Why Your Business Needs Workers’ Compensation Insurance

Feb 9, 2024 | Business Insurance

It’s one of the world’s most fundamental truths: accidents happen. And when they do, the consequences can be serious … and expensive. That’s one of the main reasons nearly every state in the country requires businesses to carry workers’ compensation insurance. It provides you and your staff with the peace of mind that they’ll be protected in the event of an injury while on the job. 

Let’s take a look at what workers’ compensation insurance is, why you need it, and what your options are for buying it for your company.

What Is Workers’ Compensation Insurance? 

Workers’ compensation insurance is typically offered through employers or associations that provides a lump sum cash payment to the insured individual in the event of an accidental injury or death to cover: 

  • Medical expenses 
  • Cost of care
  • Lost wages 
  • Funeral expenses 
  • Death benefits 

Think of it as a financial safety net in case the unexpected happens. While not a substitute for health insurance, workers’ comp provides much-needed coverage for incidents that occur while working. Most of these types of policies are included in an employee benefits package. 

Common Accidents Covered by Workers’ Comp 

While there’s virtually no end to the types of accidents that can occur in life, there are many common incidents that are covered by workers’ compensation. It’s an affordable and reasonable benefit that protects your employees or association members from serious financial consequences that may result from a death or life-altering tragedy. 

  • Fractures and dislocations, such as broken arms or sprained ankles
  • Cuts and lacerations — Accidents involving sharp objects can leave nasty wounds
  • Burns — Whether thermal, chemical, or electrical, burns can be painful and expensive to treat
  • Concussions and head injuries, ranging from mild to severe
  • Musculoskeletal injuries — Sprains, strains, and torn ligaments are quite common
  • Dental injuries, including chipped teeth or jaw fractures
  • Eye injuries — Accidents involving the eyes can be serious and costly

Other covered events may include:

  • Accidental hospitalization
  • Loss of limb or sight
  • Accidental death (provides a lump sum benefit to your beneficiaries)

Workers’ comp laws vary from state to state, so ask your insurance expert what coverage options are required and/or available for your business. 

Eber & Associates: Professionals on Your Side 

Insurance policies are challenging to understand for most people, and choosing the right coverage for your team is important for your business’s long-term protection. Eber & Associates has more than 20 years of experience working with businesses to safeguard their staff and their assets. 

Your agent works with you from day one to evaluate your needs and clarify the details of each policy so you can make a well-informed decision and a smart investment.

Workers’ Compensation Insurance: Essential Coverage

Eber & Associates helps businesses from a variety of industries every day with their insurance needs. Having the right insurance partner to support your business takes away the stress of searching through policies and how to handle implementing them if the situation arises. 

Whether your team is large or small, having extra coverage as a part of your benefits package encourages current staff to stay and new applicants to reach out for employment. The safer your team feels, the better the work they provide, and the more productive your business can be. 
Have questions on where to start with your new policy? Contact Eber & Associates today for a quote. We cover you and your business through life for life.