Good employees are hard to come by in any industry. As a business owner, you can do your part to care for your employees in your Fords, NJ company. Workers’ comp insurance is one way to protect your employees’ interests. At the same time, it protects your business from possible lawsuits due to workplace accidents or from having to pay medical expenses of accidental injuries out of pocket.
Workers’ comp insurance from Five Star Insurance Agency provides numerous advantages to business owners in protecting their employees and assets. Here are some of the main benefits that workers’ comp has to offer.
1. Medical Costs
By taking preventative measures to protect your employees, you can reduce the risk of workplace accidents. If accidents occur, however, workers comp will cover medical expenses of those injured on the job. This can include the cost of an ambulance, emergency room visit, medical treatments, doctor evaluations, prescribed medications, and on-going care, i.e. future surgeries, rehab, etc.
2. Lost Wages
If an employee’s injuries keep him or her from working, workers’ comp will help cover lost wages while they are recovering, so your company doesn’t have to assume this financial responsibility. This gives you the financial resources to hire and train temporary personnel, if needed, to maintain business productivity while your injured employee is recovering.
3. Death Benefits/Funeral Costs
If a serious work accident leads to an employee’s demise, workers’ comp can help cover funeral costs, so you or your employee’s immediate family doesn’t have to bear this burden. Many policies offer death benefits to employees’ dependents, making it easier for them to manage financially after their sudden and unexpected loss.
Workers’ comp insurance is a smart and practical means of protecting your business and employees. To learn more about this insurance coverage and costs, contact Five Star Insurance Agency in Fords, NJ.