Whether your employee experiences a sudden accident or gradually develops a work related illness, you can still be held liable. Designed to mitigate your risks by protecting both you and your employees, workers’ compensation is a key component of any comprehensive machine wholesalers insurance policy. Although specifics may vary by policy, there are three common benefits provided by workers’ compensation.
1. Medical Care
Medical needs may range from a single visit to surgery and long term care. Workers’ compensation insurance ensures that you are not responsible for paying for your employee’s care by providing for their expenses while negating their right to sue you.
2. Disability Benefits
Certain conditions may result in your employee’s inability to work. When this happens, disability benefits provide wage replacement. There are two central types of disability benefits.
- Short Term: Temporary payments provided during the time they are unable to work
- Long Term: Permanent payments in the event they are unable to completely recover
3. Job Displacement Benefits
If an employee is no longer able to work within the same industry, they may need training to take on a new career. Displacement benefits help cover the cost of learning a new skill for future employment.
Workers’ compensation insurance is a core element of any machine wholesalers insurance policy. Protect your business by purchasing a policy that provides a safety net for you and your employees.