As an employer, it is your job to do all that you can to protect your employees at all times. Every business is only as good as the employees that it hires and every business owner would attest to the fact that without their employees, the business would not be successful at all. It seems only fair then to reward your employees with the necessary injury care program that they so rightly deserve. It is a requirement to make sure that an employer purchased insurance for their employees and that they contact a workers compensation insurance carrier to get it done. If you are a larger employer however you may be allowed to self insure and companies that are quite small with only three or four employees are exempt from this type of insurance.
When you have a business and a worker is injured, you need required insurance in Colorado which will pay the medical and disability benefits to the affected employee. It is important to remember that as the owner of a business and if workers compensation coverage is optional in your particular state then you are still liable for any workplace injuries that might occur. It makes sense then to take out the necessary insurance so that you don’t always have to be paying out of your own pocket. You could have a really bad year for workplace injuries and this could force you to close your business and this would be a great shame. For those of you who are pondering whether or not to get workers compensation coverage, then maybe the following benefits of doing so can help you to make a more informed decision.
- It helps to lower business costs – You can’t just take the chance that an injury will not occur while an employee is doing their job. You may be very stringent in your rules and you may have many health and safety procedures in place and you are to be commended for that. However, realistically an accident will happen and depending on the extent of the injuries, if you don’t have an insurance policy in place then you will be paying out of your own pocket and you could be running into many hundreds of thousands of dollars for medical expenses and prescriptions. It just doesn’t make sense to take a chance when you could have full coverage for a much lower payment.
- Employees are covered – Finding employees nowadays is incredibly difficult and so you need to offer them something that other employers are not. If an employee knows that you offer workers compensation coverage then they are more likely to make an application for a job with your company. You need to remember that when an employee gets hurt at work, it works out to be very expensive for them as their salary will be reduced and their personal life will be affected as well. They might even be forced to file a lawsuit in order to be able to pay the bills and so you should never put your employee in this position in the first place.
These are two of the benefits of getting workers comp insurance and there are numerous more. It is your responsibility as an employer to do everything that you can to protect your employees and of course, it is the right thing to do.