As you are aware, workers compensation insurance is required in both Wisconsin and Minnesota and is aimed at protecting both you and your employees in the event of on-the-job injuries or illness. Workers comp will cover the employee involved with the money necessary to cover lost wages and medical expenses, and it protects you from paying these expenses out-of-pocket.
Even the safest workplaces and simplest jobs carry some risk. Accidents happen, and in order to anticipate these unforeseen circumstances, workers compensation coverage provides an employee who is injured or becomes ill on the job certain protection in exchange for waiving their right to sue their employer.
The workers compensation coverage purchased by your business covers the cost of medical treatment, rehabilitation and disability benefits of an employee injured or sickened on the job. In extreme cases, the policy would pay funeral expenses. Further, this policy may save you valuable time and resources in the future by preventing costly, time-consuming litigation.
What Workers Comp Can Do For You
Even though most businesses are legally required to carry a workers comp insurance policy, many business owners are unclear about the purpose this policy serves. Sandeen Insurance can help you understand the benefits of workers comp protection. It’s a given that most decisions you make as a business owner contribute in some way to the bottom line. Think of workers comp and other types of business insurance as an investment in the long-term financial security of your business.
How Costs Are Determined
Many factors are involved with how workers comp premiums are calculated, starting with the work itself. Different levels of risk are associated with different jobs, and your premium will vary depending on the type of business you’re in. Clerical, accounting and other office-based work are generally considered low risk, while carpentry, construction and road maintenance, to name a few, are jobs with greater potential for risk.
Contact Sandeen Insurance for Workers Comp and More
With adequate workers comp in place, not only will you be doing right by your employees, you will be doing the right thing for your business too. We offer a wide range of business insurance solutions for businesses and non-profit organizations in Wisconsin and Minnesota. Contact our agency to request an insurance quote, call us at 715-386-5825.