A Walkthrough Of Workers Compensation Insurance And Why You Need It

​The bigger your business is, the bigger your responsibility will be. Hiring more people is a good sign that your business is doing great. It means that you have the resources to pay for them and sustain them.
 
Though bringing more employees in your business is a good sign, you must know that you are liable for whatever happens to them. As an employer, you are mainly responsible for your people and protecting them and it should be part of your game plan.
 
As a form of protection, Workers Compensation Insurance or also known as Employers Liability Insurance is a must. To give you a background about it, here’s what you need to know:

​WHAT IS WORKERS COMPENSATION INSURANCE
The Workers Compensation Insurance answers to your employees with incomes benefits and or replacement in case they become sick or catch an injury during work hours. This policy covers the employer and the employees for and who are in need of:
 

• Medical Attention
• Rehabilitation Needs
• Disability Benefits
• Death Benefits
• Legal Defense/Lawsuit Action Benefits; and
• Compensation for Lost of Wages (due to the illness and injury)

 
This insurance policy protects the employees for any form of compensation lost during the time they are in the recovery process from certain illness or injury. At the same time, it also secures the employer from any expense needed to disburse for the affected employee.
 
EMPLOYER: DO I NEED WORKERS COMPENSATION INSURANCE FOR MY PEOPLE
Truth be told: You need insurance because you need something to protect you, your business, and your people. But, if you have only three to five staffs in your enterprise, you usually do not need to purchase Workers Compensation Insurance.
 
If you already have more than five workers, the law will require you to get the insurance. It can also be a form of employee retention program. The more your employee knows that they are to have benefits in your company, the more likely they stay with you.
 
HOW MUCH DOES WORKERS COMPENSATION INSURANCE WILL COST ME
Insurance is not an expense. In fact, it is an investment that will protect you when the time comes. Instead of thinking about the amount of money you will be shelling out, concentrate on the benefits that the insurance gives you.
 
For the Workers Compensation Insurance, the rates depend on the coverage you choose. But to give a ballpark figure, it could cost you at least 30 cents per $100 of your employee salary wage.
 
Being able to protect your employees is important. Aside from the insurance to retain them, it is also your responsibility to safeguard them. At CSIS Insurance Services, Inc., we take pride in making sure that our clients are well-protected at prices they can afford. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.