Many risk management and loss control measures could play critical roles in the operational stability and fiscal security of your business. Workers’ compensation insurance may be among the most crucial of these precautions and preparations.
What Is It? 
Workers’ compensation insurance is essential to most businesses’ coverage portfolios. These policies can establish robust and versatile financial support in the aftermath of work-related incidents that lead to employee injuries or illnesses. Like many types of insurance, workers’ compensation policies act as contracts; in exchange for your company’s premiums, your carrier may offer payouts to assist with covered incidents.
Why Does My Business Need Workers’ Comp?
This type of coverage can provide multifaceted financial protection from the consequences of workplace incidents. If an employee is injured on the job or develops a work-related illness, they may require financial assistance to ensure their recovery and ongoing well-being. Fortunately, workers’ compensation insurance may help pay for the following:
- Medical bills
- Lost wages
- Disability benefits
- Vocational rehabilitation
- Death benefits
Additionally, your company may be subject to specific requirements regarding this type of insurance. For example, most employers in Massachusetts must adhere to coverage-related laws, with noncompliance potentially leading to fines and other penalties.
Furthermore, on-the-job injuries and illnesses could lead to costly lawsuits, as affected employees may sue your company following incidents. Fortunately, workers’ compensation insurance can assist with the financial implications of these situations, including helping to pay for attorney fees, court costs, settlements and judgments.
We’re Here to Help
At the Nicholas A. Consoles Insurance Agency, we pride ourselves on helping employers in the Peabody area understand and address their coverage needs. Contact us today to learn more about workers’ compensation insurance or to compare personalized quotes.
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.