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When you hire other people as company employees, you assume multiple additional risks. Having workers on staff at your company exposes you to potential lawsuits if they get sick from something related to their work. Additionally, accidents can happen at any time and even minor physical injuries caused by a work related accident can generate additional legal and financial fees for your company. The employee may require first aid or more expensive medical care. They may decide to file a lawsuit directly against your company or against another party who sues you because of the worker’s claims. These are the types of risks you may encounter when you hire staff.
Carpenter workers comp insurance provides protective benefits for your company and its employees. Employees benefit from this coverage because it gives them a safety net if they are hurt while working. It covers them from physical work related harm as well as illness and disease that may be caused by their job functions. As the employer, your company is protected legally if a liability suit is filed by the employee. You’re also protected when a third party lawsuit is filed and the coverage can even help ensure you’re not subjected to abuse or fraud of the coverage benefits.
Lost Wages and Medical Care – When one of your employees gets physically hurt while working, carpenter workers comp insurance can protect them from suffering lost wages if they must be away from work for a time period to recover. It also pays for multiple types of expenses that are generated from the injury, including emergency room care, a hospital stay, rehabilitative treatments and medicines. When serious harm causes the employee to be temporarily or permanently disabled, workers comp covers those costs as well.
Business Travel Protection – When your carpentry workers need to provide work services outside of your normal state, carpenter workers comp insurance extends benefits to ensure they’re protected at the temporary location.
Employer’s Liability – Injured employees can file claims against a workers compensation policy without having to prove that their employer is liable for the injury or illness. Sometimes the worker may decide to file a liability lawsuit against your company to collect benefits above what the workers compensation policy provides them. Carpenter workers comp insurance protects you from these claims by providing for the legal expenses and making the required payments awarded by the court.
Employer’s Liability in Monopolistic States – Some states require your company to retain carpenter workers comp insurance through a designated state trust or fund. If one of your employees files a claim with the state fund, your policy can still provide for employer liability risks.
Legal Expense – Carpenter workers comp insurance coverage pays for your legal defenses when liability claims arise. Costs covered usually include payment for an attorney or other legal counsel, payments for court or documentation fees, and paying out the award settlement if the court orders one.
Third Party Suits – Third party lawsuits can come from family members of an affected employee or from other companies. When an employee is injured severely enough to be killed or disabled, that worker’s family may take legal actions against your company. Sometimes the employee himself chooses to file a liability lawsuit against a different company because of his injuries. The employee may feel that his injury was caused because of a defect in the ladder he was using for example. If he sues the manufacturing company that makes the ladder, that company may decide to sue your company in turn. Carpenter workers comp insurance includes protection against these potential legal actions.