Businesses, to some extent, take on risk when hiring workers. As a business owner, it’s your responsibility to ensure that you provide a safe working environment for all of your team. That means your workers should be free from injuries and accidents. However, accidents happen. Sometimes employees get injured or ill on the job, and that’s why we have workers’ compensation insurance.
When a Business Needs Workers’ Compensation Insurance
When your business hires even just one person, it must take out workers’ compensation insurance. If your team gets injured or becomes ill because of working and are then unable to work, this coverage will pay for their lost wages and medical bills. In some cases, you may need to purchase insurance due to a contract or written agreement with another business.
What Does Workers’ Compensation Insurance Cover?
It covers a variety of situations, including:
- Accident and injury – If an accident occurs and the employee is injured, the insurance will cover related medical expenses and a portion of lost wages.
- Occupational illness – Certain occupational hazards will be covered, and insurance will step in to help with medical payments and a portion of lost wages – as long as there is a clear connection between the job and the illness.
- Repetitive stress injury – Insurance will cover rehabilitation or therapy an employee needs as well as wages while the employee is taking time off to recover.
- Disability – If the employee is injured so badly at work that he or she cannot return to work because of a disability, the insurance will cover their medical bills and a portion of their wages moving forward.
Working with a reliable commercial insurance agent can help you find the right policy that suits your business and budget. Contact the team at Northeastern Group Ltd. to get started on your tailored coverage during this challenging time. We serve New York, New Jersey, Connecticut, Pennsylvania, Georgia, and Florida business owners.
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