If you own a business in Augusta, Georgia, that employs three or more people, the law requires you to have workers’ compensation insurance.
In addition to fulfilling a legal requirement, having workers’ compensation insurance is in the best interest of your business and your workers.
Workers’ compensation protects your employees
A workplace injury can have serious repercussions. Medical bills add up quickly, and an employee who can not work due to an injury sustained on the job may face financial hardship. In turn, the employee may forego necessary treatment due to the potential cost, prolonging his or her absence from the workforce.
Workers’ comp can help with the costs associated with workplace injuries, which may include:
- Hospital and office visits
- Physical therapy
- Travel expenses
This coverage can help employees get the medical care they need and return to work faster.
Workers’ compensation protects your business
Some people refer to workers’ compensation as “the Grand Bargain,” because it benefits workers and employers. In return for providing insurance coverage for workplace injuries, the employer receives protection from getting sued. Having workers’ compensation can reduce the risk of a costly, time-consuming lawsuit filed by an injured employee.
Getting employees back on the job faster improves productivity and employee retention. High staff turnover consumes time and resources and can make prospective employees wary of your company. When employees are able to recover and resume their jobs, everyone benefits.
Workplace injuries can have severe consequences for both workers and employers. The purpose of workers’ compensation insurance is to help the employee recover and return to work while protecting you and your business from a lawsuit.