Worker’s compensation is one of the most important insurances that you, as a business owner, will need to acquire. It protects you and your employees in numerous ways. This insurance can help with wage protection, medical bills, and the right to sue.
Here are some questions you need to ask your insurance provider about worker’s compensation insurance:
- What types of incidents are covered? Make sure that any high-risk equipment you use is covered. Your insurance agent also needs to know if your employees will be traveling to a workshop or any other off site location frequently.
- How much coverage will my employees receive? This answer will probably depend on what type of injury your employee sustains and how long they will be unable to work. However, it’s still important to ask this question. You may have to cover any outstanding medical bills yourself if you do not have enough coverage and your employees will want to know how much money they will receive to provide for their family while they cannot work.
- What are my state’s requirements? Many states have requirements for different insurances. Your insurance agent will know how much worker’s compensation you are required to have, if any, but you should not settle with getting just enough.
- Am I required to choose a company doctor? Your insurance company may require you to list a company doctor. This does not mean that your employees have to use the doctor you choose. You just need to make sure that they know what insurance information to give their doctor.
- Will I receive help in court? Worker’s compensation is supposed to protect your business from being sued for negligence or injuries on the job. If, however, you are asked to appear in court, it’s important to know whether your insurance company will back you up.
- What is the claims process? Find out whose responsibility it is to make a claim, who you are supposed to call, when you need to call, what the next step will be, and how long the entire claims process will take.
The professionals at SOGO Wealth & Risk Management know that your employees deserve the best protection you can give them.