Most businesses have to offer employees workers compensation coverage if they get hurt or sick on the job. As a business owner, you know that working conditions might lead to such occurrences.
However, you do not necessarily have to pay these costs out of pocket. That is why workers compensation insurance exists. Workers compensation insurance can cover the company if an employee files a claim. They can help you compensate the employee in case that employee has to take extended time off to recover.
What types of costs will these policies cover?
Every workers compensation insurance policy is a bit different. Most states require workers' compensation in various forms.
Some of the common costs a workers compensation insurance policy may cover include:
- Medical Care from Injury or Illness – The expenses from a work injury can be expensive. Having workers' compensation insurance can prevent your company from being stuck with the bill.
- Replacement Income – An employee may be eligible for income while healing from an accident. The income is likely less than or equal to the employee's pay rate. Your insurance policy might pay these costs as well.
- Retraining – One cost you may not think about when you first hear about an injury is retraining. After an employee comes back to work, significant time may have passed. He or she may need additional training to assure no future accidents occur.
- Compensation for permanent injuries – You can only hope an accident is minor. Sometimes, they are very severe. What if you needed to compensate an employee for a career-ending injury? Many policies will cover this too.
- Benefits to Survivors – If an accident takes the life of an employee, you might have to compensate the family. You need a workers comp policy that can protect you from these enormous expenses. Otherwise, you may find your entire business in danger.
Every business throughout New York is different. Therefore, every workers compensation insurance policy may be a little different, too. To get the right coverage, start by talking to your Stahlka insurance agent. This is the best way to make certain you have the business insurance to protect your company in case an incident occurs.
We’ve got you covered. Stahlka Agency can help you get a fast, free workers compensation insurance quote. Call us a 716-634-7070 and one of our agents can discuss with you what type of coverage best meets your needs.