So, your company has expanded to the point that you need to hire employees. What your small business needs right now is workers compensation insurance, for any kind of risk that you might encounter. Every organization in Virginia with staff members is required to deal with the issue of financial compensation for injuries occurring at the workplace. Workers compensation is basically a program that provides injured parties benefits to replace the lost wages until the trauma is taken care of. If you want to know more, keep on reading.
Why you need workers compensation insurance
It’s essential for employers to understand that they have a legal responsibility towards their employees. it’s their job to make sure that the workplace is safe. Businesses of all sizes are required to have workers compensation insurance in the form of an insurance policy bought from a third-party provider. But why? Because workers frequently get injured and succumb to illnesses. Employees need to have peace of mind, knowing that they can recover from their injuries without having to reach out to a workers compensation attorney Virginia. Generally speaking, an insurance policy covers aspects like wounds, illnesses, medical treatment, rehabilitation, lost wages, and death.
Having workers compensation insurance doesn’t absolve you of liability
Many businesses believe that having workers compensation insurance automatically exonerates them. The fact is that you’re liable for the injuries that aren’t addressed by the policy. Let’s say that an employee gets hurt while operating a piece of equipment. If the trauma was the result of negligence from the employer, then you’re in big trouble. The employee will lawyer up and file a workers compensation claim. If they are successful in their undertaking, then you will have to pay the settlement out of your pocket.
It doesn’t matter if the unfortunate situation occurred due to the fault of the worker. The employee may have been a little bit careless, but they are still covered. What is more, they are able to collect financial compensation even if the injuries didn’t occur at the workplace. Let’s say that you provide consumer products and a salesperson gets injured while running an errand. They can collect benefits. The point is that it’s a good idea to have employer’s liability insurance as well. You can never know what might happen.
Control costs for your business
It’s impossible to control the future. What you can do though is to limit your liability. Don’t opt for limited benefits and don’t make the mistake of not purchasing an insurance policy. These decisions will cost you more in the long run. It’s better to be protected in the first place. Most importantly, improve safety at the workplace. Maybe your staff members are or are not aware of the importance of being safe. Remind them. Take your time to research work-related injuries and health impairments. Once you have enough information, take preventative measures. The last thing you want is for your employees to be in danger. Improve safety and offer them the conditions that they deserve.