The Basics of Workers’ Compensation: What Every Business Owner Needs to Know

Taking steps to safeguard the health and wellness of your employees should be a top priority. Beyond your moral obligation as an employer, you also likely realize that a healthy and productive workforce is essential for your goals and aspirations. This reality thrusts workers’ compensation insurance into the foreground as a crucial investment for all employers, regardless of industry or size. At North American Marketing Specialists Inc, we can help you fully understand this potentially complicated topic.

What Does Workers’ Compensation Insurance Cover?

A suitably crafted workers’ compensation insurance policy can be one of your organization’s most important risk management and loss control measures. Although exact parameters may vary and you may enjoy various customization opportunities, you can generally rely on workers’ compensation coverage to offer aid for the following on-the-job incidents:

• Slips, trips and falls
• Cuts
• Burns
• Sprains and strains
• Repetitive stress and ergonomic injuries

How Can Policies Compensate Employees?

Following a covered incident, your employees can submit a workers’ compensation claim. As an employer, you should guide your employees through this process and document all essential information. If approved, claims may garner financial assistance for the following expenses and losses:

• Medical bills
• Wage replacement
• Disability benefits
• Death benefits
• Vocational rehabilitation costs
• Employer legal costs in response to lawsuits

Who Needs to Have Coverage?

In most states, workers’ compensation insurance is legally required. Failing to comply with these obligations could impose extensive consequences, including fines and shutdown orders. Additionally, workers’ compensation coverage may be essential for attracting and retaining employees, as current and prospective staff may be more apt to choose to work for an employer that has appropriate insurance.

We’re Here to Help

If you’re an employer in the Fort Lauderdale area, the team at North American Marketing Specialists Inc can help you find an ideal workers’ compensation insurance policy. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.