability benefits.
- Death benefits—If a work-related illness or injury proves fatal, workers’ compensation may assist the affected employees’ families with various losses and damages, such as funeral costs and replacement of lost income.
- Legal expenses—If an employee’s work-related injury or illness leads to a lawsuit, this coverage can help your company pay for various legal costs, including your defense, settlements and judgments.
How Much Does Workers’ Compensation Cost?
Several factors can affect your business’s workers’ compensation premiums. Before being able to provide you with an accurate quote, insurance companies must analyze your organization and consider the following criteria:
Get the Right Coverage
Taking care of your employees should be a top priority for your business. In addition to providing the resources injured or ill workers may need to recover, a workers’ compensation insurance policy can also be crucial in helping your company manage the financial ramifications of an incident. Without sufficient coverage, even a single accident or error could have devastating consequences for all parties involved.
At Suburban General Insurance Agency, we have the expertise and experience to help your business assess and address its workers’ compensation insurance needs. We will work with you to ensure that an optimal policy protects you and your employees. Contact us today to get started.