Malden Solutions is partnered with CoverWallet to help commercial businesses navigate the complex world of business insurance. For established commercial companies, we highly recommended ensuring that your insurance plan incorporates worker’s compensation. Workers’ compensation coverage protects employees from workplace injuries and your business in the event of a workplace injury. It is critical to have workers’ compensation when your company is established and hires its first employee. Worker’s compensation can cost between 1-3% of your entire payroll, which is highly beneficial and affordable from a legal perspective.
Workers Compensation Coverage: What You Need to Know
Worker’s compensation coverage acts as a protective buffer to provide wage replacement and medical benefits to injured employees on the job. Worker’s compensation also includes disability benefits, death benefits, and funeral expenses. An investment in worker’s compensation can help protect a commercial business from being sued by an employee or employee’s family in the event of a workplace injury. Without worker’s compensation coverage, employees can sue a commercial business to recoup lost wages and medical costs from a workplace injury.
What Can Workers Compensation Cover?
By investing in worker’s compensation coverage, your company can rest assured that your employees are protected in the event of an unprecedented workplace injury. Worker’s compensation coverage provides financial assistance to employees’ medical bills, recoups lost wages, provides continuous care coverage for injured employees, and full funeral coverage if a workplace injury results in death. This coverage is not extended to employees injured outside of the workplace environment or with self-inflicted injuries, whether through intoxication or intentionally.
Filing Workers Compensation Claims
Filing a workers compensation claim in Maryland can be a difficult process to navigate, especially for an injured employee. These claims can even take years, in some instances, for business owners to resolve. This is why it’s essential for commercial businesses to provide insurance plans with full worker’s compensation coverage. This process can be incredibly costly from a legal standpoint, and it’s vital to protect your employees to protect your commercial business’s livelihood.
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.