Regardless of how well you run your business, unfortunately, accidents happen. And when your employee is injured on the job, it’s critical that you’re prepared for it. Even though your worker’s compensation insurance policy is there to protect your employees, it actually safeguards your business as well. That’s because your worker’s compensation insurance gives you the peace of mind that you’ll be able to cover your employees’ medical and financial needs should you become responsible for them due to a work-related injury or illness. In a nutshell, worker’s compensation insurance in Las Vegas transfers the risk of liability from your business to an insurance company.
Since most states require you to carry worker’s compensation insurance if you have employees, you’ll need a policy in place. But even if one isn’t required under state law, it’s just good business – for you and your employees. Worker’s compensation takes much of the complication and hassle out of the claims process, and reduces the likelihood that your business will face litigation from an employee who has been injured on the job.
Typically, worker’s compensation insurance provides payments to qualifying injured workers for medical expenses as well as any time lost on the job. In the event of a death, worker’s compensation insurance also provides death benefits to surviving spouses or dependents.
Keep in mind that worker’s compensation isn’t health insurance. You’re not purchasing the policy in order to cover your employees’ comprehensive medical needs. This insurance kicks in only when an employee is injured on the job or experiences a job-related illness – regardless of fault.
Most states have specific laws and regulations about how worker’s compensation insurance works. Often, there are limitations to the financial compensation and duration of lost income benefits. Additionally, depending on your state, there may also be regulations surrounding your employees’ ability to choose a doctor or medical facility.
Before you select a worker’s compensation insurance plan in Las Vegas, be sure you know your state’s requirements and the unique needs of your business. GLB can help you find the right fit for your business.