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Why Businesses Need to Re-examine Their Workers' Compensation

The most important asset that any business has at its disposal is its employee base. Without employees, suddenly product development, marketing, and customer support come to a screeching halt. With employees, you can expand your business and tap into new markets.

A company's employees deserve all of the protection that insurance has to offer, and that's where workers' compensation insurance comes in. Worker's compensation Castle Rock offered by the COWest Insurance Group provides businesses with insurance that will help employers to cover the costs associated with injured workers.

Worker's compensation Castle Rock can provide wage replacement and medical benefits for workers who get injured on the job. In essence, workers agree to waive their right to sue an employee - typically for negligence - in the event of an on-site accident in exchange for access to workers' compensation benefits.

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In a sense, worker's compensation Lone Tree offers employers the peace of mind of knowing that they are legally and financially covered for any kind of accident that could befall their employees. Employers are required to have some form of workers' compensation, but the level and comprehensiveness of coverage varies based on the state in which the business in question is based.

Interestingly, each state has its own rules in terms of statutes of limitations on particular injuries as well as what kinds of defenses employers can present against workers' compensation claims. For instance, willful misconduct or workplace injuries with drugs or alcohol involved may be ineligible for workers' compensation benefits.

Another thing to bear in mind about workers' compensation is that employers may self-insure through an insurance group like COWest as long as the policy fulfills state and federal regulations vis-a-vis workers' compensation minimum requirements. Because employee liability limits can vary from one state to the next, discussing your insurance options with a COWest insurance expert is a very good idea. Worker's Compensation Lone Tree

Worker's Compensation Insurance

An employer's liability can have a high ceiling of $1 million or more depending on the state in question. If your company isn't already properly insured and doesn't have the liquidity to cover lost wages and medical expenses, then you probably need some form of workers' compensation in order to fulfill state minimum requirements and protect your business assets against disasters.

Workers' compensation covers an expansive list of benefits for workers making legitimate claims. These benefits can include: replaced lost wages, short- and long-term medical treatments, vocational rehabilitation, and death benefits. Employers overseeing employees working in dangerous workplaces could face mounting long-term medical expenses for sick workers exposed to carcinogens if those employers choose to go without adequate workers' compensation insurance.

Having workers' compensation from COWest is also desirable because it protects employers against extraordinary circumstances. In most instances of state-based workers' compensation, for instance, employees waive their right to sue an employer. One general exception to this rule is an injury that occurs outside of the worker's regular job assignment.

COWest Insurance Group protects employers against the foreseeable and the unexpected, so contact a customer service representative today. Worker's Compensation Lone Tree.