Why Workers Compensation?
As we all know, it is the law that if you have even one employee, you are required to have Workers Compensation coverage.
Why is this important to have the coverage? Ultimately, it is the transferrance of risk. Either you pay all of the costs of the injured emoployee yourself, such as being self funded, or you transfer the risk to an insurance company and pay premiums.
Most companies opt to chose Workers Compensation program through the insurance company of their choosing.
By having Workers Compensation, you are providing the ability for the medical needs of any potentially injured employee. Let's make sure, whether the injury was just first aid or something serious, the claim is taken care of in the best manner possible.
Assuming the injured employee got hurt on the job doing a work related task, then Workers Compensation steps in to bring that injured worker back to whole again. If it takes time, therapy and many visits, then that's what it takes. The idea is to get the employee back to the way they were, and back to work....saving your business addes expenses.
Here is a link to another situation where an employee is suing their employer for discrimination against them ....raising the issue of knowing how and when to properly discharge an employee. If you have an injured employee who is currently being treated, you better carefully review the basis of your facts before you let them go.....