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Workers compensation coverage is a tricky topic for many business owners. The moral obligation to provide compensation for medical treatment and lost wages to an employee who was injured at work is obvious. But the extent of a business owner’s responsibilities goes far beyond providing compensation for injured workers; they must also provide stable employment and a source of income for themselves and their other employees. When a business owner chooses to self-insure his workers compensation obligations, he could be putting his other employees and his entire business at risk.

Workers Compensation Payments and Limits

The total cost of an employee’s injuries knows no limit. An injured employee could need hundreds of thousands of dollars worth of injury-related treatment and therapy for the rest of her life. And, if the injury results in a permanent disability, wages must be paid for the working life of the individual as well. When self-insuring this liability, a business owner agrees to potentially pay an unlimited amount of money toward these damages.

Workers compensation insurance coverage allows a business owner to pay a controlled and predictable insurance premium in exchange for an insurance policy that will cover workers compensation liabilities. Not only does this help an employer limit her financial burdens at the time of injury, but it also reduces the future amounts due even as the employee continues to recover and receive treatment.

A self-funded workers compensation agreement does prevent an employee from suing, except in the event of negligence, but it also ties an employer’s ability to take a profit from his business as it creates an added, limitless expense they must pay indefinitely. By purchasing insurance to cover workers compensation, you still benefit from an agreement not to sue for damages but you also free up your future financial obligations from this expensive uncertainty that can occur over and over again to various employees in your company.

If you want to stop putting your financial future at risk and buy workers compensation insurance, give us a call today.

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