Wholesaler Workers Comp Insurance
According to the Bureau of Labor Statistics, for every 100 full-time employees in the wholesale industry, about three are injured at workevery year. If you have a lot of employees, you can see how this number can quickly add up, leading to lawsuits for your business if you do not have the proper wholesaler workers comp insurance. If you are still not sure why this coverage is so valuable to wholesalers, take a look at what it covers.
Lost Wages And Medical Care
Medical care for injured employees can be a major expense, and wholesaler workers comp insurance can keep you – and your employees – from having to pay for this out of pocket. Whether your employee breaks a bone, contracts an illness, or loses a limb at work, workers comp will pay for the associated hospital bills, medications, operations, and other expenses. Regardless of the extent of the injury, your employee will likely have to miss work, in which case workers comp will pay for the lost wages.
Business Travel Protection
Medical care for injured employees can be a major expense, and wholesaler workers comp insurance can keep you and your employees from having to pay for this out of pocket. Whether your employee breaks a bone, contracts an illness, or loses a limb at work, workers comp will pay for the associated hospital bills, medications, operations, and other expenses. Regardless of the extent of the injury, your employee will likely have to miss work, in which case workers comp will pay for the lost wages.
If you require your employees to travel for your wholesaler business, adding business travel protection to your wholesaler workers comp insurance is important. This way, both your employees and your business will be protected if any injuries are incurred outside of your regular workplace.
The first part of workers compensation covers lost wages and medical bills, while employer’s liability, which is the second part, covers lawsuits of various kinds. For instance, the injured employee’s spouse can sue for loss of consortium if marital relations are no longer possible due to the injury. Employer’s liability will kick in at that point. Another possible lawsuit you might face involves consequential bodily injury, which occurs when a family member of the employee gets injured or ill and it’s somehow related to your employee’s work injury.
It’s also possible to face a dual-capacity lawsuit, in which your employee alleges that a product that your company supplied caused the injury, which means you could be held liable as the employer and supplier. Finally, it’s also possible for you to face a third party over action, which means that if the employee sues the manufacturer of any equipment that helped cause the injury, that manufacturer can then sue you.
Employer’s Liability In Monopolistic States
Not every state includes employer’s liability on workers compensation insurance. If your wholesaler business is located in North Dakota, Ohio, Washington, or Wyoming, you will need to purchase stop-gap insurance as part of your general liability policy. This will give youthe protection that employer’s liability coverage offers businesses in other states, which means your legal expenses should be covered.
One reason you should have wholesaler workers comp insuranceis to cover the fees associated with lawsuits you might face when an employee is injured. For example, you will need to pay an attorney to defend your business from a lawsuit of any kind. You will also need to be able to pay any settlements for which you are responsible. Wholesaler workers comp insurance will cover these costs.
In a third-party suit, a third party sues you after an employee is injured on the job at your business. This is usually because the third party was negatively affected by your employee’s injury. For instance, if your employee was hurt by equipment he or she was using at work, and then sued that equipment’s manufacturer, the same manufacturer could turn around and sue you. Fortunately, wholesaler workers comp insurance would cover you in this situation.