Why Do Contractors Need Workers Compensation Coverage?

​Construction sites are accident-prone areas. Contractors, handymen, builders, and other works are susceptible to mishaps that could injure them. Due to the high risk involved in construction works, a business owner should have the right insurance policy to insure its workers.
  
Workers Compensation Insurance is the ideal insurance coverage for professionals working in the construction industry. It is designed to provide financial protection from construction-related injuries.

Protecting Your Employees With Workers Compensation
It is the responsibility of the business owners to protect their employees. Construction sites are among the most hazardous workplaces. Hence, getting worker’s compensation coverage is a good investment for contractors.

If a worker trips over an exposed wire and gets injured, worker’s compensation could cover the medical expenses and wages while the employee cannot work. If you are uninsured, you might get yourself into trouble. You might face a lawsuit, and the expenses could jeopardize the financial stability of your business.

Moreover, state authorities could penalize and sanction since most states require businesses to get worker’s compensation insurance. In other words, if you are uninsured and a worker got injured while working, you might face stressful days ahead of you. Spare yourself from all the stress and hassle brought by work-related injuries through worker’s compensation insurance.

Benefits Of Workers Compensation

1. Workers Compensation can pay for the medical fees incurred in treating the illness or injury. It can also cover the expenses for the rehabilitation and physical therapy of the worker.
2. It can cover part of the employee’s lost salary for the period that he cannot work. In several states, they set a period wherein lost wages will be paid.
3. If the worker dies, the insurance policy can cover funeral costs. It can also give death benefits to the worker’s spouse or children. The computation for death benefit varies from one state to another.  A surviving spouse will receive a death benefit in some states until she remarries or dies, while children can receive financial support until they are 18 years old.

Conclusion
Business owners have a lot to gain from protecting their employees. It helps safeguard your company’s finances. Most importantly, your employees will feel safe because you invest in their protection. It can boost the morale of your workers, which has an impact on their productivity. Hence, getting worker’s compensation is beneficial to your business.

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.