American Eagle Insurance Blog
We are now on the verge of a global outbreak. But in this season, you still have to know the things that will support your workers with or without this crisis. Check this article and have a quick overview of your workers’ compensation insurance.
What To Know About Workers’ Compensation
This type of insurance undergoes national bodies, but every state has its way of legislation for this insurance type. You need to know that during unforeseen events like what is happening now or about to occur, this policy widely helps industries for their maximum advantage.
Importance of Workers’ Compensation Insurance
For business owners, you are responsible for the safety of anyone in your workplace, particularly your employees. Having a secured workplace is a must for every small business and even big ones.
Every industry has unique hazards and risks. Each employer must do all his efforts in minimizing these risks and providing support in case the work-related illness or injury occurs.
When accidents happen on-site, workers’ compensation insurance will do their role in ensuring the employees' receipt of financial assistance for medical bills, income loss, or rehabilitation.
Be sure that you have the right knowledge in overseeing and providing your employees with the insurance benefit they deserve.
Difference Between Workers’ Compensation and Income Protection
The main difference between these two is that workers’ compensation is paid and provided by the employer, specifically for illness and injury. On the other hand, income protection is bought by the worker or employee, which covers illness and injury even on an off the job site.
Income protection offers additional coverage, so it ensures the either at home, work, or any place the policyholder goes. Any worker looking to buy income protection can do so for their peace.
Workers’ Compensation Insurance for Contractors
When hiring contractors for the business, it may be a little confusing whether you buy workers’ compensation insurance.
Compared to employees, employers hire and agree with contractors for task-based terms. State laws vary when it comes to workers’ compensation insurance. That is why you have to know the rights to be covered or not.
If you are a contractor and are not covered, then you shall consider income protection.
Knowing Your Obligation
Workers’ compensation insurance is an essential requirement for every industry. States have different rules for workers’ comp, but as an employer, sole trader, or contractor, you must know the essence of being insured for unexpected injury, illness, or even death.
Make appropriate decisions or choices when buying this insurance. Know your rights and the process of claiming such benefits. Review and update your policy and the changes to make the most out of it.
Are you interested in getting workers’ compensation insurance for your business? Then, it is time to contact your trusted insurance provider.
At American Eagle Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (225) 667-7377. Get your free quote today by CLICKING HERE.