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If you own a welding company that has employees, you have many extra potential business risks to accommodate. First and foremost, workers compensation insurance coverage is likely required coverage by law in your area. If you neglect to carry it, you could face stiff penalties and risk jail time.
Even if it’s not required coverage, your welding company needs workers compensation coverage so that you do not have to pay for medical costs when an employee is hurt on the job. You’ll also be responsible for paying partial or full disability if the injuries are severe, and you could be sued and liable to pay death benefits to the workers family.
Welder workers comp insurance is business insurance that protects both the welding company and each of its employees. When an employee gets hurt while working, it doesn’t matter who is at fault. Certain expenses still arise. The employee may require emergency medical care or ongoing rehabilitation. These things cost money and workers compensation coverage for welders helps pay for it so that your company does not have to.
Some of the protections provided with workers comp coverage include the following:
Medical costs can be prohibitive. Even a brief visit to the emergency room can end up costing several thousands of dollars. If your employee is injured badly enough that they need to stay in the hospital, those costs run into hundreds of thousands. Your company can be driven bankrupt if it tries to absorb costs associated with medical care when an employee is injured on the job. Welder workers compensation insurance pays for the medical care when it’s required.
Simple injuries that might not require a trip to the hospital still often require first aid treatment. You may need to call paramedics or take the employee to an outpatient urgent care center. While not nearly as expensive as hospital stays, first aid treatment still comes at a cost. Your company’s workers compensation insurance policy pays for most types of first aid treatments so that you don’t have to.
When your employee injuries are severe enough to require recuperation time away from work, they are temporarily disabled. Temporarily disabled workers still have their own bills to pay however, and they usually have families to care for as well. A welder workers comp insurance policy often pays the employee temporary disability payments so that they can continue providing for their household while they are recovering from their injuries. It also pays for related costs such as physical therapy or prescription medications.
Permanent disability is when an employee has an accident that renders them incapable of ever holding a welding job again. If they are injured badly enough to not be able to continue working in their chosen profession, they are unable to continue paying their bills or providing for their families. Without workers comp coverage, your company could be held legally responsible for paying the employee’s expenses the rest of his life.
Welder workers comp insurance can pay for disabled employees to be trained in a new, compatible field. If their injury prevents them from being a welder, they may be able to go back to school and learn a new trade, and this coverage helps pay those educational expenses.
In the unfortunate event that one of your employees loses his life due to an accident that happens while he is performing his job duties, your welder workers comp insurance can pay his family death benefits. Death benefits can also help protect your company from being sued by the family at a later date.