Nobody goes to work thinking, “I’m going to get hurt today. I’m going to fall off a ladder, slip on a recently mopped floor, or injure my hand while transporting files from the car to the office.” Nobody thinks that, but workplace accidents happen all the time. An employee’s hand gets cut on a piece of glass, and it needs stitches. Another employee trips over a box at the loading dock and breaks his or her foot.
It can be easy to dismiss those scenarios and to rationalize not purchasing workers compensation. After all, it’s an added expense. In today’s economy, everybody wants to trim the budget; however, some expenses, like workers compensation, shouldn’t be cut.
Why should you purchase workers compensation? There are a number of reasons, including these four:
- Payments in place of wages
- Compensation for economic loss
- Reimbursement or payment of medical and like expenses
- Benefits payable to the dependents of workers killed during employment
Another, equally important reason is the work environment. A workplace with workers compensation is much more cheerful. The employees aren’t worried about possible injuries and out-of-pocket expenses. They aren’t concerned about lost wages. They aren’t grumbling about their stingy employer. They’re happy to come to work.
Can you afford not to have workers compensation? Sure, if you want to deal with out-of-pocket expenses, lost wages, unhappy employees, and high turnover rates. If you want to create a sustainable work environment, though, you have to have workers compensation. You have to provide for your employees to the best of your abilities. You can do that by visiting with Flor and Associates Insurance Agency about workers compensation and the benefits of including it in your business plan.