As an employer, you have a legal and ethical obligation to prioritize the health, wellness and safety of your employees. However, even the most experienced employees and diligent workplaces may be unable to suppress all risks and perils. With that in mind, your organization should maintain adequate loss control measures capable of providing financial assistance to employees injured on the job or developing work-related illnesses. Workers’ compensation insurance is an integral part of these efforts. 
Why Is Workers’ Compensation Insurance Important?
Any organization with employees should consider workers’ compensation coverage a top priority. These policies are among the most essential insurance policies, and their importance transcends industry lines. By purchasing sufficient workers’ compensation insurance, your organization may secure the following benefits:
- Health care access—Your employees’ health may be at risk regardless of your workplace safety measures. Even if you operate in a relatively low-risk industry, seemingly trivial accidents like slips on a wet floor could have dire ramifications for your workers’ short- and long-term health. Fortunately, workers’ compensation insurance can help your employees pay for the resulting medical services.
- Income replacement—A work-related injury or illness could affect an employee’s ability to conduct their normal duties or work at all. In such situations, your workers’ compensation insurance may help employees recoup lost or reduced income.
- Training and education—In some cases, injuries or illnesses may keep your employees from being able to return to their previous job. Fortunately, workers’ compensation coverage may provide financial assistance to help these workers access training and educational resources to help them find a new position.
- Compensation for families—If a work-related incident results in an employee’s death, your insurance may compensate their family members financially.
- Assistance with lawsuits—If an employee sues your organization in relation to their workplace injuries or illnesses, your workers’ compensation insurance policy may provide critical financial aid for various legal costs and expenses, including securing representation and paying for settlements or judgments.
- Legal compliance—In many cases, companies may be legally required to carry workers’ compensation insurance. Failing to do so may make you ineligible for certain projects and business opportunities, and you could also incur significant fines.
Get the Right Coverage
With a history of service dating back to 1899, the coverage professionals at Ed Weeren Insurance Agency have the extensive knowledge and experience needed to help your business understand its workers’ compensation needs and secure an ideal 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.