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Handyman companies who hire other people as employees find themselves open to additional types of financial and legal risks. If one of your workers is made sick from something related to his job, you as the employer will be financially responsible for taking care of him. This might mean paying for a doctor’s visit and paying for prescription medications. When the illness is an injury, those costs could include things like surgery and physical rehabilitation. Regardless of how successful your company may be, paying for incidents of this sort and all of the related costs associated with them can cause bankruptcy. Avoid these risks with workers comp insurance.
Handyman workers comp insurance may be unavoidable coverage when you have one or more company employees, because it is usually mandated coverage by law. This business insurance is just good business sense however, because it gives your employees a wide range of protections that they can’t get elsewhere. It also affords your company numerous levels of protection and help that is quite beneficial over the long term.
Workers compensation insurance coverage is best known for providing health and medical care coverage to employees if they are physically harmed on the job. It also applies benefits if the employee is made ill due to something work related. Whether they fall off of a ladder and break a bone or they are overcome by fumes when painting a wall, handyman workers comp insurance provides for their associated care.
Acquiring medical care at any level costs something. First aid may reduce the costs to simply replacing items in the company first aid kit or paying for emergency paramedic treatment. Other, more expensive medical treatments often include a visit to the emergency room, receiving stitches, setting bones or even receiving lifesaving operations. Handyman workers compensation insurance provides for the cost of these and related services so that your company does not have to.
An excellent benefit to workers compensation coverage is that the employee is not required to prove that their employer was liable for the injuries and illnesses they are filing a claim for. This makes the employee more comfortable with seeking help when it’s needed, and they don’t have to fear they may lose their job or make someone angry. When they do feel the need to lay blame however, they may file additional lawsuits against you. Handyman workers comp insurance helps pay judgments from those suits and pays third parties who may have been affected and filed suit as well.
If one of your company workers is unable to continue his normal job duties because he needs time to heal from an eligible injury or illness, your workers comp insurance policy can pay him while he is disabled. The same benefits apply if the worker is injured to the extent that he will never be able to return to regular work duties again. It also pays for ongoing medical treatments, medications and other care costs he may have while temporarily or permanently disabled.
When disability is not catastrophic, the employee sometimes has the option of getting trained in a new profession or trade. The costs associated with this retraining can vary, depending upon the vocation chosen. Handyman workers comp insurance often covers the vocational training and education costs so that the employee is able to become gainfully employed again at some point in the future.
Handyman workers compensation insurance provides benefits to family members in the event that an employee dies due to the accident or illness they acquired through their job.
A third party lawsuit is one that is initiated by one of your employees to another party. If the employee feels their injury was caused by faulty manufacturing processes of a tool manufacturer for example, they may sue that manufacturer for their injuries. The manufacturer may however, sue you in response to the employee’s suit. They might claim that your company did not maintain the tool property for instance, or that you did not properly register your ownership. Handyman workers comp insurance includes protection against third party suits of this sort, so that your legal specific costs are covered. It also pays court awarded claims to the third party when applicable.