Mar 26, 2017

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Why is Workers’ Compensation Important?

Why is Workers’ Compensation Important?

Workers’ compensation is an insurance policy wherein an employee that has been hurt on the job may receive financial assistance. The range of the assistance may vary depending on the laws of the jurisdiction, but typically, the insurance covers the medical costs of the injury or illness that have been acquired, the lost salary of the employee as he misses time at work, and the rehabilitation of the employee so he can be incorporated in the workplace with efficiency.
According to the website of Scudder & Hedrick, PLLC, employees can even file temporary and permanent disability claims. This just proves that workers’ compensation can cover a wide range of financial assistance, and this can be beneficial for both employer and employee.

For employers

Workers’ compensation is important for employers because it presents value to their people. Having a sound workers’ compensation plan is a good way to attract competent employees and make them stay. This is particularly effective on inherently hazardous jobs, such as those involving construction, manufacturing, and mining.

It is important to note that the cost of workers’ compensation will be higher for hazardous jobs. But this will also mean that you will enforce a strict safety program to avoid accidents and injuries in the workplace, and that may even be the very thing that lowers your premiums.

For employees

The obvious advantage of workers’ compensation for employees is the money. It gives you a sense of financial security, even if you become injured or sick because of work. This sense of security will allow you to work at ease, knowing that your employer is behind you even when something bad happens. If something really does happen, you will not feel pressured to fast-track your recovery just so you can earn money, because workers’ compensation can cover your lost wages.

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