If you’re currently unaware of the benefits of workers’ compensation coverage for both businesses and workers, ShiftPixy has some tips to discover some of the major benefits which worker’s compensation provides employers and workers.
The importance of workers’ compensation coverage:
1. Workers’ compensation help workers protect their ability to earn an income in the event of a work-related illness or accident
Employees who have access to worker’s compensation coverage don’t need to fear the threat of loss of income if they are involved in a workplace-related accident or become ill as a result of their job. Which is hugely important as if workers are unable to work for several weeks or months due to an illness or an accident, workers may struggle to pay their mortgage and bills and to support their dependents without a steady, reliable income.
However, if a worker is covered by workers’ compensation coverage, they’ll be able to take home the same amount of pay as they took home before they become injured or ill.
Unfortunately, if workers don’t have such a plan, they may lose their home as they may be unable to keep up their mortgage repayments. So it’s extremely important for all workers to opt for workers’ compensation coverage!
2. Workers’ compensation coverage can cover the loss of future income
Not only can workers’ compensation cover the loss of present income but it can also cover the loss of future income if a worker sustains a serious long-term injury, which will prevent them from holding down a job in the future.
3. Worker’s compensation coverage can cover medical costs
Worker’s compensation coverage can also cover expensive medical bills, which may be incurred as a result of treatment which a worker may undergo as a direct result of an illness or injury incurred which was sustained as part of the worker’s job. Regardless of whether a worker needs to pay for rehabilitation sessions or for expensive surgeries, all of their bills will be covered by worker’s compensation coverage.
Which makes worker’s compensation coverage priceless as without it many individuals would not be able to afford the best medical care that money can provide!
4. Worker’s compensation coverage can pay out families if a worker is killed in a workplace incident
Worker’s compensation plans can also pay out families if a worker is fatally killed in a workplace-related incident.
5. Why are workers’ compensation plans a must for businesses of all sizes?
You may not be aware that employees who are entitled to a workers’ compensation plan are unable to sue their employer for negligence in the event that they are involved in a workplace accident, or become ill as a result of their job.
However, signing a workers’ compensation plan is still the right choice for the majority of workers as it can be extremely difficult for workers to win a court case against their employee. Who in most cases will be able to afford a top defense lawyer.
So when employers put a workers’ compensation plan into effect, they effectively protect their interests and personal success as well as the interests of their employees. Which makes a workers’ compensation plan a win-win situation.