Partners Human Resources and Payroll

Why Every Company Should Have Workers Compensation

work-comp.jpg

Workers’ compensation is the insurance program that provides effective compensation for disability, rehabilitation and medical benefits for employees that have suffered injuries on the job. The State Law in Oklahoma requires employers to provide appropriate workers’ compensation insurance for all their employees, even if they have only a single part-time employee.

There are certain exceptions and regulations, but at the end of the day, employers are required to have workers compensation insurance. We at Partners HR provide OKC HR outsource solutions and have detailed information on what’s involved in workers compensation.

The Protections That Workers Compensation Offers

Even in states where it isn’t mandatory for employees to offer workers compensation, many opt for it, and with good reason. They are able to take advantage of certain critical protections which are unavailable to nonparticipants, such as:

  • No-Fault Coverage- This provision of the workers’ compensation insurance provides your employees’ protection in the event they suffer injuries while on the job. The coverage will be provided even in case the employees were partially responsible for their own injury, in most circumstances.
  • Exclusive Remedy- The statutes that govern workers’ compensation provide an exclusive remedy for the injured employees. It means that under almost all circumstances the employer can’t be sued for causing injury to the insured.
  • Peace of Mind- You as the business owner have the option to be included in the workers’ compensation benefits, in addition to your employees. This means you are able to obtain access to all the statutory benefits such as payment of lost wages/ income, payment of medical expenses as well as payment of any disability benefits. This can be extremely crucial if you or your employees become injured and are unable to return to work.


Why It’s Important to Participate

Participating in your state’s workers’ compensation program is a very good course of action to protect employees as well as your company. Since participation in the workers compensation program is mandatory in Oklahoma State, you can face severe consequences, for failing to toe the line. There can be various repercussions such as:

  • Fines that can run into thousands of dollars.
  • Penalties which can prohibit you from running your business.
  • Personal liability for paying the lost wages or medical expenses for employees.
  • If you fail to maintain the coverage and an employee suffers an injury, they may be able to sue you for damages.


OKC Outsourced Human Resources Can Help Streamline Processes

Regardless of the way you look at it, having the required workers’ compensation is one of the best ways to protect your employees and yourself from devastating lawsuits. You have the peace of mind the interests of your employees, as well as your organization, are covered. This allows you to focus on keeping your company on track. If you want to know more about workers compensation and our outsource human resources OKC services, contact us at Partners HR. You can also call us at 877 270 1020.


Posted on: September 24th, 2018

Share:


© 2018 Partners Human Resources | Designed by DIRECTING DESIGN, INC.