What are the Benefits of Workers Compensation?
There are various benefits that you will receive if you are injured while on the job. Wage replacement is an important benefit of Workers Compensation which enables the injured party to recover wages lost if they are unable to continue working. An injured party is also able to have any required medical treatment, related to the injury, covered. The costs of medical treatment can vary greatly depending on the injury and in some instances be exceedingly significant. If one of your employees has injured themselves, without Workers Compensation, they could be subject to financial consequences which could affect them for decades.
In addition to wage replacement and medical treatment, Workers Compensation also covers the cost of rehabilitation and disability coverage. While you may eventually be able to return to work following an injury, you may not have fully recovered yet and may need to access rehabilitation services. In some instances, an injured party may not be able to ever return to work. If this is the case, they may need disability coverage to assist them in making ends meet while unable to work.
Workers Compensation is built upon the notion that an employee trades their ability to sue an employer in exchange for the benefits of insurance. This exchange is also part of a no-fault system in which, regardless of who’s fault the injured party will receive Workers Compensation and not be able to sue their employer. While this is the case, there are some instances in which they can sue their employer. If an injured party believes that their employer has intentionally caused them harm, they can file an intentional tort. An intentional tort covers a broad range of types of harm such as battery, assault, fraud, defamation, and invasion of privacy.
Regardless of the industry and the type of work being carried out, no one is truly immune to work-related injuries. Given this, it is important for all business owners to invest in Workers Compensation to ensure that if even if a freak accident occurs, both themselves and the injured party are covered. Without Workers Compensation, even the safest of workplaces are subject to potentially disastrous financial and reputational outcomes. Workers Compensation provides all business owners with the peace of mind in knowing that their employees and their business are covered in the event of injury.