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Employers Benefit from Providing Workers' Compensation Coverage

Employers Benefit from Providing Workers' Compensation Coverage
Admin - Thu May 10, 2012 @ 04:17PM
Comments: 6

If you are an employer, providing your employees with workers' compensation coverage, or insurance can be a good policy. "What is workers' compensation?" you might ask. It is essentially an insurance policy you carry on your employees in case they are injured, disabled, or get sick on the job. Another name for it, by the way, is workmans' compensation. In fact, depending on your jurisdiction, you may be legally required to provide workers' compensation, but it varies from place to place. One state or country may not have any law on the matter, whereas others might actually provide the coverage entirely via its tax base. Some jurisdictions simply regulate workers' compensation coverage, or may even maintain high risk insurance pools for companies that can't get coverage. In some cases, companies can self fund coverage, skipping the need for an insurance carrier entirely. Self funding is either a choice, or if regulated, a company can often self fund after satisfying its Labor Department it has sufficient assets to do so.

In any event, the big advantage to providing workers' compensation coverage is the minimization of risk. In most jurisdictions, and employer providing its workers coverage cannot be sued for work related injuries, disability, or illness should it have a qualifying plan in place and the affected worker accepts coverage. So, by paying a regular premium, the employer can avoid a lot of litigation, as well as the risk of having a big judgment handed down against him. By providing and accepting coverage, both the employer and employee are basically agreeing to stay out of court in return for each holding the other harmless. The employee is provided for until he can return to work and cannot be fired for having been either the cause of the subject event or missing mandatory days of work.

Comments: 6

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