Having the right workers’ compensation insurance can help both employers and employees protect their legacies.
While worker’s compensation insurance is designed to provide an injured employee financial protection while they recover, this coverage offers additional benefits as well. For instance, workers’ compensation insurance can also protect the legacies of employers and their employees.
- Employers
When people discuss workers’ compensation insurance, it is often in terms of how it will benefit employees. However, workers’ compensation insurance offers certain advantages for employers as well. In terms of law suits for example, workers’ compensation insurance benefits can protect the employer if an injured employee sues their company. For an injured employee to sue an employer, he or she must waive their right to receive workers’ compensation insurance benefits. At this point, the employer can use this coverage to pay for their legal expenses. Because injury lawsuits can easily exceed tens of thousands of dollars in legal fees and settlement costs, many employers rely on workers’ compensation benefits to finance their defense. Having this financial protection in place ensures the employer’s and, by extension, their company’s financial stability. With their personal and commercial assets protected, the employer can continue to focus on the growth of their company.
- Employees
Employees benefit from workers’ compensation insurance because it covers their medical treatment, rehabilitation, and lost wages if they are injured on the job. This coverage allows them to provide for their families and meet ongoing financial obligations such as loan, mortgage, and debt payments. Additionally, when their medical treatment is covered, injured employees have a better chance of making a full recovery, ensuring that their long-term earning potential is not negatively affected.
Workers’ compensation insurance can also protect an employee’s legacy in the form of death benefits. If an employee passes away due to a work-related illness or injury, then workers’ compensation insurance covers the cost of their funeral and burial, ensuring that this cost does not fall to the employee’s loved ones. Additionally, workers’ compensation insurance will provide financial support for the deceased employee’s family. This benefit allows employees to rest easy, knowing that their loved ones will be taken care of in the event of their untimely death.
These are some of the ways that workers’ compensation insurance can help both employers and employees protect their legacies. For more information or to speak with one of our workers’ compensation insurance experts, contact us the at (877) PMC-COMP or [email protected].
