Your Construction Business Is At Great Risk If You Lack An Appropriate Workers Compensation Insurance Plan
Most construction contracting companies hire employees for various jobs. From construction workers to office help, there are typically multiple people on the payroll at all times. That means your organization is required to carry workers compensation insurance. It is not only smart business, it happens to be the law. The policy protects you and your company by paying employees for their lost time and medical expenses if they are injured on the job, or become sick due to workplace related hazards.
Workers Compensation Insurance Protects The Business, The Business Owner(s), and The Employees
An appropriate workers compensation insurance plan certainly goes a long way in helping your employees in times of trouble, and protecting your assets when you are technically at fault for causing those times of trouble. In essence, the proper coverage can make the difference of you sleeping well at night, or constantly waking up with nightmares. If an employee happens to sue your business for pain and suffering and or mental hardships that the accident or illness caused the policy covers those items as well.
Workers compensation insurance not only protects you and your company, it also protects your employees. Although you are forced to carry a workers compensation policy if you have employees on payroll, many business owners do not fully understand exactly how important it is to their business. The intent the following information is to clarify that for you.
Additional Information About Workers Compensation Insurance Coverage
Workers compensation covers injury and or illness that are related to work only. It does not cover accidents or illness that your employees are suffering due to any outside factors such as non-work related automobile accidents, including the commute to work in their own vehicle. It does not cover your employees if they are injured falling off of a ladder at their home. Workers compensation certainly does not cover any health related issues, such as cancer or heart disease that are unrelated to their work for your company.
That being stated, if an employee is injured on a jobsite, or doing a job related task than the workers compensation insurance does cover that situation. If a worker becomes sick due to inhaling certain chemicals than that would also fall under the workers compensation insurance umbrella.
Even More Information About Workers Compensation Insurance Coverage
In addition, if the employee is injured during a fight that they started, or takes part in a self-inflicting injury, your policy is not responsible. If a former employee tries to claim that they were injured while working for you after they have quit, been laid off, or fired they are not eligible for workers compensation under your policy. However, if the employee suffers from stress or chronic health concerns such as back problems due to work related tasks than they may be entitled for coverage under your company’s policy.
Last but certainly not least, if an employee is under the influence of alcohol or drugs, or is simply playing around and gets injured or sick while at work that is not covered under workers compensation insurance.
In conclusion, if one of your payroll employees becomes hurt or sick directly related to a workplace incident, than appropriate workers compensation insurance plan will go a long way in protecting the business from being sued. Do not leave your contracting business vulnerable to a crippling lawsuit. For more information about Workers Compensation Insurance, other types of business insurance, or personal insurance please contact The Zawada Insurance Agency today and one of our licensed, experienced, and dedicated agents will answer any and all questions that you may have. We will also help you to calculate the great deal of risks that are associated with your business in order to create the best general liability policy available. We look forward to working with you.