What is Workers Compensation Insurance?
A single accident on the job could be financially devastating for your business. Medical bills and lost wages can add up quickly when an employee is injured. In addition, substantial legal fees can arise if a worker sues you for not preventing a workplace injury or illness.
A workers compensation insurance policy protects you and your business in the event of accidents resulting in injury or illness. Nearly every company in the U.S. must hold a workers compensation insurance policy. In Colorado, this type of insurance coverage is required immediately when you hire your first employee.
What Does Workers Comp Cover?
You can rest easy knowing the following are covered with a workers compensation plan:
- Medical Expenses: In the event of a workplace injury, your policy will cover the cost of any hospital visits, prescriptions, and surgeries.
- Wages: Your insurance plan can help replace missed wages if a worker sustains an injury that prevents them from being on the job for any period.
- Fatal Accidents: Your policy can provide death benefits to the employee’s beneficiaries and help cover funeral expenses.
- Illness: If an employee becomes ill due to their work environment, workers comp can cover the cost of treatment and care. COVID-19 has become a hot topic in workers compensation over the last two years.
- Employee Lawsuits: Most workers comp plans include employer liability insurance. If an employee files a lawsuit for negligence, your plan will help cover the cost of attorneys, settlements, etc.
As a Colorado business owner, you want to have the best workers compensation insurance coverage at the right price.
Contact Steve Longenecker (303-808-9351, x2) at Mountain Insurance: Longmont to review your commercial insurance coverage in Longmont, CO, or our neighboring communities.
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