Workers’ compensation is a state-mandated type of coverage that provides benefits to employees who suffer work-related illnesses or injuries. It consists of payments required by law to be made to employees who got injured while on the job. Every state has its own workers’ compensation program for employees. Colling Insurance Services Inc. serving clients in Lakewood, CO has prepared a list of benefits of workers’ compensation insurance.
What Are The Benefits Of Workers’ Compensation Insurance?
Workers’ compensation is beneficial for both employees and employers. Here is a list of its benefits:
- It covers accidents and other work-related medical issues. If an accident happens on the job and an employee gets injured, workers’ compensation insurance covers the employee’s medical expenses and bills that can be quite high.
- It prevents lawsuits. If an employer provides workers’ compensation benefits, employees are not allowed to bring lawsuits against the employer for job-related injuries.
- Financial benefits for employers. By providing workers’ compensation insurance, an employer avoids having to pay fines if an accident happens and an employee gets injured while on duty. One of the main purposes of workers’ compensation is to protect employers from direct lawsuits and eliminate the risk of high fees.
- Protection for employees. Workers’ compensation insurance is needed for creating a safer working environment for employees. As a result, a safe environment helps employers save on the costs of workers’ compensation.
Colling Insurance Services Inc. – Trustworthy Insurance Company in Colorado
If you are a business owner operating your business in Lakewood, CO or any other nearby town, and you are thinking of getting workers’ compensation insurance to protect your employees and yourself, our insurance company is ready to help you. Feel free to visit our website where you can find more information or give us a call.