Regardless of size or sector, all employers should prioritize their workers’ health, safety and wellness. But even the safest workplaces may eventually experience an incident that results in harm befalling your employees. In the wake of work-related employee injuries or illnesses, a workers’ compensation insurance policy can provide essential resources to minimize losses and help all parties manage the aftermath.

What Is Workers’ Compensation Insurance?

For most employers, workers’ compensation insurance is an integral part of an adequate insurance portfolio. This type of coverage focuses on helping employees recover from injuries and illnesses sustained on the job while also providing financial assistance to employers for additional costs. Beyond the critical aid that workers’ compensation insurance can provide, businesses in South Carolina with at least four employees are generally required by law to carry this type of coverage. Part-time workers and family members count toward this mandate.

How Workers’ Compensation Insurance Works

Workplace injuries and illnesses can carry high costs for affected employees and their employers. Without adequate coverage, your business may have to pay out of pocket. Conversely, those with sufficient workers’ compensation insurance may find it easier to manage the following expenses:

·        Medical bills—Your coverage can help pay for medical treatment following an employee’s work-related illness or injury.

·        Lost income—This coverage may make it possible for injured or ill employees to recoup any lost or reduced wages resulting from their ailment.

·        Disability benefits—If a worker develops a disability due to a workplace incident, your insurance may help pay for their disability benefits.

·        Death benefits—This coverage can provide financial aid to a deceased employee’s family, such as for funeral expenses or to replace income.

·        Legal costs—Your insurance can pay for legal representation, court fees, settlements and judgments if a lawsuit arises from an employee’s injury or illness.

How Much Does Workers’ Compensation Cost?

Although most businesses may find workers’ compensation to be a valuable investment, the extent of your coverage needs may vary significantly even from other companies that appear similar. Before quoting an accurate price, insurance providers will likely consider the following about your business:

·        Location

·        Industry

·        Employees’ tasks

·        Total payroll

·        Prior claims history

How to Get Workers’ Compensation Insurance

The experts at Chichester Insurance Agency are well-equipped to help businesses in Blythewood, Ridgeway, Columbia and the surrounding areas understand requirements, options and optimal solutions as they pertain to workers’ compensation insurance. We will work with you to assess your company and build optimal policies suitable to your needs. Contact us today to get started.