The Basics of Workers’ Compensation for Both Employees and Employers

workers' compensation malden solutions

Even if a job has a slight chance of creating bodily harm, workers’ compensation is a necessary insurance plan.

As insurance experts, we highly recommend adding workers’ compensation to your company’s insurance. With Malden Solutions, our insurance experts work with your business to outline the necessary details of your workers’ compensation plan. Depending on what kind of business you have, you may need extensive workers’ compensation. Jobs like construction or mining require workers’ compensation that includes long-lasting effects from the damage incurred from dangerous materials or environments. Even if a job has a slight chance of creating bodily harm, workers’ compensation is a necessary insurance plan. 

Why Workers’ Compensation is Necessary

Workers’ compensation is a type of liability claim insurance that protects your business and provides financial retribution for employees injured on the job. Workers’ compensation includes missed wages, disability expenses, funeral coverage, and any medical bills. Without it, employers are left unprotected from possible lawsuits from employees injured in the workplace. Workers’ compensation protects a business from going bankrupt to pay for an employee injured on the job and provides that injured employee with financial compensation during their recovery. 

What Workers’ Compensation Coverage Looks Like

A worthwhile investment, workers’ compensation protects employees from further injury by overworking themselves or receiving a mountain of medical debt. It provides financial assistance for injured employees through recouping lost wages, covering expenses if the injury results in disability or death. Workers’ compensation is only available to employees that are injured on the job or in the workplace from unexpected events, not including self-injury from intoxication or intention. 

Filing for Workers’ Compensation

Depending on your state of business, workers’ compensation filings can take up to many years to complete. Lawyers are expensive, and so are court fees. Your business should fully invest in adequate workers’ compensation to avoid financial loss to the lawsuit. Investing in insurance that uplifts your employees during rough times will ensure a strong foundation of loyalty to your company. Not to mention, people who get adequate treatment for an injury quickly and efficiently see improved recovery odds. Better recoveries mean your workers will be able to come back to work. 

Partner with Malden Solutions Today

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Friday, September 24th, 2021 at 7:14 pm. Both comments and pings are currently closed.