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Injured worker

Many small business owners have questions about what workers' compensation insurance is. They also wonder why they need it. Simply put, this coverage is an important way to protect employees. Generally, the law also requires it. Here is a brief overview of what worker’s compensation insurance covers and why it matters to you.

Medical Costs for Injured Employees

Perhaps the most common aspect to workers' compensation is that it pays for medical expenses when an employee gets hurt at work. This can range from a couple of visits to a doctor for back pain to major health problems that require hospitalization. Think major issues like loss of a limb or blindness and those that affect an employee’s entire lifestyle.

Since medical bills can mount for even small accidents, this is perhaps the most important part of having a worker’s comp policy. However, it is also one of the most exploited. Workers' compensation insurance adjusters train in how to spot potential fraud. If your company had to pay false claims, it would be very difficult to do so. It would likely cost more than you would be able to afford on your own.

Funeral Expenses for Employees Killed During Job Accidents

Serious accidents causing worker fatalities happen at businesses every day. Worker’s comp pays for funeral expenses and certain associated death benefits of those killed during an accident while on the job. This total can often range into the thousands or hundreds of thousands of dollars. That makes it nearly impossible for a company to afford without the help of insurance.

Legal Costs for Your Company During Lawsuits

One of the most underappreciated aspects to worker’s compensation insurance is that it also protects the company in the event of a lawsuit arising from a job-related accident. Grieving families and those injured might attempt to collect more than what the policy is offering by filing a lawsuit. In this case, the policy might cover certain legal or arbitration expenses needed to settle the issue in court. However, keep in mind that by agreeing to take workers' compensation, employees surrender their right to sue a company. This depends on local law however. In either case, businesses might find the coverage beneficial.

And what happens if your company has a worker’s compensation claim that encompasses all three of the above scenarios? Well, then you would be especially happy to have purchased a policy ahead of time.

For more information on Baton Rouge worker’s compensation insurance, contact us today at 225.292.7680.

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