When it comes to workman’s comp insurance, many companies think they need to cover an employee’s medical costs and that is the end of it. However, if an employee is injured while at work, there are many other costs to consider. Here is a look at other coverages a company needs in the event of an accident.
How did the accident happen? If it was user error, then there may not be much extra coverage necessary. However, if negligence on the part of management or an overlooked unsafe practice caused the accident, there can be extra liability concerns. Another cost would be researching and changing existing practices to reduce such accidents.
Depending on how severe the accident, an employee may be out of work for days, weeks or months. During this time, there is one less worker on site which can affect productivity. Hiring someone temporarily is an often unforeseen cost in relation to workman’s comp scenarios as is providing some kind of temporary financial assistance for an injured worker.
Workman’s comp insurance can cover a variety of issues dealing with work-related injuries. From medical expenses to covering a temporary leave of absence, insurance helps your company defray these costs and keep running as smoothly as possible after this incident.