5. Wage replacement and disability benefits
In the unfortunate event that one of your employees suffers an injury or disability while on the job, Hiscox workers’ compensation insurance can provide wage replacement and disability benefits to your affected employee(s). This type of coverage is crucial because it can help alleviate the financial burden on your employee(s) and their families, and it can also protect your business from potential lawsuits or financial damages.
Wage replacement benefits provide a portion of the employee’s salary while they are unable to work due to their injury or disability. Disability benefits, on the other hand, provide a lump sum payment to the employee if they suffer a permanent disability as a result of the workplace incident. By investing in Hiscox workers’ compensation insurance, you can rest assured that your employees will receive the necessary financial support they need during their recovery period. This not only helps to maintain a positive relationship between you and your employees but also shows that you value their well-being and are committed to providing a safe work environment.
6. Legal liability protection
One of the main reasons to invest in Hiscox workers’ compensation insurance is to protect against legal liability. When employees are injured on the job, they have the right to sue their employer for damages. Workers’ compensation insurance provides legal liability protection for employers by covering the costs of defending against a lawsuit and paying any damages or settlements that may be awarded.
Without insurance, these legal costs can be significant and could potentially bankrupt a small business. With Hiscox workers’ compensation insurance, business owners can have peace of mind knowing that they are protected against legal liability in the event of a workplace injury.
In addition, Hiscox provides legal support to policyholders to help navigate the legal process and ensure that their rights are protected. This additional support can be invaluable in protecting the business from legal liability and ensuring that the injured employee is properly compensated for their injuries. Overall, legal liability protection is a crucial component of any workers’ compensation insurance policy, and Hiscox provides comprehensive protection for businesses of all sizes.