5 Benefits of Receiving Workers Comp for Your Onsite Injury
Workers’ compensation is a necessary part of hiring staff for most companies. It provides workers with financial assistance if they get hurt on the job. However, workers comp can be expensive, and many businesses try to avoid it as much as possible. But you may not know about the benefits of receiving workers’ compensation. Here are five benefits of receiving workers’ compensation if you are considering hiring staff or contractors and want to lower the risk of workers comp.
1. Reduce Your Liability Risk
One of the most important benefits of receiving workers comp is reducing liability risk. Injured employees may see your company as liable for their injuries without workers comp. These people may then seek damages from you for their pain and suffering. And since there is no set amount for pain and suffering, the amount you have to pay can be a lot more than workers comp.
2. Provide Financial Assistance for Employees
Workers comp provides financial assistance to employees who get injured at work. The amount of aid varies by state, but it is usually enough to cover medical bills and a portion of lost wages. Paying workers comp benefits are not tied to your employee’s guilt or innocence. Instead, it is connected to the injury and whether it occurred while doing their job. If you receive workers comp, your employees will receive financial assistance even if their injury was their fault. This ensures they are not left in financial ruin if a mistake occurs.
3. Helps You Maintain a Safe Workplace
Another benefit of receiving workers’ compensation is that it helps you maintain a safe workplace. If you have had to pay for injuries out of pocket in the past, you may have cut corners to save money. With workers comp, you now have an additional source of funds to invest in safety. This benefits your employees, who will be less likely to get hurt and can do their jobs more effectively. It also helps you, as you will receive compensation for any injuries your workers incur.
4. Assists with Staff Retention
Receiving workers comp also assists with staff retention. If you choose to self-insure and receive workers comp, you will receive additional funds to invest in your company. These funds can be used to pay for training and benefits that will help you retain staff. You may decide to use this money to pay for rental vehicles for field employees who do not have reliable transportation. You may also use the funds to pay for employee training and certification. This can help retain staff by showing them that you are willing to invest in them.
5. Serves as Protection for Contractors
Another benefit of receiving workers’ compensation is that it serves as protection for contractors. If you are hiring contractors to help you with a project, receiving workers comp can protect you from financial loss if one of their employees gets injured. This is especially valuable for companies that employ contractors to help with high-risk projects. If a contractor’s employees get injured on your site, you can use workers comp insurance to help pay for the medical costs. Workers’ compensation insurance quotes will help you avoid paying out of pocket for medical bills and may also help you avoid a lawsuit.
When hiring employees and contractors, you assume liability for their safety and well-being. Workers comp can help reduce this liability, providing financial assistance for workers’ injuries. You can also use workers comp to help retain staff, assisting with the costs of training and benefits that will keep employees happy and engaged with the company. You can use it to protect contractors from paying for their employees’ injuries on your site. These are great reasons to accept workers comp and be prepared for damages that may occur.