13 Jul Worker’s Compensation for Manufacturers
Since the Industrial Revolution, manufacturing jobs have traditionally been considered some of the more dangerous positions an individual could hold. While general improvements in working conditions (climate control, better working hours, less crowded facilities, etc) and innovations in machine safety have combined to dramatically decrease the injury and death rate among manufacturers over the last several decades, there is still an inherent risk that comes from working with and around large machines. It is because of this risk that worker’s compensation for manufacturers is an extremely important issue that needs to be addressed by anyone who works in the industry.
In addition to tending to a myriad of other responsibilities which are important to the business’ success, you as the employer have the responsibility to financially protect your employees and business when an accident occurs. Other types of insurance provide financial protection against property damage or inventory loss, but worker’s compensation is a policy designed specifically to address the issues that come with on-the-job injuries.
When an employee is injured on the job, they will likely be unable to work for some time and will have medical bills quickly accumulating in their mailbox. But through worker’s compensation, your employee will have their medical costs covered by your policy. In addition to surgery costs and doctor visits, prescriptions and physical therapy expenses can also be covered by worker’s compensation. The employee may also receive a financial stipend to provide a source of income during the time they are not working. This stipend amount varies, but can be as much as two-thirds of their normal salary.
With regards to the business side of the issue, worker’s compensation provides financial protection against some potential lawsuits. When an employee signs the paperwork necessary to begin receiving worker’s compensation benefits, they are often signing away their right to sue for damages related to the incident. This may seem cold and heartless, but it is essentially a means of preventing you the employer from paying twice for one incident. The premiums you pay are intended to make the compensation process simpler for everyone involved.
As you may know already, obtaining worker’s compensation coverage is not optional in most states. To operate legally, an employer must purchase a policy that will sufficiently cover all employees, regardless of employment status (part-time/full-time) or number of employees. Coverage can be obtained through one of several different sources, including the state’s division of worker’s compensation, a trade union, or a private insurance agency.
Men and women who are employed as manufacturers have a much higher risk of being injured on the job than employees of many other professions. However, by obtaining the right type and amount of worker’s compensation insurance, you can be sure that you, your employees, and your business will be financially protected in the event that an injury accident does occur. The peace of mind that comes with the knowledge that coverage is available is invaluable. Talk to an agent today to discuss your business’ worker’s compensation insurance needs.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.