Introduction 

Our employees at a business are the lifeline of our institution. It is natural that some of the tasks in the job description are dangerous. For an example, a high rise construction team may work at life threatening heights. They work with the looming threat that an injury is inevitable. It is both an obligation and the right thing to do for the management of such companies to provide compensation for their employees once they meet with an accident during their work. It may cost a certain sense of financial feasibility. This is why most companies would like to look for alternatives in financing such compensation schemes.  

Introduction to Workers Compensation 

Let me introduce you to workers compensation.  

This is something that should preferably be obtained by most companies that pose a high-risk work environment. A workers compensation program is a sort of insurance that provides its subjects of a company with the necessary compensation including lost wages, medical coverage and so on. While comprehensive in its approach, the workers compensation programs are not similar to the disability insurance or unemployment benefits. 

Benefits for the worker 

When an employee of an organisation has opted into the workers compensation program, they can expect multiple benefits. One such benefit is the ability to claim lost wages for the time that they may be unable to engage in work roles. Secondly, it would cover the medical costs of the employee. This is important given that the medical bills may amount to great amounts post-treatment. Lastly, other benefits relating to the workers compensation may vary depending on the options selected by the company on behalf of their employees. 

Benefits for the company 

While companies are interested in the well-being of their employees, it is natural to assume that there may be certain benefits involved for the company as well. The main benefit is that once an employee opts into a workers compensation program, if the worker is met with an accident, he/she may not be able to sue the company for ‘negligence’.  This exempts and protects the company from litigation on matters of employee safety. 

It is evident that workers compensation can be considered as a legitimate contender for companies’ attention in terms of providing adequate settlement for employees who are injured in the line of duty. Providing the employee with financial protection and satisfaction, they are able to claim for their medical benefits as well as lost wages in addition to other benefits. Whereas the company can be reassured of their protection from litigation by the employees on the basis of negligence. It’s quite literally a win-win for all stakeholders involved.  

CIII Insurance Services is a general independent insurance agency with a broad range of Commercial, Employee Benefits, and Management Liability products. We have aligned ourselves with some of the finest carriers to deliver these products to you. Contact us.