If you own a company that conducts construction-related projects, then it is your duty as an employer to provide adequate safety measures for everyone working under you. This means having worker’s compensation insurance in place for the protection of your employees should something happen while they’re on the job. With this policy in place, there is a one hundred percent guarantee coverage for loss or damage suffered by your workers due to job-related accidents, regardless of the cause. Moreover, having this policy means that your workers will not have to bear the cost and responsibility for their injuries or any losses sustained on the job.
There are several reasons why worker’s compensation insurance is vital for your construction site:
Financial Protection to Employees:
Worker’s compensation insurance gives your employees a financial safety net if they get hurt on the job. It will help them take care of their medical bills and live comfortably – without putting a financial strain on themselves or their families – whether they can return to work at all, as well as when they do return.
Financial Protection to the Company:
Employers are also liable to pay for medical care and rehabilitation of an injured employee so you can protect your business from having significant financial losses. You must ensure the safety of all workers by providing job-related training. When there are no accidents or injuries in a set period, insurance rates drop. If you want to avoid accidents and your financial status is not stable, worker’s compensation insurance is a must for you and your business.
Protection From Litigation:
In addition to protecting your company from lawsuits, you must prevent third-party litigation. Ensure that your employees receive proper training and instruction for the task at hand. If a worker gets injured due to a personal decision or negligence, then this is not eligible for worker’s compensation, and a third party can sue the employee.
Legal Protection Against Lawsuits
If an accident occurs, having some form of workers’ compensation insurance, for example, someone like Contractors Insurance, will allow for all medical bills to be covered by the compensation insurance company. This prevents employees from pursuing legal action against the business if they cannot work due to their injuries.
Compliance With the Law
Almost every state requires businesses of a specific size to provide worker’s compensation insurance for their employees. If you are not providing it, you open yourself up to the possibilities of being fined, charged, jailed, and even sued. A worker without insurance that gets hurt on your construction site would be perfectly within their right to take you to court.
No matter how big or small your business is, having the proper insurance policies in place is vital to continue to stay in business. Not only does having the correct insurance protect your employees and your company, but it also protects yourself from any legal hurdles that could arise should you not have the right insurance available.
Kara Masterson is a freelance writer from Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.