Workplace accidents can have devastating consequences for your employees and may impose significant financial ramifications. Regardless of safety precautions and supervision, your staff may eventually require help managing the aftermath of work-related illnesses and on-the-job injuries. That’s why understanding and retaining suitable workers’ compensation insurance should be a top priority for all employers.

What Is Workers’ Compensation Insurance?

Your company can cover its employees with an appropriate workers’ compensation insurance policy, potentially fostering financial security following on-the-job incidents. Even in relatively low-risk industries, certain workplace accidents are inherent risks. Fortunately, workers’ compensation can typically cover many common incidents, including cuts, falls, burns, sprains, strains and repetitive stress injuries.

How Does Coverage Work?

After an on-the-job injury or illness, your business and affected employees can file a claim against your workers’ compensation insurance policy. If approved, coverage may render financial aid for various expenses and losses, including the following:

• Medical bills—If an employee requires ongoing care, medications or procedures, your policy may help manage costs.

• Lost wages—Employees may not be able to perform their usual work due to their injuries or illness, but coverage can help recoup reduced income.

• Vocational rehabilitation costs—In some cases, an employee may not be able to return to their previous job. Payouts may assist with expenses for helping them learn new skills for a different position.

• Death benefits—If a workplace accident proves fatal, your coverage may issue compensation to affected employees’ families.

• Employer legal costs—Employees may choose to sue your business, in which case your policy might help pay for attorney fees, settlements and judgments.

Are Workers’ Compensation Policies Required?

Many businesses are legally mandated to carry workers’ compensation insurance. Exact regulations may vary depending on your location and industry. In Georgia, employers are generally required to maintain coverage if they employ at least three people. Failing to adhere to such obligations could impose significant penalties, including fines and orders to shut down operations.

We’re Here to Help

Contact Franklin Insurance Agency today to learn more about workers’ compensation coverage and find the right policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.