Our team at First Security Insurance has been in the insurance business for almost 100 years now, and we’ve seen firsthand how laws and policies have changed over time. Over that time period, one area in which there has been a lot of expansion is workers’ compensation for employees who become injured on the job. Today, most states require any business with more than one employee to provide these benefits. Because of this, many people consider their company’s workers’ compensation insurance part of the price of doing business. However, we at First Security Insurance know there are good reasons every business needs this coverage besides the legal requirement, and we’ll be going over two of the biggest ones here:
- It Protects Your Business- Medical care for workplace injuries or job-related illnesses is often much more expensive that you would expect. Workers’ compensation insurance helps protect your business by making sure you are not responsible for paying the true cost of an employee’s treatment out of pocket. In addition, having insurance in place to pay these bills will allow your employee to recover and return to work faster, ensuring that you don’t lose more productivity than you have to.
- It’s an Investment in Your Employees- As we mentioned above, workers’ compensation insurance allows your employees to receive the treatment they need to make a speedy recovery. It also gives injured employees wage-replacement benefits in order to care for their families while they are unable to return to work. Employees who feel well looked-after by their employers are more loyal to their team, have better attitudes, and are able to be more productive because they feel secure in their value to the company. Workers’ compensation should therefore be looked at as a key part of a workplace safety plan that has enormous benefits for businesses of any size.