Having Workers Compensation Insurance for general contractors is an important part of your business. Given the nature of their work, employees are at risk of getting injured, disabled or even worse. Your business uses a lot of resources to provide your employees with a safe working environment. However, your efforts alone do not guarantee safety. Workers Compensation insurance is a great benefit package. Employees enjoy peace of mind as they work, and during recovery if they do get injured.
The Benefits of Workers Compensation Insurance for General Contractors
Most employers are unaware of the extended benefits of Workers Compensation Insurance. In this article we will highlight 6 reasons why your business needs this cover.
Provides medical coverage for occupational injury or illness
An injured employee can file a Workers Compensation claim to cover for treatment. Hence, the benefits are usually available throughout the recovery period. These benefits include:
- Doctors’ fees
- Physio therapy
- Medical tests
- Medical equipment e.g. prosthetic limbs.
Some illnesses such as bronchitis result directly from an employee’s working conditions. Therefore, they reduce the quality of life and affect productivity. Workers Compensation Insurance for general contractors caters for medical expenses and helps workers manage their health.
Provides permanent disability benefits
Permanent disability prevents an employee from carrying out tasks necessary for their employment. Hence, Workers Comp entitles them to a percentage of their average weekly wage
Disability wages are meant to replace income lost due to injury. This prevents an employee from suffering major financial setbacks resulting from unemployment.
Compensate for lost wages
Employees may be out of work for a few weeks as they recover. Thus, payments received during this period are determined as below:
Assume that a worker is unable to carry out any work due to a broken leg. Hence, they will receive a percentage of their wages until they resume employment.
Assume that the same worker can hold a clerical position while their leg heals. Additionally, they will receive reduced pay for the work carried out, plus a portion of the difference between their normal pay and reduced pay.
In some states, Workers Compensation Insurance for general contractors covers vocational rehabilitation. Moreover, your Workers Comp policy pays for costs associated with learning a new skill.
This is beneficial for employees who want to change jobs or switch to different fields.
Provides death benefits
Certain injuries may prove fatal. As such, in the event of death, the employees’ spouse, children or other dependents receive benefits. Additionally, your Workers Compensation cover will cover funeral expenses and make a lump-sum payment to the worker’s family.
Provides legal defense cover
Workers Compensation Insurance protects the employer from lawsuits filed by employees. A worker may claim that injuries resulted from an employer’s negligence. The insurer will cover:
- Attorney’s fees
- Court costs
Peace Of Mind For Your Business And Your Employees
As a business owner, you are responsible for your employees. As such, Workers Compensation Insurance for General Contractors guarantees employees assistance in case of injury, illness or death. Moreover, it provides you and your workers’ peace of mind and keeps your business operational.
Negotiating the right terms for your insurance can be tricky. Furthermore, we would like to help you protect your business and employees. To get in touch with Farmer Brown Insurance call (888) 973-0016 and get insurance you can depend on.