Workers Compensation Insurance

Workers compensation insurance from Stay Kalm pays for medical bills, partially missed wages and recovery costs when an employee is injured on the job. Some state laws require that businesses obtain workers compensation insurance, and certain contracts also require this type of coverage.

The coverage may extend to the business’s owners, as well as its workers and freelance employees. Once referred to as “workman’s comp,” these policies help reduce and entirely avoid the problems and costs that may stem from a lawsuit. Like commercial property insurance, a workers’ compensation insurance policy can offer some of the most important coverage options a business can buy.

How Can Workers’ Compensation Insurance Help Businesses?

Here are a few of the ways a workers’ compensation policy can help your business.

Medical Expenses

If an employee is injured at work, insurance will pay for the medical expenses the employee incurs while he or she is unable to work.

Legal Expenses

Not all work injuries are covered under workers’ compensation policies, but policies do help with legal expenses when a lawsuit results from the incident.

Local Laws

Workers’ comp laws in your state may require that you have a policy, and having a policy can ensure your business complies with the law.

Speaking with an agent from Stay Kalm can help you figure out whether you need workers’ compensation insurance and how the policy may fit into your overall suite of business insurance coverage.

Do You Need Workers’ Compensation Insurance?

Workplace insurance claims can cost upwards of $36,000, on average, which means an insurance policy can become a lifesaver for a small business that is without significant cash reserves. An insurance policy not only shields your business from lawsuits, but it also helps reduce the costs associated with an employee’s inability to work and contribute to the company’s bottom line.

Here are some of the common injuries workers face when they receive money from a workers’ compensation policy held by their employer:

Struck by an object at the workplace.
Fall from the same level on which the employee stands.
Injury sustained by heavy lifting and lowering.
Falls from one level to a lower level.
Transportation problems like person versus vehicle.
Slipping or tripping without a fall.
Coming into contact with a harmful substance.
Repetitive motion injuries.

This is just a small portion of the non-fatal workplace injuries that may occur at the average business. Even if your employees generally work in a safe environment like a calm office or a small retail space, workers’ compensation isn’t something to ignore because of the assumption that an injury could never happen.

Your workers’ compensation policy will usually pay for expenses like medical bills, rehabilitation and extended medical care, missed wages, funeral expenses and death benefits. However, some of the expenses not covered may include self-inflected injuries, injuries sustained while not at a job, injuries caused by a violation of company policies and injuries caused by a fight started by the injured party.

A quick call to Stay Kalm Insurance can help you determine the scope and coverage of your Workers’ Compensation policy.