CSIS Insurance Services, Inc. Blog
As employers, you are legally obligated to obtain Worker’s comp insurance policies for everyone who works for you. It gives the employer legal protection against lawsuits in case the employee incurs any injury in the workplace. It also allows the employee to get medical benefits and full compensation despite his condition in the hospital.
That being said, what if your employee reaches the retiring age? Does the Worker’s comp insurance policy still cover them? If the answer is yes, what types of injuries are still covered? Are there any limitations?
Fortunately for you, the following paragraphs will be able to answer these questions and more. We hope you would understand how vital Worker’s comp insurance is for retired employees and how it will benefit them in the long run.
Essential Considerations to Make for Retired Employees on Workers Comp Insurance
To answer the question, yes. Retiring employees are still eligible for Worker’s comp insurance as long as they can still work inside the company. However, there are a few considerations to make before applying this policy to retiring employees. These are as follows:
The Benefits of Retaining Employees about to Retire
Most companies shy away from retaining people after a certain age because of the reasons above. However, there are many benefits to doing this as well. These are as follows:
By weighing the points above, you will be able to decide whether or not to retain your retiring employees indefinitely. Just take note that your Worker’s comp insurance will still cover them until they retire from the company.
With these critical points, we'll bet you understood the importance of Worker’s comp insurance and how it affects the elderly members of the workforce. Remember that by understanding the situation, you will be able to help your employees better and make sure that they get adequately compensated for their work.
At CSIS Insurance Services, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (888) 501-2747. You can also request a free quote by CLICKING HERE.
Licensed in CA, AZ, FL, NV, NM, TX and UT
Additional states are available!
Website by InsuranceSplash