Having worker’s compensation coverage is crucial when you have an established business and hire your first employee.
Did you know that almost every state requires companies to carry employee worker’s compensation insurance? At Malden Solutions, we recommend ensuring your insurance policy incorporates worker’s compensation coverage. This particular coverage protects employees from workplace injuries and your company in case of a workplace injury. Having worker’s compensation coverage is crucial when you have an established business and hire your first employee.
What to Know About Worker’s Compensation Coverage
So, what there’s to know regarding worker’s compensation coverage? It acts as a protective buffer to offer medical benefits or wage replacement to injured employees. Worker’s compensation also includes death benefits, disability benefits, and funeral expenses. Investing in worker’s compensation can help protect your business from being sued by an employee or their family. Employees can sue a commercial company without this coverage to recover lost wages and medical costs due to workplace injury.
What Does Worker’s Compensation Cover?
By investing in worker’s compensation coverage, your business may rest assured that your employees are protected in case of a sudden workplace injury. Additionally, worker’s compensation financially assists workers’ medical bills and ongoing care coverage for injured employees. It also recovers lost wages and covers funerals if a workplace injury leads to death. However, this coverage doesn’t help workers injured outside of the workplace or with self-inflicted wounds. This may be due to intoxication or intentionally.
Filing Worker’s Compensation Claims
Depending on your business state, workers’ compensation filings may take many years to complete. In Maryland, filing a worker’s compensation claim is difficult to navigate, especially for an injured employee. In some instances, these claims may even take years for business owners to resolve. This is why commercial companies need to provide insurance plans with full worker’s compensation coverage. Moreover, this process may be expensive from a legal standpoint. However, protecting your employees is imperative for your commercial company’s livelihood. Overall, investing in insurance that boosts your employees during rough times will benefit your company in the long run.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.