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The safety of your workers should be a top priority and it is especially important for small businesses that may not be able to absorb the medical expenses for an injured or sick employee. Your flooring installer business can create certain risks of injury to your employees because of the type of equipment used, the often hazardous environments and the constant physical labor. If an employee suffers an injury or illness on the job, this flooring installer workers comp insurance policy will help you both avoid financial loss and will get the employee immediate treatment so they can recover quickly and return to work. A workers compensation policy is required for your flooring installer business even if you have only one employee.
Workers compensation laws were created to protect employees should they be affected by work-related injuries or illness. With workers compensation insurance coverage in place, employees can recuperate and return to work as quickly as possible. Coverage under the flooring installer workers comp insurance policy includes medical care, rehabilitation and replacement of lost income. An employee can receive benefits automatically without going to court, so this can prove beneficial for the employer as well.
An employee’s medical costs that stem from a workplace injury or illness will be covered under this section of the policy. It also provides relief if they need time off for treatment or rehabilitation by replacing their lost income. This policy will also cover any permanent disability or death benefits.
Your employees will want to be protected if they have to work outside of the state for business. This part of the flooring installer workers comp insurance policy will give them the protection they need if they are involved in an accident away from home.
Sometimes your negligence could be the cause of an injury to one of your employees, and a workers compensation policy would protect you and your business. This insurance coverage is important because even if your employee is receiving workers comp benefits, they could still opt to sue you for additional compensation because of your negligence.
The four monopolistic states—North Dakota, Ohio, Washington and Wyoming—control workers compensation benefits through state funds. Private insurers are not allowed to offer workers compensation policies in these states, so you will want this separate employer’s liability insurance if your business operates in a monopolistic state. This will make sure you are protected in the event you are sued.
Your business could be faced with a fraudulent workers compensation claim or a claim that has no merit. Unfortunately, you will still have to provide a defense, which means legal costs and other expenses. As part of this flooring installer workers comp insurance policy, you would have the financial protection to cover your defense.
If an employee becomes seriously injured at work, they may decide to file suit against a third party who they feel is responsible for the injury. An example of this could be an injury caused by a malfunctioning piece of equipment. The injured worker could sue the equipment manufacturer for damages, and the manufacturer could turn around and sue your business—arguing that proper training on the equipment was not provided to the employee. In such instances, this insurance will cover your defense and any related costs.