|Having proper workers’ compensation coverage is more than just a cost of doing business. When considered as part of a comprehensive workplace safety program, it is a strategic investment in a business’ most important asset – its employees. |
Here are three reasons why it is important for your business to have workers’ compensation insurance:
1. It is required in California. Because workers’ compensation requirements differ by state, it is important to understand what laws apply to your business. In most cases, businesses can fulfill their workers’ compensation requirements by purchasing a policy through a local broker such as ProAction Insurance.
2. It helps injured workers get the help they need. Even the safest workplaces sometimes experience incidents that result in an employee injury or illness. In fact, according to a Bureau of Labor Statistics report, more than three million non-fatal workplace injuries and illnesses were reported in 2019. Workers’ compensation coverage provides a safety net that helps injured employees get the medical and wage replacement benefits they may need.
3. It protects your business. Workers’ compensation insurance helps businesses avoid the real cost of an employee’s medical expenses and lost wages following a workplace injury or illness. Without workers’ compensation coverage, the medical expenses associated with even one major workers’ compensation claim could cause irreparable financial harm. An experienced workers’ compensation insurer can provide access to valuable loss control services that may help reduce costly claims and keep premiums low. Through proactive professional claims management, it may also help your employees recover and return to work faster after an injury or illness – potentially saving you the costs associated with reduced productivity and the hiring of temporary workers. Having proper workers’ compensation insurance coverage is a smart investment that protects your business and employees.
Contact us for more information and guidance on what you need to know to make sure your business is properly covered.