Workers’ Compensation Insurance

If you own a business, then you know that accidents can be part of your experience. It’s entirely possible that someone could get hurt at work, even with proper processes and precautions in place. Are you prepared for this eventuality? If you have a worker’s compensation insurance policy, you can answer that question in the affirmative.

If your business needs worker’s compensation coverage, Lake Region Insurance Agency is here to help. Our expertise will ensure that you have protection for your employees and are in compliance with state laws. Give us a call today to get your policy in place. 

What is Worker’s Compensation Insurance?

Worker’s compensation insurance, often shortened to worker’s comp, doles out benefits when an employee suffers a work-related injury or illness. In these situations, your policy can cover:

  • Medical Costs
  • Rehabilitation Services
  • Retraining, if necessary
  • Disability Benefits, if necessary

The goal of this policy is to protect the employee and employer from having to pay high out-of-pocket medical costs. It allows for prompt medical attention so that, hopefully, the employee can return to work quickly.

Of course, you run your company as safely as possible to avoid illness or injury in the first place. But the fact remains that accidents happen, and they happen frequently. That is why worker’s compensation insurance is so critical.

How Does Workers Compensation Insurance work?

If an employee becomes ill or sustains an injury on the job, they will file a claim with the worker’s comp insurer. Depending on the policy, they may need to choose from a set list of providers that the plan will cover.

There will be paperwork for you and the employee to complete so that the claim can move forward. And the doctor will decide if and when the worker can return to their job. As an employer, you cannot dismiss them because of a worker’s comp claim. 

Most of the time, a worker’s compensation claim stops the employee from filing a lawsuit against their employer. That is crucial protection provided for the business owner.

There are some instances when a worker’s compensation policy will not cover a job-related injury or illness:

  • The employee was engaged in criminal activity when the incident occurred.
  • The employee was disregarding employer safety rules and protocols.
  • The injury is self-inflicted, such as from instigating a fight at work.

Not every business is legally mandated to carry worker’s comp insurance, and the rules vary by state. Generally, the number of employees dictates whether or not a company must have this type of policy. Even when it isn’t a legal requirement, it is wise to purchase an insurance plan.

Lake Region Is Ready to Serve

If you have employees, then you need worker’s comp insurance. The professionals at Lake Region Insurance Agency are your trusted partners in the insurance business. We have spent more than 50 years serving our neighbors, and we want to see your company thrive. 

We are your one-stop insurance shop for any policy you need. We have team members in New London, Cokato, and Willmar, MN, ready to help you any way they can. Give us a call, and let’s get started.

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