Business may be moving seamlessly today but you never know what tomorrow brings. As an employer, you have the legal responsibility to maintain a safe workplace for your employees. But no matter how stringent and updated your work safety measures are, you cannot always prevent accidents and injuries. In fact, even the most efficient employees can have workplace accidents and require medical care and compensation. This is why workers’ compensation insurance is mandatory for Raleigh, NC businesses that employ three or more people.
“Injured on the job within the workplace” or “involved in an auto accident while on business” — these are the most common work-related mishaps. And, the most compelling reasons to get workers’ compensation insurance. This type of coverage takes care of payments for your injured workers. Moreover, this type of insurance protects your business from lawsuits resulting from their workplace-related accidents.
Why Do You Need Workers’ Compensation Insurance?
Before anything else, let us clarify that workers’ compensation insurance is mandatory for Raleigh, NC businesses that have at least three employees, whether full-time or part-time. But it is not just another requirement made to complicate your business process. In fact, it is a necessity that protects you from lawsuits and provides medical and rehabilitative care as well as compensation for your injured workers.
Additionally, workers’ compensation covers the medical costs and compensation for loss of income for employees who acquire work-related illnesses. This type of insurance also provides peace of mind because of the death benefits given to surviving spouses and other dependents.
What Does Workers’ Compensation Insurance Cover?
Workers’ compensation insurance generally assures employers that their employees cannot sue them for damage due to a work-related accident or injury. It saves a lot of time and costs on settlements to rightfully compensate your injured employee — something that you can provide without the need to go to court if you have workers’ compensation coverage.
What exactly are the benefits covered by this type of insurance?
- Medical Coverage, including doctor visits, hospital care, physical therapy, and prescription medication
- Temporary or Permanent Disability, including partial replacement of income lost due to work-related or on-the-job injuries
- Vocational Rehabilitation, including opportunities for employees who cannot return to their previous occupation because of limited capabilities
- Death Benefits, including benefits to the spouse and minor children of an employee killed on the job
Take your time when deciding on a worker’s compensation insurance to buy and on additional coverages to include. After all, the safety of your workers and the financial status of your business rely on it in times of unavoidable workplace accidents. Don’t wait too long or keep putting it off, either.
North Carolina’s workers’ compensation law has strict penalties and possible criminal prosecution for businesses that fail to comply. Employers who willfully fail at securing coverage will be charged with a felony. On the other hand, if the failure is because of neglect, you can be charged with a misdemeanor.
Additionally, the North Carolina Industrial Commission can impose a daily financial penalty of $50 to $100 on employers who fail to comply with the workers’ compensation law. As a result, you might face a fine of up to $36,500 if you do not secure coverage for one year.
Get in Touch with Us
Amistad Insurance Services provides comprehensive insurance coverages for business owners in Raleigh, NC. Come to us for workers’ compensation insurance and we will give you the most ideal rates. Moreover, we provide bilingual customer services and 24-hour phone services to accommodate all your concerns.
Contact us to request a no-obligation quote, today.