Workers Compensation is a type of insurance that provides coverage to workers in case they are injured or hurt while on the job site. While workers compensation is important for any type of job, it is especially important in the construction and home building industry, where employees are working with large machinery and equipment and are at a higher likelihood to receive an injury than someone who works in an office all day. Workers compensation is so important, in fact, that it is illegal in most states if an employer does not have worker compensation insurance. Workers compensation often covers expenses such as medical treatment, hospital fees, rehabilitation and therapy and lost wages, as long as the injury occurred on the job site. If you are a home builder or constructions company, read further to find out more about why workers compensation is essential to any employer and employee.
Workers Compensation is Often Required by Law
As stated above, most states in the U.S. require by law that an employer have workers compensation coverage, no matter how many employees the company employs. If an employer fails to provide workers compensation and an employee is injured on the job, the employee might consider taking legal action against the employer, which would not end well for the employer. As an employer, you want to treat your employees well and by feeling safe in their work environment, they will continue to work for you for years to come.
Workers Compensation is a Smart Business Move
If you are an employer, you are protecting your biggest investment when you have workers compensation, that investment being your employees. Without your employees, the tasks would not get completed and your business would fail to function. You pay your employees to do a good job on the build and expect nothing less. If one of your employees is hurt while on the job, having workers compensation covers ensures that the employee will be well taken care of and can return to work as soon as possible. Additionally, workers compensation can also function in different states, which is equally important in the construction world as employees often travel to many places for different jobs.
Workers Compensation Can Save You Money
Another reason workers compensation is essential is that it can save you money in regards to your insurance premiums. Workers compensation programs often entail safety training and monitoring throughout the year. This means that your accidents on the job could be decreased due to more awareness, thus lowering your insurance premiums and saving you money in the long run.
If you are in the construction business in Central Oklahoma, let Central Oklahoma Home Builders Association help you obtain workers compensation coverage so you can rest easy that your employees and your business will be well taken care of. COHBA offers many comprehensive workers compensation packages to choose from and they can help you find the best coverage for your business. Contact them today to get started; you will be glad you did!